The Capital Brief | CCA, AGE, EPI, UNT, NIC, AXL, AL3, OIL, 4DX & ACR + Bioshares

There has been plenty happening in local and overseas financial markets over the past week.

On the interest rates front, the US Fed funds rate was left unchanged at 3.50-3.75% at the 28-29 July FOMC Meeting. In an interesting twist, this decision to sit pat on monetary policy was not unanimous.

The above FOMC rates decision heightened financial market players’ disquiet over US inflation. Reflective of these concerns, the 30-year Treasuries yield increased to highs last seen almost 20 years ago.

Closer to home, the Australian June 2026 quarter CPI data came in slightly better than expected, raising hopes that the RBA Board would leave rates unchanged at its next policy meeting on 10-11 August 2026.

All this while geopolitical concerns continued to bubble away just under the surface of investors’ eye lines.

At the stock specific level, the final burst of quarterly activities and cashflow reports for the June 2026 quarter have issued.

Pleasingly, these reports have, in the main, demonstrated that many of Australia’s mid, small and micro-cap stocks are still delivering on their stated development and commercialisation strategies.

This edition of the TCN Newsletter covers some of these companies, focusing on the operational achievements they have delivered over the June 2026 quarter (and in some cases those they have landed early in the current quarter). 

Separately, our Stocks on Location event inches closer and we have 2 speaking slots left to ASX and IPO presenters who are interested in sharing their story to 100 well healed Victorians against the backdrop of Port Phillip Estate winery in the Mornington Peninsula. Reply to this email for more information. Unlike most other IR investor events, this event does not accept investors looking for a free meal and some trinket merchandise. 

And finally, next week is the annual Bioshares Biotech Summit and I'm looking forward to seeing everyone in glorious Queenstown. Well done to Mark for his 20th event anniversary. 

Change Financial (ASX:CCA)

I was pleased to attend the Tech Know Conference in Sydney this week and caught up with a fine Queenslander, Tom Russell. Change Financial (ASX:CCA) delivered a strong finish to FY26, with continued momentum across its payments platform driving double-digit growth in both transaction volumes and payment value. During the quarter, total transactions increased 23% on the prior corresponding period, while Gross Transaction Value (GTV) rose 19%, reflecting increasing customer adoption and higher utilisation across the company’s embedded payments technology. 

The company’s Vertexon payments platform remains the key growth engine, with management highlighting ongoing expansion through existing customers and new client implementations. Recurring revenue continued to strengthen as Change Financial executed on its strategy of building a scalable, high-margin payments business.

Operationally, the business maintained a disciplined focus on cash management while investing in future growth opportunities delivering its maiden profit in the year. Management noted that its pipeline of prospective customers remains healthy, supported by growing demand for digital payments, card issuing and embedded financial services solutions across Australia, New Zealand and international markets. 

Looking ahead, Change Financial enters FY27 with positive operating momentum and a growing base of recurring revenues. As more clients migrate onto the Vertexon platform and transaction activity continues to increase, investors will be watching for further revenue growth, improving cash generation and the conversion of the company’s expanding sales pipeline into long-term customer contracts.

Alligator Energy (ASX: AGE)

Mighty South Aussie based Alligator Energy (ASX: AGE) delivered another significant quarter as it advances the Samphire Uranium Project toward potential production. The company’s Field Recovery Trial (FRT) successfully commenced during the period, with uranium extraction initiated and, following quarter end, early results indicating recovery rates and operating performance that are meeting or exceeding expectations. These outcomes provide important validation for the project’s in-situ recovery (ISR) development strategy.

Building on this progress, Alligator has commenced its Bankable Feasibility Study (BFS), marking the next major step in defining the project’s development pathway. The BFS is expected to provide greater certainty around project economics, engineering and execution, positioning Samphire as one of Australia’s more advanced emerging uranium developments.

Corporate governance was also strengthened during the quarter through enhancements to the Board and leadership team, supporting the company’s transition from explorer to developer.

With global demand for uranium continuing to benefit from renewed investment in nuclear energy, Alligator believes it is well positioned to capitalise on favourable long-term market fundamentals. The successful FRT and commencement of the BFS represent important de-risking milestones that should be closely watched by investors over the coming quarters as the company works toward a final investment decision and, ultimately, commercial production.

Epiminder (ASX:EPI)

Epiminder (ASX:EPI) has created Minder^®, the first US FDA-authorised (via the de novo pathway) implantable continuous EEG monitoring (iCEM^®) system. Its June 2026 quarter Activities Report highlighted strong progress across several key areas.

Approximately 200 next-generation Minder devices have been built and are now undergoing testing, with design completion on track for the end of the first half of calendar 2027.

