Category: Stock Market

Woodside Energy Group Ltd (ASX: WDS) shares are under pressure on Friday following a major update from the energy giant.

At the time of writing, the Woodside share price is down 2.57% to $30.71.

The fall comes after the company revealed it has stepped in to block another energy group from buying into a major Australian gas project.

Woodside shares have still climbed around 31% in 2026, helped by rising oil prices amid the Middle East conflict.

Let’s take a closer look at the announcement.

Woodside blocks Inpex from entering Browse

According to the release, Woodside has exercised its pre-emption rights to acquire PetroChina‘s 10.67% interest in the Browse Joint Venture.

PetroChina had previously agreed to sell the stake to Japanese energy company Inpex. However, existing Browse partners were given the right to match the terms of that deal.

Woodside has now stepped in and will pay PetroChina US$225 million, which is around $320 million at the current exchange rate.

The company will also reimburse PetroChina for cash contributions made to the project since 30 June 2025.

A further US$175 million payment could be made if the Browse partners approve a final investment decision (FID) for the Brecknock, Calliance, and Torosa fields by 30 June 2032.

Including the potential payment, the total price could reach US$400 million, or about $570 million.

Of course, the acquisition remains subject to regulatory approvals and other conditions.

If no other partner exercises its pre-emption rights, Woodside’s stake in Browse will increase from 30.6% to 41.27%.

Why does Woodside want a bigger stake?

Browse is Australia’s largest undeveloped conventional gas resource and sits about 425 kilometres north of Broome.

The current plan is to send the offshore gas through a pipeline to the North West Shelf’s Karratha Gas Plant for processing.

This would provide a new supply as production from the existing North West Shelf fields declines.

Inpex operates the Ichthys LNG facility in Darwin and could have pushed for Browse gas to be processed in the Northern Territory instead of Western Australia.

By buying PetroChina’s interest, Woodside keeps Inpex out of the joint venture and gains more control over how the project is developed.

The purchase also gives Woodside greater exposure to the project’s potential production and cash flow if it eventually moves ahead.

Why are Woodside shares falling?

It appears that the market may simply be taking some money off the table after a strong run.

Woodside shares have climbed with oil prices this year, leaving expectations much higher than they were at the start of 2026.

Furthermore, Browse has not reached an FID and will require major spending, regulatory approvals, and support from the other joint venture partners.

While buying a bigger stake strengthens Woodside’s position, it also increases the company’s exposure to those costs and risks.

The post Woodside shares fall after a surprise $600 million move appeared first on The Motley Fool Australia.

More reading

• Woodside Energy lifts Browse JV stake under pre-emption deal
• Oil prices are back in focus. Here’s what that means for ASX energy shares
• 5 things to watch on the ASX 200 on Friday
• ASX 200 slips as oil shock puts investors on edge
• Why Lendlease, Meteoric Resources, Super Retail, and Woodside shares are rising today

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.

Magellan Financial Group Ltd (ASX: MFG) shares are ending the week in style.

In morning trade, the fund manager’s shares are up 6.5% to $9.64.

This even compares favourably to a booming S&P/ASX 200 Index (ASX: XJO), which is up 1.7% on Friday amid peace hopes in the Middle East.

Why are Magellan shares racing higher?

Investors have been buying the company’s shares after it released a major update on its proposed merger with Barrenjoey.

According to the release, the Australian Competition and Consumer Commission (ACCC) has determined that the merger between Magellan Financial Group and Barrenjoey Capital Partners may be put into effect.

It notes that the determination is unconditional and subject to the expiry of the statutory 14-day review period.

The ACCC explained:

The ACCC has determined that the Acquisition may be put into effect as it considers that the Acquisition is unlikely to have the effect of substantially lessening competition in any market. In reaching its decision, and based on the material before it, the ACCC makes the following findings.

The Parties do not compete closely in the supply of asset management services in Australia as they focus on different asset classes and client types. The market share aggregation in the supply of asset management services in Australia resulting from the Acquisition is estimated to be low. The Parties would likely continue to face competition from alternative suppliers of asset management services in Australia.

As a result, Magellan expects to complete the merger in early July.

