Hot Stocks: Lefroy Exploration, ikeGPS, Matrix Composites & Engineering

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Wall Street ended little changed on Monday as investors looked beyond a new US–EU trade deal and turned their attention to a packed week of economic events. The S&P 500 rose 0.02% to 6389.77 after briefly hitting a fresh intraday high, while the Dow dipped 0.14% and the Nasdaq gained 0.33% to notch another record close. President Trump confirmed an agreement to lower tariffs with the EU to 15%, warning that non-renegotiating countries could face a 15–20% baseline rate. However, markets remained largely unmoved, with focus shifting to the Federal Reserve’s policy meeting and a wave of corporate earnings.

The Fed is widely expected to hold rates steady but may hint at future cuts, particularly ahead of the September meeting. Meanwhile, over 150 S&P 500 companies are set to report this week, including tech heavyweights Meta, Microsoft, Apple and Amazon. Investors will be watching closely for AI-related commentary. Economic data will also be in focus, with the July jobs report due Friday, alongside earlier releases including job openings and private payrolls.

In Australia, the ASX is set to open weaker, with SPI futures down 60 points, or 0.7%, to 8606. The Australian dollar fell 0.7% to US65.21¢, while iron ore slid 2.6% to US$100.65 a tonne. Sandfire Resources is due to release quarterly results today, and across the Tasman, ANZ will publish its July business confidence survey.

Lefroy’s high-grade gold results at Lucky Strike
Lefroy Exploration (ASX:LEX) delivered strong assay results from its Lucky Strike gold project, with multiple high-grade, near-surface intercepts—such as 2m at 64.37g/t gold. These final results from Stage 1 grade control drilling confirm the resource model and support a mining start in late 2025. The program was fully funded by partner BML Ventures under a profit-share arrangement. Permitting is underway, and pit optimisation is scheduled for August. Lefroy is fully funded through FY26 and planning to advance its Mt Martin and Burns gold projects while exploring additional prospects across its 1Moz+ resource base.

ikeGPS accelerates subscription growth and product expansion
ikeGPS (ASX:IKE) reported strong subscription revenue growth in the first quarter of FY26, with an annualised exit run rate of NZ$16.6m, up 29% year-on-year. Total revenue for the quarter was NZ$6.4m (+12% YoY), and gross margin rose to 76% (from 70%). While FX movements and customer transitions affected sequential growth, the company reiterated guidance for ~35% platform subscription growth and EBITDA breakeven on a run-rate basis in H2 FY26. A fully underwritten A$18m placement was completed to fund growth and product development. The company is progressing with new subscription modules aimed at boosting productivity for North American utility and telecom clients.

Matrix wins $35m international subsea contract
Matrix Composites & Engineering (ASX:MCE) secured a new $35 million contract to supply subsea components to a major international energy project. Manufacturing will be handled at the company’s Henderson, WA facility, with production to begin in the December 2025 quarter and conclude by end-FY26. The deal reflects Matrix’s strength in the global subsea market and ongoing momentum. The company highlighted its ability to quickly scale and the strengthening outlook for subsea industry investment.