ASX live updates: All the latest news from company reporting season on the Australian market

Just days after reporting a stellar profit result, Subiaco-based West African Resources has entered a trading halt over a potential deal with the Burkina Faso government.

The miner today revealed it was preparing to announce a request from the government to acquire, “for valuable paid consideration”, an additional 35 per cent of subsidiary Kiaka, which owns the recently constructed Kiaka gold project.

First gold was poured only two months ago - three-and-a-half years after it bought the operation.

West African in June ceded an extra 5 per cent stake in Kiaka - as well as its Sanbrado and Toega projhects - amid a broader trend of resource nationalism sweeping West Africa.

Burkina Faso’s military junta now has a 15 per cent free-carry stake in all three mines.

“Kiaka will be a long-life, low-cost gold project averaging 234,000 ounce of gold production per annum for 20 years from 2025,” the miner’s website says.

Its shares last changed hands at $3.04.

They passed a fresh record of $2.90 on Tuesday after it reported that a run of record spot gold prices earlier this year has lit a fire under its half-year profit result.

It delivered a 4 per cent fall in total ounces sold — down from 101,954oz in the first half of the 2024 financial year to 98,178oz in the six months to the end of June this year.

Average prices rose from $US2199/oz to $3049/oz, up 39 per cent, while all-in costs of production rose only 12 per cent to $US1374/oz — including a one per cent hike in the Burkina Faso government’s royalty rate from the start of April.

But gold’s surge after US President Donald Trump sent tariff shockwaves around the world in April propelled West African’s profit 133 per cent higher to $214.6 million — up from $92.2m a year earlier. Total revenue was 39 per cent higher at $477.3m.

Qantas has relaunched its popular “double status credit points” offer for Frequent Flyer members on the same day it announces its annual profits.

This move appears aimed at encouraging more flight bookings while recognising customer loyalty.

Frequent Flyer members who book flights within the next seven days for travel between September 4 this year and August 22 next year can choose between earning double status credits or double points.

In the previous March promotion, about two thirds of participants opted for status credits over double points due to the perks tied to higher membership tiers, such as lounge access, priority boarding, and fast-track security lanes.

Qantas Loyalty CEO Andrew Glance said the offer is “one of our most highly anticipated offers of the year and a great way for members to unlock the travel benefits that they value most.”

He added: “Whether members want to fast-track their annual status to access hundreds of lounges, or boost their points balance to book their next reward seat or upgrade, this offer helps them get there sooner.”

In addition to doubling credits or points on new bookings, Qantas will gift bonus status credits next month automatically to members active in the program during the past 18 months, with the number varying by tier.

The airline has recently increased points required for flight redemptions and carrier charges, moves some critics see as significant devaluation of points.

Read the full report on Qantas’ $2.4b profit result here.

Shares in Minerals Resources are copping a beating in early trade after the lithium and iron ore miner swung to a staggering $904m loss for the full year.

Its shares had crashed more than 5.5 per cent by 11.45am AEST to $35.41.

The turmoil came after founder and CEO Chris Ellison conceded in a letter to shareholders that he’d ‘got it wrong’ on the lithium price, admitting ”I did not foresee that we’d face prices in the $US500-600/t range again in my lifetime”.

“Looking back on the last two years, I also acknowledge that we got the lithium price wrong, and our earnings and net debt levels have been greatly impacted,” he said.

Read the full story here.

On the mother of all reporting season days, the S&P/ASX200 is treading water and has shifted just 2 points lower to 8958.5 at 11.30am AEST

A massive 11.7 per cent gain by Qantas, a 32 per cent surge from IDP education and 15 pe rcent jump by Eagers Automotive were offset by hefty losses from Telix Pharma, Ramsay Healthcare, Nine Entertainment and IGO.

Only six of the 11 setcor were in the green, with energy, IT and health care stocks the worst performers.

The rare earths miner has emerged from a brief trading halt to reveal a $750 million capital raising and $75m follow-up share purchase plan.

Shares are set to be issued at $13.25, a 10 per cent discount on the company’s last trading price.

The cash will go towards its ‘Towards 2030 Strategy’ in a bid to crank up its downstream capacity at a crucial time for the commodity.

Rare earths have gained huge prominence in the past 12 months as China and the US seek to lock up their own supplies of the material used in magnets.

Chief executive Amanda Lacaze said it would give the company “firepower” to capitalise on the growing market.

Qantas chief Vanessa Hudson says the job is not done to “change the airline for the better” as she apologises for illegally sacking more than 1800 ground workers five years ago.