Name change

Subject to completion of the merger, the Magellan board revealed that it intends to seek shareholder approval to change the company’s name from Magellan Financial Group Ltd to Barrenjoey Group Limited.

In addition, if approved, the company’s ASX ticker will be changed from MFG to BJY.

Commenting on the news, Magellan’s chair, Andrew Formica, said:

The ACCC’s clearance is a significant milestone in the completion of the Merger and brings us one step closer in our shared ambition to build one of Australia’s leading financial services businesses. MFG has built a recognised investment management franchise, supported by deep investment expertise and longstanding client relationships.

As we bring these two businesses together it is important that our brand reflects both the expanded capabilities of the combined Group and the opportunities ahead. The decision to adopt the Barrenjoey name recognises the transformational nature of the Merger and follows feedback from our clients, our people and our shareholders since announcement of the Merger. A unified brand will provide greater clarity while reflecting the innovative culture, alignment of interests and commitment to clients that will define the combined organisation.

The post Magellan shares race 6% higher on big merger news appeared first on The Motley Fool Australia.

More reading

• Magellan Financial Group shares: ACCC backs merger and rebrand plans
• Three ASX shares with fresh buy recommendations to target this week

Motley Fool contributor James Mickleboro 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) gold stock Vault Minerals Ltd (ASX: VAU) is rocketing today.

Vault Minerals shares closed yesterday trading for $3.84. In early morning trade on Friday, shares are changing hands for $4.10 apiece, up 6.8%. That sees Vault commanding a market cap of around $4 billion.

For some context, the ASX 200 is up 1.6% at this same time amid renewed hopes for a US peace deal with Iran.

Here’s why Vault Minerals shares are charging ahead of those gains.

ASX 200 gold stock jumps on mine restart progress

Investors are bidding up Vault Minerals shares after the company announced that it has lodged a key regulatory permit to restart its Sugar Zone gold mine, located in the Canadian province of Ontario.

The ASX 200 gold stock said it submitted its fully certified Closure Plan Amendment (CPA) to the Ontario Ministry of Energy and Mines (MEM) following a formal invitation to do so.

Vault called the permit submission “a critical advancement in the regulatory pathway” for filing of the CPA for the Southern Tailings Management Facility (STMF). The company noted this supports its planned restart of underground development at the project in the first quarter of FY 2027 (Q1 FY 2027).

The miner is aiming to recommence processing and gold production at Sugar Zone in Q1 FY 2028.

Mining and processing activities were suspended at the mine in August 2023. Since then, the ASX 200 gold stock has completed an extensive drilling campaign of around 114,000 metres.

This exploration program culminated in an Ore Reserve of 2.3Mt at 5.4 g/t for 389,000 ounces of gold, and the addition of a third mining front at Sugar Zone South.

What did the local First Nations leadership say?

The ASX 200 gold stock said it was only able to lodge the permit following the successful completion of consultations with First Nations communities in the area.

Commenting on the planned restart of operations at the Sugar Zone gold mine, Netmizaaggamig Nishnaabeg chief Clyde Jacobs said, “Vault operates within Netmizaaggamig Nishnaabeg’s (NN) Aboriginal title lands and traditional territory.”

Jacobs added:

NN welcomes the completion of the Ministry’s technical review and supports the submission of the Sugar Zone Closure Plan Amendment as an important milestone toward the planned restart of operations.

NN is a strong voice who advocated for responsible development at Sugar Zone from the outset and appreciates Vault’s continued commitment to a respectful and mutually beneficial relationship grounded in environmental stewardship, meaningful employment and procurement opportunities, and long-term shared benefits on NN’s traditional lands.

The post Guess which $4 billion ASX 200 gold stock is rocketing today on big Canadian news appeared first on The Motley Fool Australia.

More reading

• Vault Minerals lodges key permit, on track for Sugar Zone restart
• Buying ASX 200 gold stocks? Here’s how Evolution Mining, Newmont and Northern Star shares stacked up in May
• Why ASX 200 gold stocks like Northern Star, Evolution Mining and Newmont shares look like bargain buys now
• 4 ASX 200 shares tipped to jump another 50% to 60%

Motley Fool contributor Bernd Struben 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.

