Australia Special Situations

Hartshead Resources NL (HHR.AX) is being acquired by ACAM LP for A$0.014 per fully paid ordinary share and A$0.0007 per partly paid share via an Australian scheme of arrangement. The shareholder meeting to vote on the 100% acquisition is scheduled for 11:00 am AWST on 8 June 2026. Hartshead filed a notice for the second court hearing to be held at 10:00 am AWST on 11 June 2026 to obtain final judicial sanction for the transaction. Shareholders intending to oppose the scheme at the second court hearing must file a notice of appearance at least one day prior to the scheduled date. With the court hearing scheduled only three days after the shareholder vote, the deal is entering its final week and compressing the arbitrage window. The shareholder vote on 8 June 2026 serves as the immediate catalyst for the transaction.

Canadian Phosphate Limited (CP8.AX) entered into a binding agreement to acquire 100% of the Diamond Mountain Phosphate Project in Utah from Revival Gold Inc. and Utah Minerals Resources LLC for up to US$3.0M. Consideration consists of an upfront US$1.5M payment, split between US$750,000 in cash and 6,041,737 CP8 shares at a deemed price of AUD 0.1743, with a further US$1.5M deferred until commercial production. The upfront shares are subject to staggered escrow, with 50% restricted for 12 months and 50% for 24 months. The project hosts a NI 43-101 foreign resource estimate of 26.8Mt Measured & Indicated and 23.1Mt Inferred at 19.67% P2O5 adjacent to an operating mine. Completion is subject to ASX Chapters 10 and 11 confirmations, SITLA lease assignment, and potential shareholder approval under Listing Rule 7.1. This acquisition transforms Canadian Phosphate into a North American developer with a 26.8Mt resource in a tier-one jurisdiction, making the resource advancement timeline the key value driver as the deferred consideration and 24-month staggered escrow align vendor and acquirer incentives.

Matrix Composites & Engineering Ltd (MCE.AX) dispatched the scheme booklet for its acquisition by Advanced Innergy Holdings Limited via a scheme of arrangement. The scheme meeting is scheduled for July 6, 2026, with a record date for voting on July 4, 2026. Matrix directors unanimously recommend that shareholders vote in favor of the scheme and intend to vote all director-held shares accordingly. If approved, a second court hearing is set for July 13, 2026, with the scheme expected to become effective on July 14 and implemented on July 23, 2026. The dispatch initiates a 30-day countdown to a shareholder vote requiring approval from 75% of votes cast and 50% of shareholders present, a threshold to monitor under the Australian scheme-of-arrangement structure.

Cygnus Metals Limited (CY5) entered into a binding Scheme Implementation Deed with Central Asia Metals PLC for a 100% acquisition through an all-scrip scheme of arrangement. The transaction terms specify 0.06 new Central Asia Metals shares per Cygnus share, implying a valuation of A$0.176 per share and a 60% premium. Cygnus shareholders would own approximately 30% of the combined group, with the deal requiring a 75% majority vote from Cygnus shareholders and approval from Central Asia Metals shareholders. Shareholders representing approximately 29% of Cygnus have declared intentions to vote in favor of the scheme, which is expected to go to a vote in September 2026. The situation creates a risk-arbitrage opportunity focused on the spread between the current Cygnus price and the value implied by Central Asia Metals' AIM-listed shares.

Qoria Limited (QOR.AX) dispatched the scheme booklet for its acquisition by Aura Consolidated Group, Inc. on June 2, 2026. The all-scrip consideration consists of Aura common stock issued as CHESS Depositary Interests. Independent expert Grant Thornton concluded the scheme is not fair but reasonable, and Qoria directors have unanimously recommended shareholders vote in favor of the deal. The scheme meeting is scheduled for July 1, 2026, with proxy appointments due by June 30, 2026. The July 1 vote date anchors the arbitrage timeline for a transaction where the spread reflects both deal risk and a discount for receiving illiquid, privately-held acquirer stock following the expert’s "not fair but reasonable" finding.

Australian Strategic Materials Ltd (ASM.AX) is subject to a scheme of arrangement under which a subsidiary of Energy Fuels Inc. will acquire 100% of its shares and quoted options. On June 4, 2026, ASM disclosed an administrative error in which certain securityholders received incorrect proxy forms, rendering those already lodged invalid. Affected holders must now submit replacement proxy forms using newly dispatched materials, though electronic-communication electors and dual holders remain unaffected. The scheme meeting process continues following the May 21, 2026, dispatch of the scheme booklet. This proxy re-issue is a minor operational slip rather than a transaction delay, confirming the scheme remains on track toward a vote requiring 75% approval.

European Lithium Limited (EUR.AX) entered a binding scheme of arrangement to be acquired by Critical Metals Corp for $356M to consolidate ownership of the Tanbreez rare earth project. Under terms announced May 1, 2026, shareholders are offered A$0.58 per share or 0.035 Critical Metals Corp shares. The transaction is subject to an Australian Securities Exchange investigation into potential continuous-disclosure breaches, while an independent committee manages governance conflicts stemming from Chairman Tony Sage’s dual role at both companies. Project development remains contingent on an operating permit for the Tanbreez project in Greenland, without which a June sample shipment is at risk. The 20%+ spread reflects discrete risks involving the ASX probe, the governance conflict, and the stalled Greenland permit ahead of a June regulatory filing and a Q3 2026 shareholder vote.

Magnetic Resources NL (MAU.AX) announced that the cash consideration option for its scheme of arrangement with Genesis Minerals Limited is oversubscribed, triggering scaleback arrangements. Maximum Cash Consideration elections reached A$428.1 million, exceeding the available cash pool. Shareholders who elected the maximum cash option will receive an indicative mix of approximately 0.1412 Genesis shares and A$1.8588 cash per share, while the Default Consideration remains at 0.0873 shares and A$1.40 cash. The scheme meeting is scheduled for June 3, 2026, with a record date expected on June 15, 2026. This indicative scaleback results in a ~9% reduction in cash per share versus a pure pro-rata allocation for those opting for maximum cash, leaving the June 3 scheme meeting as the next binary catalyst for arbitrageurs tracking the MAU/GMD spread.

European Lithium (EUR.AX) has signed a binding Scheme Implementation Deed for an all-share takeover by Critical Metals Corp. Under the terms, shareholders receive 0.035 Critical Metals shares for each EUR share, valuing the offer at A$0.58 per share, a 137% premium to the pre-approach close. Completion is conditional on European Lithium holding A$330 million in net cash and liquid assets at close, compared to A$306 million in cash and US$18 million in securities as of March 31. The merger is expected to close in H2 2026 following a shareholder vote in August or September 2026. The A$24 million liquidity shortfall against the closing cash condition creates a binary risk for arbitrageurs, as management must bridge the gap to capture the spread between the A$0.45 spot price and the A$0.58 deal value.

The Supreme Court of NSW approved the convening of a scheme meeting for SDI Limited (SDI.AX) regarding its recommended A$1.40 per share all-cash acquisition. The SDI Board unanimously supports the proposal, and an Independent Expert's Report has concluded the scheme is fair and reasonable. Chairman Jeffery Cheetham and associated entities, representing a 45.3% stake, confirmed their intention to vote in favor subject to no superior proposal. The scheme meeting is scheduled for June 22, 2026, with the transaction expected to become effective on June 25, 2026. Final closing is anticipated on July 6, 2026, followed by delisting on July 7, 2026. Houlihan Lokey and DLA Piper are acting as financial and legal advisers to SDI.

Atlantic Lithium (A11.AX) entered into a definitive agreement to be acquired by Zhejiang Huayou Cobalt for $0.25 per share in an all-cash transaction valuing the company at approximately $210 million. The deal, which will be implemented via a court-approved scheme of arrangement, grants Huayou control of the Ewoyaa lithium project in Ghana. The company's largest shareholder, Assore International Holdings, has confirmed its support for the transaction. Regulatory approvals are required from the Ghana SEC, Australia FIRB, Chinese authorities, the ECOWAS Regional Competition Authority, and the Australian Federal Court. A shareholder vote is scheduled for November 2026, with completion targeted for December 2026.

