Hot Stocks: Mount Gibson Iron, Noxopharm, Sun Silver

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Wall Street ended mixed overnight as inflation concerns and disappointing bank earnings weighed on investor sentiment. The Dow dropped 436 points, or nearly 1%, while the S&P 500 slipped 0.4%, retreating from an intraday record. In contrast, the Nasdaq gained 0.2% to notch another record close, boosted by a 4% jump in Nvidia after the chipmaker confirmed it would resume sales of its H20 AI chips to China. June CPI data showed headline inflation rising 0.3% for the month and 2.7% annually, its highest in four months, while core inflation rose 0.2%, slightly below expectations. Analysts warned that Trump’s newly announced 30% tariffs on EU and Mexican goods could fuel further price pressures in the months ahead.

Financial stocks underperformed despite several major banks beating earnings estimates. Wells Fargo fell more than 5% on weaker net interest guidance, BlackRock slid nearly 6% on a revenue miss, and JPMorgan dipped despite strong trading results. Citigroup bucked the trend, gaining over 3% on better-than-expected profit. Looking ahead, investors are cautious, with S&P 500 earnings growth forecast at just 4.3%, the weakest since late 2023.

What’s ahead in Australia

Australian shares are set to open lower, with ASX futures down 66 points or 0.8%.

Local focus today will be on earnings from Rio Tinto, Evolution Mining, and Amplitude Energy. Globally, attention turns to US producer price inflation, due at 10:30pm AEST.

Mount Gibson’s $50m acquisition of a 50% stake in the Central Tanami Gold Project

Mount Gibson Iron (ASX:MGX) has agreed to acquire Northern Star’s 50% stake in the Central Tanami Gold Project Joint Venture (CTPJV), along with surrounding exploration tenements, for A$50 million in cash. The CTPJV includes over 2,100 sqkm of tenements in the Northern Territory, a 1.6Moz JORC 2012 gold resource, and a non-operating 1.2Mtpa processing plant. The broader land package expands Mount Gibson’s footprint to over 5,700 sqkm in a proven gold province. The deal provides a near-term development opportunity, centred on the high-grade Groundrush deposit, and marks Mount Gibson’s entry into the gold sector as it looks to diversify beyond iron ore. Key conditions include FIRB approval and Tanami Gold’s right of first refusal. Completion is targeted by 31 March 2026.

Noxopharm’s first human dosing of SOF-SKN™ in autoimmune trial

Noxopharm (ASX:NOX) has dosed the first patient in its HERACLES trial, marking the first-in-human use of SOF-SKN™, a topical drug candidate targeting TLR7/8 for autoimmune diseases. The trial is initially focused on cutaneous lupus erythematosus, part of the US$3bn global lupus market, and is structured around four ascending dose cohorts. This milestone supports Noxopharm’s ambition to develop new treatments for autoimmune and inflammatory conditions and leverages Australia’s clinical trial infrastructure and tax incentives. CEO Dr Gisela Mautner highlighted the innovation behind the TLR7/8 inhibitor and its broader potential applications in diseases like psoriasis, rheumatoid arthritis, and even dementia.

Sun Silver confirms antimony grades at Maverick Springs above key US benchmark

Sun Silver (ASX:SS1) has confirmed broad antimony mineralisation at its Maverick Springs Project in Nevada, USA, with drillhole MR065 intersecting 66m at 0.12% Sb, including 1.5m at 1.74% Sb. These grades compare favourably with Perpetua Resources’ Stibnite Project, one of the US’s best-known antimony resources. The company is conducting a large-scale re-assay program on historical core, aiming to unlock the project’s multi-commodity potential alongside its existing 480Moz AgEq silver-gold resource. More results are expected in Q3 2025, with additional zones of mineralisation remaining open along strike and depth.