Just after quarter’s end, the company announced two additional important milestones.

The first was the achievement of 50 patient enrolments in its DETECT study, a milestone delivered ahead of its previously provided guidance of midway through the September 2026 quarter. And looking further ahead, Epiminder remains confident of reaching 210 enrolments by the end of FY27.

Unith (ASX:UNT)

Unith (ASX:UNT) is a technology company with two business units, one specialising in Artificial Intelligence (AI)-driven digital human and conversation design solutions, the other being a B2C subscription division.

The company’s June 2026 quarterly activities report detailed the multiple operational achievements it landed over the period.

The company received official ISO/IEC 27001:2022 certification, which opens the way for it to accelerate growth within highly regulated sectors, including government, banking, and enterprise clients.

The company launched four Software Development Kits (SDKs) on Node Package Management (npm), accumulating over 3,000 downloads and expanding cross-platform developer access to the Digital Human platform.

A three-month R&D initiative was also completed, which explored state-of-the-art techniques for avatar synthesis. It has resulted in a novel real-time audio-to-video model and working prototype built on existing UNITH infrastructure.

In another digital human related development, a new avatar generation model was developed that effectively delivers three times more expressiveness than previous versions, with full head expressiveness, latency suitable for conversational use cases, and audio emotive real-time rendering.

During the June 2026 quarter alone, the Company's platform reached cumulative totals of 2.7 million sessions conducted, over 30,000 digital humans created, and support for 60+ global languages with 24/7 availability.

Unith’s B2C division continued to leverage digital human platform enhancements, with over 4,000 digital humans in service across 21 languages and 36 territories.

Nickel Industries (ASX:NIC)

Nickel Industries (ASX:NIC), which owns a portfolio of Indonesia-based mining and low-cost downstream nickel processing assets, issued a June 2026 quarter Activities Report laden with pleasing deliverables.

The company’s Hengjaya Mine reported a 4% increase in nickel ore production to 4.132 million wmt, despite an 8-day suspension of mining operations in early April (and a record quarterly Adjusted EBITDA figure for the Mine).

The June 2026 quarter also saw Nickel Industries issue an updated JORC Resource of 1,095 million wmt at 1.24% Ni for the Sampala project.

Late in the quarter, the Company announced a binding Framework Agreement under which it will exchange an 18% interest in the Sampala Project's ANN and ETL IUPs for a 36% interest in the CNE HPAL project.

Nickel Industries highlighted the fact that this share swap represents a valuation for the Sampala Project in excess of US$1.3 billion, and added that the Project has now been designated as the exclusive ore supplier to CNE via a slurry pipeline.

The June 2026 quarter also saw Nickel Industries locked in new debt funding on favourable terms, which will give the company flexibility to operate in a cyclical industry.

Just after the end of the June 2026 quarter, Nickel Industries announced the Excelsior Nickel Cobalt (ENC) HPAL project had produced its first mixed hydroxide precipitate (MHP) – a landmark milestone in the Company’s transition into the EV battery supply chain.

Axel REE (ASX:AXL)

Axel REE (ASX:AXL) is a critical minerals exploration company which is primarily focused on developing the Caladão REE-Gallium and Caldas REE Projects in Brazil, the second largest country globally in terms of REE reserves.

The company further progressed its exploration activities at the former project over the June 2026 quarter, with Woolrich column leach testwork validating the ionic rare earth elements (REE) low-acid, low-cost, sustainable in situ recovery (ISR) pathway using a mild magnesium sulphate solution.

Looking ahead, the Woolrich ISR field exploratory test programme is planned to commence in the December 2026 quarter, with column testing generating the data required for its design.

Successful progression through the field testing programme could position Axel REE as a potential first-mover in commercial ISR REE extraction in Minas Gerais, Brazil.

Late in the quarter, Axel REE appointed Dr Patience Mpofu as its new Managing Director. Dr Mpofu is a globally recognised mining executive, director and critical minerals strategist with more than 25 years' experience spanning metallurgy, mining operations, corporate strategy, capital markets, ESG and stakeholder engagement in the resources sector.

AML3D (ASX:AL3)

AML3D (ASX:AL3) continued to penetrate target markets both in Australia and overseas (the US especially) over the June 2026 quarter. This as sales of its ARCEMY® industrial metal 3D printing systems successfully disrupted metal part supply chains.

During the quarter, the initial ARCEMY® systems acquired by Newport News Shipbuilding, which is part of the largest US military shipbuilder, became operational. This system is valued at around $4.1 million.

