The funds management team from Wilson Asset Management have outlined why they see a few ASX small-cap shares as compelling opportunities right now.

The two names in this article that WAM highlighted were among the top 20 holdings of the WAM Active Ltd (ASX: WAA) portfolio, a listed investment company (LIC) that seeks to identify mispricing opportunities in the Australian market.

Let’s look at why the following businesses appealed to WAM.

Forrestania Resources Ltd (ASX: FRS)

The first business WAM mentioned was Forrestania Resources, a Perth-based resource exploration company that’s targeting gold, lithium, nickel and copper deposits. It’s searching for these resources largely in Western Australia’s Eastern Goldfields, Forrestania and Southern Cross greenstone belts.

WAM noted that the company is led by executive chair David Geraghty, who has spent 30 years in the resources sector, including 21 years at Mineral Resources Ltd (ASX: MIN), where he played a key role in its breakout success.

Last month, Forrestania Resources executed a binding purchase agreement with Westgold Resources Ltd (ASX: WGX) to monetise ore stockpiles of up to $38 million in gross revenue, with first funds expected in the third quarter of 2026.

The fund manager said the agreement effectively transitions the ASX small-cap share from a developer to a producer, which is typically a major valuation catalyst.

WAM noted that the Lake Johnston mill project is fully funded and, based on current resources, is expected to support several years of production at a low cost. At the current resource prices, this is expected to generate “significant free cash flow relative to the company’s current market capitalisation of over $600 million”.

The fund manager also noted that the company is assessing additional tenement opportunities, having flagged interest in the Edna Gold Mine, owned by Ramelius Resources Ltd (ASX: RMS).

EchoIQ Ltd (ASX: EIQ)

The other ASX small-cap share that WAM highlighted was EchoIQ, which the fund manager described as an Australian medical technology company focused on improving decision-making in cardiology. It operates an AI-driven software platform.

Its flagship EchoSolv platform harnesses proprietary AI to scan echocardiogram reports and dramatically improve detection of structural heart disease, starting with severe aortic stenosis (AS) and now expanding into heart failure (HF) and beyond.

In December, Echo IQ formally lodged its US Food and Drug Administration (FDA) submission for EchoSolv HF after a standout clinical validation study with Mayo Clinic, with a decision expected in March or April.

WAM said that clearance would significantly expand the ASX small-cap share’s US addressable market, with heart failure as the leading cause of rehospitalisation and accounting for 17% of total US healthcare spending.

The fund manager said that industry sources confirm Echo IQ’s technology is market-leading, positioning the company for rapid US penetration.

Strategic partnerships remain a near-term catalyst, according to WAM, with active interest from multiple parties, while there is also potential to improve existing reimbursement rates for severe aortic stenosis.

The post 2 exciting ASX small-cap shares this fund manager thinks are buys appeared first on The Motley Fool Australia.

More reading

• The best ASX ETFs to buy for building wealth in 2026 and beyond
• Here are the top 10 ASX 200 shares today
• Should you buy Magellan shares before the Barrenjoey merger?
• Ord Minnett names 2 ASX 200 shares to accumulate with 10% and 20% upside
• 2 ASX mining shares with 60% to 100% potential upside: experts

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Exchange traded funds (ETFs) can be a simple way to build long-term wealth.

That’s because they allow investors to gain exposure to a diversified portfolio of stocks through a single investment. This can help reduce risk while still capturing the growth of global markets and major industries.

But which funds could be worth considering?

Listed below are three ASX ETFs that could be worth considering to help build wealth in 2026 and over the long term.

iShares S&P 500 ETF (ASX: IVV)

One of the most popular ETFs for long-term investors is the iShares S&P 500 ETF.

This fund tracks the performance of the S&P 500 index, giving investors exposure to 500 of the largest companies listed in the United States. Many of these businesses dominate their industries and generate significant global revenue.

