Market Slump and Sector Volatility
By lunchtime in Sydney on Tuesday, the market already looked like it needed a lie down. The S&P/ASX 200 was off about 0.55%, drifting lower in a broad-based slide. Overnight, the Nasdaq and S&P 500 nudged slightly higher to fresh records, but the mood was very much “hands in pockets” ahead of megacap earnings. When the biggest companies in the world are about to report, even the bravest money suddenly goes quiet.
Out in the Middle East, the Iran conflict is now dragging into its ninth week. Both the US and Iran are flexing control, and oil shipments have slowed to a crawl. Brent has pushed past US$108, West Texas is knocking on the door of US$97. And just to keep things spicy, Donald Trump has pulled the pin on fresh negotiations, cancelling talks and keeping tensions simmering.
Then you swing back to the ASX, where utilities led the market lower this morning, with Origin Energy (ASX:ORG) front and centre. ORG dropped by 4% after already getting smacked yesterday. The issue was its exposure to UK-based Octopus Energy, where guidance there was downgraded. UBS has even trimmed ORG’s price target and cut earnings estimates by up to 18%.
Miners added to the drag. BHP (ASX:BHP) and Rio Tinto (ASX:RIO) dropped over 1%, while Fortescue (ASX:FMG) rose 1.25% on media reports it’s close to locking in a deal with China’s state-backed iron ore buyer.
In other large cap news, oil producer Beach Energy (ASX:BPT) fell 2.5% after cutting full-year guidance thanks to weather disruptions and ramp-up issues. Capricorn Metals (ASX:CMM) fell 0.5% despite reporting strong drilling results at Mt Gibson, including high-grade hits that extend mineralisation deeper and wider. Good geology, but no immediate cash flow story.
And, Perseus Mining (ASX:PRU) slipped 1% even after hitting a major milestone with its first underground blast at the Yaouré project in Côte d’Ivoire.
ASX Leaders
Today’s best performing stocks (including small caps) intraday:
- 14D – 1414 Degrees Limited
- Last: 0.037
- %: 106%
- Volume: 115,415,684
- MktCap: $9,175,214
BUY
Bounty Oil & Gas NL
- Last: 0.002
- %: 100%
- Volume: 654,019
- MktCap: $1,561,601
EUR
European Lithium Ltd
- Last: 0.433
- %: 52%
- Volume: 58,529,463
- MktCap: $489,119,158
OCN
Oceana Metals Ltd
- Last: 0.610
- %: 40%
- Volume: 1,575,515
- MktCap: $72,994,030
VR8
Vanadium Resources
- Last: 0.022
- %: 29%
- Volume: 8,519,760
- MktCap: $10,620,184
FTI
Fortifai Ltd
- Last: 0.910
- %: 27%
- Volume: 2,448,421
- MktCap: $229,282,288
RKB
Rokeby Resources Ltd
- Last: 0.005
- %: 25%
- Volume: 657,791
- MktCap: $7,306,245
KEY
KEY Petroleum
- Last: 0.340
- %: 24%
- Volume: 325,044
- MktCap: $9,585,992
HCT
Holista CollTech Ltd
- Last: 0.063
- %: 21%
- Volume: 167,956
- MktCap: $19,127,387
EG1
Evergoldminsltd
- Last: 0.029
- %: 21%
- Volume: 625,432
- MktCap: $8,094,911
GA8
Goldarc Resources
- Last: 0.089
- %: 19%
- Volume: 16,545,437
- MktCap: $42,938,948
PPY
Papyrus Australia
- Last: 0.013
- %: 18%
- Volume: 3,369,920
- MktCap: $6,780,199
IOV
Ion Video Ltd
- Last: 0.295
- %: 18%
- Volume: 47,366
- MktCap: $25,277,997
DTZ
Dotz Nano Ltd
- Last: 0.033
- %: 18%
- Volume: 1,001,410
- MktCap: $19,406,775
FBR
FBR Ltd
- Last: 0.004
- %: 17%
- Volume: 1,645,875
- MktCap: $20,895,602
FEL
Forte Energy Ltd
- Last: 0.007
- %: 17%
- Volume: 14,419
- MktCap: $5,196,023
TYX
Tyranna Res Ltd
- Last: 0.004
- %: 17%
- Volume: 1,000,000
- MktCap: $10,098,449
AZ9
Asianbatterymet PLC
- Last: 0.029
- %: 16%
- Volume: 699,046
- MktCap: $14,403,937
ORP
Orpheus Uranium Ltd
- Last: 0.075
- %: 15%
- Volume: 734,175
- MktCap: $22,887,891
TMS
Tennant Minerals Ltd
- Last: 0.008
- %: 15%
- Volume: 918,562
- MktCap: $6,928,288
EMP
Emperor Energy Ltd
- Last: 0.115
- %: 15%
- Volume: 3,896,704
- MktCap: $97,626,859
CST
Castile Resources
- Last: 0.100
- %: 14%
- Volume: 1,099,615
- MktCap: $33,632,275
QEM
QEM Limited
- Last: 0.051
- %: 13%
- Volume: 4,623,236
- MktCap: $13,342,516
IND
Industrialminerals
- Last: 0.130
- %: 13%
- Volume: 51,700
- MktCap: $9,237,088
KM1
Kalimetalslimited
- Last: 0.175
- %: 13%
- Volume: 257,957
- MktCap: $30,114,182
Company Highlights
1414 Degrees (ASX:14D) is pushing its SiNTL battery tech as a drop-in upgrade to lithium-ion batteries, delivering better capacity, faster charging and improved stability than graphite. It’s already hitting about 530 mAh/g and targeting 600 mAh/g, and is now moving to tap the fast-growing drone and UAV market, where longer range, higher payload and quicker charging matter most.
