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Material Matters: Lithium, Rare Earths & Gold

Commodities | 11:15 AM

A glance through the latest expert views and predictions about commodities: Boost to lithium demand; rare earths and selective floor pricing; global steel production; mid-tier gold picks.

  • Energy Storage Systems' demand boosts lithium pricing
  • Jury is out on selective floor pricing benefits for rare earths
  • Emerging Asia? ex-China the saviour for global steel?
  • Barenjoey’s mid-tier gold producer picks

By Mark Woodruff

ASX-listed lithium exposures are back in investors' sight

Lithium-Element-Symbol-From-Th-455464225

Impacts of Energy Storage Systems on lithium pricing

Canaccord Genuity believes the improving outlook for the lithium sector should continue to underpin equity performance and recommends investors reassess their exposure accordingly.

Having seen the trough for both spodumene and lithium chemicals prices in late June, and with Battery Energy Storage Systems (BESS) demand now outperforming expectations, the analysts believe the lithium market has shifted decisively into a fresh up-cycle.

The price of 6% lithium oxide spodumene concentrate (SC6) has increased 19% this month to US$1,155, driven by interest from the energy storage sector, Citi explains.

Canaccord also points to the restart of concentrate auctions by spodumene producers, interpreting this as evidence of strong inbound buying interest and possibly ongoing suspensions across Chinese lepidolite operations.

After updating its price deck and implementing model revisions, Canaccord’s price targets for lithium producers under research coverage have risen by circa 25% on average.

Morgan Stanley shares Canaccord’s optimism on lithium, noting demand for Energy Storage Systems (ESS) is accelerating in 2025 and shows no sign of slowing into 2026. ESS refers to battery-based units which store electricity, often from renewables, for use at a later time.

The market is overwhelmingly dominated by lithium iron phosphate (LFP) technology, which holds more than 90% share, notes the broker. Leading systems are now capable of delivering up to eight hours of storage.

This momentum is not only positive for lithium but also for aluminium and copper, explain the analysts, with all three commodities now facing tighter markets in the year ahead.

ESS shipments are already running ahead of installations as the market scales rapidly, helped by surging AI-driven electricity demand, rising renewable penetration, and evolving policy settings in China.

A Chinese policy change in June, which removed the mandate for new solar and wind projects to include battery storage, was expected to reduce BESS orders in the second half, yet orders have surged.

UBS explains the rapid emergence of intraday power-price spreads, driven by early market-based pricing reforms and a growing share of variable renewables, is encouraging BESS deployment to arbitrage these spreads.

Morgan Stanley now assumes 30% of new solar capacity added in China in 2025 will be paired with ESS, rising to 40% by 2030 from 20% in 2023.

This broker, however, questions the durability of current spot prices once idled supply returns and the demand pulled forward in EVs (ahead of expiring U.S. policy) and ESS (due to U.S. tariffs and inventory build-ups) unwinds.

Morgan Stanley analysts also flag uncertainty over China’s plan to scale back EV subsidies in 2026, noting EVs are no longer a strategic priority in Beijing's five-year plan, which could temper production and, in turn, lithium demand.

UBS observes momentum is also accelerating outside China, with Europe showing strong growth in project pipelines and order books across Germany, Spain and the Middle East, as well as in Australia and --believe it or not-- the US.

Regarding the US, the broker explains ESS uptake is being propelled by rising AI-related electricity demand and the broader expansion of renewable generation.

Chinese BESS suppliers have been shipping heavily into the US ahead of Foreign Entity of Concern rule changes next year.

Also, with AI hyperscalers seeking new sources of power, it’s noted many US states now view solar plus BESS or standalone BESS as the fastest route to adding new generation capacity.

Arguing faster demand growth brings forward the return to deficit conditions, Canaccord has lifted its lithium price forecasts by an average 38% for lithium chemicals and 73% for SC6 across 2026–29, incorporating expected cycle peaks in 2027 of US$25,000/t for chemicals and US$2,250/t for SC6.

More than 330GWh of BESS capacity is now expected to be installed in 2025, a 220% upgrade on prior estimate.

Canaccord research suggests annual BESS additions could approach 800GWh by the 2030s, underpinned by a -43% decline in lithium-ion battery costs since 2022 and a rapid expansion of renewable-energy capacity.

Government incentives, along with growing needs for grid optimisation, system stability and backup power for AI-driven data centres, are expected to reinforce this growth.

Although the broker’s EV sales growth forecasts have been trimmed, BESS is now expected to account for an average 23% of total LCE demand, compared with 62% from EVs.

This lifts Canaccord’s total demand forecasts by roughly 8% per annum to 3.1mt LCE by 2035, more than double 2025 levels.

Canaccord reiterates its positive stance on the ASX Lithium sector, highlighting sector leaders such as Pilbara Minerals ((PLS)) alongside undervalued producers offering operating leverage or production ramp-ups, such as Elevra Lithium ((ELV)).

The broker also likes emerging producers and project developers Core Lithium ((CXO)), Galan Lithium ((GLN)), ioneer ((INR)), and PMET Resources ((PMT)).

Citi prefers IGO Ltd ((IGO)) and Pilbara Minerals over Liontown Resources ((LTR)) under this broker’s long-term SC6 assumption of US$1,400/t.

Citi favours IGO Ltd in the base case and Pilbara Minerals in an up-cycle, due to the latter’s potential to expand production via the P2000 project and Ngungaju plant within the overall Pilgangoora lithium operation in Western Australia.

IGO is thought to be most resilient in case of a weakening in lithium pricing, being the lowest-cost producer, while Liontown shows the greatest leverage to small SC6 price increases due to its higher cost base, the broker explains.

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The Short Report – 27 Nov 2025

FNArena's weekly update on short positions in the Australian share market.

See Guide further below (for readers with full access).

Summary:

Week Ending November 20th, 2025 (most recent data available through ASIC).