For example, one major holding is Apple (NASDAQ: AAPL), the technology giant behind the iPhone, MacBook, and a rapidly growing services ecosystem. Another key constituent is Microsoft (NASDAQ: MSFT), which earns billions from its Windows software, cloud computing platform Azure, and productivity tools like Office.

The ETF also holds NVIDIA (NASDAQ: NVDA), a semiconductor company whose chips are widely used in artificial intelligence, data centres, and high-performance computing.

With exposure to many of the world’s most powerful companies, this fund could be a strong core building block for a long-term portfolio.

BetaShares Asia Technology Tigers ETF (ASX: ASIA)

Another ETF that could be worth considering is the BetaShares Asia Technology Tigers ETF.

This fund focuses on leading technology companies across Asia, providing exposure to fast-growing digital economies such as China, South Korea, and Taiwan.

One of its largest holdings is Taiwan Semiconductor Manufacturing Company (NYSE: TSM). The company manufactures advanced semiconductors that power everything from smartphones to artificial intelligence systems and is a critical supplier to many global technology firms.

Another major position is Tencent Holdings (SEHK: 700), a Chinese technology giant with businesses spanning gaming, social media, digital payments, and cloud services.

The ETF also includes Alibaba Group (NYSE: BABA), one of the world’s largest ecommerce platforms, which also operates a rapidly expanding cloud computing division.

By focusing on Asia’s leading technology businesses, the fund offers exposure to companies benefiting from rising digital adoption across the region.

BetaShares Global Cash Flow Kings ETF (ASX: CFLO)

A final ETF to look at is the BetaShares Global Cash Flow Kings ETF.

This fund invests in global companies that generate strong free cash flow. Businesses with high cash generation often have greater financial flexibility, which can support reinvestment, dividends, and share buybacks.

One of its holdings is Johnson & Johnson (NYSE: JNJ), a global healthcare company that sells pharmaceuticals, medical devices, and consumer health products.

Another example is ASML Holding (NASDAQ: ASML), a semiconductor equipment leader supplying advanced chipmaking machines.

The ETF also includes Alphabet (NASDAQ: GOOG). It is the parent company of Google, which generates most of its revenue from digital advertising and cloud services.

By focusing on companies with strong and reliable cash generation, this ASX ETF aims to provide exposure to businesses with durable and profitable operations. This fund was recently recommended by analysts at Betashares.

The post The best ASX ETFs to buy for building wealth in 2026 and beyond appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Betashares Capital – Asia Technology Tigers Etf. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ASML, Alphabet, Apple, Microsoft, Nvidia, Taiwan Semiconductor Manufacturing, Tencent, and iShares S&P 500 ETF and is short shares of Apple. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Alibaba Group and Johnson & Johnson. The Motley Fool Australia has recommended ASML, Alphabet, Apple, Microsoft, Nvidia, and iShares S&P 500 ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The S&P/ASX 200 Index (ASX: XJO) was thrust back into negative territory this Thursday, and decisively so, throwing off the optimistic recovery we had been witnessing for much of this week.

By the time the markets closed today, the ASX 200 had dropped a nasty 1.31%, leaving the index at a flat 8,629 points.

This rather horrid day for Australian shares follows a more temperate morning up on Wall Street.

The Dow Jones Industrial Average Index (DJX: .DJI) was punished, but by a relatively tamer 0.61%.

The tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) fared far better, recording a modest rise of 0.084%.

But let’s return to the local markets now for an analysis of how the different ASX sectors fared amid today’s tough trading conditions.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Telix Pharmaceuticals. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Lynas Rare Earths Ltd. The Motley Fool Australia has recommended Telix Pharmaceuticals. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Magellan Financial Group Ltd (ASX: MFG) share price closed at $9.79, down 3.45%, on Thursday.

Magellan shares have surged since the investment manager announced its proposed merger with Barrenjoey Capital Partners.

The deal values the young investment bank at $1.62 billion.

Magellan was an early backer of Barrenjoey, which launched in 2020 under former UBS bankers Matthew Grounds and Guy Fowler OAM.

