Azzet reports on three resource stocks with price moving updates today.
Monadelphous leaps after lifting guidance ~
Shares in Monadelphous (ASX: MND) were trading 9.4% higher by 2:40 pm AEDT (3:40 am GMT) after the engineering contractor projected a strong uplift in both first-half and FY26 revenue due to elevated activity levels across the business, including construction, energy, and infrastructure projects.
Due to a record amount of work secured in FY25 and sustained demand for engineering construction and brownfields services, Monadelphous reported elevated activity levels throughout the first four months of FY26.
After a strong start to FY26 and major contract wins, the ASX300 stock is forecasting $1.5 billion in first-half FY26 revenue, with full-year revenue expected to rise 20–25% year-on-year.
The group had secured over $570 million in new contracts and expects robust activity within its pipeline, focusing on delivering contracted work and leveraging opportunities in the energy and infrastructure sectors.
While the recent acquisition of Kerman Contracting has expanded the company’s service capabilities and market reach in infrastructure, management also pointed to contributions from subsidiaries like Melchor and Inteforge, Zenviron, and Mondium, which have strengthened vertically integrated project delivery.
Commenting on today’s update, management told the market to expect additional contract awards in the coming months as Monadelphous builds on its expansion strategy.
The A$140 million in contract updates announced today include:
- A three-year extension to its maintenance master services agreement across BHP’s iron ore operations in the Pilbara region of WA.
- Multidisciplinary services to BHP's Pilbara iron ore mines, ports and rail facilities.
- A contract under its BHP WAIO Asset Projects Framework Agreement for works at Berths C and D at the Finucane Island port facilities in Port Hedland.
- In South Australia, Monadelphous has secured a package of work under its BHP Olympic Dam Construction Panel Framework Agreement for the construction and installation of acid plant cooling towers at Roxby Downs.
- A contract with Rio Tinto under its marine structural integrity works master agreement for the replacement of a section of roadway, inclusive of structural steel and concrete, at Cape Lambert Wharf.
- A 12-month extension providing marine infrastructure maintenance and minor projects at Rio Tinto’s Cape Lambert and Dampier ports.
Today’s update follows a solid FY25 result, with earnings 4% ahead of consensus and profit 6% ahead.
Stronger than expected result was driven by better than guided revenue growth, with FY25 revenues up 12%, ahead of the company’s guidance for high single-digit growth and consensus of 9%.
However, at FY25, the group did not provide quantitative revenue growth guidance, which is why today’s update was given a strong vote of investor confidence.
The group is understood to have a strong pipeline of committed work in FY26, with $2.7 billion in contracts secured in the energy and resources sectors, along with significant prospects related to decarbonisation.
Broker upgrades may follow the group’s AGM on Tuesday, 25 November.
Monadelphous has a market cap of $2.4 billion; the share price is up 90% in one year and up 5% in the last week.
The stock is in a strong bullish trend, confirmed by multiple indicators.
Consensus is Hold.
Dyno Nobel jumps after flagging lower losses and accelerated fertilisers exit
Shares in Dyno Nobel (ASX: DNL) were up around 6.5% after telling the market it had trimmed its loss as underlying profit, raised its dividends and reaffirmed explosives as its sole focus after offloading its fertiliser assets.
The $53 million statutory net loss for FY25 narrowed from a $311 million loss a year earlier, with underlying earnings of $714 million, up 23% on the previous year was at the top end of guidance and ahead of the market estimate of $682 million.
While the group’s divisional results came in below expectations, explosives earnings of $434 million exceeded guidance of $405–413 million, while fertilisers earnings of $301 million were also within guidance.
Net profit of $423 million was slightly below market forecasts, while earnings per share of 22.8 cents per share met expectations, and the final dividend of 9.5 cents per share beat consensus of 7.1 cents.
While net debt of $1.18 billion was higher than market expectations, and cash flow of $575 million also fell short of estimates, what also inspired the market this morning was the progress made to exit its fertilisers business.
The company completed its separation from the Incitec Pivot business, focusing on explosives and is aiming for an earnings uplift through its transformation program.
