Daily Brief Australia: Recce Ltd, 360 Capital, Beetaloo Energy Australia, Strategic Minerals PLC and more

Recce Pharmaceuticals recently reported that the Australian government has agreed to provide it with up to A$85m in future cash rebates over the next three years to reimburse the company’s upcoming R&D expenditure towards its proprietary synthetic anti-infective programmes. This binding Advanced Overseas Finding (AOF) agreement with the Australian government’s Department of Industry, Science and Resources (AusIndustry) extends the rebate programme, which customarily reimburses 43.5% of eligible R&D expenditures incurred within Australia, to cover the anti-infective R&D activities Recce undertakes anywhere in the world. This is particularly noteworthy given that Recce started patient dosing in September 2025 for its pivotal Phase III Indonesian-focused study of its R327 topical gel formulation (R327G) for the treatment of diabetic foot infections (DFIs). We estimate the majority of this study’s costs will be incurred outside of Australia, with this AOF decision therefore potentially benefiting Recce.

• 360 Capital Group is an ASX-listed investment and funds management firm specializing in the strategic and active management of real estate assets in Australia.
• The company is currently the subject of an unconditional on-market takeover bid from TT Investments at $0.31 per security, an offer the Independent Board Committee has recommended shareholders accept in the absence of a superior proposal.
• Following the takeover offer, 360 Capital has initiated a strategic review to assess its operating costs, co-investment structures, and the potential for delisting from the ASX, with the review expected to conclude in February 2026.

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• Beetaloo Energy Australia Limited (ASX:BTL) is a gas development company, with onshore Northern Territory (NT) gas exploration and development assets.
• BTL has the largest tenement position in the highly prospective Greater McArthur Basin, which includes the Beetaloo Sub-basin.
• The Final Investment Decision (FID) for the Carpentaria Project has now been taken and represents a major derisking event.

• East Star Resources 3.55p £13.26m (EST.L) The Kazakhstan-focused gold and base metals explorer has announced it has signed binding Heads of Agreement to establish a JV company pursuant to which Hong Kong Xinhai Mining Services Limited will farm in, in five stages, for up to 70% of the Verkhuba Copper Deposit, taking the project into production.
• Xinhai is a privately owned, global process engineering and contracting company that specialises in providing engineering design, procurement, construction services and contract mining services to the mining industry.
• Xinhai’s estimated investment for the feasibility study and mine and plant construction costs is approximately US$65m.