10%+

BOE 21.72%
DMP 16.68%
PDN 12.54%
IEL 12.44%
GYG 12.04%
PLS 11.79%
PWH 11.31%
FLT 11.11%
PNV 10.94%
TLX 10.81%
IPH 10.64%


9.0-9.9%

CTD 9.60%

Out: CUV

8.0-8.9%

ILU 8.82%
NAN 8.76%
DGT 8.48%
LIC 8.27%
VUL 8.09%
JHX 8.05%

In: VUL, JHX

7.0-7.9%

GEM 7.53%
LOT 7.44%
BRG 7.40%
KAR 7.37%
BSL 7.20%
RIO 7.03%

In: LOT, KAR, BSL
Out: VUL, MSB

6.0-6.9%

MSB 6.91%
TWE 6.90%
CUV 6.60%
DYL 6.48%
DRO 6.27%
IPX 6.17%

In: MSB, CUV, IPX
Out: BSL, LOT, SLX, MIN, JHX

5.0-5.9%

ING 5.92%
NXT 5.90%
SLX 5.85%
MIN 5.79%
HMC 5.57%
ARB 5.38%
GMD 5.28%
BPT 5.26%
NEU 5.19%
BAP 5.13%
JIN 5.08%

In: SLX, MIN, BAP, JIN
Out: IPX, BRN
 

ASX20 Short Positions (%)

Code Last Week Week Before Code Last Week Week Before
ALL 0.2 0.2 NAB 0.5 0.4
ANZ 0.8 0.8 QBE 0.2 0.3
BHP 1.0 1.0 RIO 7.0 7.1
BXB 0.5 0.5 STO 0.3 0.3
CBA 0.6 0.6 TCL 0.6 0.5
COL 0.3 0.4 TLS 0.3 0.4
CSL 0.4 0.4 WBC 0.5 0.6
FMG 1.8 1.7 WDS 3.7 4.0
GMG 0.4 0.4 WES 0.4 0.4
MQG 0.6 0.6 WOW 1.0 0.9

To see the full Short Report, please go to this link

Guide:

The Short Report draws upon data provided by the Australian Securities & Investment Commission (ASIC) to highlight significant weekly moves in short positions registered on stocks listed on the Australian Securities Exchange (ASX). Short positions in exchange-traded funds (ETF) and non-ordinary shares are not included. Short positions below 5% are not included in the table below but may be noted in the accompanying text if deemed significant.

Please take note of the Important Information provided at the end of this report. Percentage amounts in this report refer to percentage of ordinary shares on issue.

Stock codes highlighted in green have seen their short positions reduce in the week by an amount sufficient to move them into a lower percentage bracket. Stocks highlighted in red have seen their short positions increase in the week by an amount sufficient to move them into a higher percentage bracket. Moves in excess of one percentage point or more are discussed in the Movers & Shakers report below.

IMPORTANT INFORMATION ABOUT THIS REPORT

The above information is sourced from daily reports published by the Australian Investment & Securities Commission (ASIC) and is provided by FNArena unqualified as a service to subscribers. FNArena would like to make it very clear that immediate assumptions cannot be drawn from the numbers alone.

It is wrong to assume that short percentages published by ASIC simply imply negative market positions held by fund managers or others looking to profit from a fall in respective share prices. While all or part of certain short percentages may indeed imply such, there are also a myriad of other reasons why a short position might be held which does not render that position “naked” given offsetting positions held elsewhere. Whatever balance of percentages truly is a “short” position would suggest there are negative views on a stock held by some in the market and also would suggest that were the news flow on that stock to turn suddenly positive, “short covering” may spark a short, sharp rally in that share price. However short positions held as an offset against another position may prove merely benign.

Often large short positions can be attributable to a listed hybrid security on the same stock where traders look to “strip out” the option value of the hybrid with offsetting listed option and stock positions. Short positions may form part of a short stock portfolio offsetting a long share price index (SPI) futures portfolio – a popular trade which seeks to exploit windows of opportunity when the SPI price trades at an overextended discount to fair value. Short positions may be held as a hedge by a broking house providing dividend reinvestment plan (DRP) underwriting services or other similar services. Short positions will occasionally need to be adopted by market makers in listed equity exchange traded fund products (EFT). All of the above are just some of the reasons why a short position may be held in a stock but can be considered benign in share price direction terms due to offsets.

Market makers in stock and stock index options will also hedge their portfolios using short positions where necessary. These delta hedges often form the other side of a client's long stock-long put option protection trade, or perhaps long stock-short call option (“buy-write”) position. In a clear example of how published short percentages can be misleading, an options market maker may hold a short position below the implied delta hedge level and that actually implies a “long” position in that stock.

Another popular trading strategy is that of “pairs trading” in which one stock is held short against a long position in another stock. Such positions look to exploit perceived imbalances in the valuations of two stocks and imply a “net neutral” market position.

Aside from all the above reasons as to why it would be a potential misconception to draw simply conclusions on short percentages, there are even wider issues to consider. ASIC itself will admit that short position data is not an exact science given the onus on market participants to declare to their broker when positions truly are “short”. Without any suggestion of deceit, there are always participants who are ignorant of the regulations. Discrepancies can also arise when short positions are held by a large investment banking operation offering multiple stock market services as well as proprietary trading activities. Such activity can introduce the possibility of either non-counting or double-counting when custodians are involved and beneficial ownership issues become unclear.

Finally, a simple fact is that the Australian Securities Exchange also keeps its own register of short positions. The figures provided by ASIC and by the ASX at any point do not necessarily correlate.

FNArena has offered this qualified explanation of the vagaries of short stock positions as a warning to subscribers not to jump to any conclusions or to make investment decisions based solely on these unqualified numbers. FNArena strongly suggests investors seek advice from their stock broker or financial adviser before acting upon any of the information provided herein.

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Australian investors stay informed with FNArena – your trusted source for Australian financial news. We deliver expert analysis, daily updates on the ASX and commodity markets, and deep insights into companies on the ASX200 and ASX300, and beyond. Whether you're seeking a reliable financial newsletter or comprehensive finance news and detailed insights, FNArena offers unmatched coverage of the stock market news that matters. As a leading financial online newspaper, we help you stay ahead in the fast-moving world of Australian finance news.

Australian Broker Call *Extra* Edition – Nov 27, 2025

Daily Market Reports | 10:30 AM

An additional news report on the recommendation, valuation, forecast and opinion changes and updates for ASX-listed equities.

In addition to The Australian Broker Call Report, which is published and updated daily (Mon-Fri), FNArena has now added The Australian Broker Call *Extra* Edition, featuring additional sources of research and insights on ASX-listed stocks, also enlarging the number of stocks that make up the FNArena universe.

One key difference is the *Extra* Edition will not be updated daily, but merely "regularly" depending on availability of suitable quality content. As such, the *Extra* Edition tries to build a bridge between daily updates via the Australian Broker Call Report and ad hoc news stories, that are not always timely for investors hungry for the next information update.

Investors using the *Extra* Edition as a source of input for their own share market research should thus take into account that information after publication may not be up to date, or yet awaiting another update by FNArena's team of journalists.

