The Capital Brief | KGL, AIX, SPL & AXL

We have just hit the first week of FY27 for the ASX’s year ended June reporting companies. With the ledgers now closed off on FY26, the usual flow of "trading updates" for the year just passed have started to come through, with this stream set to continue over the early- to mid-July period.

As a package, these updates will be a mix of the good and the bad. This time round, it will be interesting to see how many of the ‘bad’ updates point the finger at our current batch of economic challenges, headed by higher interest rates, cost of living concerns and geopolitical events.

This week’s TCN newsletter looks beyond this steady wave of updates, and focuses instead on positive news flow recently released by three ASX-listed companies, namely KGL Minerals (ASX:KGL), Axel REE (ASX:AXL) and Starpharma (ASX:SPL).

We also take a look at AI Private Opportunities Trust (ASX:AIX), an interesting IPO stock that joined the Australian bourse just this week. This Trust, which expects to have a limited life, will give investors exposure to investments in a mix of private companies servicing an artificial intelligence (AI) industrial sector now enjoying exponential growth. 

And finally, thank you to the Socceroos for inspiring football fans across Australia with their efforts in the FIFA World Cup. It wasn't the ending we wanted but they sure did us proud. 

KGL Resources (ASX:KGL)

KGL Resources (ASX:KGL) is Australian mining group now focused on development of its high grade Jervois Copper Project mine located in Australia’s Northern Territory.

On 25 June 2026, KGL Resources announced plans to undertake a two part A$300 million equity raising via the lovely folks at Bell Potter and Argonaut. 

The first part of the raise consists of an institutional placement of A$180 million. On 29 June 2026, KGL Resources announced that the bookbuild for this component of the raise had been successfully completed. It saw significant demand from leading global investor groups both domestically and offshore.

The second component is a 1-for-1.29 pro rata non-renounceable entitlement offer of A$120 million to eligible existing shareholders, that is fully underwritten bar for some shareholders who have already committed to take up their entitlements. It opened on Friday, 3 July 2026.

The raising is priced at A$0.20 a share, a circa 25% discount to KGL Resources’ last closing price of A$0.268 on 24 June 2026.

The proceeds from the A$300 million (before costs) issue is expected to fully fund the Jervois Copper Project through to production, and also leave the company with both a liquidity buffer and some cash at hand for further planned exploration and drilling at Jervois.

AI Private Opportunities Trust (ASX:AIX)

AI Private Opportunities Trust (ASX:AIX) listed on the ASX on 2 July 2026.

The Trust is targeting long term capital growth from investment in the securities of private, non-publicly traded companies that are developing, enabling, or contributing to the adoption of artificial intelligence (AI) and related technologies. These investments will include companies where AI is a key component of their value creation thesis.

The potential investment universe spans the AI ecosystem, including AI being created to drive transformation across industries including healthcare, financial services, manufacturing, logistics, defence, and technology.

The Trust’s Product Disclosure Statement indicated that it might also selectively invest in the IPO raises of securities of AI and AI-related businesses, if this investment delivers the Trust access to cornerstone, priority or institutional offers not available to individual investors.

The long term capital growth being targeted by the Trust is the potential ‘blue sky’ returns that should accompany well-performed unlisted companies leveraged to the still forming AI technological cycle. With AI taking shape at pace, the private companies leveraged to it have every chance of maturing quite rapidly. Some of these businesses will list, others could become attractive takeover targets.

The Trust is seeking to achieve its objective of long term capital growth over the life of the Trust, which is expected to be approximately seven years (the period over which access to the companies making up the Trust’s investment portfolio are expected to be most constrained).

Starpharma Holdings Limited (ASX:SPL)

Biotechnology company Starpharma (ASX:SPL), which is advancing its proprietary DEP® dendrimer technology across oncology and other applications, announced two radiopharmaceutical updates this week, including positive preclinical data for its DEP® HER2-targeted radiotherapy candidate and a new patent application covering DEP® technology in radioligand therapy.

Starpharma reported that DEP® HER2-lutetium (DEP® HER2-Lu) demonstrated strong tumour uptake and retention, low kidney accumulation and short blood circulation time in preclinical HER2-positive cancer models. The company said the DEP® dendrimer component also improved biodistribution compared with a non-DEP® HER2-targeting construct.

The data support progression toward a first-in-human Phase 1 clinical study in the second half of calendar 2026, with Phase 1 preparations well advanced and FDA feedback supporting the proposed development pathway.

The company said DEP® HER2-Lu showed statistically significant anti-tumour activity and survival benefit in preclinical models.

Starpharma also announced the filing of a new patent application covering the use of DEP® dendrimer technology in radioligand therapy. The patent update follows encouraging preclinical findings across HER2, PSMA and EGFR, supporting DEP® as a modular radiopharmaceutical platform with partnering potential.

Separately this week, Starpharma announced that it had achieved a key milestone under its collaboration with Radiopharm Theranostics, triggering a A$500,000 option fee payable to Starpharma. The milestone moves the program into an option period during which Radiopharm may elect to take an exclusive licence to Starpharma’s proprietary DEP® platform for a radiopharmaceutical asset. If exercised, the licence could deliver up to A$91 million in upfront, development, regulatory and commercial milestone payments, plus royalties on net sales.

Starpharma will host an investor webinar on Tuesday, 7 July 2026 at 2.00pm AEST to discuss the DEP® HER2-Lu preclinical data and radioligand therapy patent update.

Investors can register for the webinar here: https://us02web.zoom.us/webinar/register/WN_WEpJoIk8TtOGAPNeW2noXg

Axel REE Limited (ASX:AXL)

Rare earths company Axel REE (ASX:AXL) will host an investor webinar with new Managing Director Dr Patience Mpofu on Thursday, 9 July 2026 at 11.00am AEST.

The webinar will introduce Dr Mpofu and provide investors with an overview of Axel’s rare earth element in situ recovery strategy and development roadmap.

The discussion will also cover the company’s recently announced Woolrich results, which form part of Axel’s broader strategy to advance its REE portfolio.

Investors will have the opportunity to ask questions during the webinar.

Participants can register for the webinar here:

https://us02web.zoom.us/webinar/register/WN_1ADxK-c4QliNKvOJ_25eAg