The period also saw other ARCEMY® systems become operational – one at the US Navy’s Additive Manufacturing Centre of Excellence in Danville, Virginia (valued at around $1.1 million) and another at US Defence, Aerospace and Energy supplier FasTech (valued at around $1.6 million).

These orders and others currently in the pipeline demonstrate the success of AML3D’s US Scale Up strategy, which underpins a global sales pipeline, estimated to be $78 million as at 30 June 2026.

To ensure AML3D has the capacity to meet its growing US-based order book, the company continued expand production capacity at its Technology Centre in Stow, Ohio.

This capacity expansion, which is being delivered through a $12 million investment in this facility, continued during the June 2026 quarter

AML3D also advanced its US Advocacy initiative in the quarter, with the appointment of US Navy Rear Admiral David Goggins (Ret.), and former AUKUS Special Assistant as an advisor to AML3D’s US Board.

Optiscan Imaging (ASX:OIL)

Optiscan Imaging (ASX:OIL) released a June 2026 quarterly activities report that highlighted the continued progress the Company is making across commercialisation of its medical technology, clinical studies and U.S. FDA regulatory preparations.

During the quarter, the company completed commercial launch preparations for its InSpecta™ veterinary device, It was subsequently launched at the AVMA Convention following lodgement of its FDA dossier.

The Breast Cancer Study using InVue™ and InForm™, which is being undertaken at the Royal Melbourne Hospital, progressed beyond the halfway mark during the quarter, and has already delivered encouraging interim imaging results.

The Head and Neck Cancer clinical study, which is being undertaken at Perth’s St John of God Murdoch Hospital, was also progressed, with 10 patients completing post-operative imaging using InForm™ by the end of the quarter.

In the US, Optiscan moved significantly closer to commencing clinical collaborators at Mayo Clinic, Rochester, Minnesota. Institutional approval for the first of these studies, a breast cancer clinical study, came through during the quarter. Institutional approval for the second Mayo study, which will involve patients suffering head and neck cancers, is now pending.

All these clinical studies will support pending FDA submissions for Optiscan’s InVue™ and InForm™ platforms, which are expected to be lodged with the US regulator in the second half of calendar 2026.

4DMedical (ASX:4DX)

4DMedical (ASX:4DX) issued a June 2026 quarterly activities report that highlighted the great strides the company had recently made in delivering on its stated commercialisation strategy.

Its ground-breaking CT:VQ™ solution, which is designed to set new benchmarks in cardiothoracic imaging by combining ventilation and perfusion analysis, entered the US outpatient market through a three-year commercial agreement with SimonMed Imaging.

As at the end of the quarter, 4DMedical was delivering SaaS products at 540 sites globally (not including the abovementioned SimonMed agreement), a number up 39% on a year-on-year basis.

4DMedical has also recently moved to further expand the addressable market for its MedTech. During the June 2026 quarter, the CLEAR (Contrast-free Lung Evaluation for Acute Risk in pulmonary embolism) program was launched. It is a multi-centre, multinational clinical evidence program anchored at Massachusetts General Hospital, opening a pathway for CT:VQ™ into the acute pulmonary embolism market.

In an important local market related development, CT:VQ™ was approved by the Therapeutic Goods Administration (TGA), with multiple paid Australian contracts executed and patient scanning already underway, marking the company's transition to commercial deployment in Australia.

The good news kept flowing after quarter’s end, with a bipartisan bill introduced in the US House of Representatives directing the US Department of Veterans Affairs to establish a pilot program using 4D functional lung imaging, authorising US$20 million in funding.

Acrux (ASX:ACR)

Acrux (ASX:ACR) released a June 2026 quarter Activities Report that highlighted the progress the company was making on multiple fronts.

The development journey of its exciting Female Testosterone asset is continuing, with the June 2026 quarter Activities Report noting that the latter asset was now materially closer to commercialisation. This product has been developed for Hypoactive Sexual Distress Disorder (HSDD); commonly referred to as low Libido. This is an area of high unmet patient need with no current testosterone product available for women in the US or Europe.

The FDA has more recently clarified the pathway for a Phase III clinical trial program for Female Testosterone. Acrux has, at the same time, continued to undertake commercial discussions with global pharmaceutical companies for the co-development of Female Testosterone.

The other major development in the quarter was the new Australian partnership forged with Gedeon Richter Plc for Lenzetto®, which was announced to the market in late May 2026.

The partnership has already resulted in an upfront payment of $1.350 million to Acrux, with potential income from future milestones (up to a value of $4.05 million) still to come through.

This agreement highlights the strong female patient demand for Acrux’s proprietary metered dose device as is used in Lenzetto®. It also underlines the relevance of using the same applicator for the in-development Female Testosterone treatment.