Daily Brief Australia: Glencore , Fenix Resources , Actinogen Medical, Canyon Resources and more

• JSE indices are due for rebalancing in the closing auction on Friday.
• GLN will enter the Top 40, with APN falling out (projections sent out on 26 Aug, confirmed by the JSE on Wednesday 3 Sep).
• There is quite a bit on the go on the economic calendar this week – FOMC on Wednesday evening, BOE and SARB on Thursday. 

• Iron ore prices rose 1.3% WoW to 106 USD/ton but underperformed the solid performance of the commodities complex, which grew close to 2% WoW.
• With the investigation into the 13 deaths at Rio’s Simandou project construction and suspension of operations since August 24th, supply concerns surrounding its commencement are deepening (read details in insight). 
• We like Fenix Resources (FEX AU) and are pounding the table on the name. Read our recent update, Fenix Resources (FEX AU): Exciting Value-Adding Catalyst Can Triple Production Again. 

Actinogen’s FY25 results highlighted the company’s progress in advancing its lead candidate, Xanamem, through its pivotal XanaMIA Phase IIb/III study in patients with biomarker-positive Alzheimer’s disease (AD). With the recruitment of the 100th patient in the study on 30 June, Actinogen remains on track to report a pre-planned interim efficacy (futility) analysis in early Q126. We expect a successful outcome would strengthen confidence in the AD programme. Financial results were in line with expectations and Actinogen reiterated that it remains funded into mid-late CY26. Our valuation is largely unchanged, at A$720.2m, or A$0.23/share.

Canyon Resources has released a definitive feasibility study (DFS) on the Minim Martap bauxite project in Cameroon, confirming its attractive economics. The study provides up-to-date operating and capital cost estimates, as well as the revised staged ramp up to an expanded capacity of 10Mtpa. The project has been largely de-risked, with funds secured to commence production in Q1 CY26. This puts the company in a strong position to capitalise on the attractive bauxite market fundamentals.