Barrenjoey’s current and founding CEO, Brian Benari, was CEO of Challenger Ltd (ASX: CGF) for seven years before joining the start-up.

Magellan owns 36% of Barrenjoey and will pay $903 million for the rest of the company through the issuance of new Magellan shares.

Last week, Magellan completed a $130 million institutional capital raise to help fund the merger.

As we reported, one of Australia’s most successful families was among the participants.

The Lowy family, founder of the Westfield retail empire, invested just over $79 million to take a 5.1% stake in the new entity.

Steven Lowy told the Australian Financial Review (AFR) that they viewed the merged company as “a sound long-term investment”.

Should you buy Magellan shares?

Magellan opened a $20 million Share Purchase Plan (SPP) for ordinary investors today.

Magellan shareholders can apply for up to $30,000 worth of new Magellan shares at $8.45 apiece.

That’s a 13% discount on today’s closing Magellan share price, but bear in mind it has risen 15% since the merger was announced.

The SPP will close at 5pm (Sydney time) on Wednesday, 25 March. Shareholders will vote on the merger on 10 April.

The Magellan board unanimously recommends that investors vote in favour of the deal.

If you don’t already own Magellan shares, you are not eligible to participate in the SPP.

What do the experts think of the deal?

If you are considering buying Magellan shares, via the SPP or on-market, you might be interested in some expert opinions.

Since the merger was announced, CLSA has upgraded its rating on Magellan shares to outperform.

The broker has also increased its 12-month share price target on Magellan from $9.60 to $12.

CLSA analyst Richard Amland said (courtesy AFR):

We think [the transaction] could compare favourably with a young Macquarie Bank.

Amland is not the only analyst to compare Barrenjoey with Australia’s largest listed investment bank.

In a note to clients, Morgan Stanley analyst Andrei Stadnik said the merger set Magellan up “to create a Macquarie-like growth story”.

Morgan Stanley has upgraded Magellan shares to a hold rating and increased its target from $8.10 to $9.20.

Stadnik discussed Barrenjoey’s sharply rising revenue and said he forecasts earnings growth of 92% in FY26 and 24% in FY27.

The analyst commented:

While growth has been broad-based, opportunities in fixed income from US swap dealing and the opening of its Abu Dhabi office to service European Union clients will continue to support growth.

JP Morgan also upgraded Magellan to a hold rating with a $9 share price target.

Macquarie itself maintained a hold rating on Magellan and increased its target from $8.30 to $8.65.

UBS was critical of the deal and reiterated its hold rating on Magellan shares with a 12-month target of $9.90.

In a note to clients, UBS analysts said:

We are surprised the board is supportive of what appear to be relatively unattractive deal terms for Magellan Financial Group.

They added:

The strategic rationale appears limited.

The post Should you buy Magellan shares before the Barrenjoey merger? appeared first on The Motley Fool Australia.

More reading

• Lowy family buys into Magellan after merger news pushes share price 25% higher
• Here are the top 10 ASX 200 shares today
• 7 ASX 200 stocks racing higher in this week’s sinking market
• Here are the top 10 ASX 200 shares today
• Why is the Magellan share price up 10% today?

JPMorgan Chase is an advertising partner of Motley Fool Money. Motley Fool contributor Bronwyn Allen has positions in Magellan Financial Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended JPMorgan Chase and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Challenger. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The team at Ord Minnett has been busy running the rule over a number of ASX 200 shares.

Two that have been given accumulate ratings and price targets offering plenty of upside are named below. Here’s what you need to know:

Tabcorp Holdings Ltd (ASX: TAH)

Ord Minnett was pleased with this gambling company’s half-year results, highlighting that its EBITDA was “comfortably ahead of market and Ord Minnett expectations.”

It notes that this was spurred by “strong revenue growth and lower-than-forecast operating costs that drove wider earnings margins than anticipated.”

In response, the broker has put an accumulate rating and $1.17 price target on its shares. Based on its current share price, this implies potential upside of approximately 22%.