There are a lot of ASX shares to choose from on the local market.

To narrow things down, let’s look at three that Morgans has recently recommended as buys.

Here’s what it is recommending to clients:

IDP Education Ltd (ASX: IEL)

Morgans recently upgraded this language testing and student placement company’s shares to a buy rating with a $3.15 price target.

Although it acknowledges that current trading conditions are tough, the broker remains positive on its long-term opportunity. As a result, it thinks now is a good time for patient investors to open a position. It said:

Visa data in IDP’s key destination markets remains in deep contraction, with AUS, CAD, and the UK all experiencing material volume and visa grant rate declines. Positively, IDP’s China IELTS is scaling quickly (13 test centres vs 5 at 1H26), the cost base reset is on track (A$25m net reduction), and the group continues to demonstrate pricing power across both IELTS and Student Placement (SP).

With structural demand drivers for international study intact, a leaner cost base, growing China optionality and ongoing technology/product development (Navi, FastLane, One Skill Retake), we are willing to look through the near-term backdrop on a cyclically depressed multiple. We upgrade to BUY, A$3.15ps PT.

Nick Scali Limited (ASX: NCK)

Another ASX share that Morgans is positive on is furniture retailer Nick Scali.

It has just initiated coverage on the company’s shares with a buy rating and $17.84 price target.

The broker believes its shares are good value, especially given its attractive growth opportunity in the UK market. It explains:

We initiate with a BUY and $17.84 PT on Nick Scali. We use an FY28 PER and DCF when setting our price target as we opt to look through near-term consumer weakness, with the current price providing an attractive entry point. High-quality retailer with a long track record. Nick Scali has delivered long-term EPS growth through disciplined store rollout, LFL growth, best-in-class margins, and operating leverage. Strong cash generation and balance sheet.

Structural negative working capital supports high cash conversion, while the low capital intensity of new store rollouts leaves ample cash flow for dividends and property purchases and/or growth ventures. Store rollout optionality. Further Plush and Nick Scali rollout in ANZ and the Nick Scali rollout opportunity in the UK provide an attractive growth leg.

Treasury Wine Estates Ltd (ASX: TWE)

A third ASX share that has been given the thumbs up by the team at Morgans is wine giant Treasury Wine.

It was positive on Treasury Wine’s investor day update and responded by reiterating its buy rating with a new price target of $5.95.

Commenting on the Penfolds owner, the broker said:

TWE’s Investor Day was the positive share price catalyst we were expecting. Solid depletions growth continues and the mid-point of FY26 EBITS guidance was slightly ahead of consensus estimates. Importantly, Ascent or TWE’s transformation program is expected to deliver sustainable, high-quality earnings growth and deleverage the balance sheet over the medium to long term.

We have upgraded our FY27 and FY28 forecasts. Given TWE’s low trading multiples and our belief that new management can deliver more acceptable returns over time, we reiterate our BUY recommendation with a new A$5.95 price target.

The post Morgans names 3 ASX shares to buy in June appeared first on The Motley Fool Australia.

More reading

• Buy, hold, sell: Nick Scali, Nyrada, Wesfarmers shares
• 5 things to watch on the ASX 200 on Friday
• Down 40%+! 2 cheap ASX shares I’d buy before the recovery becomes obvious
• Here are the top 10 ASX 200 shares today
• Why might Pro Medicus shares soon be under pressure?

Motley Fool contributor James Mickleboro has positions in Treasury Wine Estates. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Treasury Wine Estates. The Motley Fool Australia has positions in and has recommended Treasury Wine Estates. The Motley Fool Australia has recommended Nick Scali. 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 is in focus today after the company revealed ACCC approval for its merger with Barrenjoey Capital Partners and plans for a group-wide rebrand.

What did Magellan Financial Group report?

• The ACCC granted unconditional clearance for the Magellan-Barrenjoey merger.
• Merger completion is expected in early July, pending the 14-day review period.
• The board plans to seek shareholder approval to change the group’s name to Barrenjoey Group Limited at the 22 October 2026 AGM.
• Following approval, the ASX ticker will change from MFG to BJY.
• The group’s investment management brand will rebrand to Barrenjoey Investment Partners.

