The ASX Daily Tuesday, 21 April 2026

A major REIT leaves the ASX for good. A Japanese mining giant backs an Arizona copper project with US$20 million. A gold-copper scoping study drops with a US$0.9 billion NPV. And somewhere in Zimbabwe, a company is about to drill for 1.2 trillion cubic feet of gas. Not a quiet day.HEADLINE STORIESNational Storage REIT (NSR) — Brookfield and GIC takeover becomes legally effective The Supreme Court of NSW has approved the schemes of arrangement allowing a Brookfield and GIC consortium to acquire all stapled securities in National Storage REIT. Trading in NSR suspended from close of trade today. Securityholders will be paid out on 8 May 2026 following a 29 April record date — marking the end of one of Australia’s largest listed storage operators as a public company. The deal underscores continued institutional appetite for Australian real assets.Eagle Mountain Mining (EM2) — Binding JV with Japan’s Nittetsu Mining for Oracle Ridge copper project Eagle Mountain has signed binding agreements with Tokyo-listed Nittetsu Mining to form a joint venture over its Oracle Ridge copper project in Arizona. Nittetsu takes 80%, Eagle Mountain retains a free-carried 20% stake. Nittetsu commits US$20 million over four years covering exploration, environmental permits and feasibility work, with an initial US$3.5 million payment to clear existing debts and exercise the mine purchase option. The free-carried structure is the key win — zero capital calls for Eagle Mountain up to US$20 million of project spend.Sunstone Metals (STM) — Bramaderos scoping study delivers US$0.9 billion NPV Sunstone Metals has completed a scoping study for its Bramaderos Gold-Copper Project in Ecuador, outlining a 23-year open pit mine producing approximately 135,000 ounces of gold equivalent per year in its first eight years at an AISC of US$1,499 per ounce. Base case post-tax NPV sits at US$0.9 billion at US$3,500 per ounce gold — rising to US$1.9 billion at current spot prices around US$5,000. Capital requirement is approximately US$525 million, with a pre-feasibility study the next step.MID-TIERWest African Resources (WAF) — The Burkina Faso government has formally decreed that state mining entity SOPAMIB will acquire a 25% stake in WAF’s Kiaka Gold Operations for approximately A$175 million. WAF intends to return the full proceeds to shareholders via a special dividend, targeted by end of calendar 2026. Sanbrado and Toega operations are unaffected. The company also flagged a record high cash position in its upcoming quarterly.Mineral Resources (MIN) — MinRes has priced US$1.3 billion in senior unsecured notes across two tranches to refinance existing higher-cost debt. The transaction cuts the weighted average cost of debt from 8.4% to 7.4%, saving approximately A$48 million annually, while extending the debt maturity profile from 3.1 to 5.0 years.Astral Resources (AAR) — Updated JORC resource at Mandilla Gold Project grows 22% to 1.74 million ounces at 1.0 g/t, including a maiden measured resource at the flagship Theia deposit. Group resources across three projects now sit at 2.07 million ounces. With gold prices roughly double PFS assumptions, the company is evaluating an underground mining option at Theia in its DFS.Starpharma (SPL) — Received positive FDA feedback on its DEP HER2 radioligand therapy trial design, with the agency acknowledging significant unmet medical need and flagging potential Fast Track designation pathways. First-in-human European study of up to 15 patients remains on track for the second half of 2026, with site selection complete.Xpedra Resources (XPD) — Binding agreement to acquire the Neeld Gold Project near West Wyalong NSW — a historically high-grade asset that produced around 439,000 ounces at an exceptional 41 g/t between 1894 and 1915. Only four holes have ever been drilled below 200 metres, all hitting gold. Pairs with Xpedra’s Springfield drilling program already underway.Invictus Energy (IVZ) — Raised $10 million via placement at $0.06 per share to fund the Musuma-1 well in Zimbabwe, targeting 1.2 trillion cubic feet of gas and 73 million barrels of condensate. Seismic data shows a classic flat spot — a direct hydrocarbon indicator suggesting a gas-water contact. Drilling planned for the second half of 2026.RAPID FIRE* Peninsula Energy (PEN) — Voluntarily suspended from ASX trading pending an urgent Supreme Court of WA hearing on whether shares issued in February and subsequently sold without required disclosure are invalid. Court sits today.* Ora Banda Mining (OBM) — Infill drilling at Golden Pole returned high-grade hits including 3 metres at 44 g/t gold. Updated resource and maiden underground reserve estimate due in the June quarter, potentially establishing Waihi as Ora Banda’s third underground mine.* Aldoro Resources (ARN) — Latest drill hole at Kameelburg in Namibia returned 354 metres of continuous rare earth, strontium, niobium and molybdenum mineralisation ending in-hole. Updated resource estimate due within two weeks.* Riedel Resources (RIE) — Acquiring approximately 1,000 square kilometres of gold exploration ground in WA’s Laverton district, backed by a $2.5 million placement. Drilling at Cosmo anticipated to commence July 2026.* Solis Minerals (SLM) — Picked up a 93,000-hectare lithium project in Brazil’s Araçuaí Lithium Valley from a Rio Tinto subsidiary for just US$500,000, with two priority drill targets already identified.* Great Divide Mining (GDM) — Hit commercial gold production at its Challenger Mine in NSW, processing historic tailings targeting 30 g/t concentrate grades. First shipment to a refiner expected within days.* Anson Resources (ASN) — Lodged its final major permit application for a 10,000 tonne per annum lithium carbonate plant in Utah. Approval expected within 90 days, clearing the regulatory path for construction and financing.* Global Lithium Resources (GL1) — Trading halt pending a strategic investment and divestment announcement. Details expected by 23 April.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