Daily Roundup

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Austin Engineering Faces Operational Headwinds

Austin Engineering has revised its FY26 guidance downward, citing operational challenges that have proven more stubborn than expected. The company now expects revenue around $325 million and EBIT between $10-$11 million, down from previous forecasts. While trading conditions improved in May and June, the company's North and South America operations haven't bounced back as quickly as hoped. North America's productivity has climbed to 75%, but that's still short of where management wants it to be. South America remains the bigger concern, prompting the company to bring in additional operational expertise to turn things around. The bright spot is Asia Pacific, which continues performing as expected. Despite the near-term headwinds, Austin is optimistic about FY27, expecting better results once operational improvements take hold and delayed product deliveries flow through.

Energy Sector Grapples with Production Delays

Karoon Energy is pushing back its production timeline after encountering operational delays with the Who Dat E manifold. The company now expects to restore production through that system in the second half of 2027, rather than sooner. As a result, CY26 Who Dat production guidance has been revised to 1.2 to 1.5 MMboe, bringing total CY26 production guidance down to 7.2 to 8.2 MMboe. On the positive side, the A-1 ST well remains on track to start producing by mid-year, and the G-1 ST well is slated for operations in the fourth quarter, pending final approvals. Karoon is also reviewing its 2026 investment expenditure to optimize spending in light of the revised timeline.

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 project area to 2,300km². The new holdings include the Talisker, Fireball, Aberlour, Cirka, and Tomahawk prospects. However, recent drilling hasn't uncovered significant lithium grades. The company did identify an interesting gold occurrence at Mason's site, with results of 2m @ 5.69 g/t Au, suggesting there's potential for multiple mineralization styles across the property, including gold, fluorite, and tungsten.

Meanwhile, PC Gold is having better luck at its Spring Hill project in the Northern Territory. The company has delivered some impressive assay results that aren't even captured in its current Mineral Resource Estimate. Recent drilling in the Macau Link Zone returned 9.5m @ 3.04 g/t Au and 6.0m @ 5.16 g/t Au, while the newly identified Macau Footwall Zone posted 22.0m @ 2.60 g/t Au. PC Gold is also acquiring an adjoining exploration licence, adding roughly 68km² of highly prospective ground. With four rigs currently turning at Spring Hill and a 20,000-meter RC program underway, the company is entering what it describes as its most active exploration season to date.

Cynata Pauses Ahead of Trial Results

Cynata Therapeutics has voluntarily suspended its securities from quotation while it prepares to release results from two major clinical trials. The Phase 3 Osteoarthritis Trial and Phase 2 Graft versus Host Disease Trial results are expected by June 20, 2026. The suspension will lift once those results hit the market or by June 19, whichever comes first. These trials will provide crucial insights into whether Cynata's therapeutic stem cell platform technology can deliver on its promise.