Australian Strategic Materials (ASM.AX) is proceeding with a proposed acquisition by a subsidiary of Energy Fuels Inc. through dual schemes of arrangement following the registration of the scheme booklet by ASIC. Terms provide ASM shareholders 0.053 New Energy Fuels CDIs plus A$0.13 cash per share, while optionholders are to receive A$0.50 cash per option. Independent expert BDO Corporate Finance Australia Pty Ltd concluded the transaction is fair and reasonable and in the best interests of securityholders. The ASM board unanimously recommends voting in favor, with shareholder and optionholder meetings scheduled for 22 June 2026. A second court hearing is set for 25 June 2026, and the transaction is expected to close on 7 July 2026.

European Lithium (EUR.AX) entered into a binding Scheme Implementation Deed with Critical Metals Corp for a 100% acquisition via a court-approved scheme of arrangement. Under the scrip-only terms, EUR shareholders will receive 0.035 Critical Metals Corp shares per EUR share, implying AUD 0.58 per share and a 137% premium to the April 22, 2026 closing price. The transaction consolidates 100% of the Tanbreez Rare Earths Project in Greenland and grants EUR shareholders approximately 41% ownership in the combined NASDAQ-listed entity. European Lithium’s Independent Board Committee unanimously recommends the scheme, subject to an independent expert fairness opinion from Nexia Perth Corporate Finance. EUR optionholders are set to receive in-the-money value through a parallel option scheme on a cashless exercise basis.

The Federal Court of Australia has approved the convening of shareholder and optionholder meetings for Australian Strategic Materials Ltd (ASM.AX) to vote on proposed schemes of arrangement with Energy Fuels Inc. Under terms of the all-scrip transaction, Energy Fuels Inc. proposes to acquire 100% of ASM via a members' scheme and 100% of ASMO options via a creditors' scheme. ASM directors unanimously recommend securityholders vote in favor of the schemes, absent a superior proposal. The Scheme Booklet and Independent Expert Report are scheduled for dispatch on or about 21 May 2026. Meetings are set for 22 June 2026, with a second court date for approval on 25 June 2026. The acquisition is expected to close by 7 July 2026.

Braiin Ltd (BRAI) entered into a non-binding term sheet to acquire a 50.1% controlling stake in Cumbria Capital Ltd., the parent company of AI-enabled platform Home.cc, for GBP 3,850,000. The proposed transaction is part of a $73 million plan to build an AI-native 'LivTech' platform for residential lifecycle services. Acquisition of the majority stake signals a strategic expansion into the 'LivTech' sector for the Australian-incorporated foreign private issuer. The deal remains subject to due diligence, definitive agreements, shareholder approvals, and Nasdaq and regulatory clearances.

ClearView Wealth (CVW.AX) received ACCC clearance for its proposed acquisition by Zurich Financial Services Australia Limited following a phase one review, satisfying a regulatory condition under the scheme implementation deed. Crescent Capital Partners, which holds a 53.0% stake in the Australian life insurance and wealth management provider, reaffirmed its intention to vote in favor of the AUD 0.64 per share scheme of arrangement. The transaction remains subject to shareholder, court, and APRA approvals, and the board maintains its unanimous recommendation. First announced on 24 February 2026, the deal has no currently scheduled meeting date. ACCC clearance was confirmed on 15 May 2026 following a 14-day appeal period.

Emmerson Resources Limited (ERM.AX) dispatched its Scheme Booklet on 15 May 2026 regarding a proposed acquisition by Pan African Resources plc via a court-approved scheme of arrangement. The Supreme Court of Western Australia ordered the Scheme Meeting and approved the booklet's dispatch on 8 May 2026. Independent expert BDO Corporate Finance Australia Pty Ltd concluded the scheme is fair and reasonable and in the best interests of shareholders, absent a superior proposal. The Emmerson board unanimously recommends that shareholders vote in favor of the transaction. Small Parcel Shareholders must return Opt-in Notices by 22 June 2026 to receive New Pan African CDIs. The dispatch signals the formal shareholder approval phase for the recommended all-scrip merger.

Globavend Holdings Ltd (GVH) entered into a definitive agreement to acquire 70% of Loomi Entertainment Group Limited from Zenith Green Limited for nominal consideration of $70. The transaction is a related-party deal involving a vendor wholly-owned by Globavend CFO and director Tsz Ngo Yu. Loomi Entertainment operates the AI-powered 'Loomi: Short Drama' mobile app and 'Imaginary' production platform across Southeast Asia. Upon closing. Globavend will consolidate Loomi’s financials, including an existing $550,000 interest-free shareholder loan due to the vendor. The acquisition represents a strategic pivot for the micro-cap e-commerce logistics provider into AI-driven digital entertainment. Closing is expected on or before May 22, 2026.

Industrial Minerals Ltd (IND.AX) entered a binding Share Sale Agreement to acquire 100% of Galleon Metals Limited in an all-share transaction valued at A$4,666,667. The acquisition comprises the Laverton Gold Portfolio with 15 exploration licences over approximately 205km² and includes a 2.0% net smelter return royalty. Industrial Minerals is concurrently raising gross proceeds of A$3,000,000 via a two-tranche placement of 30,000,000 shares at A$0.10 per share to fund exploration and working capital. The portfolio includes gold targets adjacent to Genesis Minerals' operations, with historical drilling returning intercepts of 4m at 19.17 g/t Au from surface and 1m at 82.2 g/t Au. This transaction transforms the company from a junior mineral explorer into a gold-focused player in the Laverton Tectonic Zone. On completion, Warrick Clent will be appointed Managing Director and Jeffrey Sweet will transition to Non-Executive Director.

Iren (IREN) entered into a definitive agreement to acquire Mirantis for approximately $625 million in an all-stock transaction. The acquisition integrates Mirantis’ Kubernetes container technology into Iren’s infrastructure stack as the company transitions its Bitcoin mining and data center operations toward AI cloud services. The deal follows the recent energization of Iren’s 1.4GW Sweetwater 1 data center site in Texas. Shares of Iren rose 10.63% following the announcement.

Little Green Pharma (LGP.AX) is acquiring 100% of Cannatrek via a scheme of arrangement, with a shareholder vote on the Scheme Consideration Resolution scheduled for May 22, 2026. Cannatrek and the TGA reached an in-principle agreement regarding alleged historical advertising contraventions, with civil penalties expected to fall within existing CV Shares conversion mechanism limits. This agreement quantifies regulatory penalty uncertainty within deal protections, potentially de-risking the scheme vote and court approval. Cannatrek also anticipates contributing an additional A$6.5 million at completion above the minimum agreed in transaction documents. The indicative timetable remains unchanged with a Second Court Date set for May 25, 2026, and an expected Implementation Date of June 1, 2026.

Magnetic Resources NL (MAU.AX) dispatched a Supplementary Scheme Booklet on May 14, 2026, following approval by the Supreme Court of Western Australia for its pending merger with Genesis Minerals Limited. The supplement updates Genesis Minerals’ disclosure to include resources of 18.9Moz and reserves of 4.4Moz, while the Independent Expert maintains that the scheme is fair and reasonable. Magnetic directors continue to unanimously recommend the transaction ahead of a hybrid Scheme Meeting scheduled for June 3, 2026. Shareholder voting is due by June 1, 2026, though previously submitted proxies remain valid. The update to resource estimates is intended to reduce the risk of delay or challenge at the court-ordered meeting and keep the transaction on track for the June vote.

Ooh Media (OML.AX) received an all-cash takeover offer from I Squared Capital at A$1.45 per share, valuing the outdoor advertising company at A$770.6M. This proposal tops a late-April unsolicited bid of $1.40 per share from Pacific Equity Partners. The Ooh Media board unanimously rejected both offers as inadequate but will provide limited due diligence to both bidders. The company reported CY2025 gross profit of $475.6M and EBITDA of $328M and is currently engaging with other parties regarding additional change-of-control proposals. The board chair is scheduled to step down at the annual general meeting on May 14.

