Daily Roundup

Karoon Energy has hit a bump in the road at its Baúna project in Brazil. An electrical fault discovered in the SPS-92 well has forced the company to shut down operations and plan a rig-based intervention to replace faulty cabling. The hiccup will defer roughly 3,500 barrels of oil per day until repairs are complete. As a result, Karoon has trimmed its 2026 full year production guidance for Baúna from 6.0–6.7 MMbbl down to 5.4–5.7 MMbbl, with total production for the year now expected to land between 6.6–7.2 MMboe. CEO Carri Lockhart stressed the company's commitment to getting SPS-92 back online and maximizing output from other Baúna wells.

Orica is keeping its North American supply chain on solid footing. The company has locked in ammonium nitrate supply for its contracted customers across North America for FY2027, drawing from US producers, the Carseland plant, and its global network. While costs have ticked up, margins should remain unaffected thanks to logistics optimization and customer arrangements. The company also bolstered its infrastructure footprint through the Nelson Brothers acquisition. On the real estate front, Orica has extended negotiations for the sale of surplus land at Deer Park in Victoria due to shifting market conditions, though this won't impact operations.

Northern Star Resources has firmly shut the door on Gold Fields' acquisition proposal. The company received a non-binding indicative offer from Gold Fields on 14 September that would have valued Northern Star at A$27.00 per share—comprising 0.3125 Gold Fields shares and A$7.25 in cash. Northern Star's board unanimously rejected the proposal, arguing it materially undervalues the company, exposes shareholders to undue risk, and represents a highly opportunistic play. The company remains committed to its standalone strategy and will keep shareholders informed of any material developments.

DevEx Resources has secured a key milestone for its Tin Camp Creek project. The company has renewed its exploration access agreement for exploration licences 24921 and 24922, part of the tenements acquired from Alligator Energy back in June. The renewal cements DevEx's continued exploration rights as long as the licenses remain active. With this condition satisfied, A$1.75 million held in escrow from the original A$7.5 million acquisition price will now be released to Alligator Energy. DevEx is looking forward to advancing exploration work alongside Traditional Owners at the site.

Boab Metals is moving full steam ahead with its Sorby Hills project. The company has executed a binding Heads of Agreement with RE:GROUP Australia for mining services at the silver-lead operation in Western Australia. The agreement locks in key commercial and operational terms, including scope, pricing, and timelines. Site establishment works are scheduled to kick off on 15 January 2027, with mining services commencing no later than 1 March 2027. The definitive Mining Services Contract is substantially complete, with execution targeted within two weeks.