What else do investors need to know?

The combined group is expected to benefit from significantly more diversified earnings, extending across investment management, corporate finance, fixed income, and equities. Magellan’s board highlighted that a unified Barrenjoey brand will better reflect the group’s broadened capabilities and next phase of growth.

The proposed rebrand follows consultation with clients, staff, and shareholders after the merger announcement. If approved at the AGM, all branding and ticker updates should be completed soon after.

What did Magellan Financial Group management say?

MFG Chairman Andrew Formica commented:

The ACCC’s clearance is a significant milestone in the completion of the Merger and brings us one step closer in our shared ambition to build one of Australia’s leading financial services businesses.

MFG has built a recognised investment management franchise, supported by deep investment expertise and longstanding client relationships. As we bring these two businesses together it is important that our brand reflects both the expanded capabilities of the combined Group and the opportunities ahead.

The decision to adopt the Barrenjoey name recognises the transformational nature of the Merger and follows feedback from our clients, our people and our shareholders since announcement of the Merger. A unified brand will provide greater clarity while reflecting the innovative culture, alignment of interests and commitment to clients that will define the combined organisation.

What’s next for Magellan Financial Group?

Subject to statutory timing, the merger is set to complete in early July. Management’s attention will then shift to integrating teams and processes, supporting the expanded business across its new lines of operation. The group plans to seek shareholder approval for the rebrand at the October AGM, paving the way for the new Barrenjoey Group Limited to chart its next growth phase.

Magellan says the merged entity’s broader earnings base and refreshed brand should better position the group to compete in Australia’s dynamic financial services landscape.

Magellan Financial Group share price snapshot

Over the past 12 months, Magellan Financial Group shares have risen 8%, outperforming the S&P/ASX 200 Index (ASX: XJO) which has risen 2% over the same period.

View Original Announcement

The post Magellan Financial Group shares: ACCC backs merger and rebrand plans appeared first on The Motley Fool Australia.

More reading

• DigiCo Infrastructure REIT boosts liquidity via US sale and reaffirms FY26 earnings
• Woodside Energy lifts Browse JV stake under pre-emption deal
• Vault Minerals lodges key permit, on track for Sugar Zone restart
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Laura Stewart 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. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

The DigiCo Infrastructure REIT (ASX: DGT) share price is in focus today after announcing a conditional sale of its LAX1 and LAX2 data centre sites in Los Angeles, freeing up around $1 billion in liquidity and reaffirming FY26 underlying EBITDA guidance.

What did DigiCo Infrastructure REIT report?

• Agreed to sell LAX1 and LAX2 sites in Los Angeles at a price broadly in line with their acquisition cost
• Pro-forma available liquidity expected to increase to approximately $1.0 billion after completion of recent sales
• Proceeds will support investment in the SYD1 development in Sydney
• FY26 underlying EBITDA guidance maintained at $125 million
• Completion of the LAX sale is targeted for the first half of FY27, pending conditions

What else do investors need to know?

DigiCo says the LAX1 and LAX2 divestment aligns with its plan to recycle capital from non-core assets into higher-return projects. Plans are underway to move these funds into the SYD1 development, described as a core strategic initiative for the REIT. The LAX sale follows the already-flagged sale of the Chicago (CHI1) asset, further boosting available cash.

Completion of the sale is conditional upon standard closing requirements and is expected in the first half of FY27. Management affirmed that maintaining strong liquidity will support DigiCo’s development pipeline and long-term growth objectives.

What’s next for DigiCo Infrastructure REIT?

The REIT’s outlook remains steady, with underlying EBITDA guidance for FY26 reaffirmed despite the site disposals. Management has flagged a focus on recycling capital into high-return projects like SYD1, positioning DigiCo for potential growth in the data centre space.

Investors can expect updates on the SYD1 development as recycled capital is deployed and may see further portfolio optimisation as the group progresses its global growth and development mandates.

DigiCo Infrastructure REIT share price snapshot

Over the past 12 months, DigiCo Infrastructure REIT shares have declined 32%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 2% over the same period.