Commenting on the ASX 200 share, the broker said:

The tight rein on costs positions has provided Tabcorp with plenty of operational leverage, and we now model a 3% increase in EBITDA for every 1% increase in wagering revenue. Post the result, we have cut our EPS estimates by 3.6%, 6.3% and 8.2% for FY26, FY27 and FY28, respectively.

We highlight the scale of these changes are exaggerated by the law of small numbers, with our forecasts still implying a compound annual growth rate (CAGR) in EPS of more than 20% over the forecast horizon. ‍ We raise our target price on Tabcorp to $1.17 from $1.02, while we trim our recommendation to Accumulate from Buy on valuation grounds.

Woolworths Group Ltd (ASX: WOW)

Another ASX 200 share that Ord Minnett has been looking at is supermarket giant Woolworths.

Like Tabcorp, it delivered a result that was stronger than expected during the first half. It notes that Woolworths’ “earnings and an interim dividend [were] ahead of Ord Minnett and market expectations and lifted guidance for full-year earnings growth from its dominant Australian food business.”

Ord Minnett responded by putting an accumulate rating and $39.00 price target on its shares. Based on the current Woolworths share price, this implies potential upside of 10% for investors over the next 12 months.

The broker commented:

Group cost control over the period impressed – growth in operating expenses was just 2% in the half, down from the mid-to-high single-digit rates seen in recent years. Post the result, we have raised our EPS estimates by 6.3%, 5.1% and 6.1% for FY26, FY27 and FY28, respectively, to incorporate actuals and our view that Woolworths will maintain its market share versus arch-rival Coles (COL), which has made the running for several years now. This outlook leads us to raise our target price on Woolworths to $39.00 from $33.00, although valuation means we trim our recommendation to Accumulate from Buy.

The post Ord Minnett names 2 ASX 200 shares to accumulate with 10% and 20% upside appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has positions in Woolworths Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Woolworths Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The S&P/ASX 200 Index (ASX: XJO) is sinking lower in afternoon trade on Thursday. At the time of writing, the index is down 1.61% for the day. It’s now also 1.44% lower for the year to date.

While some ASX sectors have rallied in 2026 to date, as geopolitical uncertainty and demand for defence systems push energy shares and bank stocks higher, other areas of the index are falling behind.

The S&P/ASX 200 Real Estate Index (ASX: XRE) is 2.6% lower for the day, at the time of writing, and has dropped 15.17% lower for the year to date as major real estate giants struggle to hold onto their value.

Goodman Group (ASX: GMG) shares have tumbled 14.99% in 2026, to $26.20 a piece.

Scentre Group (ASX: SCG) shares have fallen 17.38% to $3.50, at the time of writing.

Stockland Corporation Ltd (ASX: SGP) shares have tumbled 19.22% to $4.65 a piece.

Why are ASX 200 real estate shares sinking this year?

Concerns about Australia’s interest rate direction, high borrowing costs, and overall investor uncertainty have weighed heavily on sentiment this year. 

There is broad weakness across the property sector, and the dent in confidence has flowed through to the latest earnings results.

Goodman posted a 1.5% decline in operating profit to $1.2 billion and an 8.3% decline in operating earnings per share (OEPS) to 58.5 cents for the six months ending 31st December. Analysts were expecting an upgrade to its FY26 guidance, but it was left unchanged. Investors were spooked, and the share price sank 7%.

Scentre Group posted a 4.9% rise in its funds from operations (FFO) last month and confirmed customer visitation had climbed. The 2025 results represent the company’s fifth consecutive year of earnings and distributions growth, and management is targeting another 4% FFO growth in 2026. But it wasn’t enough to convince investors, who were a little deflated from the announcement. 

Stockland also posted a strong first-half FY26 result with profit up 19% and FFO up 29.5%. The company said it expects development earnings and cash flow to be “materially weighted” to the second half of FY26 as more settlement receipts flow through. Again, it wasn’t enough to shift investors’ sentiment. The shares dipped near their 52-week low earlier this month after the company unveiled a new data centre joint venture. Investors are cautious about balancing this new venture with core operations amid a soft market.

