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Basin Energy (ASX:BSN) was popular with investors after it announced drilling has recommenced at its Newmans rare earth discovery, part of the company’s Sybella-Barkly project in northwest Queensland.
The latest drilling program has been designed to test for the continuity of shallow magnet rare earth oxide (MREO) mineralisation which includes high-value heavy rare earth oxides (HREO) identified in scout drilling completed in Q2 2026.
“Our discovery at Newmans presents excellent upside potential for Basin. Maiden drilling confirmed thick, shallow magnet rare earth mineralisation and defined a 3.3 km mineralised corridor. Our initial follow-up program is designed to test the continuity of that system,” MD, Pete Moorhouse, said.
“With assay results from this program expected in mid to late September, and more drilling to come, Basin is entering an active period with multiple near-term catalysts.”
BSN was up by 50% to 3.3¢ at the time of going to press.
BetMakers Technology Group (ASX:BET) jumped after entering into a binding scheme implementation deed (SID) with Tabcorp Holdings, under which Tabcorp will acquire 100% of the issued shares in BetMakers .
The BetMakers board has unanimously recommended its shareholders vote in favour of the scheme, in the absence of a superior proposal
BetMakers CEO, Jake Henson, noted his company has established a global wagering technology business supported by talented people, differentiated products and deep industry relationships.
“The recent strategic transformation has delivered market leading technology and an efficient operating model that is a credit to the hard work of our global team. T
“Tabcorp’s scale and capabilities are expected to provide a strong platform for the next phase of investment, product innovation and international growth. In the meantime, BetMakers remains focused on and committed to delivering for its customers and executing its strategy throughout the scheme process.”
BET was up by 36.4% to 22.5¢ on the news.
Wide Open Agriculture ASX:WOA) has confirmed it has signed a non-binding framework agreement with Proeon Foods as a preferred contract manufacturing partner.
Proeon is a plant protein manufacturer with operations in the Netherlands and India. The framework agreement protects WOA’s IP and sets out principles for a future contract manufacturing areement covering WOA’s lupin-based ingredients.
“This agreement is a genuine step forward for WOA. With our intellectual property protected, we can now start working closely with Proeon, jointly progressing technical and commercial objectives, running trials, and building the kind of understanding that only comes from working together,” WOA CEO, Craig Swan, said.
“Proeon brings real capability to the table, and this is exactly the collaboration we need to find out whether they’re the right long term manufacturing partner for WOA’s lupin platform.”
WOA took off and was up by 40.0% to 1.4¢ on the positive news.
Looking wider, the S&P/ASX 200 started lower today, dropping 30.90 points or 0.33% to 9,232.70. The bottom performing stocks in this index are real estate investment trust Arena REIT. and Westpac Banking Corporation, which were down 15.55% and 5.80% respectively. Over the last five days, the index has gained 2.37% and is currently 0.69% off of its 52-week high.
Meanwhile, the Minerals Council of Australia (MCA) says the Federal Government’s proposed changes to capital gains tax (CGT) for junior minerals exploration companies will adversely impact the ability of these companies to raise funds from individual investors for much-needed greenfields mineral exploration in Australia.
The MCA has calculated as part of its submission to a senate economics legislation committee that under the proposed changes, a shareholder on a marginal tax rate of 37% who invests $10,000 in shares and holds for five years without receiving any dividends or other cashflow before receiving a capital gain of $20,000 would receive around $16,300 in after-tax returns with the 50% discount, but only about $13,064 under the proposed CGT changes, a reduction in the return on investment of 19%.
“The proposed changes to CGT risk further suppressing exploration activity at a time when greenfields spending as a share of total exploration spending is declining in Australia from roughly one-third over recent years to a quarter in the last financial year,” MCA CEO, Tania Constable, said.
“Crippling our junior explorers by increasing capital gains tax would undermine the development of our critical minerals sector just when the world is demanding stronger supply chains and greater strategic resilience in minerals supply.”
That’s Monday’s HotCopper Market Trends, I’m Colin Sandell-Hay - see you for close.
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