The Supreme Court of Western Australia approved the schemes of arrangement for Li-FT Power Ltd.'s acquisition of 100% of Winsome Resources Limited (WR1.AX). The Share Scheme and Option Scheme become legally effective upon the lodgment of court orders with ASIC, expected on May 12, 2026. Winsome Resources Limited intends to apply for a suspension of trading on the ASX at the close of trade on May 12, 2026. Having secured shareholder and court approvals, the schemes are nearing completion with an expected close date of May 12, 2026. Court approval is the final legal hurdle before the schemes become effective and the target delists. Winsome Resources Limited is an Australian lithium exploration and development company focused on projects in Quebec, Canada.

Zhejiang Huayou Cobalt is acquiring Atlantic Lithium via Australian scheme of arrangement at A$0.354 / US$0.25486 / 18.8p per share, approximately US$210M equity value, covering the remaining 26.4% stake not already held. Scheme meeting and Court hearing dates pending.

European Lithium Limited and Critical Metals Corp (NASDAQ: CRML) extended the exclusivity period on their non-binding share exchange agreement (0.035 CRML shares per EUR share). No SID has been signed; this is a pre-definitive procedural extension.

Regis Resources is acquiring Vault Strategic Minerals at 0.6947 RRL shares per Vault share, implying a combined market cap of approximately A$10.7B with a 51/49 ownership split and approximately A$5.15B implied for Vault. Scheme of arrangement; Court approval and Vault shareholder vote pending.

Emmerson Resources (ERM) received initial approval from the Supreme Court of Western Australia to convene a shareholder meeting regarding its scheme of arrangement with Pan African Resources. The meeting is scheduled for June 15, 2026, for shareholders to vote on the acquisition via Tennant Consolidated Mining Group. An independent expert deemed the scheme fair and reasonable, and the Emmerson board unanimously recommends voting in favor of the transaction. The proposed scheme would result in a change of control for the Australian mineral exploration company.

European Lithium Ltd (EUR.AX) signed a non-binding LOI with CRML for a share-for-share acquisition at 0.035 CRML per EUR share, implied A$0.58 per EUR share (~US$835M aggregate). Status: due diligence; binding agreement and IBC review still pending. Non-binding LOI — not a firm offer.

PT Bumi Resources is acquiring Loyal Metals Limited (ASX: LLM) via an all-cash scheme of arrangement, with a signed Scheme Implementation Deed in place. Total consideration is A$79.11M at A$0.45 per share — a 40.6% premium to the A$0.32 last close on April 24, 2026. The scheme meeting is expected in early August 2026, with implementation in mid-August; approval requires a 75% vote threshold and FIRB approval. The signed SID and all-cash structure create a classic risk-arb setup where the spread narrows as court and shareholder approvals are obtained, with value realization contingent on clearing standard scheme hurdles. Deal failure — whether through court rejection, shareholder dissent, or regulatory block — would likely send the stock materially lower toward pre-announcement levels.

Energy Fuels Inc., acting through its wholly owned subsidiary EFR Critical Minerals Pty Ltd, has received FIRB approval to acquire 100% of Australian Strategic Materials Ltd via dual concurrent schemes of arrangement covering ordinary shares and quoted options (ASMO). Energy Fuels is acquiring Australian Strategic Materials in a scheme of arrangement: 0.053 Energy Fuels shares (CDIs) plus A$0.13 cash per ASM share, originally implying ~A$1.60/share; ASMO option holders receive A$0.50 per option. FIRB approval removes a key regulatory condition precedent, leaving shareholder and option holder votes and Federal Court of Australia sanction as the remaining hurdles before the scheme becomes effective. The Option Scheme is conditional on the Share Scheme becoming effective, creating a sequencing risk where a failed Share Scheme vote extinguishes both schemes simultaneously. Scheme Booklet dispatch expected May 2026, with Scheme Meetings targeted for Q2 2026.

Cuscal Limited (ASX: CCL) is acquiring 100% of Paymark Limited from Worldline (Retail International Holding S.A.S.) after the mandatory French Works Council consultation process completed successfully, with Worldline having irrevocably and unconditionally exercised the put option under their Put Option Agreement. Offer price was not available in the materials provided; the acquisition covers 100% of Paymark's issued share capital and associated equity interests, with closing expected on May 29, 2026. The last remaining condition has been cleared and the put option irrevocably exercised, leaving close date risk as the primary variable ahead of the May 29 completion date. No material conditions remain disclosed; execution risk between now and May 29 is the only identifiable overhang. Acquisition expected to complete on May 29, 2026.

Pan African Resources (PAN) is acquiring 100% of Emmerson Resources (ASX: ERM) via an Australian scheme of arrangement, with Patronus Resources — holding ~7.38% of Emmerson — now issuing a voting intention statement in favour, bringing total committed votes to approximately 32% of Emmerson shares. Exchange ratio: 0.1493 PAN shares (in the form of ASX CDIs) per Emmerson share (all-scrip consideration). With ~32% of shares pre-committed and a unanimous board recommendation, the scheme clears an early credibility threshold, leaving the independent expert conclusion as the principal remaining gating condition before the shareholder vote. All three intention statements — including Patronus — are conditional on no superior proposal emerging and on the independent expert concluding the scheme is in shareholders' best interests; either condition failing would release those committed votes.

Little Green Pharma (ASX: LGP) is acquiring 100% of Cannatrek Ltd via scheme of arrangement, and has postponed its Scheme Consideration Resolution — covering issuance of new LGP ordinary and convertible shares as scheme consideration — from the April 22, 2026 General Meeting to May 22, 2026 at 3:30pm Perth time, citing outstanding Conditions Precedent. Scheme consideration comprises New LGP Ordinary Shares and New LGP CV Shares (all-scrip). The all-scrip structure means Cannatrek shareholders bear LGP equity risk through close, and the May 22 vote is the next gate for determining whether the conditions precedent log-jam clears on schedule. Unresolved Conditions Precedent delayed the vote by a full month; if those conditions are not satisfied before May 22, a further postponement or deal failure becomes possible. Scheme Consideration Resolution shareholder vote on May 22, 2026; LGP has committed to a further update announcement prior to that date.

Advanced Innergy (ASX: AIH) has signed a scheme implementation deed to acquire 100% of Matrix Composites & Engineering (ASX: MCE) via a scheme of arrangement, with AIH's chairman confirming the deal is fully funded. All-cash offer of A$0.40 per share, declared best and final by AIH in the absence of a superior proposal; conditions include FIRB approval, shareholder and court approval, and a market-out clause triggered if the S&P/ASX 200 falls 30% or more before the final court hearing. MCE's board unanimously recommends the scheme, and the all-cash structure with a "best and final" declaration creates a classic scheme arbitrage setup where the spread narrows as regulatory milestones are cleared. FIRB approval introduces sovereign review risk, the 30%-ASX-200-decline market-out clause is live given current macro volatility, and the recommendation remains contingent on an independent expert's report — an adverse finding breaks the board's support.

Qoria Limited (ASX: QOR) and Aura are proceeding with their proposed merger, with Aura upsizing its accompanying equity placement to US$100 million from the previously announced US$75 million, to be completed at scheme implementation; the additional US$25 million is funded by Aura founder and CEO Hari Ravichandran alongside WndrCo Holdings LLC. The merger ratio is unchanged: Qoria shareholders will hold in aggregate 35% of the combined entity (to be listed as AXQ) on a fully diluted basis before the placement's dilutive impact; the placement is priced at the equivalent of A$0.40 per Qoria share (implied), representing a 32.4% premium to the 30-day VWAP as at April 23, 2026. The full offer consideration for Qoria shareholders was not available in the materials provided. The upsized placement — funded entirely by insiders and an existing strategic backer at a material premium to market — reduces balance sheet risk in the combined group and signals founder conviction in the merged entity's growth case at a time of broad technology de-rating. The placement is subject to scheme implementation conditions, and Qoria shareholders' ultimate economic outcome remains tied to the AXQ valuation at listing rather than a fixed cash price, leaving them exposed to post-merger market risk.

Orange Minerals NL (OMX.AX) will divest a 51% interest in tenements associated with the Calarie Project to Adavale Resources Limited for 7.91 million Adavale shares and 15.81 million options. The transaction structures a farm-in or joint-venture divestment, shifting control of the project to Adavale while Orange Minerals retains minority exposure. The divestment creates a direct publicly traded stub in which Orange Minerals holds a liquid Adavale equity and options block potentially worth more than its own $7M market cap, with value realization dependent on the post-deal NAV breakdown and any share lock-up provisions.

