Brent crude has fallen 25% to US$83.41 a barrel from US$112.10 on 18 May, as expectations grew that the Iran war could ease and shipping through the Strait of Hormuz may resume. The pullback in oil prices reduces cost pressure for Qantas after the airline lifted its H2 FY2026 jet fuel spend forecast from A$2.5 billion to A$3.1–A$3.3 billion. Qantas is due to report its FY2026 full-year results in August, and its shares are up 18.4% from 18 May, outperforming the ASX 200 index.

Macquarie Securities this week upgraded Evolution Mining (EVN) and Greatland Resources (GGP) from neutral to outperform and set price targets of $13 and $14, respectively. The broker kept Newmont (NEM), Capricorn Metals (CMM) and Genesis Minerals (GMD) at outperform. The report noted gold is down 3% year to date, but valuations for gold miners have pulled back to more reasonable levels, according to Macquarie.

Hot Chili Ltd (ASX: HCH) reported results from a single drill hole at its La Verde project in Chile, returning 391.1 metres grading 0.51% copper equivalent, made up of 0.42% copper and 0.11 grams of gold per tonne, including higher-grade intervals. Assay results are pending for 22 additional drill holes. The company is accelerating work on a maiden Mineral Resource estimate and a revised prefeasibility study for its Costa Fuego copper-gold project.

Ausgold has released new assay results from extensional and infill drilling at its 100%-owned Katanning Gold Project in Western Australia, highlighting intervals including 26 metres at 3.03 grams of gold per tonne. The company said it has completed 56,115 metres of drilling across 373 holes and is preparing to start a further 25,000 metres. The stock is up 14.8% since last Thursday’s close and 25.4% over the past 12 months.