Similar to The Australian Broker Call Report, this *Extra* Edition includes concise but limited reviews of research recently published by Stockbrokers and other experts, which should be considered as information concerning likely market behaviour rather than advice on the securities mentioned. Do not act on the contents of this Report without first reading the important information included at the end of this Report.

The Australian Broker Call *Extra* Edition is a summary that has been prepared independently of the sources identified. Readers will check the full text of the recommendations and consult a Licenced Advisor before making any investment decision.

The copyright of this Report is owned by the publisher. Readers will not copy, forward or disseminate this Report to any other person. For more vital information about the sources included, see the bottom of this Report.

COMPANIES DISCUSSED IN THIS ISSUE

Click on a symbol for fast access.
The number next to the symbol represents the number of brokers covering it for this report -(if more than 1)

AX1   BEN   GTK   IAG   IPX   KGN   LGI   LYC   MSB   PYC   QUB   REH   SUN   VR1   WR1  

SUN    SUNCORP GROUP LIMITED

Insurance - Overnight Price: $18.57

Jarden rates ((SUN)) as Downgrade to Neutral from Overweight (3) -

A change of analyst at Jarden results in a reordering of domestic general insurance preference, upgrading Insurance Australia Group ((IAG)) to Overweight from Neutral and downgrading Suncorp to Neutral from Overweight.

The motivation given is a better risk reward in Insurance Australia Group as organic tailwinds fade.

The new analyst argues the premium rate momentum is contracting across commercial, personal lines and NZ, making Suncorp’s push for organic commercial growth harder despite its favourable consumer mix.

While Suncorp is seen as better positioned for organic consumer driven growth, the broker expects both majors to face market share pressure and trims gross written premium forecasts by about -1%.

Insurance Australia Group is viewed as having a catalyst rich outlook, including potential RACWA approval, FY27 cost out upside, commercial capital optimisation, and quota share reinsurance commission benefits.

EPS forecasts are downgraded around -1% for each insurer. Suncorp's target is lowered to $19.50 from $21.60.

This report was published on November 24, 2025.

Target price is $19.50 Current Price is $18.57 Difference: $0.93
If SUN meets the Jarden target it will return approximately 5% (excluding dividends, fees and charges).
Current consensus price target is $22.63, suggesting upside of 21.9%(ex-dividends)
The company's fiscal year ends in June.

Forecast for FY26:

Jarden forecasts a full year FY26 dividend of 89.00 cents and EPS of 123.30 cents.
At the last closing share price the estimated dividend yield is 4.79%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.06.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 118.6, implying annual growth of -15.4%.
Current consensus DPS estimate is 87.7, implying a prospective dividend yield of 4.7%.
Current consensus EPS estimate suggests the PER is 15.7.

Forecast for FY27:

Jarden forecasts a full year FY27 dividend of 86.00 cents and EPS of 120.50 cents.
At the last closing share price the estimated dividend yield is 4.63%.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is 15.41.

How do these forecasts compare to market consensus projections?

Current consensus EPS estimate is 125.3, implying annual growth of 5.6%.
Current consensus DPS estimate is 92.1, implying a prospective dividend yield of 5.0%.
Current consensus EPS estimate suggests the PER is 14.8.

Market Sentiment: 0.4
All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

VR1    VECTION TECHNOLOGIES LIMITED

Overnight Price: $0.03

Petra Capital rates ((VR1)) as Initiation of coverage with Buy (1) -

Petra Capital initiates coverage of Vection Technologies with a Buy rating and 7c target. The company is founder-led and focused on spatial computing and AI solutions. Clients span a broad range of sectors and include many blue-chip organisations.

The company has an integrated proprietary XR and AI platform enabling a single point of access and easy cross-sell, the broker notes.

Petra Capital believes the stock is in the early stages of a re-rating, the business moving into positive EBITDA  this year and free cash flow by FY27 as scale benefits emerge.

This report was published on November 25, 2025.

Target price is $0.07 Current Price is $0.03 Difference: $0.036
If VR1 meets the Petra Capital target it will return approximately 106% (excluding dividends, fees and charges).
The company's fiscal year ends in June.

Forecast for FY26:

Petra Capital forecasts a full year FY26 dividend of 0.00 cents and EPS of minus 0.30 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 11.33.

Forecast for FY27:

Petra Capital forecasts a full year FY27 dividend of 0.00 cents and EPS of minus 0.10 cents.
At the last closing share price the stock's estimated Price to Earnings Ratio (PER) is minus 34.00.

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

WR1    WINSOME RESOURCES LIMITED

New Battery Elements - Overnight Price: $0.29

Canaccord Genuity rates ((WR1)) as Speculative Buy (1) -

Winsome Resources' 2025 Adina drill program returned strong assays, confirming robust near-surface mineralisation and improving understanding of the Footwall Zone, Canaccord Genuity observes.

29 holes (5,302m) delivered multiple shallow, thick, high-grade Main Zone hits plus solid Footwall intercepts at depth, with extensional drilling showing the deposit is still open north and east.

The results will feed into an upcoming MRE for the Feasibility Study. Current MRE is 78Mt at 1.15% lithium oxide. Speculative Buy with unchanged target of 75c.

This report was published on November 25, 2025.

Target price is $0.75 Current Price is $0.29 Difference: $0.455
If WR1 meets the Canaccord Genuity target it will return approximately 154% (excluding dividends, fees and charges).

All consensus data are updated until yesterday. FNArena's consensus calculations require a minimum of three sources

Disclaimer:
The content of this information does in no way reflect the opinions of FNArena, or of its journalists. In fact we don't have any opinion about the stock market, its value, future direction or individual shares. FNArena solely reports about what the main experts in the market note, believe and comment on. By doing so we believe we provide experienced, intelligent investors with a valuable tool that helps them in making up their own minds, reading market trends and getting a feel for what is happening beneath the surface.

This document is provided for informational purposes only. It does not constitute an offer to sell or a solicitation to buy any security or other financial instrument. FNArena employs very experienced journalists who base their work on information believed to be reliable and accurate, though no guarantee is given that the daily report is accurate or complete. Investors should contact their personal adviser before making any investment decision.

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Australian investors stay informed with FNArena – your trusted source for Australian financial news. We deliver expert analysis, daily updates on the ASX and commodity markets, and deep insights into companies on the ASX200 and ASX300, and beyond. Whether you're seeking a reliable financial newsletter or comprehensive finance news and detailed insights, FNArena offers unmatched coverage of the stock market news that matters. As a leading financial online newspaper, we help you stay ahead in the fast-moving world of Australian finance news.

