Daily Roundup

MIN.ASX KAR.ASX CCA.ASX AVA.ASX SDF.ASX

Mineral Resources Delivers Strong Q1 Results, Reaches Onslow Iron Capacity Target

Mineral Resources Limited (ASX: MIN) kicked off the new fiscal year with a bang, reporting a robust Q1 FY26 performance. The company's Onslow Iron division reached its 35MTPA capacity target between August and October 2025, enabling a $200 million contingent payment from Morgan Stanley Infrastructure Partners.

Across the board, Mineral Resources is on track to meet its FY26 volume and cost guidance, with the Iron Ore division shipping 8.6Mt (100% basis) in the quarter. The company also strengthened its Board with the appointment of four highly credentialed Independent Non-Executive Directors.

Financially, Mineral Resources maintained a strong liquidity position of $1.1 billion, with net debt steady at $5.4 billion. Lithium prices continued their upward trajectory, with the company achieving an average SC6 price of US$849/dmt, up 31% from the prior quarter.

Looking ahead, Mineral Resources remains well-positioned to deliver on its growth plans, having completed the Lockyer-6 reserve and resource certification process and received a $41 million purchase price adjustment payment post-quarter end.

Karoon Energy Appoints New CEO with Extensive Global Experience

Karoon Energy Ltd (ASX: KAR) has announced a significant leadership transition, appointing Carri Lockhart as its new Managing Director and Chief Executive Officer, effective 3 November 2025. Ms. Lockhart brings over 30 years of experience in the global oil and gas industry, with a proven track record in driving strategic growth and leading large-scale operations.

Karoon's Chairman, Mr. Peter Botten, expressed his delight in Ms. Lockhart's appointment, stating that her deep industry knowledge and demonstrated skills in building high-performing teams make her the ideal candidate to lead the company through its next phase of growth. This includes taking over operatorship of the Baúna FPSO in Brazil and progressing organic growth opportunities in both Brazil and the US.

Change Financial Delivers Record Q1 Revenue, Positive Cash Flow

Change Financial Limited (ASX: CCA) has reported a standout Q1 FY26, with record revenue of US$4.6 million (A$7.1 million), up 25% year-over-year. The company's Payments as a Service (PaaS) platform continued to gain traction, with the number of active cards increasing by 22% quarter-on-quarter and 48% year-over-year.

Notably, Change Financial also achieved positive net cash flow from operating activities of US$0.2 million (A$0.3 million) during the quarter. The company's cash position at the end of Q1 stood at US$3.7 million (A$5.7 million), with an additional US$0.9 million (A$1.4 million) held in cash-backed security guarantees.

Looking ahead, Change Financial expects revenue in FY26 to be in the range of US$16.5 million (A$25.4 million) to US$18.0 million (A$27.7 million), with Underlying EBITDA between US$2.5 million (A$3.8 million) and US$3.5 million (A$5.4 million). The company remains focused on building its sales pipeline, winning new deals, and driving operational efficiencies to deliver continued growth.

Ava Risk Group Sees Strong Q1 Performance, Expects EBITDA Positive H1

Ava Risk Group Ltd (ASX: AVA) has reported a solid Q1 FY2026, with $9.0 million in sales order intake and a $7.5 million order backlog, including $2.6 million in annual recurring revenue. The company highlighted progress in key sectors such as telecommunications, transportation, and aviation.

In the Detect segment, Ava Risk Group received a $1.2 million contract from Siemens Limited for the supply of its Aura Ai-X detection systems, building on its previous success in the Sydney Metro project. The company also secured orders from North American corrections facilities, U.S. government sites, and critical energy infrastructure in Eastern Europe.

Looking ahead, Ava Risk Group expects revenue in the range of $17.0 million to $18.2 million for the first half of FY2026, with the company anticipating EBITDA margins to expand to double digits in the full fiscal year. The company remains focused on accelerating revenue growth, with catalysts across its Detect, Access, and Illuminate segments.

Steadfast Group Pauses and Halts Trading, CEO Stands Aside for Investigation

In a series of announcements, Steadfast Group Ltd (ASX: SDF) has first paused trading in its securities, then requested an immediate trading halt, pending the release of information regarding an investigation into a workplace complaint against a senior executive.

The company has now revealed that Managing Director and CEO Robert Kelly AM has chosen to stand aside on a temporary basis to enable an external investigation into the complaint. Tim Mathieson, the CEO of Steadfast's Australasian Broking division, has been appointed as Acting CEO until the conclusion of the investigation.

Steadfast has stated that as the investigation is ongoing and no allegations against Mr. Kelly have been substantiated, it would not be appropriate to comment further at this time. The company has promised to provide more details to the market once the investigation is completed.