ASF Group Limited (AFA.AX) signed a binding Share Sale and Purchase Agreement on June 1, 2026, to sell its wholly-owned subsidiary, ASF Coking Coal Pty Ltd, to Terra Mineral Resources Investment Limited. The $2M all-cash divestiture includes a portfolio of nine coking coal tenements in Queensland. Completion is scheduled for mid-June 2026. ASF Group intends to use the proceeds for growth initiatives, new investments, and working capital. This transaction converts a non-core asset into cash, providing near-term liquidity and a monetization event for the micro-cap diversified investment company.

First Graphene Limited (FGR) entered a binding sale agreement to acquire all assets and intellectual property of US-based MITO Material Solutions, Inc. for AU$850,000. Total consideration comprises AU$275,000 in cash and up to AU$575,000 in FGR shares tied to revenue milestones over a 24-month period. Expected to close on June 9, 2026, the transaction establishes the company's first direct US commercial platform and provides access to customers including Parlor Skis and St. Croix Rods. The acquisition expands FGR’s portfolio into functionalised nanomaterials and graphene oxide for aerospace and defense applications. The deal creates a direct US operating presence and expands the technology portfolio into defense-relevant graphene oxide additives, but the absolute quantum is small and share issuance requires shareholder approval within 60 days of earn-out determination.

Euroz Hartleys Group Limited (EZL.AX) received a confidential, non-binding proposal from BMO Financial Group to acquire its Capital Markets business for $102M in cash. The proposal includes a strategic alliance between BMO and the company’s Private Wealth division, which Euroz Hartleys would retain. BMO has been granted exclusivity through June 30, 2026, for due diligence and documentation. Grant Samuel is serving as financial advisor to Euroz Hartleys and Steinepreis Paganin is legal advisor. The $102M cash sale of the Capital Markets division would unlock value while keeping the Private Wealth business, with the focus on a definitive agreement or deal expiry by the June 30, 2026, deadline.

Lendlease Group (LLC.AX) entered a definitive agreement to sell development rights for the Milano Santa Giulia mixed-use project (MSG North) to an investment group sponsored by Bizzi & Partners S.p.A. for a gross value of ~$250M. The deal includes ~$90M in cash proceeds and the assumption of ~$160M in project debt by the purchaser. The sale is at a discount to book value and is expected to generate a ~$175M post-tax operating loss in the Capital Release Unit (CRU). Lendlease has announced or completed ~$2.9B in CRU capital recycling since May 2024, with ~$800M in transactions currently contracted but uncompleted. This exit from complex international developments converts land into ~$90M net cash and creates a near-term catalyst cluster as the company targets multiple CRU transaction completions by 30 June 2026.

Macquarie Group Limited (MQG.AX), through Macquarie Asset Management’s MIP V fund, and IG4 Capital entered a definitive agreement to sell their controlling stake in Brazilian port operator CLI to AD Ports Group. The transaction is valued at US$835 million and remains subject to customary regulatory and antitrust approvals. CLI operates as an independent port and logistics provider in Brazil, managing terminals in Itaqui and Santos that serve the agricultural export sector. Citi served as the financial advisor to the sellers, while BTG Pactual advised AD Ports Group. The agreement, signed on June 2, 2026, facilitates the exit from a four-and-a-half-year private infrastructure investment. The exit provides a US$835M realizable return benchmark for the MIP V fund while validating the private-market premium for Brazilian export-corridor infrastructure.

Sequoia Financial Group Limited (SEQ.AX) has deferred the payment of its previously declared interim dividend from June 3 to June 29, 2026, pending the outcome of a Federal Court timetable regarding its disputed disposal of InterPrac. The company previously issued a notice to the purchaser seeking the termination of the InterPrac Share Sale Agreement. The Federal Court has set a June 25, 2026 deadline for any applications concerning the status of that agreement. Sequoia’s board confirmed that the interim dividend will be paid regardless of whether the disposal is completed. The court-imposed June 25 deadline creates a binary catalyst for whether the InterPrac disposal proceeds or is formally terminated, where a collapse of the sale would remove a liquidity event for the company.

Lithium Energy (LEL.AX) signed a share sale and purchase agreement to divest its Queensland graphite projects to M Battery Materials Pty Ltd (MBM) for A$20 million. The consideration comprises A$5 million in cash and A$15 million in MBM shares, valued at a planned A$0.50 per share IPO intended to raise at least A$15 million. MBM, led by Matt Latimore and Gerhard Redelinghuys, intends to list on the ASX, after which Lithium Energy shareholders would hold approximately 33.33% of the vehicle via an in-specie distribution. The transaction is subject to shareholder approval and an ASX escrow decision, which may limit the initial distribution to 75% of the consideration shares. This divestiture creates a direct tradable exposure to a combined graphite-vanadium play, with the forthcoming IPO prospectus lodgment and ASX escrow ruling serving as the primary near-term catalysts.

Coronado Global Resources Inc. (CRN.AX) entered into a definitive agreement on May 25, 2026, to sell its 100% interest in Coronado Coal II LLC, which holds the Logan Mining Complex in West Virginia, to Phoenix Coal Holdings, LLC. The transaction involves nominal cash consideration after working capital adjustments, with the buyer assuming all reclamation and post-closing operational liabilities. The divestiture is expected to be free cash flow positive by eliminating ongoing care-and-maintenance costs and future reclamation obligations. Completion is slated for July 2026, subject to customary closing conditions. This nominal-cash divestiture serves as a de-risking event by offloading material environmental liabilities and removing a holding-cost drag, potentially leading to a re-rating as the company sharpens its focus as a pure-play metallurgical coal producer.

Brazilian Rare Earths (BRE.AX) appointed Mauricio Noronha as CEO and named a six-person Board of Directors for its subsidiary, Alurion Resources Limited. The subsidiary holds the Amargosa Bauxite Project, which BRE intends to demerge and list on the ASX through an initial public offering. Board appointments include former Alcoa Brazil President Otavio Carvalheira, mining investor Andrea Weinberg, and IperionX CCO Dominic Allen. The ASX has provided in-principle advice regarding the demerger and Alurion’s listing suitability, signaling that regulatory support for the transaction is advancing. BRE shareholders should monitor the upcoming prospectus and shareholder vote timing for the demerger record date, as a pro-rata distribution of Alurion shares is likely.

Beach Energy Ltd (BPT.AX) signed a binding agreement to divest its interest in the VIC/L35 permit, which contains the Artisan gas field, to Amplitude Energy Ltd and O.G. Energy. Amplitude Energy will acquire a 50% interest for $58.3 million in cash, and O.G. Energy will acquire a 10% interest on identical terms, resulting in each counterparty holding a 50% stake post-closing. Beach retains a production royalty of $3.75/GJ on 60% of gas produced before June 30, 2036, capped at 62 PJ. The transaction carries a total implied after-tax value of approximately A$130M and involves an asset located 17 km from existing Otway Basin pipeline infrastructure. The transaction provides a clean comparable for Otway Basin undeveloped gas assets and signals management's capital-discipline pivot.

Accelerate Resources Limited (AX8.AX) signed a binding agreement with Maritana Minerals Limited to divest its Kanowna East tenements in exchange for Maritana's Balagundi tenure and $200,000 in Maritana shares. The asset swap involves zero net cash outlay and doubles the Balagundi gold project area to approximately 62km² near Kalgoorlie. This transaction consolidates landholding in a high-grade gold camp while offloading non-core exploration ground. Completion is subject to customary conditions, including Maritana shareholder approval and regulatory consents.

InvestSMART Group (INV.AX) entered into a binding term sheet to sell its Intelligent Investor business and the management rights to four ASX-listed ETFs to Teaminvest Private Group Limited for A$16 million in cash. The Intelligent Investor unit has approximately 7,000 paid subscribers and 272,000 free users, with approximately $280M in assets under management across the four ETFs. The deal consideration exceeds the current market capitalization and share price of INV.AX, creating a potential value-unlock catalyst. The transaction is conditional on due diligence, definitive documentation, counterparty financing, and approval from both INV.AX shareholders and fund unitholders. Post-divestiture, InvestSMART Group plans to operate as a pure-play digital wealth platform with a stronger balance sheet for strategic acquisitions.

