Azzet reports on three stocks with price moving updates today.
KMD Brands tanks after gnarly capital raise ~
Shares in KMD Brands (ASX: KMD) fell off a cliff when the troubled clothing retailer behind brands like Rip Curl, Kathmandu and Oboz hiking boot resumed trading this morning - down a whopping 37.4% by 1:25 pm AEDT (2:25 am GMT) - after a week-long suspension.
Since 16 October 2025, the stock’s share price has progressively tumbled from $0.29 to $0.07.
Much of today’s selloff appears to be linked to the completion of the institutional component of its emergency capital raising.
Today’s update confirmed what management flagged to the market on Tuesday when it revealed net loss for 1H FY26; namely, plans to raise NZ$65.3 million in what was expected to be a major discount to its current trading price.
Tuesday’s warning appears to have done little to soften today’s update: Here’s where the detail matters – the capital raise was done at a gruesome 69.2% discount to its last trading price on the NZSE, where its shares last changed hands for NZ$19.5 cents.
Management told the market this morning that the placement was supported by a number of existing and new institutional investors who paid a deeply discounted NZ6c per share.
The retail component of the offer will open on Tuesday, a price for the local retail offer has been set at A5c per share.
“We are pleased with the support for the institutional component of the equity raising,” said Brent Scrimshaw, KMD Brands CEO.
“The raise will strengthen KMD’s balance sheet and position us to continue executing our Next Level transformation. We now look forward to inviting our retail shareholders to participate in the equity raising.”
It’s hoped that today’s capital raise will help to accelerate the recently launched Next Level strategy, and management pointed investors to the improved performance of Kathmandu, which has delivered double-digit same-store sales growth for the first time in over two years.
While Rip Curl has navigated more volatile global trading conditions, Scrimshaw expects the brand's repositioning to drive long-term growth and youthful energy, connected to the next generation of core surf and beach consumers.
However, 1H FY26 numbers did little to inspire the market:
- Group sales up 7.3% to NZ$505.4 million.
- Net loss of NZ$13.1 million.
- Kathmandu sales up 12.3% and earnings improving from a NZ$12.8 million loss to a NZ$2.4 million loss.
- Rip Curl sales were up 4.6% while earnings fell 13% to NZ$20.5 million.
- Net debt at the end of January of NZ$94 million.
- No interim dividend due to its poor operating performance.
Adding the retailer’s troubles, it announced that chairman David Kirk will exit the board following the completion of the emergency raise.
KMD Brands has a market cap of $45 million; the share price is down 80% in one year and down 58% in the last week.
KMD shares appear to be in a long-term bearish trend, confirmed by multiple indicators.
Consensus is Hold.
Pmet Resources lower after filing ESIA on Shaakichiuwaanaan
Shares in Pmet Resources (ASX: PMT) were trading 3.2% lower after the critical-mineral explorer submitted its Environmental and Social Impact Assessment (ESIA) for the Shaakichiuwaanaan lithium project (at James Bay region of Quebec) to government authorities, which management believes is a critical step in its development.
Together with a positive lithium-only feasibility study completed in late 2025, the filing provides authorities with the technical and environmental basis to assess the proposed hybrid open-pit and underground mine.
It’s understood that the ESIA - which reflects more than four years of baseline studies - marks a major permitting milestone that advances the project further down the development pipeline.
It also reinforces PMET’s ambition to develop Shaakichiuwaanaan as a model for sustainable critical mineral extraction, supporting the energy transition.
Combined with the feasibility study released in October 2025, today’s documents provide comprehensive data for the Quebec authority’s review of the lithium project.
Today’s update is a relief for shareholders who watched the share price head south after the C$130 million capital raising initiative earlier this year involved selling new shares at a discount to market prices.
The institutional placement was priced at a 9.2% discount to the last traded price, while the flow-through shares were priced at a premium to the February 6 closing price, leading to a sharp drop of over 12% in early February trading.
On a more positive note, funds raised are intended to advance the feasibility study for the project to a final investment decision (FID) by the end of 2027.
Since changing its name from Patriot Battery Metals in September 2025 to reflect its broader critical-mineral profile, Shaakichiuwaanaan-related milestones include the release of its positive lithium-only study for the CV5 Pegmatite, which declared a maiden Probable Mineral Reserve of 84.3 Mt at 1.26%.
The study outlined a 20-year mine life producing up to 800,000 tonnes per annum of spodumene concentrate.
The project hosts consolidated mineral resources totalling 108.0 million tonnes at 1.40% lithium oxide (indicated) and 33.4 million tonnes at 1.33% lithium oxide (inferred), ranking among the top ten lithium pegmatites globally.
Additionally, the project contains the world's largest pollucite-hosted caesium pegmatite mineral resource.
Given that it’s still in the development stage at its Canadian project, PMET’s share price has not run as hard as the established lithium producers is to be expected.
However, Macquarie’s target price of $0.65 implies a sizable upside based on today’s price of $0.485.
Pmet Resources has a market cap of $297 million; the share price is up 83% in one year and up 6% in the last week.
Consensus is Strong Buy.
DroneShield surfaces as retail investors' top pick
Due to some heavy short-selling, DroneShield’s (ASX: DRO) share price - down 0.3% today - has been repeatedly battered around like a ragdoll in a storm.
Short interest in the anti-drone defence stock has rocketed from 1.33% in August 2025 to 10.8% by 30 March, 2026.
Admittedly, management hasn’t done the stock’s share price any favours following recent sell-down antics by the CEO and others, and miscommunications over recent contracts being repeated to the market twice.
While this has created an overhang for the stock, with the share price trading 38% below its $6.68 9 October 2025 high, it remains one of the ASX’s most popular stocks.
According to Nomura Research-owned Australian wholesale broker AUSIEX, DroneShield was the most bought stock in March.
Retail investors also bought into Electro Optic Systems, which tumbled in mid-March after revealing its chief executive, Andreas Schwer, planned to sell almost his entire stake in the company to build a house and cover his divorce. The defence stock finished the month as the 10th-most bought company by mum-and-dad investors.
“The U.S.-Israel-Iran War was front and centre of retail investor minds in March with two defence-related companies appearing inside the top 10 buys,” said AUSIEX’s Chris Hill.
“War aside, there remains an underlying technology theme among the top buys where investors are looking to energy companies to assist the AI build out and the increased transition to renewables.”
Bell Potter, which has a Buy recommendation on DroneShield, has a target price of $4.80, which denotes a 20% upside to the current price.
The broker sees Droneshield as a key beneficiary in the global demand for counter-drone (C-UAS) technologies, which has been heightened since the Middle East war began.
“Procurement timelines are compressing, with increased orders from the Middle East and U.S., while threats to civilian infrastructure and the emergence of interceptor drones are expanding use cases beyond traditional military applications,” the broker noted.
“… additive manufacturing is gaining traction as defence supply chains face capacity constraints, with US agencies prioritising faster production and inventory replenishment amid rising demand.”
DroneShield has a market cap of $3.6 billion; the share price is up 347% in one year and up 12% in the last month.
Consensus is Strong Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