View Original Announcement

The post DigiCo Infrastructure REIT boosts liquidity via US sale and reaffirms FY26 earnings appeared first on The Motley Fool Australia.

More reading

• Magellan Financial Group shares: ACCC backs merger and rebrand plans
• Woodside Energy lifts Browse JV stake under pre-emption deal
• Vault Minerals lodges key permit, on track for Sugar Zone restart
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Laura Stewart 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. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

Elon Musk’s SpaceX (NASDAQ: SPCX) is preparing to make its stock market debut after completing the largest initial public offering (IPO) on record.

The rocket and satellite company has priced 555.6 million shares at US$135 each, raising US$75 billion and valuing the business at around US$1.77 trillion.

SpaceX shares are expected to begin trading on the Nasdaq on Friday in the United States, which will be late Friday night in Australia.

While everyday investors have rushed to take part, one of the biggest orders has come from the world’s largest asset manager.

Let’s dive right in.

BlackRock places a huge order

According to The Wall Street Journal, BlackRock Inc (NYSE: BLK) submitted an order for at least US$5 billion worth of SpaceX shares.

Other large asset managers reportedly placed similar orders, while sovereign wealth funds and wealthy family offices also joined the queue. One family office is said to have requested more than US$1 billion of stock.

In total, SpaceX received more than US$250 billion in demand, leaving the offer close to 4 times oversubscribed. That means not every order will be filled.

Nonetheless, BlackRock’s US$5 billion commitment will still attract significant attention. The company is the world’s largest asset manager, overseeing trillions of dollars in assets across shares, bonds, ETFs, and other investments for clients worldwide.

Australians pile into the IPO

Interest has also been strong closer to home.

The Australian reported that CommSec closed its books for the SpaceX IPO after receiving more than 30,000 applications.

Globally, retail buyers requested more than US$70 billion worth of shares, with at least 20% of the offer expected to go to individuals. That’s a much bigger allocation than is normally set aside for the public in a float of this size.

The rush also means many applicants are likely to receive fewer shares than they asked for, while some may miss out altogether.

Should investors follow BlackRock?

BlackRock’s involvement is a strong vote of confidence, but it doesn’t remove the risks attached to the valuation.

SpaceX generated US$18.7 billion in revenue during 2025, which means the company is being valued at almost 95 times last year’s sales. It’s also spending heavily across rockets, satellites, Starlink, and AI infrastructure.

Investors are therefore paying today for growth that may take years to arrive.

Heavy demand and a limited number of shares could still support the stock when trading begins. But BlackRock’s US$5 billion commitment isn’t enough reason on its own to buy.

SpaceX may have a strong long-term future, but at a valuation of US$1.77 trillion, the company will need to deliver on some very high expectations.

The post BlackRock just ordered US$5 billion of SpaceX shares. Should you follow? appeared first on The Motley Fool Australia.

More reading

• Guess which $4 billion ASX 200 gold stock is rocketing today on big Canadian news
• Morgans names 3 ASX shares to buy in June
• Magellan Financial Group shares: ACCC backs merger and rebrand plans
• DigiCo Infrastructure REIT boosts liquidity via US sale and reaffirms FY26 earnings
• Woodside Energy lifts Browse JV stake under pre-emption deal

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 positions in and has recommended BlackRock. 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.

The Woodside Energy Group Ltd (ASX: WDS) share price is in focus today after the company exercised its right to acquire a further 10.67% interest in the Browse Joint Venture for up to US$400 million, strengthening its position in Australia’s largest undeveloped conventional gas resource.

What did Woodside Energy report?

• Exercised pre-emption right to acquire a 10.67% interest in the Browse Joint Venture (BJV) from PetroChina
• Cash payment of US$225 million plus reimbursement of cash calls since June 2025
• Potential additional payment of US$175 million contingent on final investment decision by 30 June 2032
• Woodside’s equity in BJV lifts to 41.27%, if no other pre-emption exercised
• Acquisition subject to regulatory approvals and conditions precedent

What else do investors need to know?

Woodside’s move follows significant interest in the Browse resource, which can support production of up to 11.4 million tonnes of LNG, LPG, and domestic gas per year. This strategic purchase reflects both growing demand for LNG in the Asia Pacific region and the potential for new gas supplies into Western Australia.

