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We are working on many things behind the scenes including tracking deal flow and guidance changes longitudinally and adding in a macro component to the newsletter.
This will allow us to not only look at what is happening on a day to day basis but get you deeper insights into whats happening.
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Without further ado lets get into it.
📊 $21.2M raised across 8 deals | 3 sectors | Market sentiment: Mixed | Guidance changes: Mixed improvement
Profit Guidance Updates
Synlait Milk Limited (SM1/SML)
Major Improvement
$100-110M EBITDA
Market Cap: $349.9M 0.0% ●
$100-110M EBITDA
Market Cap: $349.9M 0.0% ●
FY25 EBITDA: $100-110M (vs $45.2M FY24)
NPAT Target: Breakeven underlying NPAT (vs -$60.4M loss FY24)
Growth: More than doubled EBITDA year-on-year
NPAT Target: Breakeven underlying NPAT (vs -$60.4M loss FY24)
Growth: More than doubled EBITDA year-on-year
Key Drivers: Recovery tracking expectations despite manufacturing challenges at Dunsandel facility causing one-off costs
Standout Metric: Underlying EBITDA more than doubled from $45.2M to $100-110M; "Recovery tracking in line with expectations" - CEO Richard Wyeth
Acrow Limited (ACF)
Guidance Confirmed
$260-270M Sales
Market Cap: $326.5M +0.95% ●
$260-270M Sales
Market Cap: $326.5M +0.95% ●
FY25 Sales: $260-270M (vs $215.3M FY24)
EBITDA: $80-83M (vs $74.6M FY24)
NPAT: $32.5-35M (vs $33.0M FY24)
EBITDA: $80-83M (vs $74.6M FY24)
NPAT: $32.5-35M (vs $33.0M FY24)
Key Drivers: Strong growth despite project delays, successful diversification into Industrial Access division
Standout Metric: 7-year $28M Origin Energy contract extension, $230M+ forward order book; "Delivered on FY25 guidance despite project delays" - CEO Steven Boland
GLG Corp Ltd (GLE)
Loss Reduced
US$200k-500k Loss
Market Cap: $7.8M 0.0% ●
US$200k-500k Loss
Market Cap: $7.8M 0.0% ●
FY25 Net Loss: US$200k-500k
Update: Lower loss than previously forecast
Period: FY2025 result
Update: Lower loss than previously forecast
Period: FY2025 result
Key Challenges: Tariffs-related pressures impacting profit margin improvements
Standout Metric: Loss lower than previously forecast despite tariff pressures
Major Capital Raisings
Horizon Gold (HRN)
Entitlement Offer
~$7.0M
Market Cap: $78.9M +1.87% ●
~$7.0M
Market Cap: $78.9M +1.87% ●
Raise Type: Non-renounceable Entitlement Offer
Terms: 1 for 10 entitlement
Volume Interest: 1.17x (above average)
Terms: 1 for 10 entitlement
Volume Interest: 1.17x (above average)
Use of Funds: Not specified in dispatch announcement
Key Metric: Above-average volume interest at 1.17x normal levels
Prescient Therapeutics (PTX)
SPP + Placement
$6.8M
Market Cap: $36.2M -2.17% ●
$6.8M
Market Cap: $36.2M -2.17% ●
Issue Price: $0.04 (11.1% discount)
Status: SPP completed
Volume Interest: 0.55x (normal)
Status: SPP completed
Volume Interest: 0.55x (normal)
Use of Funds: Advance PTX-100 through Phase 2 clinical development
Key Quote: "This is a pivotal moment for the business on its path towards our commercialisation objectives" - James McDonnell, CEO
New World Resources (NWC)
Takeover + Debt
US$6.5M
Market Cap: $239.6M 0.0% ●
US$6.5M
Market Cap: $239.6M 0.0% ●
Deal Type: Unsecured loan facility + takeover bid
Bidder: Kinterra Capital GP Corp. II
Bid Price: $0.067 per share
Bidder: Kinterra Capital GP Corp. II
Bid Price: $0.067 per share
Use of Funds: Advance Antler Project, meet Arizona State bonding requirements, secure land parcels, working capital
Key Metric: Volume interest 1.04x above average despite takeover context
Strategic Investments & Smaller Rounds
Patagonia Lithium (PL3)
Fully Underwritten
$2.68M
Market Cap: $5.3M +7.32% ●
$2.68M
Market Cap: $5.3M +7.32% ●
Terms: 1 for 2 non-renounceable at $0.045
Underwriters: Dr Jose Manzano and Magnus Capital SA
Volume Interest: 1.76x (above average)
Underwriters: Dr Jose Manzano and Magnus Capital SA
Volume Interest: 1.76x (above average)
Use of Funds: Complete drilling program, update Mineral Resource estimate, working capital
Standout Metric: Highest price reaction at +7.32%, fully underwritten by substantial shareholders
Manhattan Corporation (MHC)
Placement
$2.2M
Market Cap: $10.7M 0.0% ●
$2.2M
Market Cap: $10.7M 0.0% ●
Issue Price: $0.02 (16.6% discount)
Lead Manager: Shaw and Partners Limited
Cornerstone: Viaticus Capital and Astrotricha Capital ($1M)
Lead Manager: Shaw and Partners Limited
Cornerstone: Viaticus Capital and Astrotricha Capital ($1M)
Use of Funds: Aeromagnetic survey, accelerate groundwork at Hook Lake Project
Key Metric: $1M cornerstone investment from strategic investors
Kalamazoo Resources (KZR)
Share + Options
~$2.0M
Market Cap: $24.1M 0.0% ●
~$2.0M
Market Cap: $24.1M 0.0% ●
Issue Price: $0.09 with free attaching options
Option Terms: 1 option per share, exercisable at $0.135
Timing: Following conclusion of major miner option period
Option Terms: 1 option per share, exercisable at $0.135
Timing: Following conclusion of major miner option period
Use of Funds: Fast track Scoping Study, general working capital
Key Quote: "Retaining 100% of the Ashburton Gold Project in today's record gold market is a pivotal milestone" - Luke Reinehr, Executive Chairman
MRG Metals (MRQ)
Options Offer
$817k
Market Cap: $10.9M 0.0% ●
$817k
Market Cap: $10.9M 0.0% ●
Option Price: $0.001 per option
Terms: 3 for 10 non-renounceable
Exercise Price: $0.004
Terms: 3 for 10 non-renounceable
Exercise Price: $0.004
Use of Funds: Working capital requirements
Key Metric: Low volume interest at 0.15x, options-based entitlement structure
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