Daily Roundup

MXO.ASX KAR.ASX FRS.ASX VBC.ASX FAU.ASX

Motio Ltd is firing on all cylinders as it heads into the final stretch of FY26. The advertising tech company just posted its strongest revenue month ever in May, with June tracking to break that record all over again. The company is expecting Cash EBITDA growth of over 24% for the full year, a impressive feat given the cautious sentiment among advertisers. What's particularly encouraging is the broad-based momentum across the business—the national advertising side is performing strongly, and campaigns are being booked at short notice, suggesting healthy demand. With gross margins exceeding 80%, Motio's operating leverage model is working exactly as intended, converting revenue growth into better earnings and cash generation. The forward revenue position looks solid heading into FY27, and CEO will provide a detailed update on July 3.

Over in energy, Karoon Energy is making moves on multiple fronts. The company successfully restarted production at the Baúna SPS-92 well following a pump replacement, bringing it online at 8,600 barrels of oil per day. Combined with existing production, total Baúna output is now sitting at 20,500 bopd, with another 1,000-2,000 bopd expected once the PRA-2 well reconnects. The intervention did push up 2026 capex guidance for Baúna to between $89-97 million, but the company is confident in strong cash flow generation for the second half of the year and expects materially lower sustaining capital requirements going forward. On a separate note, Karoon is kicking off the third phase of its US$75 million buyback program in July, having already repurchased 94.3 million shares at an average price of A$1.57. The Board reckons the shares are undervalued, making this a smart move to enhance value for remaining shareholders.

Forrestania Resources is on an acquisition spree, though the company briefly halted trading to finalize details of a material transaction. The big news that emerged is the company's A$300 million acquisition of the Edna May Gold Hub from Ramelius Resources. The deal includes the Edna May Mill, associated infrastructure, and a 945,000-ounce gold resource. Forrestania plans to restart the mill in the first half of 2027 and feed it ore from its existing nearby mineral resources. The acquisition is expected to close in Q3 this year, pending shareholder approval and the completion of an equity raise. Once operational, this will give Forrestania over 6 million tonnes per annum of milling capacity by mid-2027, significantly boosting operational flexibility. The company also completed the acquisition of the Breakaway Dam Copper and Lithium Project from Catalina Resources, making Forrestania a significant shareholder in Catalina and giving it exposure to both copper and lithium exploration opportunities in Western Australia.

First Au Limited is expanding its gold footprint in the Kalgoorlie region with the acquisition of the Riverina East Gold Project from Viking Mines. The deal includes 11 mineral licenses and an exploration license application, plus the historical high-grade First Hit Project and the highly prospective Bifrost prospect. The upfront consideration is $1.2 million in cash and $1 million in FAU equity, with additional equity tied to future mineral resource growth and exploration success. The transaction should wrap up within the coming weeks.

Verbrec Limited has landed a significant infrastructure contract worth $21 million to upgrade the McArthur River Pipeline in the Northern Territory. The project, awarded by Power and Water Corporation, will enhance gas supply from the Beetaloo sub-basin and support new gas developments across Australia. Verbrec will handle comprehensive engineering, procurement, and construction services across two stages, with Stage 1 targeted for 2026 completion and Stage 2 in 2028. The work will include a third-party connection, pressure reduction facilities, metering infrastructure, and a gas compression facility at Daly Waters.