Westgold Resources (WGX.AX) executed a binding Asset Sale and Purchase Agreement to divest its Chalice Gold Project to Corazon Mining Limited (ASX: CZN) for total consideration of A$25.7M. Terms consist of A$8.0M in upfront cash, A$6.7M in Corazon shares representing a 19.9% post-completion stake, and A$11.0M in deferred cash tied to resource-estimate milestones. The transaction includes board nomination rights for Westgold and completes a portfolio optimization strategy that has reached a total realized and potential value of approximately A$215M. Corazon has received firm commitments for a A$16.5M capital raise to fund the acquisition. Argonaut and Thomson Geer served as advisors on the divestment. Completion is expected in late June or early July 2026, subject to Corazon shareholder approval and customary closing conditions.

Woodside Energy Group Ltd (WDS.AX) confirmed that INPEX entered a definitive agreement to acquire a stake in an offshore Australian gas resource joint venture operated by the company. Shares of Woodside rose approximately 3% following the transaction announcement, though financial terms were not disclosed. The deal signals continued strategic interest from Asian buyers in Australian LNG supply and suggests the market may be undervaluing the company's gas portfolio. Woodside is an independent energy producer focused on LNG, pipeline gas, crude oil, and condensate, operating flagship Australian assets including Pluto LNG and the North West Shelf project.

Atlantic Lithium (A11.AX) has consented to the transfer of Elevra Lithium's 22.5% project interest and spodumene offtake rights in the Ghana Portfolio to Zhejiang Huayou Cobalt Co., Limited. Under the definitive agreement. Huayou will begin solely funding the remaining development costs for the Ewoyaa Lithium Project upon completion. The transaction includes reciprocal releases and customary warranties and is not conditional on the separate Scheme of Arrangement between Atlantic Lithium and Huayou announced on 7 May 2026. Canaccord Genuity Limited and SP Angel Corporate Finance LLP are acting as advisors. The entry of Huayou consolidates control of Ghana's first lithium mine ahead of production and potentially simplifies the concurrent scheme of arrangement.

Dreadnought Resources (DRE.AX) entered a binding heads of agreement on 14 May 2026 to divest its option to acquire the Mid-West WA tenements to Catalina Resources Ltd (CTN). Consideration includes an upfront payment of A$100,000 in cash and A$200,000 in Catalina shares at A$0.055 per share, plus deferred consideration capped at A$500,000. Completion is contingent on Catalina Resources Ltd obtaining shareholder approvals and raising a minimum of A$3,000,000 via a placement. The divestiture of these non-core exploration assets simplifies the Dreadnought Resources portfolio while maintaining exposure through an equity stake in the counterparty.

Elevra Lithium (ELV.AX) entered into a definitive agreement to sell its entire interest in the Ewoyaa Lithium Project in Ghana and associated offtake rights to Zhejiang Huayou Cobalt Co, Ltd. for US$71M in cash. BMO Capital Markets is serving as financial advisor for the divestiture, which is expected to close by the end of Q1 FY27. The transaction removes a funding commitment and provides proceeds to advance core North American lithium projects in Québec and the US. The sale is not contingent on Huayou’s separate US$210M scheme to acquire Atlantic Lithium, a company in which Elevra holds a 4.1% stake.

Flight Centre Travel Group (FLT.AX) completed the sale of its ~47% stake in the Pedal Group joint venture to former partner. The Turner Collective on May 15, 2026. The company received A$61.7 million in proceeds and will recognize a one-off accounting gain of approximately A$15 million. Shareholder approval for the divestiture was obtained at an extraordinary general meeting on May 14, 2026. The monetization of this non-core asset provides capital allocation optionality and enables a refocus on core travel growth initiatives.

Findi Limited (FND.AX) has commenced a strategic review of its three operating business units and engaged external advisers to optimize capital allocation and identify synergies. The review aims to formalize a pathway toward securing a Payments Bank license in India and progressing a planned IPO of the subsidiary Transaction Solutions International (TSI). Concurrent with the 5 June 2026 announcement, Stephen Benton was appointed Non-Executive Chairman, while Nicholas Smedley shifted focus to the execution of the India-based IPO. The board expects to complete the review over the next few months. This board-initiated review signals a concrete catalyst to unlock value via the separation or IPO of the Indian subsidiary and progress on a banking license, placing the early-stage process on the watchlist for potential structure trades.

Energy World Corporation Ltd (EWC.AX) requested an immediate ASX trading halt on May 31, 2026, to finalize a material update regarding its ongoing strategic review. The developer of LNG-based power generation and energy infrastructure expects the halt to remain in effect until the release of the update or the resumption of normal trading on June 3, 2026. The company maintains a market capitalization of $198M and an enterprise value of $208M following a -37.93% year-to-date share price decline. This trading halt forces a binary catalyst by June 3, at which point the update will reveal whether the review concludes with a control transaction, asset sale, or status quo continuation.

nib holdings limited (NHF.AX) concluded its May 2025 strategic review of nib Travel by signing a definitive agreement to sell its Australia and New Zealand travel insurance portfolio to Allianz Partners for $35M. The transaction, supported by advisors Jarden and Ashurst, follows the February 2026 sale of the World Nomads brand to SiriusPoint for A$67.5 million and includes a long-term distribution agreement to generate ongoing commissions for nib. For FY25, the consolidated travel operations contributed A$6.7 million to the group’s A$239.2 million underlying operating profit. This completion of the full exit from travel insurance triggers a capital management review of the approximately A$117.5 million in combined proceeds, creating a potential return-of-capital catalyst via a special dividend or buyback.

Treasury Wine Estates Limited (TWE.AX), an Australian-based global wine company with a $2.7B market capitalization, announced a strategic review of its Americas division on June 4, 2026. The owner of the luxury Penfolds brand and American labels Daou and Beringer plans to slash its brand portfolio as part of the segment-level review. Currently in the strategic phase, the process has a medium-term catalyst timeline. This review serves as a catalyst for the company’s Americas business and brand portfolio.

Dexus (DXS.AX) has initiated a strategic review of its $7.3B infrastructure funds and mandates business, which accounts for approximately 20% of third-party funds under management and $35M in annual management fees. The review encompasses the DDIT, CommIF, DCIF, and APAFs vehicles after the company stood down key executives and dismissed financial advisors previously appointed for the APAC sale process. Concurrently, the New South Wales Supreme Court extended an injunction related to the APAC litigation until June 22, 2026, to allow Dexus Bloc shareholders time to negotiate undertakings or pursue appeals. An update on the review is expected by the August 2026 results briefing. A potential restructuring or exit from the infrastructure segment acquired from AMP Capital in 2023 creates a near-term catalyst for the name.

Infragreen (IFN.AX) concluded its strategic review with advisers Grant Samuel and Talbot Sayer, following an assessment that the current share price materially undervalues the business. The board authorized a $10 million on-market share buyback commencing June 12, 2026, and confirmed that a sale process for portfolio company Pure Environmental is currently underway. An independent portfolio valuation has been commissioned and is expected within six weeks. Enhanced business-level financial disclosure will also begin with H1 FY27 results. The review concludes without a whole-company sale, using the buyback and potential divestments to narrow the perceived discount while the independent valuation arriving in approximately six weeks provides a near-term NAV benchmark.

OFX Group (OFX.AX) is undergoing a board-initiated strategic review of the full company considering organic and inorganic options to maximize shareholder value. An outcome from the process is expected before June 30, 2026. The review follows FY26 results showing an 8.5% year-over-year decline in Net Operating Income to $196.6 million and a 56.4% drop in Underlying EBITDA to $25.2 million. Over 90% of corporate clients have migrated to the new OFX 2.0 platform, while non-FX revenue increased 12.1%. The company targets a return to growth in FY27 with 15%+ NOI growth and an approximately 30% medium-term EBITDA margin.

