The Capital Brief | EPI, KCC and UNT

The past week has again seen hostilities between the US and Iran reignite. While this was no real surprise, it resulted in an almost obligatory geopolitics-fuelled uptick in energy prices.

This said, the short-term reaction at a broader market level has been fairly benign, with the S&P/ASX 200 advancing over the past five working days, and the Small Ords tracking sideways.

The past week also saw market sentiment get a boost from some backward looking data in the form of lower than expected June US CPI stats. These numbers (at least for the moment) took some of the heat out of fears central banks – the US Fed included – would soon be forced to tighten their monetary policy settings.

This week’s TCN newsletter looks at recent news flow from three small cap companies, all of which have issued ASX announcements over the past week or so.

Healthcare stock Epiminder (ASX:EPI) informed the market that the onboarding of patients into the large US-based study evaluating the effectiveness of its MedTech was happening at a quicker than expected pace.

The now Australia-focused copper/gold explorer Kincora Copper (ASX/TSXV:KCC) released an Investor Presentation given to a switched-on audience at the early July 2026 Rule Symposium held in the US. It updated investors on exploration activities being delivered through the company’s hybrid prospect generator model.

IT company Unith (ASX:UNT) has just unveiled a two-pronged capital raising as well as an equity-for-debt initiative that will, as a package, make its balance sheet more robust and give the company increased firepower to advance its stated growth strategy.

Epiminder Limited (ASX:EPI)

Epiminder (ASX:EPI) is a Health Care sector company that has created Minder®, the first US FDA-authorised (via the de novo pathway) implantable continuous EEG monitoring (iCEM®) system. This breakthrough technology is designed to better monitor the brain activity of patients with drug-resistant epilepsy.

The company continues to make strong progress in building the clinical evidence required to support adoption and reimbursement of the Minder® System in the US healthcare market.

This momentum is reflected in the ongoing growth seen in enrolments for Epiminder’s DETECT study, a prospective, randomised, controlled US clinical study evaluating the Minder® System.DETECT is testing whether Minder® can improve clinical decision-making for patients with epilepsy who have undergone inconclusive prolonged electroencephalographic (EEG) monitoring assessments.

An impressive list of US-based clinical sites is currently enrolling patients in the DETECT study, with this 20-strong group including the Mayo Clinic, Harvard, Stanford, Yale, Duke and the University of Pennsylvania.In mid-July 2026, Epiminder announced that the 50th patient had just been onboarded in this important study.

his milestone was achieved ahead of the previously stated target of midway through the September 2026 quarter, and comes less than two months after the date of the 25th enrolment.

This acceleration in enrolments reflects growing site engagement and clinician confidence across the DETECT network, and has Epiminder well and truly on track to meet its target of 210 patient enrolments in the study by the end of the first half of the 2027 calendar year.

Epiminder will host an investor webinar at 9:30am AEST on Thursday, 30 July 2026 to update investors on the progress made since its IPO in December 2025.

Investors can register for the webinar using this link: https://us02web.zoom.us/webinar/register/WN_6y3I356uRWmgJl19kwihnQ#/registration

Kincora Copper (ASX/TSXV:KCC)

Kincora Copper (ASX/TSXV:KCC) is a gold-copper explorer with a district-scale project portfolio located in the New South Wales, Australia-based Macquarie Arc and Cobar Basin. The location of the company’s projects within these two premier mining jurisdictions is shown in the following diagram.

Kincora Copper is now simultaneously undertaking two separate drill programs across these projects, with the latest round of results from this work now pending.

The company continued to adhere to a hybrid prospect generator model that is funding these campaigns and other exploration activities in a capital efficient manner, in the process delivering multiple discovery opportunities – or as the company says ‘shots on goal’.

One of these drill programs is at Kincora’s Northern Junee-Narromine Belt Project within the Macquarie Arc. This being funded via a project generator model arrangement with mining major AngloGold Ashanti. It has already seen A$10 million plus in partner-funded exploration since late 2024, and generated A$0.6 million plus in management fee income.

Kincora Copper is now in discussions with prospective partners to implement similar project generator model arrangements with prospective partners at other Kincora projects.

The second drill campaign currently underway at Kincora Copper’s 100%-owned Condobolin project located in the Cobar District. This work, fully funded by the company, is the first systematic drilling in over a decade at an open discovery in this project. Initial assay results from this drilling is pending.

Kincora Copper’s exploration activities are being delivered from a position of unambiguous balance sheet strength. The company is well capitalised – it already has cash at hand of around A$13 million, and another US$5 million will enter the books on completion of the recent Mongolia asset disposal.

While Kincora Copper’s exploration and development strategies have been progressed, its share register has remained stable. It boasts some well-known and respected small cap mining investors who have a reputation for looking beyond market volatility generated by geopolitics and macro concerns.

The company has over time got increased attention amongst both Australian and North American investors.

Reflective of this interest, Kincora Copper CEO Sam Spring recently delivered two well attended presentations at the Rule Symposium held in Florida over early July 2026. Some 800 investors paid to attend this event, with many thousands more watching it online.

A steady stream of Symposium attendees interacted with Sam as well as Kincora Copper Advisory Board team members who manned the company’s booth over the course of the Symposium. Kincora Copper will present at next week's Noosa Mining Conference, pop past Sam's booth and say hello.

Watch the Rule Symposium - Kincora Copper Presentation

Unith (ASX:UNT)

Unith (ASX:UNT) is a technology company with two distinct, but inter-related, business units.

The first of these units specialises in Artificial Intelligence (AI)-driven digital human and conversation design solutions. This technology, which can take the form of AI avatars, interacts in a lifelike manner and enhances business clients’ customer engagement, education, and entertainment metrics.

The company’s second business unit is a growing business-to-consumer (B2C) subscription division. It leverages the value-add created by Unith’s digital human and conversation design solutions technology.

Unith has successfully progressed the development strategies for both these units over the second half of its 2026 financial year.

The latest significant development milestone announced was the receipt of Official Certification for the ISO/IEC 27001:2002 standard for Information Security Management Systems (ISMS). This Certification validated Unith Research Lab’s SLU enterprise-grade security, data protection practices, and risk management framework.

Unith has been at pains to highlight the significance of this achievement, noting that it serves as an independent validation that the Company’s ISMS protects customers, partners, and corporate data against evolving global cybersecurity threats.

This should, in turn, make it easier for Unith to penetrate target clients operating in sectors like government, banking, and enterprise, which are traditionally more highly regulated.

To the future, Unith expects to land further growth strategy milestones over the coming 12 months. These cut across additional technology, marketing and business development tasks and ongoing assessment of potential corporate and strategic acquisitions.

As a package, these initiatives will continue to lay the groundwork for Unith to transition into a scalable and sustainable business.

To help fund work on these deliverables, Unith has just unveiled three capital raising initiatives, namely:

• A strongly supported share placement to institutional, sophisticated and professional investors, that has firm commitments of $1.0 million, priced at $0.008 per share

• A pro rata non-renounceable entitlement offer to eligible shareholders, also priced at $0.008 a share, that is targeting a further $1.75m million in new equity

• An agreement to convert $0.5 million of an existing debt facility into equity on the same terms.

The placement also comes with a free attaching option for every two shares acquired in the placement. They have an exercise price of $0.013 per option, and an expiry date of 31 December 2028.