Daily Roundup

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Pilbara Minerals Boosts Lithium Reserves

Pilbara Minerals Ltd has announced a substantial 23% increase in the contained lithium oxide at its 100%-owned Pilgangoora Operation in Western Australia. The updated Mineral Resource now contains 5.7Mt of lithium oxide at an increased grade of 1.28% Li2O, reinforcing Pilgangoora's position as one of the world's largest hard-rock lithium assets.

The increase is primarily due to successful exploration, with the FY24 and FY25 drilling programs identifying multiple high-grade zones. Pilbara Minerals remains focused on optimizing the Pilgangoora Operation and unlocking its full potential, with plans for a staged drilling program to further expand the resource.

Austin Engineering Upgrades Guidance

Austin Engineering Limited has provided an upbeat trading update for the 2025 financial year. The company has increased its revenue guidance to approximately $370 million, up around 18% from FY24, driven by strong performance in the Americas.

Austin has also revised its underlying EBIT guidance to circa $41 million, up roughly 8% from the previous year. The revenue increase is due to higher orders in the USA, following capacity expansions, and a strategically important contract in Chile, although the Chile project has led to a short-term margin adjustment.

The company remains confident about the long-term potential of the Chile contract and is committed to improving operational efficiencies to achieve better margins.

JLG Receives Buyout Offer

Johns Lyng Group Limited (JLG) has confirmed that it has received a non-binding indicative offer from Pacific Equity Partners (PEP) to acquire 100% of the company. JLG has granted PEP a period of exclusivity to conduct due diligence and submit a binding offer.

Certain members of JLG's senior management team, including the CEO, have been offered the opportunity to receive scrip consideration to retain an interest in the business. Any potential transaction would require approval from JLG's Independent Board Committee, regulatory bodies, and ultimately, the company's shareholders.

GQG Partners Sees Strong Inflows

GQG Partners Inc. has reported its funds under management (FUM) as of May 31, 2025, totaling $168.5 billion. This represents an increase of $4.9 billion from the previous month, driven by net flows of $1.4 billion across the company's major equity strategies.

The positive net flows demonstrate the continued strong investor demand for GQG's investment products, as the firm continues to deliver solid performance for its clients.

Adrad Exits New Zealand

Adrad Holdings Limited is exiting its unprofitable New Zealand operations to focus on more profitable segments and drive sustainable growth. The company's assessment found the New Zealand business lacked the ability to develop into a meaningful profitable scale due to the smaller market and level of competition.

While the exit will result in a one-off negative impact to FY25 earnings, it is expected to enhance overall profitability and deliver earnings accretion in FY26. Adrad remains committed to supporting its New Zealand employees through this transition.