Senetas and Nokia Announce Strategic Alliance to Secure Mission-Critical Networks for Defence and Government

MELBOURNE, Australia, Nov. 27, 2025 /PRNewswire/ -- Senetas Corporation and Nokia today announced a strategic alliance to deliver joint capabilities specifically designed for mission-critical network environments.

This partnership combines Senetas' globally certified, quantum-resistant encryption technology with Nokia's trusted mission-critical network solutions, underpinned by its Defence-in-Depth cybersecurity framework.  As countries across Asia strengthen their sovereign defence capabilities and critical infrastructure resilience, this alliance ensures end-to-end security, from core networks to the tactical edge. Nokia's Optical LAN, IP, and Optical portfolios, integrated with Senetas' encryption, will provide uncompromising protection against sophisticated cyber threats across dispersed operational environments.

Together, they are closing attack vectors from the data centre to the network edge, including critical autonomous platforms, for enhanced Intelligence, Surveillance, and Reconnaissance (ISR) and combat operations.

Securing the Front Line: From Core Networks to the Tactical Edge

In modern defence environments, secure communications are as critical in the field as they are in core network infrastructure. Senetas' quantum-resistant network encryption solutions extend military-grade security to every location duty calls—from submarine depths to aerial missions—arming military assets with uncompromising protection against sophisticated state and criminal cyber threats.    

The joint Nokia and Senetas solution will ensure that defence and government customers can maintain data integrity and confidentiality across diverse, high-speed networks while meeting the stringent requirements for independent sovereign and international security certifications (such as FIPS, Common Criteria, or equivalent).

Commitment to Sovereign Security Technology

The partnership proudly features Senetas, an Australian-founded defence technology provider, alongside Nokia, a global leader in secure mission-critical network solutions. This combined focus on sovereign and trusted technologies ensures that customers benefit from solutions developed and controlled within secured and reliable jurisdictions. Together, this provides an essential layer of assurance and strategic advantage in highly sensitive defence and national security applications.

Donny Janssens, Head of Partners for Network Infrastructure, Asia Pacific

Nokia: "Nokia is a trusted partner to the defence community, providing scalable, secure and resilient mission-critical networks, be it making military bases smarter with field-proven fibre technologies or by deploying secure multi-service wide area networks for modern defence operation with IP/MPLS and optical networks. By partnering with Senetas, we are enhancing our quantum-safe solution to address additional defence-specific needs as well as expanding our Defence-in-Depth strategy." 

Andrew Wilson, Chief Executive Officer, Senetas: "At Senetas, we've engineered highly certified encryption solutions designed for the most demanding environments and this strategic alliance will bring those capabilities into critical defence and government networks globally. By combining our independently-certified, quantum-resistant technology with Nokia's world-class network infrastructure, we are delivering a new benchmark for secure, end-to-end communications."

About Senetas

Senetas is an Australian-founded defence technology company providing high-assurance cybersecurity solutions to defence, government, and critical infrastructure organisations in more than 60 countries. Our technologies deliver certified quantum-resistant network encryption for future threats. We safeguard mission-critical communications by protecting sensitive data in motion and data at rest. Distributed globally by Thales, one of the world's largest defense, aerospace, and cybersecurity technology providers, Senetas solutions comply with the highest international security standards and certifications, including Common Criteria, FIPS and DoDIN APL.

About Nokia

Nokia is a global leader in connectivity for the AI era. With expertise across fixed, mobile, and transport networks, powered by the innovation of Nokia Bell Labs, we're advancing connectivity to secure a brighter world.

Australian investors stay informed with FNArena – your trusted source for Australian financial news. We deliver expert analysis, daily updates on the ASX and commodity markets, and deep insights into companies on the ASX200 and ASX300, and beyond. Whether you're seeking a reliable financial newsletter or comprehensive finance news and detailed insights, FNArena offers unmatched coverage of the stock market news that matters. As a leading financial online newspaper, we help you stay ahead in the fast-moving world of Australian finance news.

The Overnight Report: Risk On Into Thanksgiving

US markets rose for the fourth consecutive day ahead of Thursday's Thanksgiving holiday with Nasdaq leading the gains.

After a third positive day on the ASX200 yesterday, futures are pointing to a modestly positive start, with the last day of trade for November tomorrow.

World Overnight
SPI Overnight 8646.00 + 20.00 0.23%
S&P ASX 200 8606.50 + 69.50 0.81%
S&P500 6812.61 + 46.73 0.69%
Nasdaq Comp 23214.69 + 189.10 0.82%
DJIA 47427.12 + 314.67 0.67%
S&P500 VIX 17.12 - 1.44 - 7.76%
US 10-year yield 4.00 - 0.00 - 0.10%
USD Index 99.53 - 0.24 - 0.24%
FTSE100 9691.58 + 82.05 0.85%
DAX30 23726.22 + 261.59 1.11%

Good Morning,

The Australian market rose for a third straight session on Wednesday, despite a stronger-than-anticipated inflation reading for October.

The ASX200 rose 70pts or 0.8% to 8,607, led by miners with technology and utilities lagging.

What happened overnight, NAB Markets Today Research

Stock markets are higher everywhere, with gains in Japan and Europe exceeding the US so far on Wednesday.

US yields sre slightly higher at the front end following a low weekly jobless claims print, with little reaction to the just-released Fed Beige Book.

The UK Budget has been well received by the gilts market where 10-year yields are down -7bp, and GBP has rallied while unable to surpass the gains recorded earlier by the NZD post yesterday’s RBNZ rate cut and intimation the easing cycle is now complete, or AUD after the hot October CPI print.

In US economic news weekly jobless claims were a low 216k, versus 222k (upward revised) the week before and 225k expected. Continuing claims at 1,960k were close to expectations and up slightly on the prior week’s 1,953k. 

Durable goods orders (for September so very dated) rose 0.5% as expected, though the core ‘capital goods non-defense ex-aircraft’ measure was 0.9% against the 0.3% consensus.

More relevant than both, the Fed’s Beige Book released ahead of the 10 December FOMC meet shows economic activity was little changed since the previous report, according to most of the twelve Federal Reserve Districts.

Overall consumer spending declined further, while higher-end retail spending remained resilient.

On the labour market, it notes employment declined slightly over the current period with around half of Districts noting weaker labor demand.

Despite an uptick in layoff announcements, more Districts reported contacts limiting headcounts using hiring freezes, replacement-only hiring, and attrition than through layoffs (i.e. consistent with a continuing ‘low hire, low fire’ characterisation of the labour market - my emphasis).

On prices, it says they rose moderately during the reporting period. Input cost pressures were widespread in manufacturing and retail, largely reflecting tariff-induced increases.