European Lithium (ASX:EUR) is planning to merge with Nasdaq-listed Critical Metals via a scrip deal that values it at about $0.58 per share, a hefty 137% premium, with shareholders receiving 0.035 Critical Metals shares for each share held. If it goes through, EUR investors will own roughly 45% and a cleaner structure by folding its existing stake in Critical Metals and consolidating assets like the Tanbreez rare earths project.
Oceana Metals (ASX:OCN) is snapping up 100% of the Serra Negra rare earths and niobium project in Brazil for up to US$10.3 million, locking in one of the largest carbonatite systems in the region with early assays confirming high-grade mineralisation. It’s backing the move with a $20 million cap raise to fast-track drilling and resource work.
Vanadium Resources (ASX:VR8) is moving on two fronts, appointing Rand Merchant Bank to help secure funding for its Steelpoortdrift project. At the same time, it has signed a non-binding offtake term sheet with US Vanadium for 100% of its planned vanadium slag output.
FortifAI (ASX:FTI) says its Nol8 FPGA tech can replace up to 60,000 CPUs in high-end AI workloads, slashing infrastructure costs from roughly $6–7.5 million a year to under $50,000. It’s backed that story with a $15 million cap raise at market price, with funds set to push Nol8’s rollout and commercialisation.
ASX Laggards
Today’s worst performing stocks (including small caps) intraday:
- DXB – Dimerix Ltd
- Last: 0.250
- %: -36%
- Volume: 15,876,229
- MktCap: $234,154,743
MOV
Move Logistics Group
- Last: 0.140
- %: -28%
- Volume: 4,000
- MktCap: $24,884,734
ROG
Red Sky Energy.
- Last: 0.002
- %: -25%
- Volume: 582,000
- MktCap: $12,444,454
SPX
Spenda Limited
- Last: 0.002
- %: -25%
- Volume: 2,075,000
- MktCap: $11,787,119
CCO
The Calmer Co Int
- Last: 0.002
- %: -20%
- Volume: 2,501,052
- MktCap: $8,801,240
AHE
Adheris Health Ltd
- Last: 0.018
- %: -18%
- Volume: 2,994,815
- MktCap: $14,028,891
PIQ
Proteomics Int Lab
- Last: 0.220
- %: -17%
- Volume: 860,799
- MktCap: $43,773,760
CYQ
Cycliq Group Ltd
- Last: 0.005
- %: -17%
- Volume: 685,906
- MktCap: $2,763,100
ECS
ECS Botanics Holding
- Last: 0.005
- %: -17%
- Volume: 727,571
- MktCap: $9,576,297
MEM
Memphasys Ltd
- Last: 0.005
- %: -17%
- Volume: 100,000
- MktCap: $17,083,402
NAE
New Age Exploration
- Last: 0.003
- %: -17%
- Volume: 2,720,600
- MktCap: $12,855,359
USC
Us1Criticalminsltd
- Last: 0.020
- %: -17%
- Volume: 2,537,861
- MktCap: $23,132,457
AVD
Avada Group Limited
- Last: 0.090
- %: -14%
- Volume: 40,000
- MktCap: $8,918,178
CZN
Corazon Ltd
- Last: 0.150
- %: -14%
- Volume: 238,039
- MktCap: $12,873,354
CPO
Culpeominerals
- Last: 0.012
- %: -14%
- Volume: 1,427,048
- MktCap: $11,107,453
LCL
LCL Resources Ltd
- Last: 0.006
- %: -14%
- Volume: 75,413
- MktCap: $8,410,550
TEG
Triangle Energy Ltd
- Last: 0.003
- %: -14%
- Volume: 495,000
- MktCap: $7,780,306
VEN
Vintage Energy
- Last: 0.003
- %: -14%
- Volume: 34,000
- MktCap: $8,377,865
PAT
Patriot Resourcesltd
- Last: 0.108
- %: -14%
- Volume: 5,943,907
- MktCap: $34,312,017
TRE
Toubani Res Ltd
- Last: 0.440
- %: -13%
- Volume: 2,226,339
- MktCap: $384,996,966
AUR
Auris Minerals Ltd
- Last: 0.028
- %: -13%
- Volume: 42,323
- MktCap: $41,172,031
WSR
Westar Resources
- Last: 0.007
- %: -13%
- Volume: 1,604,740
- MktCap: $4,292,268
XEN
Xenitra Limited
- Last: 0.004
- %: -13%
- Volume: 7,200,014
