Daily Roundup

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EQ Resources is making a strategic move to expand its regional footprint, acquiring six exploration permits adjacent to its Mt Carbine tungsten operation from Sunshine Metals. The A$250,000 deal is designed to strengthen EQ's growth pipeline and support its hub-and-spoke strategy, leveraging the expanded processing facilities already in place at Mt Carbine. The acquisition remains subject to regulatory and third-party approvals.

For Sunshine Metals, this divestment represents a strategic refocus. By offloading the Hodgkinson Project, the company can concentrate its efforts on what it sees as higher-priority assets—the Mt Moss Gold Plant and the Sybil epithermal field. Completion is expected by August 2026, pending regulatory approval.

In merger news, Forrestania Resources has secured a recommended takeover of Zenith Minerals in an off-market scrip deal. Zenith shareholders will receive one Forrestania share for every 4.3 Zenith shares held, valuing the offer at A$0.132 per share—a substantial 46.7% premium to Zenith's last closing price. The transaction values Zenith at approximately A$93.5 million on a fully diluted basis. Zenith's board has unanimously backed the offer, which requires a minimum 50.1% acceptance threshold. The combined entity is expected to create a stronger, more diversified Western Australian-focused gold company with enhanced scale and strategic positioning.

VEEM Limited is gearing up for growth after completing its factory expansion. The Australian defence manufacturer has added 1,000 square metres of production space and received three CNC machines and a 3D printer, with installation and commissioning now underway. Looking ahead to FY26, VEEM expects revenue between A$50 million and A$52 million, with EBITDA projected at A$3.25 million to A$3.75 million. The company anticipates significant improvements in its defence and marine segments, setting the stage for a stronger FY27.

Elanor Investors Group is back on the ASX after completing a major balance sheet overhaul. The company finalized a A$125 million recapitalisation with Rockworth, which included a A$70 million senior secured debt facility and A$55 million of perpetual subordinated capital notes. This restructuring has significantly reduced Elanor's cost of capital and strengthened its liquidity position. The group's securities will be reinstated on 11 June 2026, and the company plans to hold an investor briefing conference call that same day at 9:00am to outline its strategy, financial position, and outlook. Elanor remains focused on transitioning to a capital-light, scalable funds management platform while progressing its asset realisation program.