No Fed speakers to note, though Treasury Secretary Scott Bessent on CNBC said that a key theme of his interviews for the next chair of the Federal Reserve has been simplifying the US central bank, which he indicated has become too complex in how it manages money markets.

“One of the things in terms of the criteria that I’ve been looking for” has been the interplay of the Fed’s various instruments, Bessent said on CNBC Tuesday. “I realize the Fed has become this very complicated operation.”

Bessent said his final second-round interview with the five candidates to succeed Chair Jerome Powell will be today, and reiterated President Donald Trump may make his announcement on the Fed chair nomination before Dec. 25. (Bloomberg reporting)

The long awaited UK Budget was released –- much of it inadvertently an hour or so ahead of schedule via a leak on the Office of Budget Responsibility’ (OBR) website.

The Budget raises UK taxes by GBP26bn –-putting taxes as a share of GDP up to a record 38%-- but as expected, without any rise in the rates of income tax, national insurance or VAT.

Rather, freezing of tax thresholds for three years is the major revenue raising measure, against which welfare spending is increased by GBP16bn, of which GBP3bn comes from a lifting of the cap on child benefits (so appeasing the most left wing of the Labour party).

The OBR says the budget has no implications for GDP and as foreshadowed has lowered its estimate of trend productivity growth by -0.3 percentage points. 

The gilts market was cheered by the news the so called fiscal buffer against future shortfalls in the fiscal arithmetic is now GBP22bn, more than doubled and against a GBP15bn analyst consensus, and too reduced long end issuance.

10 year gilt yields ended the London day -7bp down. GBP/USD is up about 0.5% on the day, making it the third best G10 FX performer after NZD and AUD.

Yesterday, the RBNZ cut its cash rate -25 basis points as universally expected, and while leaving the door open to further easing next year, it is barely so.

The Bank’s accompanying interest rate projection revealed a terminal rate of 2.20%, implying the central case sees minimal chance of further reduction in the overnight cash rate.

Governor Hawksby confirmed as much in the press conference indicating the track is consistent with rates on hold in 2026. Our BNZ colleagues note incoming data would have to surprise significantly on the downside to encourage the RBNZ to ease again.

Wednesday’s inaugural monthly Australian CPI release revealed elevated and broad-based inflation pressures evident in 3Q were largely sustained in October. The share of the CPI basket running above 3.5% on a 3-month annualised basis is 64%, almost 30 points higher than it was in June.

The monthly trimmed mean measure was 0.3% m/m and is 3.6% in 3 month annualised terms, off its peak after a very strong July outcome.

Market services inflation was mixed. While meals out and takeaway food inflation moderated from its recent peaks, sports and recreation related price pressures strengthened.

Overall, market services categories look set to contribute a little less to 4Q inflation than they did in 3Q, but remain much hotter than they were through 1H2025 and stronger than has historically been consistent with inflation at the midpoint of the target.

US equities are showing a gain of 0.8% for Nasdaq and 0.7% for the S&P500. Most S&P sub-sectors are showing gains of 1% or more (IT in the lead) but with a drag from Communication Services and Health Care.

Earlier the Nikkei ended 1.8% up and the Eurostoxx600 and German DAX both 1.1%.

ANZ Bank Australian Morning Focus, Commodities Extract

Gold extended recent gains, as expectations of a rate cut by the US Federal Reserve build following dovish comments from policymakers. Earlier this week Governor Waller said concerns about the labour market warrant advocating for a cut at the next meeting.

President Williams surmised that near-term cuts remain a possibility. This has been exacerbated by reports that Kevin Hassett is the front runner to be the next Fed chair. He is a close ally of President Trump and shares his view of lower interest rates.

The latest jobless claims data, which showed applications unexpectedly fell last week, are unlikely to derail the Fed from delivering a rate cut in December. Spot gold rose 0.9% to US$4,168/oz, while the rest of the precious metals complex was higher.

Copper led the base metals sector higher, as the prospect of Fed rate cuts triggered a risk-on mood across markets. Sentiment is also being boosted by reports that Chilean copper producer Codelco is pushing for a hike in its annual premium to US$350/t over the LME prices for 2026 annual contracts.

This is up from only US$89/t agreed for this year, and reflects the increased tightness in the global copper market.

This month’s rally in lithium prices stopped following reports of a Chinese mine reopening. Reports have emerged that Contemporary Amperex Technology Co Ltd (CATL) is on the cusp of reopening its Jianxiawo lithium mine, which was suspended in August after it failed to get an extension on its operating permit.

The company is said to be asking suppliers and partners to ready equipment, chemicals and workers for its restart, possibly in early December. The mine accounted for 3% of global supply before its suspension.

Crude oil steadied as traders took stock of recent developments in the Russia/Ukraine war. The prospect of an end to the war received a boost in recent days from the release of a US-proposed peace deal.

US envoy, Steve Witkoff, will lead a delegation for talks in Russia next week, a Kremlin official said. Ukraine’s Chief of Staff said negotiations in Geneva had laid a good foundation.

The market also noted a rise in US oil inventories. The weekly Energy Information Administration reported total commercial crude oil stockpiles rose by 2.8mbbl last week. Inventories of refined fuel also rose, with gasoline and distillate up 2,513kbbl and 1,147kbbl respectively.

North Asia LNG prices threatened to dip below US$11/MMBtu, as buying by Japan and China remains subdued. US tariffs are keeping industrial activity in markets such as China and South Korea muted.

India, however, has been active in the spot market in recent days. European gas benchmark futures were steady, as traders weigh the prospect of a return of Russian gas to the global market against low inventories.

Gas storage levels are sitting at only 78%, compared with the five-year average of 89%. This comes after a recent cold snap saw gas withdrawals increase amid strong heating demand.

European Union regulations also call for storage facilities to be at least 90% full by 1 December

Corporate news in Australia

-KKR is looking for buyers for Laser Clinics A&NZ operations.

-Northwest Healthcare Properties has agreed to transfer operating rights of 12 Healthscope hospitals to Calvary Health.

-Beach Energy ((BPT)) is keen to invest with Santos Energy ((STO)) in the stalled -$3.6bn Narrabri gas project.

-ASIC is suing Electro Optic Systems' ((EOS)) founder and former CSEO, Ben Greene, alleging he failed to communicate an earnings downgrade.

-Private equity owned SkinKandy is preparing a $400m IPO on the ASX in 2026.

-Homart Pharmaceuticals is planning an IPO with a $300m valuation post Blackmores buyout.

-AirTrunk says Australia is lagging Asia by around 18 months in data centre approvals.

