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Highlights
ASX All Ordinaries Gold Index rose strongly in early trading amid rising gold prices
Grand Gulf Energy secured offshore oil exploration interest in Namibia
Gold Mountain identified tungsten in Brazil’s Serido Belt project
The ASX began the week with gains across the resources sector. The All Ordinaries Gold Index rose during early trading as gold prices continued to increase, marking another high point for the precious metal. This movement contributed to a broad uplift in the resources space, especially among smaller-cap stocks.
The major mining players also recorded early advances. Rio Tinto (ASX:RIO), BHP (ASX:BHP), and Newmont (ASX:NEM) all posted gains in the first hour of trade. In addition to the mining segment, Real Estate and Energy sectors showed upward movement, and the Information Technology index also moved higher.
The broader global context showed mixed sentiment. Although US, European, and Asian markets ended the previous week higher, most indices remain lower over the past month. This includes key global benchmarks such as the Hang Seng, FTSE, Nasdaq, and ASX. Still, the latest session reflected a more optimistic tone across equities.
Grand Gulf Energy Finalises Offshore Agreement
Grand Gulf Energy announced the execution of an options agreement that enables it to secure a working interest in an offshore oil exploration block located in Namibia. The agreement allows for participation in exploration activities in a region with multiple wells planned for drilling in the coming year. The stock moved significantly in early trading, reflecting market response to the development.
The agreement follows industry-wide activity focused on offshore drilling regions in Southern Africa, an area noted for recent exploration programs.
Gold Mountain Reports New Tungsten Targets
Gold Mountain announced results from a reassessment of geochemical data within its Serido Belt project in Brazil. The review indicated the presence of tungsten, opening additional areas of interest near existing mining operations.
The discovery comes amid global demand for tungsten, which has industrial uses across semiconductor and defence manufacturing sectors. Gold Mountain has indicated plans to pursue further exploration of the new targets.
Streamplay Studio Reports Quarterly Receipts
Streamplay Studio reported receipt totals for the first quarter through its gaming division, Noodlecake Studio. The company also disclosed figures related to pre-orders of its upcoming game release, which is nearing launch.
This follows continued activity within the gaming sector, where companies with mobile and online gaming assets have been expanding content libraries and increasing user engagement.
Elixir Energy Transitions Leadership
Elixir Energy is progressing toward the formal development stage of its Grandis gas project in Queensland. The company announced a leadership change, with a new executive appointed following the departure of its current CEO.
The Grandis project is located in eastern Australia and has been the focus of preparatory work aimed at gas development. The leadership transition reflects ongoing operational adjustments as the project advances.
Other Advancers in Early Trading
Several other small-cap companies experienced upward share movements during the morning session. These included Carbine Resources, First Au, Reedy Lagoon Corporation, Seafarms Group, and Range International. Movement across these firms followed a mix of announcements, volume changes, and broader sentiment linked to the resources and energy sectors.
