Daily Roundup

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Coronado Secures $150 Million Lending Facility, Providing Liquidity and Flexibility

Coronado Global Resources has entered into a binding $150 million asset-based lending facility with Oaktree Capital. This deal provides Coronado with an immediate $75 million cash injection and an additional $75 million in future funding. The flexible covenant structure will give the company the time and space it needs to navigate the current low met coal price environment.

This transaction is part of Coronado's broader liquidity management plan, which also includes the on-track and on-budget Mammoth and Buchanan expansion projects. These projects are expected to boost sales volumes, reduce capital expenditures, and deliver significant sustainable operating cost savings in the second half of the year. Mammoth is set to reach 1.5-2.0 million tonnes of run-rate production by the end of 2025, while Buchanan will add another 1.0 million tonnes.

Lovisa Appoints New Global CEO and Executive Deputy Chairman

Lovisa Holdings has announced some major leadership changes. John Cheston will be taking over as the new Global CEO and Managing Director, effective June 4th. The company has also appointed Mark McInnes as the Executive Deputy Chairman, bringing a wealth of retail experience to support the new CEO and executive team.

Mark McInnes' remuneration for his role as Executive Deputy Chairman will be A$2,000,000 cash salary per annum. The Board expressed its full confidence in both John and Mark, and looks forward to their leadership as Lovisa embarks on its next phase of global growth.

Soul Patts and Brickworks Agree to $14 Billion Merger

In a landmark deal, Washington H. Soul Pattinson and Brickworks have announced a binding merger agreement. The newly created $14 billion ASX-listed company will provide increased scale, diversification, and a simplified structure for shareholders of both firms.

The merger will give Soul Patts shareholders greater exposure to Brickworks' high-quality building products and property assets, while Brickworks shareholders will gain increased access to Soul Patts' diverse investment portfolio. The combined entity will have a stronger, well-capitalized balance sheet following the cancellation of the existing cross-shareholding.

The merger has been unanimously recommended by the boards of both companies, subject to an independent expert's conclusion that it is in the best interests of shareholders.

Apollo Minerals Identifies More Gold Potential at Salanie Project

Apollo Minerals has received the final assay results from its 2025 Phase 2 drilling program at the Salanie Gold Project in Gabon. The 14-hole campaign identified shallow, high-grade gold mineralization at the A1 prospect, as well as quartz-sulphide mineralization at the P6 prospect.

These results demonstrate the strong potential of the 12km long Salanie greenstone system to host significant gold mineralization, particularly associated with quartz veining. Apollo is now analyzing the data to define the next phase of exploration work at the project.

BetMakers to Acquire Nevada Pari-Mutuel Provider LVDC

BetMakers Technology Group has signed a binding agreement to acquire Las Vegas Dissemination Company (LVDC), the only approved pari-mutuel service provider for Nevada's gaming industry. This strategic acquisition is expected to generate approximately A$4 million in revenue for BetMakers and expand its presence in the global gaming market.

LVDC provides pooling and dissemination services for sportsbooks, racebooks, bars, and online platforms in Nevada. BetMakers plans to leverage its technology and network to monetize LVDC's customer relationships and Las Vegas footprint. The acquisition is expected to be cash flow positive within 12 months.

In a separate announcement, BetMakers has requested a trading halt pending the release of information regarding a proposed capital raising.