Daily Roundup

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Elanor Investors Group Progresses Strategic Review and Stabilisation Efforts

Elanor Investors Group (ASX: ENN) is continuing to execute its strategy to stabilise the business. The company is de-leveraging its balance sheet through an asset realisation program, simplifying its capital structure, and reducing costs. Elanor is also finalising its FY24 and HY25 financial statements and progressing its strategic review, which includes the potential sale of the business.

Since July 2024, Elanor has transacted approximately $225 million of assets across its managed funds, with a further $250 million in due diligence processes. The company is also in discussions regarding the potential sale of its co-investment holdings in certain managed funds. Additionally, the divestment program for the Elanor Hotel Accommodation Fund has transacted hotel assets at a combined realisation value of $53.5 million, with further assets currently in due diligence or under offer.

Elanor remains focused on stabilising its balance sheet and closely managing working capital as the asset realisation program progresses. The company is engaging with its secured financier, Keyview, and the arranger of its $40 million Corporate Notes, FIIG, to support its working capital position and monitor relevant facility covenants.

State Gas Commences Fully Funded Exploration at Rolleston West

State Gas Ltd (ASX: GAS) has commenced a two-well exploration program at its Rolleston West Project, located within ATP 2062. The exploration is supported by a $5.5 million grant from the Queensland Government's Frontier Gas Exploration Program.

The new vertical wells will be drilled in an area close to Rougemont 2/3 that has proven gas content and good permeability. The gas from the new wells will be captured and commercialised through State Gas' high density natural gas (HDNG) plant, reducing the company's fugitive emission profile while enhancing its revenue-generating capacity.

Successful drilling and production testing results are expected to enable State Gas to seek accreditation for a maiden 2P reserve of 30-50PJs for the Rolleston West Project, which is a critical step in demonstrating the commercial viability of the gas project and supporting an application for a petroleum lease.

Core Lithium Identifies Potential Large Gold System at Shoobridge

Core Lithium Ltd (ASX: CXO) has received final assay results from the 2024 drilling program at the Shoobridge Project, indicating the potential for a large gold system with a significant proportion of near-surface oxide mineralisation.

Noteworthy new results include 46m @ 0.75g/t Au from 3m and 34m @ 0.97g/t Au from 49m. The gold mineralisation is associated with an anticlinal structure and a network of quartz veins, breccia, and faults, similar to the geological setting at the nearby Cosmo Deeps and Union Reefs gold mines.

Core Lithium plans to conduct an internal desktop evaluation of the parameters required to support an economic development of the shallow oxide gold system, which could potentially be amenable to bulk open-pit mining methods. This will inform the next phase of exploration, which may include additional drilling along the 4.5km gold trend and infill drilling to test the extent and continuity of high-grade zones.

Telix Pharmaceuticals Expands Theranostic Pipeline with FAP-Targeting Acquisition

Telix Pharmaceuticals Limited (ASX: TLX, Nasdaq: TLX) has completed the acquisition of clinically validated FAP-targeting theranostic candidates, expanding its pipeline and exploring opportunities in bladder cancer and pan-cancer indications.

Telix has added the lead FAP-targeting therapeutic compound, TLX400, to its pipeline and is building out a theranostic development program in bladder cancer, as part of the company's urology focus, as well as exploring its potential as a pan-cancer therapeutic across multiple solid tumor indications.

The acquired assets are differentiated by a novel structure that drives extended tumor retention while minimizing off-target uptake, potentially overcoming the limitations of first-generation compounds. Telix will pay up to €132 million in milestone payments related to the development and regulatory approval of the diagnostic and therapeutic candidates, as well as royalties on net sales.

Brookside Energy Advances Drilling of Bruins Well in SWISH Area

Brookside Energy Ltd (ASX: BRK) has successfully advanced the drilling of the Bruins Well in the SWISH Area of Interest, completing key milestones and positioning the well for the next phase of operations.

The company has successfully run and cemented the intermediate casing string, as well as precisely landed the well bore curve in the target bench of the Woodford Shale. This transitions the well from vertical to horizontal drilling, ensuring optimal positioning within the reservoir to maximize production potential.

Brookside's Managing Director, David Prentice, commented that the successful installation of the intermediate casing and precise landing of the curve represent major milestones in de-risking the drilling operations and optimizing production potential. The company remains focused on efficiently executing the remainder of the drilling plan and preparing for completion activities.