What’s next for the three real estate majors?

Analysts are upbeat about the outlook for these ASX 200 real estate shares over the next 12 months.

For Goodman, 11 out of 13 analysts have a buy or strong buy rating on its shares, with a maximum target price of $41.50. That implies a 58.43% upside from the share price at the time of writing.

Most (seven out of 12) have a hold rating on Scentre Group shares, and another five have a strong buy rating. The experts think the stock could soar as high as 34.76% to $4.71 in the next year.

Analysts are bullish about the outlook for Stockland shares, too. Out of 10 analysts, seven have a buy or strong buy rating. The maximum $6.60 target price implies a potential 42.09% upside at the time of writing.

The post Goodman, Scentre Group, Stockland: Why are ASX 200 real estate stocks tumbling in 2026? appeared first on The Motley Fool Australia.

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Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goodman Group. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 300 Metal & Mining Index (ASX: XMM) shares are 2.1% lower on Thursday but up 48% over the past 12 months.

Australia appears to be in a new mining boom, however, experts say this one will look very different to the last.

If you’re looking for investment inspiration, here are two ASX mining shares that brokers rate a buy today.

Torque Metals Ltd (ASX: TOR)

This ASX gold mining share is 48 cents apiece, down 4% today and up 433% over the past 12 months.

Torque Metals has been developing the Paris Gold Project in Western Australia’s goldfields region since acquiring it in 2021.

The Mineral Resource Estimate (MRE) is 2,518Kt at 3.1g/t gold for 250,000 ounces. 

This week, Torque announced that three former Spartan Resources executives will join its new management team.

Ramelius Resources Ltd (ASX: RMS) acquired Spartan Resources in July last year.

The incoming executives at Torque Metals are Simon Lawson, who will be the non-executive chair, Craig Jones, who will be the CEO and managing director, and David Coyne, who will serve as a non-executive director.

Morgans issued a new note on the ASX gold mining share today.

The broker maintained its speculative buy rating on Torque Metals with a 12-month share price target of 90 cents.

This implies a potential 100% capital gain over the next year.

Morgans said:

The Spartan Resources team has joined Torque Metals, positioning the company to drive the next phase of high-grade growth at the 250koz Paris Gold Camp.

This is the same group who discovered and grew the Never Never and Pepper deposits from 303koz to 2,372koz Au in less than two years, ultimately transacting to RMS for A$2.5bn.

Check out some 2026 gold price forecasts here.

Nickel Industries Ltd (ASX: NIC)

The Nickel Industries share price is 90 cents on Thursday, down 3% today but up 37% over the past year.

Nickel Industries owns a portfolio of nickel mines and processing plants in Indonesia.

This week, Bell Potter retained its buy rating on this ASX nickel mining share with a $1.45 target.

This suggests a possible 61% share price lift over the next year.

Bell Potter said:

While the conflict in the Middle East is resulting in an immediate market impact to key input costs and the duration is uncertain, Bell Potter’s view is that while margins may be impacted, NIC is insulated due to its diversified nickel product suite.

The post 2 ASX mining shares with 60% to 100% potential upside: experts appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Lovisa Holdings Ltd (ASX: LOV) shares have tumbled 8.74% to $20.405 in afternoon trade on Thursday. The drop means the consumer stock is now 29.58% lower over the month and 14.35% below where it was this time last year.

What has happened to the ASX 200 stock’s share price?

There hasn’t been any price-sensitive news out of Lovisa this recently to explain the share price tumble today. 

But the company is facing an overall dip in confidence following its half-year FY26 announcement last month. The announcement raised concerns about the company’s earnings and raised a red flag about its sales momentum.

Lovisa posted a revenue increase of 23.3% to $500.7 million, with comparable store sales up 2.2%. Its underlying net profit came in at $69.6 million, up 21.5%, while the net profit including one-offs was $58.4 million. Lovisa also raised its interim dividend to 53 cents, 50% franked, up from 50 cents.