The national carrier last week was hit with a landmark fine of $90 million, ending a years-long legal battle for the company, which claimed axing and outsourcing 1820 ground operations staff was a necessary financial response as the aviation industry came to a standstill in 2020.

The penalty, handed down by the High Court, was the largest ever in Australian business history under the Fair Work Act.

Speaking at a press conference after Qantas unveiled its full-year results on Thursday, Ms Hudson said it had taken lessons away from the illegal outsourcing and “changing Qantas for the better”.

“I won’t for a second pretend that the job is done. Far from it, but the culture at Qantas has changed. It is changing and it will continue to change,” she said.

“And for me, the most important proof point of that is what I hear from our customers, and it is what I hear from our people who are telling me they are seeing and that they are feeling the difference.”

Improving commodity prices have shot South32 back into the black with a $US213 million ($327.3m) profit off the back of a 17 per cent rise in revenue to $US5.8 billion.

Underlying earnings before interest, tax, depreciation and amortisation increased 7 per cent to $US1.9 billion and underlying earnings rose 75 per cent increasing $US666m.

It will pay out a final dividend of US2.6c a share.

“Strong operating performance during the year enabled us to capitalise on improved commodity prices,” said CEO Graham Kerr.

“We increased our production of commodities critical to the global energy transition, delivering annual production growth of 20 per cent in copper and 6 per cent in aluminium.

“Looking ahead, we are focused on maintaining our strong operating momentum and capitalising on our transformed portfolio to deliver growth and returns for shareholders.”

South32 imporved net cash by $US885m to $US123m after reporting a net debt of $US762m at the end of FY24.

Proceeds from the sale of Illawarra Metallurgical Coal ($US938m) helped to offset investment in growth capital at its $3b Hermosa manganese-zinc mine in the US ($US517m).

Qantas has delivered a 15 per cent rise in underlying profit to $2.4 billion, thanks to a standout performance from its budget carrier Jetstar and strong domestic demand.

Statutory profit was almost 3o per cent higher at $1.6b.

Revenue from the domestic division jumped 5 per cent to $7.6 billion while international flights brought in $9.2b - an improvement of 6 per cent on the previous year.

Earnings from domestic travel was down one per cent to $1.06b but international travel earnings rose 7 per cent to $596 million.

For both divisions, Qantas said costs were impacted by wage escalation, engineering and industry costs.

Jetstar increased revenue 16 per cent to $5.7b, with earnings a staggering 55 per cent higher at $769m. Qantas said the record result was driven by strong demand, capacity growth from efficient new fleet, operational improvements and lower fuel costs.

Revenue at Qantas Loyalty was 11 per cent higher at $2.9b.

“Continuing strong demand across all market segments, combined with our dual brand strategy, helped the group grow earnings,” said CEO Vanessa Hudson.

“Qantas and Jetstar carried four million more customers during the year, while our Loyalty business grew as frequent flyers engaged with the program more than ever before.

“Our strong financial performance is enabling significant investment in new aircraft and customer initiatives, helping deliver better operational performance and customer satisfaction across both airlines.”

Qantas will pay a final fully franked dividend of 16.5c a share, plus a special dividend of 9.9c a share.

Lynas Rare Earths has ducked into a trading halt, flagging an announcement regarding a capital raising with an institutional investor to the Australian Securities Exchange.

The Amanda Lacaze-led business is due to hand down its full-year financial results on Thursday.

“The trading halt is necessary as Lynas expects to make an announcement to the ASX in connection with an equity capital raising comprising an institutional placement and share purchase plan,” the company told the market.

Details of the raising are expected to be released on or before August 29.

The lithium nickel and copper miner has posted a $955 million loss after tax, down from a narrow $3m profit the year prior.

The result comes as a result of a huge writedown on the Kwinana lithium hydroxide refinery of $642m, impairment of exploration assets of $115m and increased rehabilitation provision of $58m.

The ailing refinery is owned alongside Tianqi and has been plagued with technical issues and operating in a weak lithium market. The value of asset has been scrapped.

“IGO’s FY25 financial results are disappointing. Both challenging market conditions and asset impairments, as a result of a disciplined portfolio review, impacted our headline results,” chief executive Ivan Vella told investors.

Total revenue slumped 37 per cent to $528m, and total cash on hand was down at $280m.

Its star asset, the Greenbushes lithium operation which it holds a 24.99 per cent stake in, recorded lower revenues and earnings for interest, tax, depreciation and amortisation of $1.78b and $1.17b, respectively.