Azzet reports on three ASX stocks with notable trading updates today.
South32 moves higher after flagging Cerro Matoso offload
Shares in South32 (ASX: S32) were up around 1% at the open after the diversified metals miner revealed plans to sell its Cerro Matoso open-cut mine in northern Colombia - a significant producer of ferronickel - to a subsidiary of global industrial conglomerate CoreX.
It’s understood that the miner’s decision to offload Cerro Matoso in a multi-year deal follows a review of structural changes in the commodity market.
The deal also supports South32’s focus on high-margin energy transition minerals and metals essential for energy transition, providing balance sheet flexibility for future investments in copper and zinc.
Expected to be completed in late 2025, the deal will see CoreX pay nominal consideration and assume economic and operating control of Cerro Matoso, plus all current liabilities.
CoreX will make future cash payments of up to US$100 million ($152.6 million) including up to US$80 million of price-linked consideration based on future production and nickel prices, and up to US$20 million in four equal payments, based on permitting milestones within the next five years for the Queresas and Porvenir North projects.
South32 management told the market that the sale will result in an impairment expense of around $130 million in its FY25 earnings.
Proceeds from the sale will be used to further the miner’s investment in copper and zinc.
“The transaction will deliver a clean separation of Cerro Matoso and provide additional balance sheet flexibility to support investment in our growth options in copper and zinc,” said South32 CEO Graham Kerr.
“Cerro Matoso has a long and proud history in Colombia. Over the coming months, we will work with the buyer, our workforce, the local communities, government, customers and suppliers to support a successful transition of ownership.”
In recent days, the miner has emerged as one of the ASX’s top performers, up from $2.96 on 1 July to $3.12 in current trading. The rally flags watershed momentum for the diversified miner, which has been on a rollercoaster over the past 12 months.
While South32 is by no means the only stock in the materials sector in the last two weeks, the market appears to like its strategic repositioning towards commodities crucial for a low-carbon future, like aluminium, manganese, and copper.
South32’s ongoing share buy-back program also appears to be providing additional support to the share price.
South32 has a market cap of $14 billion; the share price is down 18% in one year and up 3.65 in the last month.
The stock’s shares appear to be on a strong near-term rally within a longer-term bearish trend.
Consensus is Moderate Buy.
Nanosonics jumps on product updates
Shares in Nanosonics (ASX: NAN) were up over 4% heading into lunch after the medical device announced the launch of two new products.
Firstly, updated the market on the launch of its next-generation trophon3 system for ultrasound high-level disinfection, which is over 40% faster and includes expanded digital integration and traceability via DICOM systems.
Management expects trophon3 to further strengthen the company’s market leadership position, while supporting continued expansion of its installed base and driving the upgrade of customers from the first generation trophon EPR units to the latest platform.
The company also released trophon2 Plus, a software upgrade allowing existing customers to access key trophon3 features.
The launch spans Europe, the UK, Australia, and NZ, with a U.S. FDA submission under review.
The company sees this as a major upgrade cycle opportunity to drive market penetration and platform upgrades from earlier units.
Commenting on today’s announcement, Nanosonic’s CEO Michael Kavanagh told the market that trophon3 and trophon2 Plus set a new benchmark in automated high-level disinfection for ultrasound transducers, upholding the trophon technology's market leadership position.
“These launches reflect our commitment to innovation, customer support and ongoing expansion in this important area of infection prevention,” he said.
While the stock’s share price is up 31% year to date, it is trading at around half the $8.03 it was trading at early January 2021.
Within its first half FH25 trading update the stock delivered profit before tax of around $10.9 million - compared with $4.9 million in the previous period – based on total revenue of around $93.6 million, up 18% on the previous period.
Following the result, management told the market to expect revenue, gross margin and operating expenses in FY25 around the top of each of the ranges for those measures specified in Nanosonics’ FY25 outlook statement.
Nanosonics has a market cap of $1.2 billion.
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 Moderate Buy.
Bellevue Gold rallies on quarterly update
Shares in Bellevue Gold (ASX: BGL) were up over 6% at the open after the gold miner update the market on its gold production in the June quarter.
Despite reporting record monthly mining and recovery in June, gold production for the June 2025 quarter was 38,941 ounces - below the revised guidance range of 40,000 to 45,000 ounces.
Management told the market that quarterly production was hit by a delay in accessing a key excavation site at the Deacon deposit in WA at the start of the quarter alongside unplanned plant maintenance.
Bellevue reported gold sales totalling 38,754 ounces for the June quarter at an average sale price of $5147 an ounce, with all gold sold at spot prices. The company sold 130,164 ounces in FY25.
Bellevue also reported record free cash flow of $67 million in the June quarter, while cash and gold on hand at 30 June 2025 increased by $65 million during the quarter to $152 million.
Debt remains unchanged, at $100 million, with no minimum mandatory principal repayments due until calendar year 2027.
Today’s update follows April’s revised full-year production guidance down from between 150,000 and 165,000 ounces to between 129,000 and 134,000 ounces.
Today’s update wasn’t what the market wanted to hear but it appears to have taken some comfort in the strong mining and production rates recorded towards the end of the year which management believe positions the company favourably going into FY26.
While the June 2025 quarter reflected much improved performance across all key aspects of the operation, it was the month of June that captured the market’s imagination.
In the month of June 2025, the operation achieved a monthly record of 130kt mined at 4.6 g/t gold for 19.4koz and a monthly record of 111kt processed at 5.3 g/t gold at 95% recovery for 18.1koz.
While the miner reported record free cash flow of $67 million, debt remains unchanged at $100 million; there are no minimum mandatory principal repayments until CY27.
Bellevue has a market cap of $1.4 billion; the share price is down 51% in one year and up 5.4% in the last month.
The stock’s shares appear to be in a near-term rally within a longer-term bearish trend.
Consensus is Moderate Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