The company believes its integrated interests in the Browse resource and North West Shelf infrastructure can drive strong returns for shareholders and provide long-term economic benefits for the nation. The deal closely matches the transaction terms previously agreed between PetroChina and INPEX Corporation.

What’s next for Woodside Energy?

Completion of this acquisition is still subject to standard regulatory approvals, and Woodside will continue working with Browse Joint Venture partners to progress the development. The company remains focused on advancing technical planning, commercial agreements, and securing the necessary approvals.

Woodside has emphasised that any final investment decision for Browse will be made within its disciplined capital allocation framework, keeping shareholder returns front of mind.

Woodside Energy share price snapshot

Over the past 12 months, Woodside shares have risen 34%, outperforming the S&P/ASX 200 Index (ASX: XJO), which has risen 2% over the same period.

View Original Announcement

The post Woodside Energy lifts Browse JV stake under pre-emption deal appeared first on The Motley Fool Australia.

More reading

• Magellan Financial Group shares: ACCC backs merger and rebrand plans
• DigiCo Infrastructure REIT boosts liquidity via US sale and reaffirms FY26 earnings
• Vault Minerals lodges key permit, on track for Sugar Zone restart
• Oil prices are back in focus. Here’s what that means for ASX energy shares
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Laura Stewart 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. This article was prepared with the assistance of Large Language Model (LLM) tools for the initial summary of the company announcement. Any content assisted by AI is subject to our robust human-in-the-loop quality control framework, involving thorough review, substantial editing, and fact-checking by our experienced writers and editors holding appropriate credentials. The Motley Fool Australia stands behind the work of our editorial team and takes ultimate responsibility for the content published by The Motley Fool Australia.

If you are hunting for outsized returns for your portfolio, it could be worth checking out the small-cap ASX share in this article.

It has just been recommended for investors with a high risk tolerance by analysts at Bell Potter, who are tipping massive upside over the next 12 months.

Which small-cap ASX share?

Bell Potter is bullish on Aurum Resources Ltd (ASX: AUE), which is a gold exploration and development company with an asset portfolio located in the West African country of Côte d’Ivoire.

The broker highlights that the small-cap ASX share’s flagship project is the 3.2Moz Boundiali Gold Project (BGP), where substantial, ongoing diamond drilling programs have defined large-scale mineralised systems with strong resource growth potential.

It also owns the 1.2Moz Napie Gold Project, which is the subject of ongoing resource extension drilling.

Bell Potter was pleased with the release of the Pre-Feasibility Study for the Boundiali Gold Project, which included a post-tax NPV of ~US$1.5 billion. It explains:

AUE has met a major project development and de-risking milestone with the completion and release of the Pre-Feasibility Study (PFS) for its Boundiali Gold Project (BGP) in northern Côte d’Ivoire. It outlines a maiden Ore Reserve Estimate of 42.1 Mt at 0.9 g/t Au for 1.21Moz, which supports a conventional open-pit mining operation producing 185kozpa (yrs 1-5) and ~140kozpa over 11-year LOM at average All-In-Sustaining-Costs of US$1,951/oz via a conventional 6.0Mtpa processing plant for pre-production CAPEX of US$342m. Key financial metrics calculated by AUE using consensus forecast mean gold price of US$4,076/oz include a post-tax NPV(5%) of ~ US$1.5 billion, an IRR of 119% and <1 year payback.

The broker believes this marks a major derisking milestone. It adds:

The PFS makes a compelling case for project development and marks a major derisking milestone. Compared with our in-house estimates, slightly lower grades and recoveries are more than offset by a higher mill throughput, gold production rates and lower capital costs. As it stands, Boundiali presents as an attractive development project, with recent Resource growth and confidence upgrades leaving substantial scope for further improvements to the project metrics ahead of completion of the Definitive Feasibility Study (DFS).

Huge potential returns

According to the note, Bell Potter has retained its speculative buy rating on the small-cap ASX share with an improved price target of $1.50 (from $1.30). Based on its current share price of 56 cents, this implies potential upside of 168% over the next 12 months.

