Daily Roundup

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Steadfast Group in Trading Halt Over Potential Control Transaction

Steadfast Group has halted trading in its shares pending an announcement about a potential control transaction. The halt, which kicked off on June 9, will remain in place until either the company releases its announcement or normal trading resumes on June 12, 2026—whichever comes first. The move ensures all market participants get equal access to information about what could be a significant development for the insurance services company.

Gold Exploration Heats Up Down Under

Over in the resources sector, Peako Limited is making bold moves in Saudi Arabia's emerging gold mining landscape. The company has announced plans to acquire six drill-ready gold projects spanning 862 square kilometers, strategically positioned within 65 kilometers of operating mines like Sukhaybarat and Bulghah. The portfolio boasts some impressive historical intercepts—including 4 meters at 11.32 grams per tonne gold and 7 meters at 10.12 grams per tonne—that the team is eager to test through drilling starting in Q3 2026.

What makes this particularly attractive is Saudi Arabia's government-backed exploration incentives and favorable fiscal terms: a 15-year tenure, just 1.5% royalty, and a 20% corporate tax rate. Peako has already secured $5.17 million in firm commitments to fund the acquisition and exploration push, and has appointed Marcus Harden as a Non-Executive Director and Oliver Jones as Exploration Manager for the Kingdom.

Engineering Contract Lands for Western Australian Copper Project

GR Engineering Services has landed a significant prize, being appointed as the preferred contractor for the Sulphur Springs Copper-Silver-Zinc Project in Western Australia. The contract, valued at approximately A$295 million, covers engineering, procurement, and construction of the 1.5 million tonne per annum operation located 144 kilometers southeast of Port Hedland. Early works and long lead items are already underway, with the formal contract expected to be executed shortly.

Asset Managers Face Headwinds

GQG Partners reported that funds under management stood at $163.3 billion as of May 31, 2026, but the month wasn't without challenges. The investment firm experienced net outflows of $1.9 billion in May alone, bringing year-to-date net outflows to $11.9 billion. Investment performance also declined by $1.7 billion during the month, reflecting broader market pressures facing the sector.

Praemium Undergoes Major Technology Overhaul

Wealth management software provider Praemium is undergoing a significant transformation. The company is transitioning to a new core technology platform launching later this year, following its January acquisition of Technotia Laboratories. The restructuring has been substantial—the technology team has been trimmed from over 140 staff to approximately 40, though two Technotia founding principals are staying on in part-time consulting roles. The new platform promises a modern user interface and next-generation wealth management capabilities. Praemium has sweetened the deal for the Technotia principals with revised incentive arrangements worth an initial $2.5 million in cash, plus up to $7.5 million more pending independent reviews.