Sarah Hughan

Polymetals Resources (ASX:POL) has received $250,000, the first part of a $500,000 grant from the New South Wales (NSW) Government Critical Minerals Activation Fund (CMAF).

The fund, which totals $130 million, was established in 2022 to facilitate investment, and development in critical minerals projects, to establish NSW as a major global supplier in the sector.

The Endeavor Mine, a large silver-zinc-lead mine, is considered a state-significant project.

The mine also contains critical minerals like zinc, and silver as well as lead, gold, and copper.

Bass Oil (ASX:BAS) has been granted a 10-year extension for its Indonesian KSO, owner of a 55% interest in South Sumatra's Tangai-Sukananti KSO, until 2035.

Under improved fiscal terms, the extension is expected to boost reserves, and free cash flow.

Also included is a workflow program valued at $3.25 million for the first two years, which will be funded by cash flow from the licence.

The extension will allow for the exploitation of growth potential, particularly in the Bunian field.

Commonwealth Bank (ASX:CBA) has announced its 2023 full-year results.

The bank's cash net profit after tax (NPAT) reached $1.550 million, marking a 9% YoY growth; however, 2H 2023 saw a challenging environment leading to a 7% decrease in operating income, and an ensuing 11% NPAT reduction.

Total lending increased by 4%, comprising a 3% rise in home lending, and a 5% increase in business lending, while total customer deposits concurrently grew by 3%.

ASB also has ongoing projects like growing its financial crime, and fraud teams, investing in state-of-the-art lending, and contact centre systems, and creating initiatives for sustainable business practices.

The bank's CET1 ratio is now 0.8% above the projected 13.5% target set by the Reserve Bank of New Zealand as part of the transition to increased capital requirements.

Buxton Resources (ASX:BUX) announced changes to their executive team on August 9, 2023.

Eamon Hannon, Buxton Resources' Managing Director, and CEO, will be stepping down from his role to take up a non-executive position, with a base salary of $40,000.

Having been with Buxton Resources for nine years, Mr. Hannon led the transformation of the company from a pure exploration company, to one with two world-class development projects.

Martin Moloney, formerly the company's Chief Geologist and Head of Resources, will take over as interim CEO, which will include a base salary of $270,000, along with potential incentives, and bonuses.

James Hardie Industries (ASX:JHX) has announced its Q1 results for the period ending on June 30, 2023.

In the first quarter of fiscal year 2024, the company achieved milestones, including global net sales of US$954.3 million, and a record global adjusted EBITDA of US$279.1 million, with an adjusted EBITDA margin of 29.2%.

Additionally, the company witnessed an uptick in adjusted net income by 13%, reaching US$174.5 million, accompanied by an adjusted diluted EPS of US$0.39 per share, marking a 14% increase.

Furthermore, the first quarter brought a substantial increase in operating cash flow, soaring by 64% to US$252.3 million, indicating the company's strong financial performance, and growth.

Talking about the results, James Hardie's CEO, Aaron Erter said, “Our team’s focus remains simple: working safely, partnering with our customers, managing decisively, and controlling what we can control. This focus has enabled us to start the year strong, delivering our best ever first quarter results for both Adjusted Net Income and Operating Cash Flow.”

Woodside Energy Group (ASX:WDS) has entered a strategic partnership with LNG Japan, involving a 10% non-operating participating interest in the Scarborough Joint Venture, potential LNG off-take, and joint exploration of emerging energy avenues.

The purchase price is US$500 million, subject to adjustments, and expected to become approximately US$880 million when taking into account reimbursed expenditure, and escalation.

The completion of the deal, expected in Q1 2024, is subject to certain approvals.

Woodside Energy and LNG Japan have also entered a non-binding agreement for the sale, and purchase of approximately 0.9 million tonnes of LNG cargoes per annum for a decade starting in 2026.

PSC Insurance Group (ASX:PSI) has revealed its intention to obtain complete ownership of Ensurance (ASX:ENA), via a scheme of arrangement, subject to various conditions, and approvals.

The acquisition is expected to be finalized by late November 2023.

The purchase price will be determined as the higher value between $25.2 million, and 5,000,000 fully paid ordinary shares in PSC Insurance, to be settled through the issuance of PSC shares to ENA shareholders.

After the deal, ENA will cease to be listed, and become wholly owned by PSC Insurance Group.

Simon Lee AO, the Chairman of Emerald Resources' (ASX: EMR) board, has stepped down from his position, with Jay Hughes, a Non-Executive Director, succeeding him as Chair, while Lee retains his position as a Non-Executive Director on the board.

Under Lee's leadership, Emerald has grown from a small explorer to a significant gold producer with operations in Cambodia, and Australia, including the recent acquisition of Bullseye Mining.

“There is no doubt that Simon’s leadership, drive, wisdom, and understanding of markets across the globe have been instrumental to Emerald’s growth to where we are today,” said EMR's new Chair, Jay Hughes.

Good afternoon, and thanks for joining me for Grafa’s market close report.

The ASX closed up, with IT stocks leading the market higher.

Some of the Most Wanted stocks in the IT sector today include Advanced Health Intelligence, Mpower Group, and Vista Group International. 

A spotlight on Azure Minerals as its intersected very broad zones of lithium mineralisation from a pegmatite at the Andover Project.

Cyclopharm scored a Hat Trick, with shares closing higher 3 days in a row.

Microba Life Sciences is on a Winning Streak, with shares closing higher 5 days in a row.

And Nick Scali is Grafa’s Dark Horse with shares closing higher more times than not over the past 30 days.

The ASX is in the red, with Real Estate stocks leading the market lower.

A spotlight on Koonenberry Gold as it plans to commence a maiden drilling program at the Bellagio Prospect in New South Wales.

Alkane Resources has triggered a Paydirt. Its drilling program has defined significant mineralisation at its gold-copper project.

Jupiter Mines is trading at a 1-month high. It had a very strong production quarter from its manganese mine in South Africa.

Base Resources is trading at a 2-month high. The African mineral sands producer recently reported its quarterly activities.

City Chic Collective is trading at a 3-month high. Its divested some of its business to AK Retail for $12M.

The most Googled stock on the ASX is Raiden Resources ranking in the top 6 finance-related searches in Australia today.