Azzet reports on three stocks with price moving updates today.
Perseus lifts after refusing to make counteroffer for Predictive ~
Shares in Perseus Mining (ASX: PRU) were trading 0.9% higher by 1:45 pm AEDT (2:45 am GMT) at $5.45 after the West African gold miner told the market it has no plans to make a counteroffer to blow what’s perceived to be an inferior merger between its target Predictive Discovery (ASX: PDI) and Canada’s Robex Resources out of the water.
While Predictive’s board favoured the Perseus $2.1 billion offer as the superior proposal, they quickly threw their lot in with Robex after the Canadian suitor came back with a revised agreement that gives Predictive’s shareholders a 53.5% ownership in any future merged entity.
However, Perseus, which already owns 17.87% of Predictive, claims that recent trading activity in Predictive – with the share price remaining at a discount to the value implied by the Perseus proposal – suggests the Robex deal remains inferior to its offer.
“Notwithstanding this, in the absence of a change in the likelihood of the success of the Predictive / Robex merger, Perseus does not intend to submit a revised proposal for Predictive,” Craig Jones, CEO of Perseus, said.
“However, Perseus reserves the right to vary its position or make a further proposal should circumstances change.”
Today’s note by Perseus follows the gold producer’s decision to terminate its binding offer to acquire Predictive last Friday.
Perseus’s offer for Predictive, initially announced on 3 December 2025, was contingent upon Robex not successfully exercising its matching right.
With Robex’s revised proposal deemed a match, the conditions for Perseus’s offer have not been met, leading to its termination.
The company’s initial interest in Predictive was driven by potential synergies and expansion opportunities within the gold exploration sector.
As a case in point, Perseus is believed to be well-placed to de-risk Predictive’s Bankan gold project in Guinea, while improving its chances of re-rating to a higher valuation.
The deal would have also added a new jurisdiction in Africa for Perseus shareholders, taking the business to five countries.
The now withdrawn binding proposal by Perseus included offering 0.136 of its own stock for each Predictive share. That represents a 24.5% premium to the target’s closing price – and if successful, could create a near $10 billion gold miner.
By refusing to make a counteroffer, Perseus keeps its strong balance sheet.
The company finished September 2025 with US$837 million in cash and gold, zero debt, and access to another US$300 million credit line.
This gives management the flexibility to pursue better deals or fund growth projects without stretching finances.
Meanwhile, Perseus, which still retains a 17.8% stake in Predictive, stands to benefit if Robex develops Bankan successfully - without having to do any of the heavy lifting, which in mining terms is a clever way to have exposure to a quality asset without the operational risk.
Perseus Mining has a market capitalisation of A$7.4 billion; the share price is up 105% in one year and is up around 5% in the last month.
The stock appears to be in a long-term uptrend, confirmed by multiple indicators.
Consensus is Moderate Buy.
Viking Mines soars after acquiring US-based tungsten projects
Shares in Viking Mines (ASX: VKA) were trading 28.6% higher after the junior explorer announced it had entered into a deal with U.S.-based BLK Group LLC to acquire 100% of a U.S.-based portfolio of six tungsten projects in the Tier-1 mining jurisdiction of Nevada.
The acquisition provides an opportunity to delineate a significant critical mineral resource, with potential avenues to access U.S. government funding.
The transaction comes with a $750,000 strategic investment from American Tungsten Corp (CSE: TUNG) (FRA: RK90), which will become a substantial shareholder via a placement, alongside binding commitments to raise approximately $4.295 million before costs through a placement.
The U.S. projects are understood to consist of six tungsten assets—Linka, Alpine, Long, Terrell, Ragged, and Victory—four of which have recorded tungsten production through both open-pit and underground mining during the 20th century.
Collectively, historical production totalled approximately 123,000 tonnes grading 0.54% tungsten oxide (WO₃).
Viking has started due diligence activities and recently completed an on-ground field visit in Nevada, including sampling and claim verification ahead of planned detailed sampling campaigns.
Commenting on today’s market update, Viking CEO Julian Woodcock told the market that the project’s history of production, combined with high-grade historical results and existing drill targets, provides a strong foundation for the Company to delineate a critical mineral resource in the U.S.
“With tungsten designated as a critical defence mineral and prices reaching record highs, the macro environment is highly favourable for this acquisition,” said Woodcock.
“We have secured these assets on attractive commercial terms and look forward to commencing our exploration programme to test the Project’s full potential.
Today’s market update follows the recent release of Viking’s quarterly activities report for the period ended 30 September 2025, which highlighted significant exploration progress at the company’s flagship Riverina East Project in WA.
Key activities included the recovery of gold nuggets at the Southern Structural Target, along with the completion of a Phase 3 RC drilling program and a drone magnetic survey.
Viking Mines is testing a 25km strike length of the Zuleika Shear Zone, which hosts Ora Banda Mining’s (ASX:OBM) 1.3Moz Riverina/Mulline Camp just 4km to the west of the Riverina Project and the 1.2Moz Davyhurst Camp 40km to the south.
The company reported a strong cash position of $2.08 million as of 30 September 2025.
Viking Mines has a market cap of around $13 million, with the share price up 58% in the last month.
The stock’s shares appear to be in a long-term bearish trend, confirmed by multiple indicators.
Consensus doesn’t cover this stock.
Southern Cross Electrical lifts on major contract coup
Shares in Southern Cross Electrical Engineering (ASX: SXE) were up around 2.1% after the electrical, instrumentation, communications and maintenance services mid-cap announced contract awards totalling around $90 million across data centre and rail projects in NSW.
The contract will see the group deliver multiple packages at DigiCo Infrastructure REIT’s (ASX: DGT) SYD1 20 megawatt data centre expansion in Sydney’s inner west, covering electrical, fire services and switchboard manufacturing works scheduled for completion in the second quarter of 2026.
The awards leverage multiple group capabilities, with subsidiaries Heyday, Force Fire, and Trivantage Manufacturing each contributing specialised services to the data centre expansion.
The metro works are targeted for completion in the first quarter of 2027.
Southern Cross has also won the electrical and communications package for Sydney Metro's St Marys Station, part of the new Western Sydney Airport rail line.
Today’s market update follows recent revelations that the Heyday subsidiary lost an arbitration case over extra costs on the WestConnex M5 tunnel project, which raised fresh questions about contract risk.
While Southern Cross is a lesser-known player in the infrastructure space, the share price has more than doubled since trading under a $1.00 mid-March 2024.
Much of that growth can be attributed to the group’s transformation from a mining services contractor into a more diversified operation now encompassing renewables, commercial fit-outs, data centres and battery storage projects.
In FY25, the group delivered record revenue of $801.5 million, up 45.2% on the previous year, and record operating earnings of $54.8 million, up 36.6%.
Since then, management has guided to FY26 earnings of $65 to $68 million, which implies growth of 18% to 24% on FY25.
The group is also actively exploring multiple acquisition opportunities to keep the momentum going.
Southern Cross Electrical Engineering has a market cap of $648 million; the share price is up 9% in the last month.
The stock’s 200-day moving average slopes upwards, implying that this stock is in a long-term uptrend.
However, the stochastic oscillator offers evidence that the most recent rally is unsustainable and a pause is needed before the stock can move higher.
Consensus is Strong Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
