Daily Roundup

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Karoon Energy scales back production targets as operational delays bite

Karoon Energy has revised its full-year production guidance following delays to its Who Dat E manifold operations. The company now expects total CY26 production of 7.2 to 8.2 million barrels of oil equivalent, down from previous forecasts. The Who Dat field specifically is now guided to deliver just 1.2 to 1.5 MMboe this year, with full reinstatement of production through the manifold pushed back to the second half of 2027. On the brighter side, the A-1 ST well remains on track to start producing by mid-year, while the G-1 ST well is scheduled for the final quarter pending approvals. Management is reviewing its 2026 investment spending to optimize the revised production profile.

Gold explorers strike it lucky as lithium drilling disappoints

Delta Lithium has expanded its Yinnetharra project footprint to 2,300 square kilometers through the acquisition of five new prospects—Talisker, Fireball, Aberlour, Cirka, and Tomahawk. However, recent drilling results haven't delivered the lithium goods, with no significant grades emerging from the latest holes. The silver lining came at Mason's site, where the company identified a gold occurrence grading 5.69 grams per tonne gold over 2 meters. The company remains committed to exploring the broader area for multiple mineralisation styles, including lithium, gold, fluorite, and tungsten anomalies.

Meanwhile, PC Gold is having considerably better luck at its Spring Hill project in the Northern Territory. The company has announced impressive assay results from two zones, with the Macau Link Zone returning 9.5 meters at 3.04 g/t gold and 6.0 meters at 5.16 g/t gold. The newly identified Macau Footwall Zone also impressed with 22 meters at 2.60 g/t gold. Notably, these results sit outside the current Mineral Resource Estimate being finalized, suggesting further upside. PC Gold is also acquiring an adjoining exploration licence to boost its landholding by 68 square kilometers. With four rigs currently turning at Spring Hill and a 20,000-meter reverse circulation program underway, the company is entering what it describes as its most active exploration season to date.

Cynata pauses trading ahead of major trial readout

Cynata Therapeutics has voluntarily suspended its securities from quotation as it prepares to release results from two critical clinical trials. The biotech company expects to announce outcomes from its Phase 3 osteoarthritis trial and Phase 2 graft-versus-host disease trial by June 20, 2026. Trading will remain halted until the results drop or trading resumes on June 19, whichever comes first.

Memphasys inks major supply deal but heads to capital markets

Memphasys has executed a 12-month exclusive national supply agreement with Monash IVF Group for its Felix System across Monash's network of 22 Australian clinics. The deal follows a successful clinical trial completed in 2025 and represents a significant revenue opportunity with potential for expansion. An initial three-month rollout phase kicks off immediately, with the full 12-month term commencing upon successful completion.

However, the company's shares have been halted from trading as Memphasys prepares to announce a capital raising. The trading halt, effective from June 16, will remain in place until the announcement lands or June 18, whichever comes first. The company expects to make the announcement before normal trading resumes on June 18.