Healius Ltd (HLS.AX) commenced a strategic review of its Lumus diagnostic imaging business following a May 2026 trading update in which the company lowered its FY2026 earnings guidance. The Lumus segment contributes a meaningful share of group revenue through radiology and imaging services, and the review follows a period of pathology operational challenges and share price volatility. The strategic review of this material segment signals potential divestiture or restructuring to facilitate value realization or a simplification of the corporate structure.

Besra Gold (BEZ.AX) appointed Dr. Raymond Shaw as Executive Director and CEO effective 11 May 2026, a move explicitly tied to a strategic review initiated in July 2025. Shaw, who previously served as the junior gold developer’s Chief Technical Officer, will receive a base salary of A$270,000 p.a. The ongoing review focuses on advancing the Bau Gold Project in Sarawak, Malaysia, though no specific outcomes, financing, or timelines have been disclosed. The appointment reinforces a process that could lead to a financing, joint venture, or corporate transaction for the company's core asset.

CSL Limited (CSL.AX) is planning a demerger of its CSL Seqirus influenza vaccine business by the end of FY2026. The biopharmaceutical company recently completed an on-market buyback and cancelled approximately 6.4 million ordinary shares. This portfolio separation is accompanied by a CEO transition and flagged restructuring costs that may pressure near-term margins. Analyst estimates project revenue of $17.8B and earnings of $3.7B by 2029 for the entity. While reshaping the company's investment narrative, the demerger introduces execution risk and forecast uncertainty regarding future capital allocation.

Healius (HLS.AX) has commenced a comprehensive strategic review of its assets, creating potential for divestiture, spin-off, or portfolio simplification catalysts. The company narrowed its FY26 group underlying EBITDA guidance to $259M–$264M and EBIT to $30M–$35M. Within its divisions, pathology revenue grew 2.4% despite a 0.4% volume decline in the ten months to April 2026, while the Agilex Biolabs unit recorded year-to-date revenue growth of 13.7%. Pathology labour costs are projected to increase by $1.8M in Q4 FY26 following a Fair Work Commission gender-based undervaluation ruling.

Kingsgate Consolidated (KCN.AX) entered definitive agreements with Inversiones Anglo American Norte SpA to acquire royalty and water rights at the Nueva Esperanza project for US$21.6M. The transaction involves US$15.6M cash and US$6.0M in contingent payments, funded via A$139M in existing cash reserves and a US$15M undrawn credit facility. The buyout eliminates US$2.0M per year in pre-production royalties, removes 5% and 3% NSR royalties, and settles US$8.1M in unpaid royalties. Kingsgate is concurrently conducting a strategic review to evaluate value realization pathways for the project, including a potential separate ASX listing. Targeted technical work is being accelerated, with a metallurgical drill program starting within six weeks and water infrastructure construction expected imminently.

Zenith Minerals Limited has commenced a strategic review directed at maximising shareholder value, disclosed via an ASX regulatory filing; no specific transaction, counterparty, advisor, or formal process structure has been confirmed in the available material. No transaction price, timeline, or outcome has been disclosed; the review's scope — whether covering a full sale, merger, asset divestiture, or other structure — has not been specified. A board-initiated strategic review at a listed junior miner places the company formally in play, creating optionality for shareholders around asset monetisation or a corporate transaction at a premium to the prevailing market price. The review carries no binding commitment to any transaction, and without named advisors, a formal mandate, or a disclosed timeline, there is no mechanism currently forcing a value-crystallising outcome.

Quinbrook Asset Management Pty Ltd, a 19.22% shareholder in Kingsland Minerals Ltd (KNG.AX), filed an application with the Australian Takeovers Panel alleging an undisclosed association between the company’s directors and shareholder Bacchus Resources. Quinbrook claims Kingsland, a mineral exploration company with assets in the Northern Territory and Western Australia, breached a subscription agreement by failing to consult the firm before entering a March 2026 term sheet to acquire exploration licenses from Bacchus. Kingsland Minerals maintains that no consultation obligation arose because the term sheet was preliminary and non-binding. The application seeks interim orders to suspend the term sheet and final orders to terminate the deal or mandate a shareholder vote excluding certain directors. The Australian Takeovers Panel can void share arrangements and cap voting rights if it finds an undisclosed association, potentially disrupting the Bacchus transaction and shifting board dynamics with a ruling typically expected within weeks.

Elliott Investment Management disclosed a 4% stake in Northern Star Resources Limited (NST.AX) valued at over A$1 billion, marking its largest ASX activist position since 2017. Elliott concurrently published a 39-page thesis demanding a formal strategic review, exploration of a full company sale, independent director appointments, and a search for a new CEO to replace the outgoing Stuart Tonkin. This engagement follows several 2026 production guidance cuts and the delay of first gold at the Hemi gold discovery until 2030. Elliott asserts the producer trades at a 55% price-to-NAV discount versus peers, precipitating a 13.75% intraday share price increase upon the disclosure. The Northern Star board indicated openness to constructive dialogue and has not rejected the activist’s core demands. This long-conviction engagement leverages the 55% P/NAV gap and CEO transition to target a strategic-review scenario with a path toward a full-company takeout or asset-level value unlock.

Skin Elements Limited (SKN.AX) filed an application with the Australian Takeovers Panel alleging that 62 Capital Pty Ltd and a group of placement investors constitute an undisclosed associate group controlling 43.14% of the company's shares. The filing claims that voting and disposal restriction agreements exist between 62 Capital and each placement investor. These proceedings precede two extraordinary general meetings (EGMs) scheduled for June 2 and June 23, 2026, regarding director removal resolutions under sections 203D and 249D. Skin Elements seeks interim orders to adjourn the June 2 meeting and final orders capping the group's collective voting rights at 20%. If the Panel finds association, the group's voting power would be capped at 20%, neutralizing the requisitionists' ability to remove the board at the upcoming EGM and potentially unwinding the underlying Voting & Disposal Restriction Agreements.

High Fidelity Capital Pty Ltd, Conrad Karageorge, and GEOSAN (WA) PTY LTD filed a substantial holder notice disclosing a combined 5.07% stake in Godolphin Resources Limited (GRL.AX). The group holds 42,965,774 shares and stated they are acting in concert with respect to the composition of the company’s board of directors. The bloc was assembled primarily through on-market purchases at A$0.017-0.018 per share in May 2026, including a 17.65 million share acquisition on 6 May 2026. Crossing the 5% threshold on 11 May 2026 triggered the initial notification under the Corporations Act. Karageorge is the controlling shareholder and director of High Fidelity Capital and personally holds an additional 1,905,882 shares. Godolphin Resources Limited is an ASX-listed exploration company focused on copper-gold and base metals projects in New South Wales.

Samuel Terry Asset Management, holding 6.2% of Southern Cross Media Group (SXL.AX), is publicly demanding the removal of the company's chairman and two directors, with the campaign opening the door for Bruce McWilliam — Kerry Stokes' former right-hand man — to join the board. Samuel Terry holds 6.2% of Southern Cross Media Group. A post-merger board reconstitution at a freshly combined Australian media group — owning Network Seven, Triple M, Hit radio, Listnr, and West Australian Newspapers — gives a 6.2% holder meaningful leverage to force director changes and potentially reshape strategic direction. The recently completed merger with Seven West Media means the combined entity's governance structure is still being bedded down, and management resistance to board changes at a newly integrated group has historically prolonged activist timelines.

ReadyTech Holdings Limited (RDY.AX) received an unsolicited, non-binding indicative proposal from Total Specific Solutions to acquire 100% of the company via a scheme of arrangement at A$2.00 per share cash. The proposal included a parallel off-market bid at A$1.75 per share cash subject to a 50.1% minimum acceptance threshold. ReadyTech’s board rejected the offer, stating it was not executable and did not reflect inherent value in a change-of-control context. ReadyTech is currently working with Jefferies Australia as its advisor regarding the approach. The rejected two-tier cash offer puts a public floor under the valuation, while the "non-executable" board rejection and advisor appointment signal the company is in-play for a potential revised or hostile bid.