On the calendar today:

-NZ Q3 Retail Trade

-AU 3Q Capex/Expected Capex

-US Thanksgiving Holiday

-ATLANTIC LITHIUM LIMITED. ((A11)) AGM

-AMCOR PLC ((AMC)) ex-div 13c

-AURELIA METALS LIMITED ((AMI)) AGM

-ALLIANCE AVIATION SERVICES LIMITED ((AQZ)) AGM

-AURUM RESOURCES LIMITED ((AUE)) AGM

-BETR ENTERTAINMENT LIMITED ((BBT)) AGM

-BLACK CAT SYNDICATE LIMITED ((BC8)) AGM

-BEAMTREE HOLDINGS LIMITED ((BMT)) AGM

-BLUESCOPE STEEL LIMITED ((BSL)) NZ Site Visit

-CURVEBEAM AI LIMITED ((CVB)) AGM

-DELTA LITHIUM LIMITED ((DLI)) AGM

-DOWNER EDI LIMITED ((DOW)) Investor Day

-ELEMENTOS LIMITED ((ELT)) AGM

-EARLYPAY LIMITED ((EPY)) AGM

-EQ RESOURCES LIMITED ((EQR)) AGM

-FENIX RESOURCES LIMITED ((FEX)) AGM

-FINDI LIMITED ((FND)) earnings report

-GARDA PROPERTY GROUP ((GDF)) AGM

-GENESIS ENERGY LIMITED ((GNE)) investor briefing (Day 2)

-HUB24 LIMITED ((HUB)) Investor Strategy Day

-IMMUTEP LIMITED ((IMM)) AGM

-KINGSGATE CONSOLIDATED LIMITED ((KCN)) AGM

-NORTHERN MINERALS LIMITED ((NTU)) AGM

-NRW HOLDINGS LIMITED ((NWH)) AGM

-ORION MINERALS LIMITED ((ORN)) AGM

-PENINSULA ENERGY LIMITED ((PEN)) AGM

-PEET LIMITED ((PPC)) AGM

-PEOPLEIN LIMITED ((PPE)) AGM

-QBE INSURANCE GROUP LIMITED ((QBE)) 3Q Trading update

-RETAIL FOOD GROUP LIMITED ((RFG)) AGM

-SOMNOMED LIMITED ((SOM)) AGM

-TECHNOLOGY ONE LIMITED ((TNE)) ex-div 30c (65%)

-TOWER LIMITED ((TWR)) FY25 Result

-VEEM LIMITED ((VEE)) AGM/Mfg Facility Tour

-VYSARN LIMITED ((VYS)) AGM

-WEBJET GROUP LIMITED ((WJL)) ex-div 2c (100%)

FNArena's four-weekly calendar: https://fnarena.com/index.php/financial-news/calendar/

Spot Metals,Minerals & Energy Futures
Gold (oz) 4196.75 + 30.85 0.74%
Silver (oz) 52.96 + 1.97 3.85%
Copper (lb) 5.20 + 0.10 1.86%
Aluminium (lb) 1.30 + 0.03 2.12%
Nickel (lb) 6.64 + 0.09 1.42%
Zinc (lb) 1.39 + 0.02 1.71%
West Texas Crude 58.60 + 0.64 1.10%
Brent Crude 62.48 + 0.67 1.08%
Iron Ore (t) 104.63 + 0.12 0.11%

The Australian share market over the past thirty days…

ASX200 Daily Movement in %

ASX200 Daily Movement in %
Index 26 Nov 2025 Week To Date Month To Date (Nov) Quarter To Date (Oct-Dec) Year To Date (2025)
S&P ASX 200 (ex-div) 8606.50 2.26% -3.10% -2.74% 5.48%
BROKER RECOMMENDATION CHANGES PAST THREE TRADING DAYS
A2M a2 Milk Co Downgrade to Accumulate from Buy Ord Minnett
ARX Aroa Biosurgery Upgrade to Buy from Accumulate Morgans
AX1 Accent Group Downgrade to Hold from Buy Bell Potter
Downgrade to Neutral from Buy Citi
Downgrade to Underweight from Overweight Morgan Stanley
Downgrade to Hold from Buy Morgans
Downgrade to Neutral from Buy UBS
C79 Chrysos Upgrade to Buy from Hold Bell Potter
LOV Lovisa Holdings Upgrade to Outperform from Neutral Macquarie
Upgrade to Buy from Accumulate Morgans
MP1 Megaport Upgrade to Buy from Accumulate Morgans
QUB Qube Holdings Downgrade to Equal-weight from Overweight Morgan Stanley
Downgrade to Hold from Buy Ord Minnett
REH Reece Upgrade to Neutral from Underperform Macquarie
Upgrade to Hold from Trim Morgans
RHC Ramsay Health Care Upgrade to Equal-weight from Underweight Morgan Stanley
SGM Sims Downgrade to Hold from Accumulate Ord Minnett
WEB Web Travel Upgrade to Equal-weight from Underweight Morgan Stanley
Upgrade to Accumulate from Hold Morgans

For more detail go to FNArena's Australian Broker Call Report, which is updated each morning, Mon-Fri.

All overnight and intraday prices, average prices, currency conversions and charts for stock indices, currencies, commodities, bonds, VIX and more available on the FNArena website.  Click here. (Subscribers can access prices on the website.)

(Readers should note that all commentary, observations, names and calculations are provided for informative and educational purposes only. Investors should always consult with their licensed investment advisor first, before making any decisions. All views expressed are the author's and not by association FNArena's - see disclaimer on the website)

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Australian investors stay informed with FNArena – your trusted source for Australian financial news. We deliver expert analysis, daily updates on the ASX and commodity markets, and deep insights into companies on the ASX200 and ASX300, and beyond. Whether you're seeking a reliable financial newsletter or comprehensive finance news and detailed insights, FNArena offers unmatched coverage of the stock market news that matters. As a leading financial online newspaper, we help you stay ahead in the fast-moving world of Australian finance news.

EcoFlow Secures CEC Certification, Marking Strategic Entry Into the Australian Renewable Energy Market

SYDNEY, Nov. 27, 2025 /PRNewswire/ -- EcoFlow, a global leader in smart residential energy solutions, has officially received Clean Energy Council (CEC) certification for its home battery and solar technologies, marking its formal entry into the Australian market.


CEC approval recognises EcoFlow's compliance with Australia's stringent performance and safety requirements - a significant milestone as the company prepares to introduce its next-generation home energy ecosystem to local installers, distributors and technology partners.