Speaking about its investment thesis, the broker said:

AUE is one of the most successful gold exploration companies active in West Africa. Its management team has a demonstrated track record of discovery, Resource growth, project construction, development, operation and divestment. AUE is well funded, has outlined a compelling development project with exploration upside. It is strategically attractive, with Perseus Mining having joined the register. We retain our Speculative Buy rating and lift our valuation to $1.50/sh.

The post Meet the small-cap ASX share Bell Potter is tipping to rise 168% appeared first on The Motley Fool Australia.

More reading

• This ASX small-cap gold stock could surge 136% according to Bell Potter
• Up 44% in a year, ASX All Ords gold stock slips despite 330,000-ounce gold boost

Motley Fool contributor James Mickleboro 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.

Markets in 2026 have been a study in concentration. 

The Nasdaq Composite Index (NASDAQ: .IXIC) and the S&P 500 Index (SP: .INX) keep printing record highs, powered by the companies racing to build the artificial intelligence economy – chips, memory, data centres, and the cash-hungry giants spending big to win. 

Record-breaking listings are adding to the frenzy, with Elon Musk’s SpaceX (NASDAQ: SPCX) set to debut on the Nasdaq in what may be the largest initial public offering (IPO) in history.

Amid all that exuberance, one asset has been left behind.

Bitcoin (CRYPTO: BTC) is down more than 40% over the past 12 months and around 28% since the start of the year. It now trades near US$62,000, well below the record high of roughly US$126,000 set last spring. More than US$1 trillion in value has evaporated in eight months.

So what is going on?

Follow the liquidity

Bitcoin has a fixed supply. Only 21 million coins will ever exist, and that ceiling is hard-coded. When supply cannot move, price becomes a story about demand – and demand is really a story about where money is flowing.

Right now, capital is chasing momentum. The headlines belong to AI, semiconductors, memory, and mega-IPOs, and money tends to follow the loudest narrative. SpaceX’s listing alone is expected to soak up tens of billions of dollars in fresh capital. Every dollar committed to the next hot story is a dollar not parked in Bitcoin.

This matters because Bitcoin no longer trades in its own universe. Since spot Bitcoin ETFs arrived and large institutions gained easy access, the asset has behaved like any other risk play – rallying when liquidity is loose and sagging when it tightens. With markets now pricing in the possibility of higher-for-longer interest rates, the easy money that once lifted speculative assets is harder to find.

Bitcoin isn’t alone

If this were purely a crypto problem, you might expect everything else to be flying. It isn’t.

Gold and silver, the traditional safe havens, have also come off the boil after strong runs. And closer to home, plenty of quality smaller companies have drifted sideways or lower despite solid fundamentals underneath them. Good businesses are being ignored not because anything broke, but because attention – and capital – is pooling in a handful of crowded trades.

That is the story of 2026 so far. When liquidity converges on one theme, even sound assets can be starved of buyers. Price and value can part ways for a while.

None of this makes Bitcoin “safe”. It remains a speculative asset whose future hinges on unresolved questions – how regulators treat it, how central banks set policy, whether it earns lasting status as a store of value, and how widely it gets used as an alternative form of money. Those debates are far from settled.

Foolish Takeaway

It helps to remember Bitcoin’s character. Its history is a cycle of brutal drawdowns followed by recoveries that have, so far, climbed even higher than before. Falls of 50% or more are not new. They have happened repeatedly, and each time, the obituaries were written early.

That pattern is no guarantee. But it is a reminder that volatility is the toll Bitcoin charges, not necessarily a sign the journey has ended.

For now, the share market’s record-setting names are absorbing the oxygen, and Bitcoin is paying the price for being yesterday’s headline. Liquidity, though, is restless. It rotates. When the AI euphoria cools and attention broadens again, the assets left behind in 2026 may look very different in hindsight. Patient investors who understand what they own – and can stomach the swings – are usually the ones still standing when the cycle turns.

The post Why is the Bitcoin price down while shares hit highs? appeared first on The Motley Fool Australia.

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Motley Fool contributor Leigh Gant owns Bitcoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin. The Motley Fool Australia has positions in and has recommended Bitcoin. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.