Daily Special: INOVIQ, Xpedra Resources, Australian Rare Earths

Australian shares traded lower at midday as falling oil prices and stronger-than-expected employment data weighed on sentiment. The S&P/ASX 200 fell to 8,775.4 at 12.25pm AEST, with energy and materials leading the declines. Brent crude slipped to US$72.47 a barrel as concerns over Middle East supply disruptions eased, while gold steadied around US$4,000 an ounce after dropping below the level for the first time since November. Australia’s unemployment rate fell to 4.4% in May as expected, while the economy added 40,300 jobs, well above forecasts, reinforcing expectations the Reserve Bank may need to keep interest rates higher for longer.

Energy stocks came under pressure, with Woodside Energy falling 2.4%, Santos losing 2.8% and Beach Energy dropping 4.4%. Miners also weakened as BHP fell 1.6%, Newmont lost 3.7% and Ora Banda Mining slid 6.4%. Judo Capital plunged more than 40% after downgrading its profit outlook due to deteriorating asset quality, dragging National Australia Bank down 3.1% and weighing on the broader banking sector. Investors rotated into defensive names, with CSL rising 2.6%, Cochlear adding 1.8%, and Coles and Woolworths both gaining around 1.5%.

In company news:

INOVIQ reports positive ovarian cancer CAR-exosome results

INOVIQ (ASX: IIQ) has reported positive in vitro proof-of-concept results demonstrating strong tumour-killing activity from its CAR-exosome platform in ovarian cancer cell lines. The study showed CA125-targeting CAR-exosomes eliminated more than 90% of tumour cells in two ovarian cancer models within 48 hours, while EGFR-targeting CAR-exosomes achieved more than 80% tumour cell killing. The platform has now demonstrated activity across ovarian cancer, triple negative breast cancer and non-small cell lung cancer models. The company is now advancing manufacturing readiness through GMP cell sourcing, manufacturing partner selection and optimisation of next-generation CAR-exosomes ahead of planned first-in-human studies targeted for 2028. Additional preclinical data from its dual-action CAR-exosome program is expected later this year. Click here to view the full announcement.

Xpedra extends shallow gold mineralisation at Springfield

Xpedra Resources (ASX: XPD) has reported further broad, shallow gold intercepts from its maiden reverse circulation drilling program at the Springfield Gold Project in New South Wales, supporting the scale of the emerging gold system. New assay results included 44 metres at 2.03 grams per tonne gold from one metre and 24 metres at 2.97 grams per tonne gold from surface. Gold mineralisation has now been identified over approximately 180 metres of strike and remains open in multiple directions, with assays from a further eight drill holes still pending. The company has commenced a follow-up drilling program to test deeper extensions beneath the shallow mineralisation, with management saying the results continue to demonstrate the continuity and growth potential of the Springfield deposit.

Australian Rare Earths delivers strong Koppamurra economics with maiden Ore Reserve

Australian Rare Earths (ASX: AR3) has outlined a clear path towards developing its Koppamurra Rare Earths Project after releasing a pre-feasibility study alongside a maiden Ore Reserve. The study estimates a post-tax net present value of $858 million, a 99% internal rate of return and a payback period of just 0.9 years, supported by an initial capital cost of $178 million. The company also declared a maiden Probable Ore Reserve of 26 million tonnes grading 920ppm total rare earth oxide and upgraded the project’s Mineral Resource to 243 million tonnes at 751ppm TREO. Management said the project’s shallow mining, low-cost processing route and significant exploration upside position Koppamurra as one of Australia’s most advanced ionic clay rare earth developments, with first production targeted in 2029.

Source: Finance News Network

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