The ASX Daily Wednesday, 13 May 2026

Top StoriesELV — Elevra Lithium raises A$275 million via fully underwritten institutional placement at A$12.20 per shareElevra Lithium has successfully completed the institutional placement component of its A$441 million financing package, raising A$275 million at A$12.20 per share with strong support from both existing and new domestic and global institutional investors. Approximately 22.5 million new shares were issued, representing 13.3% of existing shares, with settlement on 15 May and trading commencing 18 May. A Share Purchase Plan will follow targeting up to A$20 million at the lower of the 5-day VWAP or A$12.20 — eligible shareholders should watch the SPP closely for a potential entry point. Combined with the Canada Growth Fund convertible notes, the package fully funds the NAL Brownfield Expansion and advances Moblan toward a Final Investment Decision.DVP — Develop Global wins A$274M underground mining contract with Core Lithium for Finniss Lithium ProjectDevelop Global has been awarded a A$274 million contract to conduct all underground development and production mining at Core Lithium’s Finniss Lithium Project in the Northern Territory — a minimum three-year deal with a two-year extension option expected to generate steady-state annual revenue of A$120 million. Mobilisation begins June 2026 with underground mining commencing July 2026 at the BP33 deposit, which has more than 10 years of mine life. The contract arrives as Develop simultaneously exits Bellevue Gold, freeing approximately $50 million in capital equipment to redeploy — including toward its own Sulphur Springs copper-zinc project targeting a Final Investment Decision this quarter.PRN — Perenti’s Barminco secures $850M underground mining contract at Bellevue Gold ProjectPerenti’s underground mining arm Barminco has been awarded an approximately A$850 million contract by Bellevue Gold to provide underground mining services at its Western Australian project — a 48-month contract commencing 1 August 2026 with a 12-month extension option. The deal significantly bolsters Barminco’s Australian portfolio, though investors should note it will require approximately A$75 million in growth capital investment in FY27. Notably, this contract begins almost exactly as Develop Global exits the same project — a clean handover at one of WA’s most prominent new gold mines.Mid-Tier MoversARU — Arafura Rare Earths signed a binding offtake term sheet with Traxys North America for 500 tonnes per annum of NdPr oxide over five years, targeting the US critical minerals supply chain including the potential US EXIM-managed Project Vault. This is separate from an earlier Traxys Europe deal and adds real commercial momentum to the Nolans Project, with a long-form agreement expected within six months subject to a Final Investment Decision.ASN — Anson Resources and South Korean industrial giant POSCO Holdings received board approval for a definitive agreement to build and operate a Direct Lithium Extraction demonstration plant at Anson’s Green River Lithium Project in Utah — POSCO funding all construction and operating costs and paying Anson a facilitation fee of approximately AUD $7.2 million. A meaningful validation from one of the world’s largest industrial conglomerates, with the plant expected to begin operations in 2027.RSG — Resolute Mining’s scoping study for its ABC Project in Côte d’Ivoire delivered a post-tax NPV of US$1.2 billion and a 39% IRR at a US$3,500 gold price — a 12-year open pit mine averaging 141,000 ounces per year with US$648 million in capital costs and a 1.4-year payback. At current gold prices well above the base case, the economics are compelling, with a Definitive Feasibility Study targeted by end-2027.CYL — Catalyst Metals expanded its Cinnamon underground gold zone by 75% to over 700 metres of strike on the Plutonic Gold Belt, with headline intercepts of 38 metres at 10.5 g/t gold and 17 metres at 21.5 g/t. Cinnamon now has the potential to become a sixth underground ore source feeding Catalyst’s 2 million tonne per annum processing plant, further building its path to 200,000 ounces per year production — all self-funded from A$277 million in cash with no debt.ALX — Atlas Arteria’s Independent Directors formally urged shareholders to reject IFM’s hostile takeover bid at the 2026 AGM, highlighting 9.3% proportional EBITDA growth in 2025 and reaffirming 2026 distribution guidance of 40 cents per security. This is shaping up as a drawn-out battle — IFM’s offer puts a floor under the security price while the board argues the company is worth considerably more.LIS — Li-S Energy secured approvals from Australia’s CASA and the US FAA and PHMSA to airfreight its prototype lithium-sulfur battery cells to American defence customers — a regulatory milestone 18 months in the making. This clears the path for supply agreements with US defence primes and drone manufacturers, with UN38.3 certification now underway to enable larger commercial shipments.Rapid Fire* BKB — Black Bear Minerals more than doubled its Independence Project gold resource in Nevada to 2.2 million ounces AuEq — including a high-grade 1.0Moz skarn at 6.29 g/t — achieved at a low cost of just AU$4.71 per ounce after 12 months of drilling.* ARD — Argent Minerals drilled 91.2 metres at 39.5 g/t silver entirely outside its existing Kempfield resource boundary in NSW — a clear signal the 65.8 million ounce silver system is larger than currently defined.* SHN — Sunshine Metals hit 22 metres at 20.25 g/t gold at its Liontown deposit in Queensland, with an updated resource due next quarter feeding into a revised mining study commencing June 2026.* SLB — Stelar Metals entered an earn-in agreement for the Hill of Leaders Tungsten Project in the NT — 445 square kilometres in Tennant Creek with rock chip samples up to 6.1% WO3 and no bedrock drilling ever completed. Tungsten prices have reportedly surged around 900% in the past 12 months due to Chinese export controls.* FCT — FirstWave Cloud Technology halted trading ahead of a material contract award announcement. The halt runs until Friday 15 May.* TTT — Titomic signed a Scheme Implementation Deed to redomicile from Australia to the US via a new Delaware corporation, with shareholders retaining equivalent economic interests via CDIs and a shareholder vote targeted for late July 2026. Key rationale includes ITAR compliance for US defence contracts and access to US capital markets.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