The ASX 200 company’s profit result missed analysts’ expectations by a wide margin. Markets estimated that Lovisa would report a net profit of $68.1 million for the six-month period.

The share price has now crashed over 33% since the announcement.

Despite the share price drop this year, Lovisa shares have performed very strongly over the past five years. It’s possible that after a 12% hike between the beginning of January and mid-February this year, investors have decided it’s time to take their profits off the table.

Can the share price recover?

Analysts seem to think so.

After the heavy pull back, some brokers think that the company’s expansion plans and robust revenue growth implies we could see much more from the jewellery retailer this year.

Lovisa is steadily increasing its global footprint, pushing further into North American and European markets. At the same time it has managed to maintain strong momentum in established markets. Lovia’s store rollouts are central to its growth strategy, and management has now demonstrated that it is able to execute growth across various regions. 

While its latest results were a miss versus market expectations, it’s worth noting that the company has still been able to lift revenue during the first half of FY26, even despite broad retail sector weakness. 

TradingView data shows that analyst sentiment about the outlook for Lovisa shares is mixed, but they all appear to agree that the current trading price is below fair value.

Out of 16 analysts, seven have a buy or strong buy rating on the stock, and another eight have a hold rating. The average target price is $30.85 a piece, which implies a 50.22% upside at the time of writing.

But others are more bullish. The team at Morgans have a buy rating and $36.80 target price on the stock, which implies a 79.21% upside at the time of writing.

The broker said its result was ahead of its expectations, driven by store network growth and strong gross margins. The team see the pull back in share price as a buying opportunity at 23x FY27 price-to-earnings.

The post Why is this ASX 200 stock crashing 9% today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Lovisa. The Motley Fool Australia has recommended Lovisa. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The WA1 Resources Ltd (ASX: WA1) share price is under heavy pressure on Thursday.

At the time of writing, the WA1 share price is down 8.33% to $14.31. The stock has also had a difficult start to the year and is now down roughly 27% since January.

Despite the pullback, the company still commands a market capitalisation of around $1.07 billion. It also remains one of the more closely watched exploration stocks on the ASX.

Here’s what the company announced to the market today.

Half-year loss grows as spending ramps up

WA1 released its interim financial report for the 6 months to 31 December 2025.

The company reported a loss after income tax of $2.35 million for the period. This compares with a loss of $1.41 million in the prior corresponding period.

The increase in losses reflects ongoing spending across exploration, project development, and corporate costs as WA1 continues advancing its flagship niobium discovery.

Exploration spending remains a major focus for the business as it works to better define the scale and economics of its Luni project.

Although the company remains loss-making, this is normal for exploration companies at this stage of development.

Cash position strengthens significantly

One big positive in the report is the company’s strengthened balance sheet.

WA1 ended the half-year with $138.5 million in cash and cash equivalents. This is a substantial increase from $72.8 million at 30 June 2025.

The improved cash position was largely supported by a capital raise during the period. In August last year, the company completed a placement that raised approximately $100 million from investors.

This funding gives WA1 a sizeable financial runway to continue drilling, resource definition, and development studies across its key projects.

Progress continues at the Luni niobium project

WA1 is continuing to focus most of its efforts on the Luni niobium project in Western Australia.

The discovery has attracted attention and is widely seen as one of the most significant niobium finds in recent years.

During the half-year, WA1 continued drilling across the project to better understand the deposit’s size, grade, and overall potential. Much of the drilling targeted areas are believed to contain higher-grade material.

WA1 also released an updated mineral resource estimate (MRE) for the project, confirming the scale of the discovery.

The deposit currently contains 220 million tonnes of ore grading 1% niobium oxide, including a higher-grade portion of 53 million tonnes grading 2.2%.

The company has also been carrying out metallurgical test work. This process helps determine how the metal can be extracted from the ore and processed into products.

Early test results suggest the project could produce high purity niobium oxide and ferro niobium. These materials are commonly used to strengthen steel and produce special alloys.

