Daily Roundup

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EQ Resources is strengthening its regional footprint with the acquisition of six exploration permits adjacent to its Mt Carbine tungsten operation. The company has entered into a binding agreement with Sunshine Metals to acquire the Hodgkinson tenement package for A$250,000, payable in two installments subject to regulatory approval. The deal is expected to bolster EQ's regional growth pipeline and support its hub-and-spoke strategy, leveraging expanded processing facilities at Mt Carbine.

On the flip side, Sunshine Metals is divesting the Hodgkinson Project to sharpen its focus. The company is concentrating efforts on refurbishing and constructing its Mt Moss Gold Plant in Queensland, with gold production from Liontown targeted for mid-2027. Sunshine is also advancing exploration of the Sybil epithermal field. The divestment allows the company to concentrate on core areas closer to Townsville, with completion expected by August 2026.

A major consolidation is taking shape in Western Australia's gold sector. Forrestania Resources has announced a recommended off-market takeover of Zenith Minerals, offering shareholders 1 Forrestania share for every 4.3 Zenith shares held. The deal values Zenith at approximately A$93.5 million on a fully diluted basis, with an implied offer value of A$0.132 per Zenith share—a hefty 46.7% premium to Zenith's last closing price. The Zenith board has unanimously recommended the offer to shareholders, subject to a minimum acceptance condition of 50.1%. The combination is expected to create a stronger, more diversified Western Australian-focused gold company with enhanced scale and strategic positioning. The offer closes on 17 July 2026 unless extended or withdrawn.

Manufacturing is ramping up at VEEM Limited. The Australian defence manufacturer has completed its factory extension, adding 1,000 square metres of production space. Three CNC machines and a 3D printer have been delivered, with installation and commissioning underway. The company is guiding for FY26 revenue between A$50 million and A$52 million, with EBITDA expected to land between A$3.25 million and A$3.75 million. VEEM anticipates significant improvements in its defence and marine segments, with strong growth expected from new product launches and expansion into the US defence market. The company maintains a strong balance sheet following a recent capital raise that reduced net debt by A$11.9 million.

Elanor Investors Group is back on the ASX after a major financial restructuring. The company completed a A$125 million balance sheet recapitalisation with Rockworth, significantly de-leveraging and improving its gearing profile. The recapitalisation included a A$70 million senior secured debt facility and A$55 million of perpetual subordinated capital notes. Elanor also reduced balance sheet debt through the sale of its co-investment and management rights in the Elanor Wildlife Park Fund. The company's assets under management reduced by approximately A$880 million due to asset divestments as it transitions toward a capital-light, scalable funds management platform. Securities will be reinstated on ASX effective 11 June 2026, with an investor briefing conference call scheduled for that morning. The company has also corrected a pro forma balance sheet from its earlier announcement, updating the Consolidated NTA figure to A$152.7 million.