"Earning CEC certification is an important first step in establishing EcoFlow within one of the world's most advanced rooftop solar markets," said Craig Bilboe, Country Manager Australia and New Zealand, EcoFlow. "It signals that our systems are engineered to meet Australia's expectations for durability, safety and long-term reliability."

EcoFlow's upcoming product rollout for Australia is designed with installers in mind. Its residential energy systems incorporate LFP battery chemistry supported by multi-layer thermal protection, onboard temperature monitoring and automated isolation of abnormal conditions - all housed within IP65 weather-resistant enclosures suitable for Australia's diverse climates. These design foundations aim to make installation safer, reduce long-term maintenance and ensure consistent performance in real-world conditions.

The company's growing ecosystem also offers significant flexibility for partners. Modular storage architecture enables tailored system design for everything from compact homes to higher-demand family properties, while broad third-party compatibility ensures seamless integration with a wide range of inverters, rooftop solar arrays, EV chargers and existing home-energy devices. EcoFlow's smart energy-management capabilities further support installers by automating load optimisation based on household consumption patterns, solar yield and tariff structures - helping homeowners maximise self-consumption and reduce energy costs over time.

With its CEC registration now in place, EcoFlow is preparing a broader set of product introductions and partnerships planned for 2026 and beyond, aimed at delivering a comprehensive suite of intelligent, expandable and installer-friendly residential energy solutions.

"Certification marks the beginning of our long-term commitment to Australia," added Craig. "We're excited to collaborate with local installers and industry partners as we roll out a new generation of home energy technology designed for the needs of modern Australian households."

Further details on EcoFlow's Australian portfolio will be announced in the coming months.

For more information, please visit the EcoFlow Australia website.

About EcoFlow

EcoFlow is a global leader in eco-friendly energy solutions, committed to powering a sustainable future. Since its founding in 2017, EcoFlow has focused on creating flexible, innovative, and reliable power solutions for homes, outdoor adventures, and on-the-go lifestyles. With headquarters in the USA, Germany, and Japan, EcoFlow has empowered over 5 million users across 140 markets worldwide.

Australian investors stay informed with FNArena – your trusted source for Australian financial news. We deliver expert analysis, daily updates on the ASX and commodity markets, and deep insights into companies on the ASX200 and ASX300, and beyond. Whether you're seeking a reliable financial newsletter or comprehensive finance news and detailed insights, FNArena offers unmatched coverage of the stock market news that matters. As a leading financial online newspaper, we help you stay ahead in the fast-moving world of Australian finance news.

A Look at Leading Solar Energy Storage Brands

GREENACRE, Australia, Nov. 26, 2025 /PRNewswire/ -- In 2025, Australia's home battery storage sector has seen explosive growth. Since July, the federal Cheaper Home Batteries Program has driven the installation of around 100,000 household battery systems, delivering over 2 GWh of storage capacity in under four months.

This surge has been fueled by a government-backed discount of around 30% on upfront costs and strong consumer demand. Meanwhile, data from the Clean Energy Regulator shows that validated installations through August 2025 have already reached 43,517 units, amounting to approximately 825 MWh of capacity.

Brand Comparison Overview

When evaluating solar energy storage providers, several global and local brands offer diverse solutions. The following comparison highlights key aspects such as founding year, market focus, brand positioning, core strengths, supported output phases, main solutions, and typical application scenarios for five notable brands: Felicitysolar, Victron Energy, Growatt, PowerPlus Energy, and Redback Technologies.

A Look at Leading Solar Energy Storage Brands Introduction
A Look at Leading Solar Energy Storage Brands Introduction

Key Factors Installers and Distributors Consider

Installers and distributors are the link between products and the market. They typically focus on three critical factors when selecting solar energy storage solutions:

1. Product Reliability

Systems must deliver consistent performance with low failure rates, and be able to adapt to local conditions, such as harsh environment.

2. Profitability

Products should be reasonably priced, allowing distributors and installers sufficient margin to maintain healthy business operations.

3. After-Sales Support

Comprehensive technical training, installation assistance, and guaranteed after-sales service are crucial for long-term customer satisfaction and operational efficiency.

These factors guide distributors and installers in evaluating different brands, complementing considerations such as system type (off-grid, hybrid, all-in-one), output configuration, and application scenarios. Felicitysolar's solutions are designed to meet these requirements, offering reliable performance, competitive pricing, and strong local support networks.

Conclusion

Solar energy storage systems are becoming increasingly common in residential and commercial projects. Providers offer a range of solutions, including off-grid, hybrid, all-in-one, and battery-focused systems. Key factors such as product reliability, service and support networks, supported output configurations, and typical application scenarios differ between brands.

By carefully considering these aspects, installers and distributors can select the most suitable solutions for their customers, ensuring compatibility with local grid conditions, meeting performance expectations, and providing peace of mind through reliable after-sales support.

CONTACT: australian@felicitysolar.com

Australian investors stay informed with FNArena – your trusted source for Australian financial news. We deliver expert analysis, daily updates on the ASX and commodity markets, and deep insights into companies on the ASX200 and ASX300, and beyond. Whether you're seeking a reliable financial newsletter or comprehensive finance news and detailed insights, FNArena offers unmatched coverage of the stock market news that matters. As a leading financial online newspaper, we help you stay ahead in the fast-moving world of Australian finance news.

ASX Winners And Losers Of Today – 26-11-25

The table below ranks the 20 biggest percentage winners and losers among stocks in the ASX300 at the end of each trading day.

An added filter requires sufficient daily trading volumes so that stocks with extremely low liquidity are not included.

The composition of both rankings is fully automated, based on raw data. Investors are advised to find context, interpretation and background elsewhere.

FNArena is not responsible for any glitches, omissions or data errors. This daily feature is not investment advice. It is offering a quick status on daily volatility for information purposes only.

