ASX Capital Markets
July 23, 2025
📊 A$106.48M raised across 13 deals | 5 sectors | Market sentiment: Mixed | 3 Guidance Updates 1 upgrade 1 reaffirm 1 first guidance
Profit Guidance Updates
Telix Pharmaceuticals (TLX)
Guidance Reaffirmed
$770-800M Revenue Market Cap: $8.5B +0.48% ●
$770-800M Revenue Market Cap: $8.5B +0.48% ●
FY25 Revenue: $770-800M (reaffirmed)
Q2 Performance: $204M revenue (up 63% YoY)
Key Driver: Gozellix launch success, strong Illuccix performance
Q2 Performance: $204M revenue (up 63% YoY)
Key Driver: Gozellix launch success, strong Illuccix performance
Key Quote: "Dose volumes for Illuccix rose 7% quarter-on-quarter in the U.S., reinforcing the strength of our market position and continued customer demand"
Standout Metric: Q2 revenue $204M (up 63% YOY)
Qoria (QOR)
First Guidance
$140M+ Revenue Market Cap: $666M 0.0% ●
$140M+ Revenue Market Cap: $666M 0.0% ●
FY26 Revenue: $140M+ (first guidance)
Previous Period: $117M (FY25)
Growth: Record ARR growth of $29M (25% YoY)
Previous Period: $117M (FY25)
Growth: Record ARR growth of $29M (25% YoY)
Key Quote: "Qoria continues to lead the industry in growth. We are now strongly profitable and free cash flow positive on an annual basis"
Standout Metric: Exit ARR $145M (up 25% YOY), 27M+ children kept safe
Credit Clear (CCR)
EBITDA Outperformance
$7M+ EBITDA Market Cap: $118.9M 0.0% ●
$7M+ EBITDA Market Cap: $118.9M 0.0% ●
FY25 EBITDA: $7M+ (outperformed from $4.2M FY24)
Actual Result: $7.4M underlying EBITDA
Growth: 76% vs guidance expectations
Actual Result: $7.4M underlying EBITDA
Growth: 76% vs guidance expectations
Key Drivers: Record June performance, accelerating client adoption of digital platform
Standout Metric: Underlying EBITDA $7.4M (up 76% vs guidance of $7M+)
Major Capital Raisings
Strike Energy (STX)
Strategic Investment
A$98.0M Market Cap: $387.14M +10.34% ●
A$98.0M Market Cap: $387.14M +10.34% ●
Strategic Partner: Carnarvon Energy (acquiring up to 19.9% stake)
Structure: Two-tranche placement + SPP (A$88M + A$10M)
Key Terms: Tranche 2 subject to shareholder approval
Structure: Two-tranche placement + SPP (A$88M + A$10M)
Key Terms: Tranche 2 subject to shareholder approval
Use of Funds: South Erregulla development (first production Oct 2026), West Erregulla upstream FID (2H 2026), access to Macquarie facilities
Key Metric: Carnarvon becoming Strike's largest single shareholder with significant strategic value
M&A Activity
Insignia Financial (IFL)
Takeover
$4.80 per share Market Cap: $2.95B -4.15% ●
$4.80 per share Market Cap: $2.95B -4.15% ●
Acquirer: CC Capital
Deal Type: Scheme Implementation Deed
Consideration: $4.80 per share (cash)
Deal Type: Scheme Implementation Deed
Consideration: $4.80 per share (cash)
Strategic Investments & Smaller Rounds
Power Minerals (PNN)
Placement
A$2.6M Market Cap: $9.09M 0.0% ●
A$2.6M Market Cap: $9.09M 0.0% ●
Lead Investor: Oakley Capital Partners
Issue Price: A$0.05 per share (16.7% discount)
Status: Fully subscribed (scaled back)
Issue Price: A$0.05 per share (16.7% discount)
Status: Fully subscribed (scaled back)
Use of Funds: Santa Anna Niobium project due diligence, general working capital
Riedel Resources (RIE)
SPP Success
A$400K Market Cap: $2.99M +5.71% ●
A$400K Market Cap: $2.99M +5.71% ●
Target Amount: A$300,000
Final Amount: A$400,000 (increased due to demand)
Take-up Rate: 133% oversubscribed
Final Amount: A$400,000 (increased due to demand)
Take-up Rate: 133% oversubscribed
Key Metric: Strong shareholder demand led to A$100k increase from original target
Horizon Oil (HZN)
Debt Facility
US$21.5M Market Cap: $325.06M +2.56% ●
US$21.5M Market Cap: $325.06M +2.56% ●
Lead Arranger: Macquarie Bank
Structure: Reserves-based lending, multiple tranches
Status: Financial close achieved
Structure: Reserves-based lending, multiple tranches
Status: Financial close achieved
Use of Funds: Thailand acquisition completion, Mereenie expansion, Block 22/12 development
Thanks for reading Capital Signal
ASX Capital Markets Analysis - July 23, 2025
ASX Capital Markets Analysis - July 23, 2025