Azzet reports on three stocks with price moving updates today.
Ioneer rallies after judge upholds the U.S. government approval ~
Shares in Ioneer (ASX: INR) were trading around 1.6% higher By 2 pm AEDT (3 am GMT) following a major legal victory in which a judge upheld the United States government's approval of the lithium-boron producer’s 100%-owned Rhyolite Ridge lithium-boron project in Nevada.
In addition to upholding the federal permits previously issued by the U.S. Bureau of Land Management, today’s legal win preserves the US$996 million Department of Energy loan facility already secured for the project, which was always seen as critical for construction financing.
Rhyolite Ridge is understood to be one of only a small number of lithium-boron ore deposits globally and is expected to become one of North America’s largest sources of lithium.
Commenting on today's announcement, Bernard Rowe, Ioneer managing director, told the market that for more than six years, the miner has worked closely with state, federal and tribal representatives, plus the Fish Lake Valley community, to responsibly develop our Rhyolite Ridge Lithium-Boron Project.
“This favourable outcome is a significant milestone and allows us to continue advancing our work in delivering lithium and boron for the United States,” he said.
“Rhyolite Ridge will create hundreds of new American jobs, reduce reliance on foreign materials and processing, and provide a domestic source of two critical minerals.”
Meantime, while the miner had been set to develop the project with mining and metals processing company, Sibanye Stillwater, the South African-based company has since exited, leaving Ioneer in active discussions with a numerous alternative parties.
A week ago, the share price rallied after Ioneer upgraded the economics of its Rhyolite Ridge lithium-boron project, showing a 38% increase in the unlevered life-of-mine net present value to $1.89 billion.
The unlevered internal rate of return rose to 16.8%, while lithium hydroxide production in years 3-25 jumped 20% to 25.5K tons and boric acid output added 9% to 126.7K tons.
Ord Minnett, which rates Ioneer Speculative Buy, told the market the Rhyolite Ridge project may have become more attractive to investors keen to join its development due to the updated economics, which included 17% and 9% increases in production rates for lithium and boron, respectively.
Ioneer Ltd has a market cap of $407 million; the share price is down 8% in one year and up 32% in the last week.
The stock’s shares appear to be in a long-term bearish trend, confirmed by multiple indicators.
Consensus is Strong Buy.
Shares appear to be in a long-term bearish trend, confirmed by multiple indicators.
West African Resources rise on strong guidance update
Shares in West African Resources (ASX: WAF) staged a rally today, up 4.9% after the miner released a strong FY26 production guidance update.
In addition to forecast record FY26 gold production of 430,000–490,000 ounces - at all-in sustaining costs below US$1900 an ounce – investors were also encouraged by the miner's growth outlook, with the Kiaka gold project - Burkina Faso, West Africa - entering its first full year of operation.
The high end of today’s guidance represents a 63% increase from the 300,000 ounces of gold West African produced in 2025.
The miner plans to drill around 100,000 metres across its Sanbrado and Kiaka assets, both located in Burkina Faso, in 2026.
Commenting on today’s update, CEO Richard Hyde told the market that the miner’s updated 10-year outlook forecasts the production of 5.3 million ounces of gold over the next decade, with production peaking in 2030 at 596,000 ounces.
The miner’s unhedged Mineral Resources now stand at 13.6 million ounces of gold, while Ore Reserves total 7.0 million ounces.
Being completely unhedged, the miner benefits directly from current high gold prices.
"Our 2026 10-year production plan highlights WAF’s strong and sustainable long-term future,” he said.
“We are proud to continue generating significant value for our stakeholders and host communities in Burkina Faso over the coming decade, particularly through education initiatives, skills development programs, and local job creation around our gold projects, while remaining a strong contributor to the Burkinabe economy."
What should have also given shareholders cause to smile today were revelations that the company is considering implementing share buybacks or declaring a maiden dividend in 2026.
The miner achieved record gold production of 300,383 ounces in FY25, representing a 45% increase from the previous year's 207,000 ounces.
The miner also generated operating cash flow of $789.7 million during 2025, with $584 million in cash and bullion plus 27,095oz of bullion on hand.
West African Resources has a Market cap of $3.5 billion; the share price is up 33% in one year and up 11% in the last week.
While the stock’s 200-day moving average is trending higher, there is significant evidence that the bullish trend is near an end.
Consensus is Strong Buy.
FMR Resources tanks after updating on Llahuin Project
Despite announcing encouraging results from its diamond drillhole 26LHDD073 at Target L within its Llahuin Project in Chile, shares in FMR Resources (ASX: FMR) were trading 20% lower at around $0.22.
Visible copper and molybdenite mineralisation, confirmed as anomalous copper via portable XRF, supports the interpretation of an extensive porphyry-related copper–molybdenum system on the margin of an elongate intrusive corridor initially identified at nearby Target K.
Commenting on today’s update, managing director Oliver Kiddie told the market that the visible copper and molybdenite sulphide, combined with the alteration and brecciation textures, are interpreted to mark the edge of an elongate mineralised porphyry intrusive corridor, first intersected in Target K.
“The next critical step in additional drillhole targeting requires full-suite assays, specifically the multi-element geochemistry, to fingerprint alteration signatures to vector to the core of this extensive, mineralised system.”
“Phase I drilling was planned for 4,000m, designed to test a conceptual porphyry target under volcanic cover.
At completion, FMR has drilled 5,000m, intersected a shallow, mineralised epithermal system, and an extensive, mineralised porphyry system below.
The Phase II drill program will be designed through integration of geological, geochemical, and geophysical datasets, with a clear aim of targeting the mineralised core of the Southern Porphyry system.
At face value, the market appears to have cooled its jets on promising signs within the diversified explorer’s update today, especially given that it’s still early days with the project still in the exploration phase and requires additional capital to reach the core target.
The market has witnessed significant shareholder dilution in the past year.
In June/August 2025, the miner raised $2.2 million at $0.16 per share, completed in two tranches.
Three months later, it raised $3.4 million by issuing 9,444,445 shares at $0.36 per share to institutional and sophisticated investors; total shares outstanding grew by approximately 109.7%.
Adding to market uncertainty, the company has limited revenue and faces significant financing risks, with less than a year of cash on hand.
While the miner has been highlighted by boutique investment research groups (such as Equities Club) as a top, high-risk pick for 2025/2026 based on their copper strategy, some market analysts see it as a high-risk, high-reward copper exploration play.
FMR Resources has a market cap of $11 million; the share price is up 27% in one year and down 29% in the last month.
The stock’s shares appear to be in a near-term downtrend, confirmed by the relationship between the 5 and 20-day moving averages.
Consensus does not cover this stock.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.



