The ASX delivered three actual earnings results and three guidance updates this week out of 118 total announcements, with gold miners featuring prominently in both categories. AWJ led the earnings pack with strong growth, while WAF issued bullish production guidance. Market sentiment remained largely neutral across the week.
Earnings Results
Newmont Corporation (NEM)
The world's largest gold miner announced its Q1 2026 earnings conference call scheduled for April 23, without releasing actual financial results this week. Shares are trading at $159.33, following recent volatility that saw the stock decline 17% in March amid broader market pressures. The announcement comes as Bank of America raised its price target on the stock, though analysts at Morningstar continue to view the shares as overvalued despite improved earnings expectations.
Kina Securities Limited (KSL)
The PNG-focused financial services company issued a variation to its FY25 audited financial statements, reducing net profit after tax by PGK6.1 million due to reclassification of capitalised intangible assets to operating expenses. Despite the accounting adjustments, management confirmed that adjusted NPAT remains within the previously stated range and underlying business performance is unchanged. Shares closed flat at $1.19 for the week. The result follows news of the company's dividend payment of PGK0.045 per share.
Auric Mining Limited (AWJ)
The gold producer delivered strong FY2025 results with revenue growing 144% to $20.6 million and net profit after tax rising 92% to $5.2 million. Earnings per share reached 3.16 cents, reflecting the successful transition from explorer to gold producer through mining operations at Munda Gold Mine and toll milling at Jeffreys Find. Free cash flow increased 129% to $6.5 million, demonstrating disciplined capital management. Shares are trading at $0.325, with the company's Jeffreys Find success helping boost cash reserves to $43 million.
Trading Updates & Guidance
West African Resources Limited (WAF)
The gold miner issued 2026 production guidance forecasting 430,000-490,000 ounces at an all-in sustaining cost under $1,900 per ounce. Kiaka is expected to contribute 240,000-280,000 ounces while Sanbrado will add 190,000-210,000 ounces. The company also plans over 100,000 metres of drilling and is considering dividends or share buybacks in the second half of 2026. Shares gained 7.6% for the week to $3.24, with the market responding positively to the record production guidance and upgraded 10-year output outlook.
Acrow Limited (ACF)
The formwork and scaffolding company confirmed its FY26 guidance and provided initial FY27 guidance of $335-350 million in revenue and $88-98 million in EBITDA. The outlook is supported by record March contract wins of $14.3 million and a record $256 million sales pipeline. Shares rose 1.2% to $0.87 during the week, though recent analysis has highlighted margin pressures and one-off gains affecting earnings quality.
360 Capital Mortgage Reit (TCF)
The mortgage REIT commenced an on-market buy-back program while postponing its previously approved off-market buy-back. The company reaffirmed FY26 earnings guidance of 60.0 cents per unit, representing a 10.4% annualised distribution yield at current trading prices. Shares are trading at $5.75, with the stock's price-to-book ratio of 0.96 remaining near the sector median.
Weekly Price Movers
Notable Shareholder Movements
Institutional activity remained active this week, with UBS Group AG emerging as a substantial holder in both AIS (5.29%) and IFL (7.91%). State Street Corporation also increased its footprint, becoming a substantial holder in SRG (5.29%) and ELV (5.06%). Meanwhile, Citigroup established a 5.81% stake in Elevra Lithium, suggesting continued institutional interest in the lithium sector despite recent market volatility.
With the March reporting season now concluded, market attention will turn to first quarter updates and guidance revisions as companies assess trading conditions for the remainder of 2026. The prevalence of gold sector announcements this week reflects the commodity's continued appeal amid global economic uncertainty.