The Capital Brief | AXL, GNP and ASG

GenusPlus Group (ASX: GNP)

GenusPlus Group, an end-to-end specialist service provider for essential power and communications infrastructure, has continued to deliver on its strategy of growing both organically and by acquisition.

In early March 2026, GenusPlus entered into a binding agreement to acquire 100% of Railtrain Holdings Pty Ltd, a privately-owned, nationally diversified rail services provider, which has some 300 staff and six offices or depots spread across Western Australia, Queensland, and New South Wales.

The acquired business provides a wide range of services to its client base, including overhead wiring solutions, rail maintenance and construction, track protection services, rail signalling and electricals, rail surveying, and the supply and training of rail personnel.

The acquisition will result in a material expansion and upscaling of GenusPlus’ national rail footprint, with an increased presence across Western Australia, Queensland, and New South Wales.

Railtrain will add approximately A$96m in annual revenue to GenusPlus’ total revenue base, and is expected to be immediately earnings accretive.

The purchase price for Railtrain comprises an upfront cash payment of A$36.5m, plus contingent considerations of up to A$8.5m in CY26 and A$10m in CY27 subject to EBITDA targets.

Importantly, from a business continuity angle, Railtrain’s existing CEO and other key management personnel will continue to manage the business, while all staff will be offered employment post the merger.

Autosports Group (ASX:ASG) - enters SA market with acquisition of Solitaire Automotive Group

Autosports Group is another ASX-listed small cap stock TCN has been watching with interest.

In late February 2026, it unveiled plans to acquire South Australia-based Solitaire Automotive Group, in a deal that will add to its already substantive Australasian footprint.

Before this transaction, Autosports Group operated a portfolio of 70+ retail businesses spread across Australia and New Zealand, selling a wide range of luxury car and motorcycle brands including Aston Martin, Audi, Bentley, BMW, Ducati, Jaguar, Lamborghini, Land Rover, Maserati, McLaren, Mercedes-Benz, MINI, Rolls-Royce, Volkswagen, and Volvo.

The planned Solitaire Automotive Group acquisition will see Autosports Group enter the South Australian market.

Solitaire boasts a 50-year history, and operates 15 new vehicle and motorcycle dealerships representing 10 brands. It generates annual revenues of approximately $300 million.

The consideration is about $50 million, which will be funded by a mix of cash and ASG shares.

The acquisition is set to be completed by April 2026, and is conditional upon satisfaction of certain conditions precedent, including obtaining approvals from the ACCC and relevant motor vehicle manufacturers.

Axel REE advances Caladão rare earth project ahead of planned ISR pilot trials

Axel REE (ASX:AXL) is advancing the Caladão Project in Brazil’s Lithium Valley, a large ionic clay rare earth system that also hosts gallium mineralisation.

The project hosts a 572Mt JORC Inferred resource, and the company has $7.1 million in cash (as at end December 2025), providing a funding runway to commence the Woolrich wellfield field trial.

Axel is progressing a low-capex in-situ recovery (ISR) development strategy while positioning itself within the Western critical minerals supply chain.

Recent announcements have highlighted progress toward pilot ISR field trials planned for 2026, which are expected to validate hydrogeological and leaching parameters required for ISR development.

Ionic clay deposits are typically amenable to ISR extraction, enabling modular development with significantly lower capital intensity than conventional mining methods. Axel’s strategy is to demonstrate the ISR process through pilot trials before scaling development across the broader Caladão mineralised footprint.

In addition to rare earth elements, Axel has identified gallium mineralisation within the system, providing exposure to a strategically constrained critical mineral used in semiconductors and defence technologies.

With a large resource base, scalable ISR development model and near-term technical catalysts, Axel continues progressing Caladão toward pilot-scale validation.

Near-term catalysts include further metallurgical test work, hydrogeological studies and the planned ISR pilot trials.

ASX announcements

Investor presentation

Upcoming Investor Lunches

Axel REE management will be in Sydney and Melbourne later this month for a series of investor meetings hosted by TCN.

Sydney - Investor LunchDate: Monday 23 March Time: 12:00pmVenue: The Restaurant Pendolino, Level 2 The Strand Arcade Sydney

Melbourne - Investor Lunch

Date: Tuesday 24 March Time: 12:00pmVenue: Kirk’s Cellar, 382 Little Bourke Street Melbourne 

Management will discuss the ISR development strategy, the scale of the Caladão ionic clay rare earth resource, and upcoming technical milestones including planned pilot ISR trials.

A limited number of one-on-one meetings with management will also be available around the lunches. Please reply to this email if you would like to attend the lunch or arrange a meeting.