The ASX Daily Tuesday, 12 May 2026

ELV — Elevra Lithium launches A$441M financing package to fully fund NAL expansion and advance Moblan projectElevra Lithium has announced a transformational financing package of up to A$441 million — one of the largest ASX lithium capital raises in recent memory. The package comprises a fully underwritten A$275 million institutional placement at A$12.20 per share, A$146 million in convertible notes from the Canada Growth Fund, and a non-underwritten Share Purchase Plan targeting up to A$20 million. Proceeds will fully fund the three-stage NAL Brownfield Expansion to 338,000 tonnes of spodumene concentrate per year by mid-2029, with key pre-development work at Moblan also funded through to Final Investment Decision. The Canada Growth Fund’s participation provides strong government-backed validation of Elevra’s North American critical minerals strategy, arriving alongside an updated scoping study showing a 102% increase in incremental NPV to C$969 million and a total NAL project NPV of C$3.1 billion at a 41.8% IRR.FMG — Fortescue hit with $150M cultural loss ruling in Yindjibarndi native title compensation caseThe Federal Court has ordered Fortescue to pay A$150 million for cultural loss plus approximately A$100,000 plus interest for economic loss to the Yindjibarndi Ngurra Aboriginal Corporation, following a Native Title Compensation Claim lodged in 2022. The A$150 million cultural loss component in particular sets a significant legal precedent for how courts value intangible Indigenous heritage impacts from major mining operations — this is a landmark ruling for the Australian resources sector that will be closely watched by every major miner operating on or near native title land. Fortescue has said it will review the court’s full reasoning once published.BXN — Bioxyne lands $50M two-year medicinal cannabis supply deal with German distributor ADREXpharmaBioxyne has signed a $50 million, two-year supply agreement with German pharmaceutical company ADREXpharma GmbH to supply its Dr Watson branded medicinal cannabis products into Germany — Europe’s largest medicinal cannabis market estimated at over 200 tonnes per annum. The deal includes a $25 million minimum purchase commitment in the first 12 months alone and grants ADREXpharma exclusive German distribution rights, building on an initial supply deal struck in June 2025. For a small ASX biotech, $25 million guaranteed in year one is the kind of commercial anchor that transforms a speculative story into a revenue story.Mid-Tier MoversGA8 — GoldArc Resources returned bonanza-grade gold from first-pass RC drilling at its Cosmopolitan Prospect in Western Australia — 23 metres at 11.31 g/t gold — and uncovered a previously unrecognised Upper Zone sitting 30 to 40 metres above the known Main Zone. The historic Cosmopolitan mine produced around 360,000 ounces at 15 g/t, and these results confirm significant mineralisation remains outside the old mined envelope, with wide 60 to 80 metre drill spacings suggesting much more to come.TMS — Tennant Minerals confirmed extraordinary re-assay results at its Bluebird discovery in the Northern Territory — 18 metres grading up to 47.2 g/t gold, 12% bismuth and 9.3% copper — validating the original intercept and demonstrating repeatability. The zone extends below and west of the existing open-pit resource which remains open down-plunge, and the company has raised $2.8 million to fund an expanded drill program targeting this genuinely rare multi-metal system.LRV — Larvotto Resources reached a major construction milestone at its Hillgrove antimony-gold project in NSW, with first development ore successfully mined underground and delivered to surface stockpiles. Underground contractor PYBAR has advanced 170 metres and rehabilitated 1.9 kilometres of drives, with process plant commissioning on track for August 2026 — targeting average annual production of around 85,700 gold-equivalent ounces over eight years.AII — Almonty Industries posted a 221% revenue surge to US$25.4 million in Q1 2026, swinging to positive adjusted EBITDA of $6.1 million as record tungsten prices and its landmark Sangdong Mine commissioning in South Korea transform the company’s financial profile. With $259.9 million in cash and Sangdong now the Western world’s most significant new tungsten mine, Almonty is positioning itself as a critical defence supply chain player.WR1 — The Supreme Court of Western Australia approved both schemes for Li-FT Power’s acquisition of Winsome Resources, with the schemes now legally effective after court orders were lodged with ASIC. Winsome shares are suspended from today’s close, implementation is 21 May, and delisting follows on 22 May — marking the end of Winsome’s ASX chapter in a closely watched lithium sector consolidation.GT3 — Green360 Technologies signed a non-binding MOU with Holcim Australia — subsidiary of global building materials giant Holcim Group with CHF 15.7 billion in annual revenues — to supply up to 4,800 tonnes of its Eco-Clay metakaolin low-carbon cement product over 12 months. This is Green360’s first named commercial customer, with a binding supply agreement targeted within 90 days.Rapid Fire* DM1 — Desert Metals extended its Tiogo gold corridor in Côte d’Ivoire to 1.5 kilometres of continuous strike, with a standout aircore hit of 4 metres at 19.48 g/t gold — RC and diamond drilling to follow to test fresh bedrock below, located 30 kilometres along strike from Perseus Mining’s Sissingué mine.* KNB — Koonenberry Gold extended Sunnyside gold mineralisation to 415 metres vertical depth with high-grade hits including 4.6 metres at 8.82 g/t gold, confirmed across five drill sections and remaining open in multiple directions.* TCG — Turaco Gold drilled 28 metres at 2.17 g/t and 20 metres at 2.28 g/t outside its existing 4.65 million ounce resource at Afema in Côte d’Ivoire, with two new exploration targets identified and a Pre-Feasibility Study due next month.* EVG — Evion Group secured an option over the historic CARP Fluorspar Project in Nevada and raised A$6.635 million, positioning itself as the only ASX-listed company with exposure to both graphite and fluorspar — two critical minerals where the US is 100% import-dependent.* OD6 — OD6 Metals rediscovered the Big Jim Fluorspar Lode in Nevada with visual grades of up to 98.6% CaF2, confirming a third major fluorspar system at its Quinn project alongside existing Mammoth and Horseshoe discoveries.* ETM — Energy Transition Minerals signed an MOU with global commodity trader Traxys — over US$10 billion in annual revenues — for up to 100% offtake of tin, tantalum and niobium from its Penouta mine in Spain, the EU’s only domestic source of all three critical minerals.* BWN — Bhagwan Marine cut its standalone FY26 EBITDA guidance to $38.5–$40.5 million due to Middle East geopolitical delays in project awards, though consolidated guidance including newly acquired Riverside Marine comes in at $44.5–$46.5 million.ASX Daily Digest · Not financial advice · Price-sensitive announcements only This is a public episode. If you would like to discuss this with other subscribers or get access to bonus episodes, visit thelisteddigest.substack.com