Daily Roundup

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EQ Resources is making strategic moves to expand its regional footprint, acquiring six exploration permits adjacent to its Mt Carbine tungsten operation from Sunshine Metals for A$250,000. The deal, expected to complete by August, supports EQ's hub-and-spoke strategy and aims to strengthen its regional growth pipeline around the expanded processing facilities at Mt Carbine. For Sunshine Metals, the divestment allows the company to redirect focus toward its Mt Moss Gold Plant and exploration of the Sybil epithermal field, with gold production targeted for mid-2027.

Forrestania Resources is consolidating the Western Australian gold sector through a recommended takeover of Zenith Minerals. Under the all-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, valued at approximately A$93.5 million on a fully diluted basis, has earned unanimous board support from Zenith and is expected to create a stronger, more diversified Western Australian-focused gold company with enhanced scale and development potential.

VEEM Limited is gearing up for growth after completing a factory extension that adds 1,000 square meters of production space. The defence manufacturer has also taken delivery of three CNC machines and a 3D printer, with installation underway. Looking ahead to FY26, VEEM expects revenue between A$50 million and A$52 million with EBITDA between A$3.25 million and A$3.75 million. The company generated strong cash flow from operations of A$4.0 million in the first half of FY26 and has significantly reduced net debt by A$11.9 million following a recent capital raise. Management anticipates significant improvements in the defence and marine segments, positioning the company for a stronger FY27.

Elanor Investors Group is back on the ASX following a major balance sheet overhaul. The company completed a A$125 million recapitalisation with Rockworth, comprising a A$70 million senior secured debt facility and A$55 million in perpetual subordinated capital notes. This restructuring has substantially de-leveraged the balance sheet and improved liquidity. The group's assets under management declined by approximately A$880 million due to strategic asset divestments, but the company remains focused on transitioning to a capital-light, scalable funds management platform. Securities are set to resume trading on 11 June 2026, with an investor briefing scheduled for that morning.