Azzet reports on three ASX stocks with price moving updates today.
Elders drops after flagging challenging outlook
Despite receiving ACCC clearance for its A$475 million acquisition of Delta Agribusiness, Elders (ASX: ELD) was trading 2.6% lower by 2 pm AEDT (3 am GMT), with the agribusiness’s mixed performance update clearly weighing on market sentiment this morning.
What set the market’s mood towards Elders today was CEO Mark Allison’s reminder that while the ACCC's outcome over the Elders-Delta merger was pleasing, the company faced challenges ahead.
Allison told the market that the FY25 performance of Delta — which Elder’s will officially acquire on 3 November 2025 — was negatively impacted by lower retail sales resulting from dry conditions in southern Australia and a later start to the cropping season, noting Delta’s financial year concluded 30 June 2025.
Margins were impacted by heightened competitive pricing caused by the later season and desire from crop protection traders to avoid carry-over inventory.
While the outlook for Delta — in line with assumptions — did little to inspire the market today, neither did the outlook for Elders, which was impacted by similar themes.
“Elders noted negative impacts from dry conditions to our Retail business, most pronounced in South Australia and Western Victoria. These impacts continued through April and May as drought conditions persisted,” Allison said.
Though conditions in these impacted areas significantly improved from June, resulting in increased demand for crop protection products in Q4, improved trading conditions in recent months have not completely offset the impact from challenging conditions in Q3.
The ACCC gave a green light to Elders' $475 million 100% acquisition of Delta Agribusiness after Elders agreed to sell six of the Delta outlets in Western Australia.
The ACCC has insisted on the sale of the six outlets in a court-enforced undertaking for a deal first announced by Elders 11 months ago.
The total FY25 underlying EBIT of these six branches to be divested is estimated to be less than $0.3 million.
While Elders operates 245 agricultural retail stores across Australia, Delta Agribusiness runs 68 stores in Australia, with most of its locations in WA and New South Wales.
Elders’ underlying earnings for FY25 are expected to be in the range of $142-$146 million.
It also expects an improvement in leverage (debt) year on year, though below its target.
Elders will release its FY25 financial results prior to market open on Monday, 17 November 2025.
Elders has a market cap of $1.3 billion; the share price is down 16% in one year and down 7% in the last month.
The stock’s shares appear to be in a near-term uptrend, confirmed by its 20-day moving average.
Consensus does not cover this stock.
Marmota rockets on bonanza gold discovery at Greenewood
Shares in Marmota (ASX: MEU) were up around 41.2% after the South Australian small cap miner reported another round of exceptional drilling results from its maiden program at the Greenewood gold discovery in SA’s Gawler Craton.
What captured the market’s imagination this morning was confirmation of the emergence of a major new high-grade zone, with latest assays including a standout intersection of 4 metres at 43 grams per tonne gold from 64m within 28m at 6.5g/t, the highest four-metre grade ever recorded at Greenewood.
Executive chair Colin Rose told the market that the results extend the mineralised zone to 900m in strike and establish Greenewood as one of the most promising new gold finds in the Gawler region.
He believes the latest results confirm Greenewood’s transformation from an overlooked prospect into a major discovery.
It’s understood that the grades rival the historic Challenger mine and position Marmota’s Gawler Craton portfolio for future development.
“The results feature high grades close to surface with excellent continuity along strike — Greenewood is yielding some of the best gold results in the Gawler Craton since Challenger,” Rose said.
Greenewood lies 35km northwest of Marmota’s flagship Aurora Tank gold discovery and 30km northeast of the historical Challenger mine.
12 of the 17 best thick intersections came from the latest batch of assays, which account for only one third of the program’s total holes.
Alongside the bonanza 4m hit, highlights include 28m at 6.4g/t gold from 44m, 16m at 6.5g/t from 20m and 28m at 5.6g/t from 24m.
The company plans follow-up drilling to extend the known mineralisation and close the open gaps between high-grade shoots, supported by metallurgical test work and resource definition studies across both Greenewood and Aurora Tank.
Last month, Marmota appointed experienced mining engineer Paul Richardson as Gawler Gold Project Manager to guide the company’s deposits toward production.
During the March quarter, Marmota raised $5 million (before costs) via placement to institutional and sophisticated investors at 5.5 cents per share, with the company’s cash position in the strongest it has been in years.
Marmota has a market cap of $84 million; the share price is up 84% in one year and up 73% in the last month.
The stock is in a strong bullish trend, confirmed by multiple indicators.
Consensus does not cover this stock.
Develop Global leaps after trading update on its Sulphur Springs project
Shares in Develop Global (ASX: DVP) were up 6.9% after the large cap copper and zinc miner updated on plans to generate outstanding financial returns from its Sulphur Springs project in WA's Pilbara region.
The company’s managing director Bill Beament told the market that the case for accelerating Sulphur Springs is clear and compelling, and it plans on leveraging the project's significant untapped geological upside to deliver substantial mine life growth.
The Sulphur Springs project is understood to have an ore reserve of 8.8 million tonnes of ore at a grade of 1.1% copper and 5.4% zinc.
Along with its Woodlawn copper-zinc mine in New South Wales, Beament said the company now had significant exposure to two minerals in copper and zinc, which were in high demand due to their use in clean energy transition technologies.
“We have a unique opportunity which we intend to maximise by building the underground decline and associated infrastructure at the start of the project, well before we start production mining, significantly de-risking the project and maximising the opportunity at Sulphur Springs,” he said.
The company’s updated feasibility study for Sulphur Springs shows a significant increase in the project's net present value, up 76% to $921 million.
The project is now expected to generate revenue in the order of $3.4 billion, up 18% on previous estimates, and would cost $329 million to bring into production, up 11%.
Having obtained all necessary major government approvals, Sulphur Springs is on track for a final investment decision and subsequent construction.
The study reveals that Sulphur Springs will be technically and economically robust, generating a pre-tax internal rate of return of 59% and free cash flow of around $1.5 billion.
The new bottom-up mining approach is expected to see Sulphur Springs developed as an underground mine from the outset, which will allow substantial flexibility in the mine plan and scheduling sequence.
The company said it would now look to pursue offtake agreements with buyers, as well as project funding.
Meanwhile, at the Woodlawn mine, the company delivered its first shipments of copper, zinc, and lead to customer Trafigura in the June quarter.
As of 30 June, the miner had cash of $58 million.
Develop Global has a market cap of $41.4 billion; the share price is up 94% in one year and up 21% in the last month.
The stock appears to be in a strong bullish trend, confirmed by multiple indicators.
Consensus is Moderate Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