FNArena welcomes comments and suggestions at info@fnarena.com

Company Price Change Company Price Change
NSR - NATIONAL STORAGE REIT 2.700 19.47% TPW - TEMPLE & WEBSTER GROUP LIMITED 13.830 -32.34%
MSB - MESOBLAST LIMITED 2.720 14.29% WAF - WEST AFRICAN RESOURCES LIMITED 2.750 -9.54%
ASK - ABACUS STORAGE KING 1.525 9.32% GGP - GREATLAND RESOURCES LIMITED 7.410 -5.48%
GTK - GENTRACK GROUP LIMITED 9.240 8.83% STX - STRIKE ENERGY LIMITED 0.100 -4.76%
DRO - DRONESHIELD LIMITED 2.170 8.50% 360 - LIFE360 INC 39.840 -4.39%
AX1 - ACCENT GROUP LIMITED 1.035 8.38% TNE - TECHNOLOGY ONE LIMITED 29.720 -2.81%
PMT - PMET RESOURCES INC 0.530 8.16% ASB - AUSTAL LIMITED 6.620 -2.65%
DMP - DOMINO'S PIZZA ENTERPRISES LIMITED 21.810 7.86% SEK - SEEK LIMITED 24.310 -2.49%
PLS - PILBARA MINERALS LIMITED 4.040 7.16% GNC - GRAINCORP LIMITED 8.310 -2.00%
VSL - VULCAN STEEL LIMITED 7.500 7.14% ALK - ALKANE RESOURCES LIMITED 0.980 -2.00%
PRN - PERENTI LIMITED 2.880 7.06% MTS - METCASH LIMITED 3.760 -1.83%
ZIP - ZIP CO LIMITED 3.200 6.67% CNI - CENTURIA CAPITAL GROUP 2.320 -1.69%
MAQ - MACQUARIE TECHNOLOGY GROUP LIMITED 68.660 6.47% REA - REA GROUP LIMITED 198.690 -1.54%
IGO - IGO LIMITED 6.730 5.49% HVN - HARVEY NORMAN HOLDINGS LIMITED 7.290 -1.35%
AD8 - AUDINATE GROUP LIMITED 4.280 4.90% MGR - MIRVAC GROUP 2.240 -1.32%
FFM - FIREFLY METALS LIMITED 1.820 4.90% GPT - GPT GROUP 5.590 -1.24%
FPH - FISHER & PAYKEL HEALTHCARE CORPORATION LIMITED 33.350 4.78% WTC - WISETECH GLOBAL LIMITED 65.250 -1.20%
NXG - NEXGEN ENERGY LIMITED 12.750 4.51% SGP - STOCKLAND 6.140 -1.13%
QAN - QANTAS AIRWAYS LIMITED 9.800 4.48% ORG - ORIGIN ENERGY LIMITED 11.590 -1.02%
GEM - G8 EDUCATION LIMITED 0.710 4.41% LNW - LIGHT & WONDER INC 143.560 -0.97%

Find out why FNArena subscribers like the service so much: "Your Feedback (Thank You)" - Warning this story contains unashamedly positive feedback on the service provided.

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Australian investors stay informed with FNArena – your trusted source for Australian financial news. We deliver expert analysis, daily updates on the ASX and commodity markets, and deep insights into companies on the ASX200 and ASX300, and beyond. Whether you're seeking a reliable financial newsletter or comprehensive finance news and detailed insights, FNArena offers unmatched coverage of the stock market news that matters. As a leading financial online newspaper, we help you stay ahead in the fast-moving world of Australian finance news.

FGR secures exclusive global graphene carbon paste production and sale rights

Highlights

  • First Graphene enters exclusive agreement to develop, produce, market and sell graphene-based carbon paste products with Halocell Australia
  • Carbon paste is a conductive coating used to improve performance across a range of flexible printed electronics, energy generation and storage devices
  • Market-ready product already used in perovskite solar cells manufactured by Halocell and has a wide array of common applications

SYDNEY, Nov. 26, 2025 /PRNewswire/ -- First Graphene Limited (ASX:FGR; "First Graphene" or "the Company") is pleased to announce it has entered an exclusive Licence Agreement ("Agreement") with Halocell Australia ("Halocell") to manufacture, market and sell graphene enhanced carbon paste.

The 12-month Agreement gives First Graphene global exclusivity over development and sale of the PureGRAPH® containing product, with Halocell receiving a 10% royalty on sales as well as using the product in manufacturing its commercially available perovskite solar cells ("PSC").

This is an addition to the existing Joint Development Agreement and Cooperative Research Centre Project (CRC-P) Partners Agreement reached in June 2022 and August 2023 respectively.

Market-ready product with multiple sector applications

Under the pre-existing CRC-P Partners Agreement, FGR and Halocell have successfully investigated and introduced graphene to carbon paste with a focus on fine tuning formulation, concentrations, components and syntheses.

The paste is already used in the manufacture of Halocell's PSCs, which has doubled PSC efficiency to more than 30% and dramatically reduced production costs via roll-to-roll ("R2R") deposition technology producing thin-film perovskites.

It is preferred over traditional conductors such as gold because of significant material and production cost reductions while maintaining high performance output and enhancing robustness.

Halocell's indoor PSCs are already sold in the global market for use in small electronic devices due to their ability to achieve high power conversion efficiency in low light conditions.

There are 44 additional devices identified across the satellite, aerospace, IoT, electronics and renewable energy sectors that could benefit from PSC technology (refer ASX announcement 27 August 2025).

Halocell, in partnership with V-Tol Aerospace and Li-S (ASX:LIS), is already developing a lightweight power solution including next generation solar and batteries to significantly increase the flight duration of electric powered drones.

The graphene-based carbon paste can also be applied to a range of conductive applications such as heating systems and sensors, ceramic coatings, electrodes and electrochemical mixes.

Manufacturing sample graphene enhanced carbon paste material at First Graphene's Henderson facility is planned to commence within the next month.

First Graphene Managing Director and CEO Michael Bell said:

"First Graphene and Halocell's partnership is going from strength to strength, introducing PureGRAPH® to accelerate solar technology improvements and bringing enhanced PSCs to market.

Through this Agreement, we can leverage carbon paste intellectual property already developed and take this product to global markets, which is mutually beneficial to Halocell in meeting their own ambitious manufacturing targets to help meet growing product demand for PSCs.

While the carbon paste market is set to more than double to circa US$2.8 billion by 2032, the real opportunity comes from the multitude of applications and products that can benefit from better performance, longevity and efficiency our PureGRAPH® offers."

Halocell Australia CEO Paul Moonie said:

"Working with FGR to introduce functionalised graphene into our perovskites has produced groundbreaking module efficiency and R2R production results.

We see this additional agreement as an excellent opportunity to market graphene-enhanced carbon paste to technology developers around the world and demonstrate how Australian manufacturing is at the forefront of this new age material revolution."

Australian investors stay informed with FNArena – your trusted source for Australian financial news. We deliver expert analysis, daily updates on the ASX and commodity markets, and deep insights into companies on the ASX200 and ASX300, and beyond. Whether you're seeking a reliable financial newsletter or comprehensive finance news and detailed insights, FNArena offers unmatched coverage of the stock market news that matters. As a leading financial online newspaper, we help you stay ahead in the fast-moving world of Australian finance news.