Xingye Gold (Hong Kong), a unit of Inner Mongolia Xingye Silver & Tin Mining, launched an off-market cash takeover for Far East Gold Ltd (FEG.AX) at A$0.13 per share. The bidder already holds 19.99% of the target and has set a minimum acceptance condition of more than 50% on a fully-diluted basis. The offer price represents a 34% premium to the A$0.097 last close and a 5.2% premium to the three-month VWAP of A$0.124 as of 26 May 2026. Far East Gold holds Indonesian gold and copper projects with revoked or expired licenses and expects its cash balance to be fully depleted by 23 July 2026. This rescue takeover grants the bidder significant leverage as Far East Gold faces potential insolvency, while the 19.99% pre-bid stake and 50% minimum condition may create a blocking minority for rival suitors.

The Australian Takeovers Panel declined to make a declaration of unacceptable circumstances regarding the off-market bid for Atlas Arteria (ALX.AX) by Diamond Infraco 1 (DICO). DICO is offering $4.75, increasing to $5.10 per share if its relevant interest reaches 45% before close. At the time of the application, DICO held a 34.48% relevant interest in the toll road operator. ASIC granted relief to extend the offer period by 14 days if the conditional price-increase threshold is triggered late. DICO further undertook not to exercise discretion on late-arriving acceptances to prevent crossing the 45% threshold before the price increase takes effect. The Panel's decision removes a regulatory overhang and clarifies the path to completion for the takeover bid.

Diamond Infraco 1 Pty Ltd applied to Australia’s Takeovers Panel alleging material disclosure deficiencies by Atlas Arteria (ALX.AX) regarding a Chicago Skyway Right of First Offer (ROFO) notice and a put option. IFM Global Infrastructure Fund, which holds a 34.48% stake, launched an off-market bid for 100% of Atlas Arteria on 27 April 2026. Independent directors recommended rejecting the bid on 6 May 2026, disclosing that the ROFO notice provided to Ontario Teachers' Pension Plan breached an offer condition. A put option entitles Ontario Teachers to sell its 33.33% Chicago Skyway stake at fair market value plus 7.5% upon an Atlas Arteria change of control. IFM seeks Panel orders compelling disclosure of ROFO and put option details and restricting asset sales without 14 days' notice. The application targets disclosure affecting the bid outcome and identifies the ROFO sale process as a potential frustrating action.

The Cue Energy Resources Limited (CUE.AX) Independent Board Committee continues to recommend that shareholders reject an unsolicited off-market takeover offer from Horizon Oil Limited. Horizon holds a 51.39% relevant interest in Cue, boosted by Echelon Offshore's acceptance of 29.94% of shares, while shareholders holding 48.61% of the register continue to reject the offer. The bid remains highly conditional and is scheduled to close at 7:00pm AEST on 5 June 2026. This divided register and hard close date create a binary catalyst with potential for a bump or bust by early June 2026.

Alice Queen Limited (AQX.AX) extended the closing date for its backstopped 1 for 3 rights issue to June 12, 2026. The Australian mineral exploration company is offering shares at A$0.009 per share, compared to a last price of AUD 0.01. GBA Capital Pty Ltd is acting as advisor and underwriter for the offering. The rights subscription period concludes June 12, 2026, with the next catalyst date scheduled for June 19, 2026.

Fat Prophets Global Contrarian Fund Ltd (FPC.AX) appointed an additional underwriter for its rights issue on June 2, 2026. The investment fund providing exposure to a concentrated portfolio of global equities maintains a market capitalization of $29M with a last price of AUD 1.49. The rights issue is backstopped.

Canadian Phosphate Limited (CP8.AX) launched a 1-for-10 renounceable rights issue priced at A$0.14 per share to raise gross proceeds of up to A$4.85 million. The offer includes one free listed option, exercisable at A$0.25 with a two-year term, for every two new shares subscribed. Proceeds are earmarked to fund the Diamond Mountain phosphate project acquisition in Utah, exploration at the Wapiti and Fernie tenements in Canada, and working capital. The rights are tradable on the ASX, allowing eligible Australian and New Zealand shareholders to sell their entitlements or apply for additional securities beyond their pro-rata allocation. This renounceable structure with free-attaching options creates a tradable-entitlement window and a potential arbitrage if the stock remains above the A$0.14 subscription price during the offer period.

Tanami Gold is conducting a 1-for-1 renounceable rights issue at A$0.06/share, raising up to A$70.5M (approximately 100%+ of market cap). Bell Potter is underwriter; key shareholders have indicated commitment.

Godolphin Resources Limited (GRL.AX) plans to spin off its Narraburra Rare Earths Project into a new ASX-listed entity, Matrix Critical Minerals, with a targeted IPO in H2 2026. The transaction will be structured as an in-specie distribution to Godolphin shareholders while the parent company retains a large stake. Narraburra hosts a 94.9Mt resource grading 739ppm TREO, with lab testing producing a 57.8% TREO mixed rare earths concentrate with high terbium, dysprosium, and yttrium content. Matrix intends to conduct resource definition drilling to lift the indicated resource toward 70% and establish a demonstration-scale plant at ANSTO to support a scoping study. The spin-off serves as a sum-of-the-parts unlock for a vehicle containing assets with pricing detached from the broader rare earths basket while securing access to a non-dilutive US government funding channel through DIB consortium membership.

Pacgold Limited (PGO.AX) is demerging its Alice River and St George gold-antimony assets into a new entity, Manda Resources Ltd, via an in-specie distribution. Under the terms of the $21M transaction, eligible shareholders will receive one Manda share for every 6.7 PGO shares held while Pacgold refocuses on near-term production at its White Dam project. Manda Resources will concurrently acquire Territory Minerals to consolidate a gold resource inventory of 1.33Moz across a tenement package exceeding 1,700km². The spin-off is backed by Emerald Resources (ASX:EMR), which targets an approximate 20% stake in Manda at the time of its projected late 2026 listing. The demerger creates a new gold exploration vehicle backed by a proven mine builder, with the 1:6.7 distribution ratio providing a concrete valuation reference point once IPO pricing is set.

Brazilian Rare Earths Limited (BRE.AX) filed a short-form prospectus on June 5, 2026, for the in-specie distribution of 157.1M Alurion Resources shares to eligible shareholders. Under the proposal, shareholders will receive approximately 0.5607 Alurion shares for each BRE share held on a pro-rata basis. The distribution is conditional on shareholder approval of a capital reduction and the in-specie distribution at a forthcoming meeting. Alurion is an unlisted public company and its shares will not trade on the ASX upon issue, while ineligible shareholders will have their entitlements liquidated via a sale agent. This Australian in-specie spin-off creates an illiquid stub for BRE holders as Alurion will not be listed on issue, requiring a separate ASX IPO and admission process for a future exit.

Brazilian Rare Earths Limited (BRE.AX) plans to demerge its 100%-owned Amargosa Bauxite-Gallium Project into a new ASX-listed company, Alurion Resources Limited. BRE shareholders are expected to receive 0.5607 ALU shares for every share held via a pro-rata in-specie distribution. Alurion will concurrently conduct an IPO to raise A$30-50 million, after which BRE will retain a 17-18% strategic stake in the entity. A scoping study for the Amargosa project, which hosts a 568 Mt JORC resource, estimates an after-tax NPV8 of US$630 million and an 82% IRR on initial capital expenditure of US$119 million. The demerger is scheduled to close in late 2026 following a mid-2026 catalyst.

Senetas Corporation Limited (SEN.AX) announced an equal capital reduction on June 1, 2026, utilizing a special dividend mechanism. The Australian cybersecurity company specializes in high-assurance data encryption hardware and services for protecting sensitive data in motion. Senetas Corporation Limited has a $36M market capitalization and a $37M enterprise value, with its stock last priced at AUD 3.10. The next catalyst is scheduled for July 24, 2026.

Tasmea Limited (TEA.AX) declared a fully franked special dividend of A$0.10 per share, representing a total capital return of $18M. The ex-dividend date is June 10, 2026, with a record date of June 11 and payment scheduled for June 25, 2026. The payout is eligible for a Dividend Reinvestment Plan (DRP) at A$6.85 per share, with founder and executive director participation expected. Management reaffirmed FY26 earnings guidance and expects net leverage to remain below 1.0x with total FY26 cash dividends at the lower end of the 30-50% policy range. This special dividend provides a near-term catalyst with an ex-date five days from announcement and a DRP participation signal from insiders, indicating confidence in organic cash generation for the sub-1.0x leveraged entity without impairing its acquisition strategy.

