Azzet reports on three ASX stocks with price moving updates today.
Alkane Resources slides on mixed production update
Shares in Alkane Resources (ASX: ALK) were trading 6.9% lower by 2:15 pm AEDT (3:15 am GMT) after a pullback in gold prices and a production update that did little to inspire the market.
What appears to have spooked the market today were fears that production of 36,407 ounces of gold equivalent over the period from 1 July to 30 September – including expected slower production at Bjorkdal over the Swedish extended summer vacation period – could see the ASX 300 gold stock fall short of guidance.
Given that 36,407 ounces is run-rating to around 145,000 ounces across FY 2026, investors were clearly expecting a stronger performance over this period.
Meanwhile, management continues to guide to FY 2026 group production of 160,000 ounces to 175,000 ounces with an all-in sustaining cost (AISC) of $2,600 to $2,900 per ounce.
After repaying a $45 million debt facility and one-off transaction costs of $25 million from the merger with Mandalay Resources, Alkane finished the quarter with cash, bullion and listed investment balance of $191 million.
This comprises cash of $160 million, bullion of $14 million, and listed investments of $17 million.
Commenting on today’s update, the gold miner's managing director, Nic Earner, told the market it had been a significant quarter with the merger with Mandalay completing in early August.
“Alkane now has three operating mines who together produced 35,527 ounces of gold and 198 tonnes of antimony (36,407 ounces of gold equivalent) over the full quarter,” he said.
With the repayment of our A$45 million debt and the one-off transaction costs of A$25 million behind us we have a very solid balance sheet with A$191 million in cash, bullion and listed investments at quarter end.”
Alkane Resources is a gold and antimony producer with a portfolio of three operating mines across Australia and Sweden.
Alkane’s wholly owned producing assets are:
- Tomingley open pit and underground gold mine, southwest of Dubbo in Central West New South Wales.
- Costerfield gold and antimony underground mining operation northeast of Heathcote in Central Victoria.
- Björkdal underground gold mine, northwest of Skellefteå in Sweden (approximately 750km north of Stockholm).
Alkane also owns the very large gold-copper porphyry Boda-Kaiser Project in Central West New South Wales and has outlined an economic development pathway in a Scoping Study.
The company has ongoing exploration within the surrounding Northern Molong Porphyry Project and is confident of further enhancing eastern Australia’s reputation as a significant gold, copper and antimony production region.
What may also be playing on the minds of investors this morning was some underlying softening in the gold price overnight, down 1.6% to US$3,976.65 after topping US$4,000/oz earlier in the week.
Further details will be provided on the full September 2025 Quarterly Report later this month.
Alkane Resources has a market cap of $1.4 billion; the share price is up 135% in the last year and down 8% in the last week.
The stock is in a strong bullish trend confirmed by multiple indicators.
Specifically, a 5-day moving average of the stock price is above the 50-day moving average; additionally, both the 200 and 20-day moving averages are trending higher.
Consensus is Strong Buy.
Novonix soars as market digests major milestone update
Shares in Novonix (ASX: NVX) were trading 28.9% higher in what appears to be a follow-on from yesterday’s rally on the back of hitting a major milestone by delivering its first commercial-grade synthetic graphite sample for industrial uses to a leading North American carbon processor.
The market clearly sees this update as a major turning point for the company, moving from years of research and pilot testing to real industrial supply.
The first commercial batch headed to one of North America’s largest carbon processors suggests that the company’s technology is now stepping into the global energy transition spotlight.
To the uninitiated, Novonix is a battery and technology company developing synthetic graphite anode materials, a critical ingredient in lithium-ion batteries that power electric vehicles, energy storage systems, and consumer electronics.
The company’s core revenue stream comes from its production and sale of synthetic graphite anode materials, which are supplied to electric vehicle battery manufacturers.
While the company has already secured long-term supply agreements with major global partners, including Panasonic, Stellantis, and PowerCo, its first commercial production site, the Riverside facility in Tennessee, is expected to begin by producing approximately 3,000 tonnes per year.
There are also plans to expand capacity to 20,000 tonnes as operations scale and demand grow.
Once operational, a second, significantly larger plant known as Enterprise South is expected to lift total production capacity beyond 50,000 tonnes per year.
To support construction, the U.S. Department of Energy has provided a loan of around US$754 million, which underpins confidence in the company’s strategic role in the domestic battery supply chain.
While the company remains in its build-out phase and current revenues are modest, management expects substantial growth from 2026 onwards as commercial operations ramp up.
Novonix has a market cap of $535 million; the share price is down 16% in one year and is up 60% in the last week.
The stock appears to be in a Medium-term rally, confirmed by multiple indicators. Most importantly, the 5-day moving average is above both the 20 and 50-day moving averages.
Consensus is Strong Buy.
L1 Group jumps on robust broker outlook
Shares in L1 Group (ASX: L1G) were trading another 10.6% higher this afternoon to $0.965 following a client note by high-profile Sydney stockbroker Angus Aitken of Aitken Mount Capital Partners on Thursday, which described the asset manager as a “free cash machine” and said its share price could hit $2.
The fund manager’s share price has been on an upward trajectory since early October after the L1 Capital merger with Platinum Asset Management – rebranded L1 Group - was approved by shareholders last month.
Platinum chair Guy Strapp told the market in his EGM address to shareholders that the deal would benefit in four ways from an enlarged group:
- Exposure to a market-leading investment platform of listed equities and alternative investment strategies.
- Exposure to a growing, scalable, and well-diversified investment management business with a diversified client base across institutional, wholesale, high-net-worth (HNW), and retail investors in Australia and globally.
- Potential to deliver annual pre-tax net synergy and cost savings benefits of $20 million and to be materially EPS accretive for shareholders. Specifically, the merger is expected to be double-digit EPS accretive in the next 12 months following completion and over 30 per cent EPS accretive for shareholders in the financial year 2027 (the first full fiscal year post-completion).
- Preservation of ongoing balance sheet strength to support investment in accretive growth opportunities.
Earlier this year, Morningstar equity analyst Shaun Ler said the combined entity will have greater asset class and client diversity, which would facilitate cross-selling and customer retention.
“The merger injects new life into Platinum, helping to arrest the organic decline of its business by merging with another asset manager that has better-performing products experiencing inflows. It also potentially unlocks value by eliminating duplicate costs,” said Ler.
“This should help stabilise funds under management and improve earnings, mainly from cross-selling L1’s product set to Platinum clients.”
L1 Group anticipates significant efficiency and earnings benefits and expects a double-digit EPS rise within a year and over 30% by FY27.
The market also appears to like the fact that the fund manager’s principals are heavily invested in the stock’s future; with L1 Capital co-founders Mark Landau and Raphael Lamm collectively owning around 66% of the business, while another 8% is controlled by L1 Capital's chief operating officer and former L1 Capital portfolio manager.
What’s also attracting market interest in L1 Group is the stock’s track record of strong returns with some of its funds, and this is a very powerful force for growing funds under management (FUM).
For example, the L1 Capital Global Opportunities Fund delivered an average return per year of 27.4% over the 10 years to 31 August 2025 and has delivered positive returns every calendar year since inception in 2015.
Then there’s the L1 Capital Long Short Fund, which has delivered an average return per year of 18.7% since the strategy's inception in September 2014.
L1 Group has a market cap of $2.1 billion; the share price is up 44% in the last month.
The stock appears to be in a Medium-term rally, confirmed by multiple indicators.
Consensus is Hold.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
