South32 Ltd (ASX: S32) shares have climbed around 1% on Wednesday to a fresh 52-week high of $5.26 a piece.

It’s been an incredible success story for the ASX mining stock over the past two months, with the shares flying 34% higher since mid-July alone. 

There have been several peaks and troughs, with the share price fluctuating anywhere between $2.55 in early September last year to today’s high of $5.24. But overall, South32 shares have been among the strongest performers on the ASX so far in 2026.

They’re now up 48% for the year to date and an enormous 101% higher than 12 months ago.

What is driving the latest share price rally?

Late last month, South32’s announced a substantial jump in its ore reserve estimate at its Sierra Gorda mine. The update extends the mine’s reserve life by another five years, to 2045.

The Sierra Gorda copper mine, in which South32 holds a 45% stake, is a large, open-pit operation in northern Chile. This major jump in ore reserves and resources comes after significant drilling to better define the orebody, providing more certainty over future production.

The announcement was shortly followed by South32’s standout FY26 earnings result. The miner posted a 1% increase in revenue from continuing operations, a 28% increase in EBITDA, and a 55% increase in underlying earnings.

The strong earnings result meant management was able to declare a final fully-franked dividend of 5.4 US cents per share for FY26. That’s almost double the miner’s final dividend for FY25 when it issued a final dividend of 2.6 US cents per share.

Investors were clearly thrilled with the rally of good news and many have rushed to snap up the shares.

What do brokers tip next for South32 shares?

Going forward, it looks like brokers are divided about where the shares could go next.

Market Index data shows the majority have a buy rating after a recent rally. The $5.12 average target price now implies a downside of around 3%.

On TradingView, sentiment is a little more mixed. Out of 13 analysts, six have a buy/strong buy rating and another six have a hold rating.

Again, the average target price of $5.26 implies the shares are now fully priced. 

The team at Morgans downgraded South32 shares to a hold after reviewing its FY26 numbers, and increased its price target to $4.90. The broker said it thinks the earnings upcycle is now reflected in the latest price. It also noted the stock has outperformed even the pure copper producers.

Elsewhere, RBC Capital recently upgraded South32 shares to a buy recommendation and raised its price target to $5.50.

The post South32 shares reach fresh 52-week high: Can they keep climbing? 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 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.

Shares in Echo IQ Ltd (ASX: EIQ) have fallen 48% to after the company failed in its bid to get US Food and Drug Administration (FDA) approval for its heart failure decision support software EchoSolv HF.

Company to regroup after knockback

The medical technology company said in a statement to the ASX that the FDA had issued a Not Substantially Equivalent determination for the application, rather than approving it for use by clinicians.

Echo shares fell as low as 47 cents, however have since rebounded slightly. At the time of writing, they are trading for 69.5 cents.

Echo IQ said it was now considering its options.

The company said:

Upon receipt of the FDA’s determination, Echo IQ, together with its US regulatory and legal advisors, its study partners, and independent statistical experts, has commenced a detailed review of the regulatory matters raised. The Company believes there is a pathway forward for clearance under the 510(k) route and intends to engage with the FDA to further clarify the matters identified in the determination and assess all administrative and regulatory options available to Echo IQ. This process will inform the most appropriate and efficient pathway to progress EchoSolv HF towards US regulatory clearance.

Echo IQ said it remained confident in the clinical rationale underpinning EchoSolv HF, “and the significant unmet clinical need in the identification of patients with heart failure”.

The company said it also planned to continue its broader US commercial strategy, which involved other products.

The company added:

This determination does not impact the FDA-cleared EchoSolv AS platform or its ongoing commercialisation in the US. Echo IQ will continue to advance its US commercial infrastructure, reimbursement pathway, customer pipeline and strategic relationships, providing a platform to support the future commercialisation of EchoSolv HF, subject to obtaining required regulatory clearance. In parallel, Echo IQ will continue to invest in its broader R&D pipeline, including the development of solutions targeting additional disease states and new clinical modalities.

Management to reassess the company’s position

Echo IQ Managing Director Dustin Haines said that while the company was disappointed in the decision, the determination provided the company with detailed feedback, which could be used to potentially take the program forward.

He added:

Our immediate priority is to understand the matters raised in full and determine the most efficient pathway forward. We remain confident in the underlying technology, the clinical rationale for EchoSolv HF and the significant opportunity to improve the identification of patients at risk of heart failure.

The company said it remained well-funded with more than $105 million in cash.

Broker Morgans recently had a speculative buy rating on Echo IQ with a price target of $1.85.

The post Why has this ASX biotech fallen nearly 50% today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Cameron England 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.

It has been an interesting morning for Austal Ltd (ASX: ASB) shareholders.

The shipbuilder entered a brief trading pause on Wednesday, which immediately had investors wondering what was coming.

And we didn’t have to wait long.

Austal shares are now up 6.44% to $4.63 after the company released an update on the future of its US business.

Let’s dive right in.

A new offer has landed

According to the release, Austal has received a non-binding proposal from Wildcat Infrastructure to buy Austal USA.

Wildcat has valued the business at between US$1.25 billion and US$1.35 billion on a cash-free, debt-free basis.

The proposal is subject to 4 weeks of due diligence, while Wildcat says it wants to keep the Austal brand and run the US business as a standalone platform.

Austal said its board and advisers will now consider the proposal.

And Wildcat isn’t the only one interested.

South Korea’s Hanwha, which already owns 19.9% of Austal, has offered between US$1.05 billion and US$1.2 billion for the US operations.

So, Wildcat has come in above Hanwha’s range at both ends.

The Australian puts the new proposal at roughly $1.73 billion to $1.87 billion.

Keep in mind, that’s a pretty big number when Austal’s entire market value is currently around $1.95 billion.

Why the US business is attracting interest

Austal’s latest results help explain why buyers are taking a closer look at the US operations.

Group revenue rose 11% to $2.03 billion in FY26, but the company still posted a $53.6 million net loss.

The US division was the main drag, recording an EBIT loss of $202.8 million after provisions linked to several loss-making contracts.

The Australasian business had a much better year.

Revenue climbed 49% to $650.7 million, while EBIT jumped 137% to a record $85.3 million.

So, if Austal does sell the US business, it could leave the group with a large amount of cash and a much stronger Australasian operation.

What happens next?

There is still plenty to play out from here.

Wildcat’s offer is non-binding and it still needs to complete due diligence, while Hanwha may decide to come back with a higher offer of its own.

But having another buyer interested puts Austal in a stronger position as it weighs up what to do with the US business.

Even after today’s rise, Austal shares are still down around 31% in 2026 and roughly 44% over the past year.

That makes the next few weeks worth watching.

The post Austal shares surge 6% as another bidder enters the race appeared first on The Motley Fool Australia.

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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.