Daily Roundup

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Austin Engineering faces headwinds, revises guidance lower

Austin Engineering has trimmed its FY26 outlook as operational challenges in North and South America weigh on performance. The company now expects revenue around $325 million and EBIT of $10-$11 million, down from previous expectations. While May and June showed some improvement, the gains haven't materialized as quickly as hoped. North America's productivity has climbed to 75%, but there's still work to do, and South America remains a concern. The company is mobilizing additional operational expertise to turn things around, with management confident that FY27 will look better as these issues get sorted.

Energy sector grapples with production delays

Karoon Energy is pushing back its timeline for restoring production through the Who Dat E manifold, now expecting that to happen in the second half of 2027 rather than sooner. The delay means CY26 Who Dat production will come in at 1.2 to 1.5 MMboe, with total company production guidance revised to 7.2 to 8.2 MMboe for the year. On the brighter side, the A-1 ST well remains on track to start producing by mid-year, and the G-1 ST well should come online in the fourth quarter pending final approvals. The company is using this window to review and optimize its investment spending.

Exploration updates mixed across the sector

Delta Lithium has expanded its footprint in Western Australia by acquiring additional tenements in the Yinnetharra project, bringing the total area to 2,300km². The new holdings include the Talisker, Fireball, Aberlour, Cirka, and Tomahawk prospects. Recent drilling didn't turn up the lithium grades the company was hoping for, but an interesting gold occurrence emerged at Mason's site with results of 2m @ 5.69 g/t Au. Delta plans to keep exploring for multiple mineralization styles across the expanded area.

Over at PC Gold, things are looking more promising. The company's Spring Hill Gold Project in the Northern Territory is delivering solid results, with drilling returning 9.5m @ 3.04 g/t Au and 6.0m @ 5.16 g/t Au from the Macau Link Zone, plus 22.0m @ 2.60 g/t Au from the newly identified Macau Footwall Zone. These latest intercepts won't be included in the resource estimate currently being finalized, suggesting there's more upside to come. PC Gold is also acquiring an adjoining exploration licence to add roughly 68km² of prospective ground. With four rigs running and a 20,000-meter RC program underway, the company is ramping up activity heading into what it calls its most active exploration season yet.

Cynata pauses trading ahead of trial results

Cynata Therapeutics has voluntarily suspended its securities from quotation while it prepares to release results from two pivotal clinical trials. The company expects to announce outcomes from its Phase 3 Osteoarthritis Trial and Phase 2 Graft versus Host Disease Trial by June 20, 2026. The suspension will lift once those results hit the market or by June 19, whichever comes first. This is a critical moment for the biotech firm as it seeks to validate its therapeutic stem cell platform technology.