Venus Metals (VMC.AX) closed the A$46M cash sale of a 1.0% NSR royalty on the Youanmi Gold Project to Franco-Nevada Corporation on May 29, 2026. The board intends to distribute a capital return of A$45.6M, or approximately A$0.221 per share, through a cash special dividend and an in-specie share distribution. The ~A$35M cash dividend is expected to be more than 75% franked with a targeted late August 2026 ex-date, while the distribution of ~25M Rox Resources (RXL) shares is scheduled for a July 2026 ex-date. ASX confirmed that shareholder approval is not required for the transactions under Listing Rules 11.1.2, 11.1.3, or 11.2. Post-distribution, the company will retain approximately 23M RXL shares valued at A$9.8M. The staggered July and August ex-dates for the total A$0.221 per share return represent a material capital-return catalyst with two observable event windows for the explorer.

Nova Minerals Limited (NVA.AX) will re-domicile from Australia to the United States following the Supreme Court of New South Wales' approval of schemes of arrangement involving its shareholders and listed warrantholders. Under the court-approved terms, Nova Minerals Corp will acquire all ordinary shares and listed warrants to become the new US holding entity. The schemes become legally effective upon the expected June 3, 2026, lodgment of court orders with ASIC, which also serves as the final day of trading for Nova Minerals shares on the ASX. A NYSE listing is anticipated shortly after the June 16 implementation date, with US Holdco CDIs expected to commence normal settlement trading on the ASX on June 17. This top-hatting re-domiciliation creates a brief settlement gap and FX/CGT implications for Australian tax residents as the ASX line stops trading June 3 and the NYSE listing opens the week of June 16.

Titomic Limited (TTT.AX) entered a Scheme Implementation Deed on May 13, 2026, with newly formed Delaware corporation Titomic, Inc. to redomicile from Australia via a court-approved scheme of arrangement. Shareholders will receive one share of Titomic, Inc. common stock for every 25 Titomic Limited shares held, retaining their proportional economic interest. Titomic, Inc. will maintain an ASX listing via CHESS depositary interests under the ticker TTT, with the move intended to improve access to US capital markets and remove ITAR-related constraints on defense contracts. The transaction requires shareholder and Federal Court of Australia approval, with a vote scheduled for late July 2026 and an implementation target of mid-August 2026. Norton Rose Fulbright Australia and Fluet & Associates PLLC are serving as advisors.

Pan African Resources plc (acting via its vehicle Tennant Consolidated Mining Group Pty Ltd) is acquiring 100% of Emmerson Resources Limited by way of a Court-approved scheme of arrangement under the Australian Corporations Act, with Emmerson having now lodged the draft Scheme Booklet — including an independent expert's report — with ASIC for review. Offer price was not available in the materials provided. With the Scheme Booklet lodged and a timetable running to an early-July implementation date, the remaining play is the arb spread between current price and scheme consideration, with execution risk now concentrated in shareholder vote outcome and Court approval. The timetable is indicative and explicitly subject to change following regulatory consultation or Court direction, leaving both the Scheme Meeting (mid-June) and Effective Date (late June) exposed to slippage. First Court hearing expected early-to-mid May 2026, after which an updated binding timetable will be released. Scheme Meeting targeted for mid-June 2026.

The Federal Court of Australia approved Rio Tinto’s compulsory acquisition of all remaining shares in Energy Resources of Australia Ltd (ERA.AX) at A$0.002 per share. The squeeze-out was originally lodged on April 11, 2025, under section 664F of the Corporations Act following objections from holders of more than 10 percent of the minority shares. ASX will automatically suspend trading in the shares at the close of June 15, 2026, five business days from the court’s approval. While the official delisting will not occur until a 28-day appeal period expires, quotation of shares will cease on the suspension date. The court ruling converts the contested squeeze-out into a binding process with a hard five-day trading window, forcing minority holders to choose between selling on-market before June 15 or waiting for the A$0.002 per share compulsory consideration.

Matrix Composites & Engineering (MCE.AX) received a no-objection notice from the Foreign Investment Review Board, satisfying a regulatory condition for the company's acquisition by Advanced Innergy Holdings. Structured as a members' scheme of arrangement at A$0.40 cash per share, the 100% take-private follows an implementation deed entered into on April 20, 2026. Advanced Innergy Holdings holds call options over 19.9% of Matrix shares at A$0.40 each as deal protection. The Matrix board has unanimously recommended that shareholders vote in favor of the scheme. FIRB clearance removes a major regulatory condition, de-risking the transaction and moving it closer to a shareholder vote and completion.

Australian Unity Office Fund (AOF.AX) unitholders voted to sell the fund's last remaining asset, an office tower in Brisbane, to Dexus. This transaction completes the asset disposal phase of the Australian REIT's formal wind-down process. Following the sale, the fund will delist and unlock remaining value for distribution to unitholders. These actions mark the final stage of the liquidation before the vehicle ceases to exist.

Unitholders of Australian Unity Office Fund (AOF) approved the sale of the fund's main undertaking and its delisting from the ASX, commencing a formal wind-down. The manager will sell the final property at 150 Charlotte Street, Brisbane, for which FIRB approval has been secured. Net proceeds of A$0.37–A$0.38 per unit are expected to be returned to investors via compulsory redemptions or special distributions. Distributions and the fund's deregistration are scheduled for mid to late June 2026. The formal wind-down and defined per-unit returns create a liquidation-value floor and a catalyst to close the discount to net asset value.

Jindalee Lithium Limited (JLL.AX) announced that US Elemental Inc. filed an S-4 registration statement with the SEC for a business combination with Constellation Acquisition Corp. I. Under the definitive agreement, Jindalee Lithium will contribute its U.S. assets, including the McDermitt Lithium Project, and retain a stake of more than 80 percent in US Elemental. The combined company is expected to list on the NASDAQ under the ticker ULIT with a planned US$20-30 million PIPE supported by Jindalee’s A$8.4 million placement and an entitlement offer closing 12 June 2026. Completion of the transaction is targeted for H2 2026. This de-SPAC creates a NASDAQ-listed U.S. lithium vehicle controlled by an ASX-listed parent, offering a unique cross-market valuation arbitrage setup with a clear event path through the 80 percent plus retained ownership.

Paragon Care Limited (PGC.AX) projects a recovery of $11.7 million to $15.8 million from the administration of Infinity Retail Pharmacy Group, which commenced in December 2025. This guidance represents a 24% to 32.5% recovery of a total $48.6 million exposure that was fully provisioned in H1 FY26. The company has already secured a $3.4 million cash recovery from the Australian Taxation Office for GST paid on the Infinity receivable. Paragon Care also holds unenforced guarantees from Infinity’s owners and directors. The partial recovery estimate turns a fully-provisioned receivable into a tangible cash inflow, which is material relative to the company’s $95 million to $100 million underlying EBITDA guidance.

5E Advanced Materials (5EA.AX) CDIs were suspended from ASX quotation at the close of trading on May 26, 2026, as part of a voluntary delisting process. Final removal from the official list is expected on May 29, 2026, while the company’s primary listing remains on the Nasdaq under the ticker FEAM. 5E Advanced Materials produces boron and lithium advanced materials for energy transition applications including permanent magnets and batteries. This delisting removes a secondary trading venue to concentrate liquidity on the Nasdaq, and holders of ASX-listed CDIs must sell or convert positions before the May 29 removal date to avoid holding an unlisted instrument.

Sequoia Financial Group Limited (SEQ.AX) deferred its interim dividend payment to 3 June 2026 from 15 May 2026, citing uncertainty regarding the InterPrac sale agreement status. Sequoia notified the purchaser on 1 May 2026 that it had terminated the Share Sale Agreement for the proposed disposal of InterPrac, though the purchaser is currently disputing the termination. ASIC has requested that the parties confirm the agreement's status by 18 May 2026 or seek court declarations on the purported termination. The Federal Court adjourned a case management hearing regarding the dispute to 29 May 2026. The contested termination of the divestiture creates a binary outcome where the deal either resurrects or Sequoia retains InterPrac.