This provided the market with further evidence that the company’s transition into a pure-play global explosives business was on track.
While the sale of its Fertilisers Distribution business was completed at the end of September, the group has a clear pathway to exit Phosphate Hill by the end of September 2026 if an agreed sale can’t be reached.
While Di/mono ammonium phosphate fertilisers are produced at both Phosphate Hill and Mt Isa manufacturing plants in Queensland, manufacturing at the group’s Geelong plant ceased in October.
Supported by a planned $30–$70 million in transformation benefits and no major plant turnarounds, FY26 earnings from the group’s explosives operation are expected to be between $460 million and $500 million, up from this year's $413 million.
Commenting on today’s update, CEO Mauro Neves told the market that as a focused explosives business following the separation of fertilisers, the group delivered cost and operational improvements while progressing strategic priorities.
“The transformation program is on track to reach $300 million in EBIT uplift, and we remain committed to delivering value for our shareholders,” he said.
The company's on-market buyback will continue, with solid funding capacity and a stable capital position.
Meanwhile, the group’s growth efforts centre on explosives technology, U.S. market expansion and ongoing efficiency transformation.
Dyno Nobel has a Market cap of $6 billion; the share price is up 9% in one year and up 5% in the last week.
The stock appears to be in a long-term uptrend, confirmed by multiple indicators.
Consensus is Moderate Buy.
Antipa Minerals rises after extending high-grade gold zones at Minyari Dome
Shares in Antipa Minerals (ASX: AZY) were up over 2.8% this afternoon after the minerals explorer reported more strong drilling results from Minyari Gold-Copper Project in WA’s Paterson Province, intersecting high-grade zones at both Fiama and Minyari and further expanding the scale of its 100%-owned resource footprint.
The latest results include a standout 53 metres at 1.9 g/t gold from 233 metres at the Fiama prospect, with internal hits up to 32.6 g/t gold.
At Minyari, drilling returned multiple high-grade zones at depth, including 28 metres at 1.9 g/t gold and 0.17% copper from 392 metres and a separate interval grading up to 33.1 g/t gold with copper and silver credits.
Pre-feasibility drilling is nearly complete, with further assays due before year-end and an updated mineral resource estimate scheduled for Q4 2025.
The Phase 2 program — targeting 25,000–35,000 metres — is scheduled for completion by mid-December, with more assay batches due in the coming weeks.
An updated mineral resource estimate for Minyari Dome is on track for Q4 CY25, alongside continued PFS work on hydrology, geotechnical and metallurgical testing.
Commenting on today’s update, managing director Roger Mason told the market that the results continue to validate Antipa’s thesis that Minyari Dome has substantial growth ahead.
“These latest results, particularly from Fiama and at the Minyari deposit, further highlight the strong growth potential within the broader Minyari Dome system, with several very high-grade gold intersections returned in this batch of assays, including a 422 g/t gold hit,” Mason said.
“With a high-impact phase of new-discovery drilling ongoing and key PFS workstreams continuing at pace, we are set for an exciting finish to the year.”
To the uninitiated, Antipa has a proven track record of discovering world-class gold-copper deposits in the highly prospective Paterson Province of WA.
The company controls more than 4,100 square kilometres in the Paterson Province and hosts existing resources of 2.5 million ounces (Moz) of gold, 84,000 tonnes of copper, 666,000 ounces of silver and 13,000 tonnes of cobalt.
Minyari Dome currently stands at 2.4Moz gold at 1.5 g/t, and Antipa is aiming to grow this further ahead of development studies.
At a regional level, Minyari provides access to further tier one gold-copper discovery opportunities, including at the exciting Parklands gold target, which is a Telfer-sized surface geochemical anomaly just 10km from Telfer.
At the end of the September quarter, the company had a cash balance of circa $61.4 million.
Antipa Minerals has a market cap of $375 million; the share price is up 157% in one year and down 20% in the last month.
The stock’s shares are in a downtrend confirmed within multiple periods.
Consensus is Strong Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