What next for WA1?

WA1’s strong cash position means it is well funded to continue drilling and advancing studies at the Luni project.

However, after the stock surged in recent years, investors may now be reassessing expectations around development timelines and the project’s long-term economics.

That could help explain why the WA1 share price has pulled back in 2026.

The post This $1 billion ASX explorer just dropped 8%. Here’s what happened appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

S&P/ASX 200 Index (ASX: XJO) superstars like Droneshield Ltd (ASX: DRO) and Lynas Rare Earths Ltd (ASX: LYC) have seen their share price rocket over the past year. Committed investors could now have 200-300 times the value of any stock bought 12 months ago.

The returns are impressive. But there are some much smaller, little-known ASX shares with 12-month returns that are significantly higher.

And they’re earning their investors an outrageous amount of money.

Sunrise Energy Metals Ltd (ASX: SRL)

Sunrise develops and applies ion-exchange technology for the extraction of valuable metals. It does this for the mining industry and for wastewater purification and recycling. 

Its water business segment focuses on water technologies to filter, separate, and purify polluted waters for drinking, agriculture, recreation, and industrial use. Meanwhile, its metals segment provides extraction techniques for a range of resources, including base and precious metals, as well as radioactive elements such as uranium. 

Last month, the company announced that its Syerston scandium deposit is currently the world’s largest and highest-grade source of mineable scandium.

At the time of writing, the company’s ASX share price is 10.57% higher for the year to date. But it’s an outstanding 3,516.67% higher than this time 12 months ago. 

The company has good growth prospects, too. Scandium, which is used in aerospace alloys, fuel cells, and advanced electronics, has a very limited global supply. If Sunrise is able to ramp up production at its Syerston site, it could well become a major global supplier. At present, the company is largely in its development stage.

African Gold Ltd (ASX: A1G)

African Gold is an exploration company focused on acquiring, exploring, and developing high-grade gold assets in West Africa. It focuses specifically on the Côte d’Ivoire and Mali. 

The miner is focused on drilling and growing its resources. It also undertakes technical studies at projects like the Didievi Gold Project.

At the time of writing, the company’s shares have jumped 39.39% for the year to date. They’re also up an extraordinary 1,433.33% over the past 12 months.

African Gold recently announced it has entered into a binding scheme implementation deed with Canadian-based gold miner, Montage Gold Corp (TSE: MAU). Under the agreement, Montage will acquire 100% of the shares in the ASX gold stock that it does not already hold. In exchange, African Gold shareholders will receive 0.0628 new Montage shares for every African Gold share held on the record date of the share scheme.

The company is firmly focused on growth with plans to expand and ramp up exploration at its existing projects.

Elsight Ltd (ASX: ELS)

Elsight develops and commercialises a secure, AI-powered connectivity platform for unmanned aerial vehicles (UAVs), drones, and robotic systems, called Halo. 

Its technology enables uninterrupted, real-time command and control. It does this by aggregating multiple data links (using 5G, LTE, satellite, RF) for Beyond Visual Line of Sight (BVLOS) operations for defence, public safety, and commercial sectors.

Unsurprisingly, amid a ramp up demand for defence systems amid ongoing geopolitical tensions, the ASX defence stock’s value has soared. For the year to date, Elsight shares are already up 69.01%, and they’re a huge 1,600% higher than this time last year.

Elsight recently announced that it has appointed 5 senior business development leaders across key global markets. These include new appointments in the United States, Europe, Israel, and Asia. Management said it is designed to expand the company’s go-to-market execution as demand for connectivity solutions in defence and unmanned systems programs grows.

The post 3 lesser-known ASX shares making investors an outrageous amount of money appeared first on The Motley Fool Australia.

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• Elsight shares climb on rising defence demand. Can the rally continue?
• These ASX defence stocks are rallying. Is it too late to buy?
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Motley Fool contributor Samantha Menzies has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield and is short shares of DroneShield. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Lynas Rare Earths Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.