- MktCap: $15,451,435
SDV
Scidev Ltd
- Last: 0.105
- %: -13%
- Volume: 595,873
- MktCap: $22,810,630
SLA
Solara Minerals
- Last: 0.110
- %: -12%
- Volume: 88,965
- MktCap: $7,404,353
In Case You Missed It
Resolution Minerals’ (ASX:RML) push to develop critical minerals at its Horse Heaven project in Idaho has taken a step forward with the production of tungsten concentrate from historical stockpiles.
QMines (ASX:QML) has extended the high-grade gold corridor at its Mount Mackenzie project near Rockhampton, Queensland, after the latest assays returned broad, shallow zones of mineralisation.
Barkly Rare Earths (ASX:BAK) is preparing to kick off a fresh round of exploration at its namesake project after it was granted the key environmental mining licence and Notice of Authority.
Orthocell (ASX:OCC) has reported new real-world data for its nerve repair product Remplir, showing a near-90% treatment success rate.
FIN Resources’ (ASX:FIN) first Arrow hole has returned 26.2m at 12.0g/t gold from shallow depth, pointing to a broad, continuous system at Cabin Lake.
Pivotal Metals (ASX:PVT) is scoping a large, long-life open-pit copper operation in Tier-1 Québec with a resource update due soon.
White Cliff Minerals (ASX:WCN) has intercepted visual sulphides in all five initial holes at Rae, extending mineralisation from the Danvers 1 deposit.
GoldArc Resources’ (ASX:GA8) infill drilling at the Leonora South project has highlighted a coherent, multi-target gold system across the 5km-long Niagara Trend.
Riversgold (ASX:RGL) has geotechnical diamond drilling underway at the Northern Zone gold project near Kalgoorlie in WA.
Island Pharmaceuticals (ASX:ILA) expanded its broader antiviral pipeline through strategic collaboration with the Burnet Institute.
Loyal Metals (ASX:LLM) has fielded an all-cash offer from one of Indonesia’s largest mining companies PT Bumi Resources Tbk that values the company at $79.1 million.
1414 Degrees (ASX:14D) says SiNTL is a ‘drop-in anode’ upgrade with theoretical capacity of about 10x that of graphite.
EBR Systems (ASX:EBR) has secured Priority Review Determination from the TGA for its WiSE cardiac resynchronisation therapy (CRT) system.
American Uranium (ASX:AMU) is poised to restart drilling at the Lo Herma ISR uranium project, targeting resource growth ahead of a scoping study.
Viking Mines (ASX:VKA) has revealed a conceptual process flow diagram for its Linka tungsten project in Nevada focused on flexible and cost-efficient development.
Last Orders
Harvest Technology Group (ASX:HTG) is inviting investors to an investor webinar, set to take place on Friday, May 1, 2026 from 4:15pm-5pm AEST. Executive chair Jeff Sengelman will be providing a company update.
American Tungsten & Antimony (ASX:AT4) has established a sponsored Level 1 ADR program with Deutsche Bank, building the framework for US investor participation ahead of a proposed Nasdaq listing, targeted for Q2 2026.
Ora Banda Mining (ASX:OBM) has selected John Richards as non-executive director, with the expectation he will take up Peter Mansell’s role of chair as the latter retires from the board in November.
“I would also like to congratulate John and welcome him to Ora Banda,” CEO and MD Luke Creagh said. “John brings a wealth of knowledge and experience that will be highly beneficial as we continue to build Ora Banda into a premier gold business.”
