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US short seller Spruce Point Capital Management — whose November short report warned investors that ASX-listed IperionX could be “significantly overvalued” — suggested the accounting error which spooked shareholders (and wiped 22% off its share price) may warrant a “closer look”.

“IperionX, a company promoting its ability to ‘revolutionize’ the titanium industry pooh-poohed our concerns about its PP&E and internal control issues in our forensic report from Nov 2025,” Spruce Point founder and chief investment officer Ben Axler wrote on LinkedIn.

“We stand behind our research which highlighted financial reporting risks and challenges with commercialization of technologies unproven at scale,” Spruce Point told Capital Brief.

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Market movers

Shares in gold miner Northern Star tumbled on Thursday after the US Fed chairman Jerome Powell warned that rising energy prices would push up inflation, triggering a sharp sell-off in bullion that wrongfooted investors who had positioned gold as an inflation hedge.

The quick sync

• One Nation is outpolling the Coalition and winning male voters from Labor, a new Capital Brief/Demos AU poll shows. (Capital Brief)

• Federal independents demand Albanese create a gambling regulator as states exploit loopholes to boost gaming revenue. (Capital Brief)

• Kyle Sandilands looks headed for what could be the next media trial of the century. And it will cost him millions before he even gets to court. (Capital Brief)

• Own the workflow or face trouble. That's the message OpenAI's Asia-Pacific startup lead brought to Australian founders this week. (Capital Brief)

Trading floor

M&A

• Star Minerals completes conditions to sell project to Catalyst Metals for $2.75m. (Capital Brief)

• Arlington Capital Partners to buy Eptec’s defence unit for ~$150m. (AFR)

• Benson Radiology to sell to Crescent Capital for ~$400m after IFM deal fell through. (The Australian)

• Capstone Copper weighs $600m+ sale of Cozamin mine. (AFR)

• Shell’s $2b NWS stake attracts buyers amid Browse project uncertainty. (The Australian)

• Bain Special Sits blocked from Infinity Pharmacy sale despite $400–$500m bid. (AFR)

• Blackstone’s Nucleus Network sale draws global private equity interest for $1b+ deal. (The Australian)

Capital Markets

• Lynas produces its first samarium oxide in Malaysia, expanding its product range. (Capital Brief)

• ACCC probes major fuel companies over alleged anti-competitive conduct amid fuel shortages. (Capital Brief)

• FDC tests IPO plans, showcasing strong pipeline and revenue. (AFR)

• Qscan draws private equity interest ahead of possible $1b sale. (The Australian)

• RBA says banks and households are resilient despite oil shock, but markets face volatility risks. (Capital Brief)

• PwC mandates AI adoption and revamps billing to stay competitive. (AFR)

• Albanese forms fuel taskforce amid panic buying and rising prices despite stable supply. (Capital Brief)

• Australia’s unemployment rises to 4.3% as part-time work increases. (Capital Brief)

• Bailey Nelson to tap UBS to secure investor for expansion. (AFR)

• NBN Co raises $850m via Sustainability Bond to fund green and regional projects. (Capital Brief)

• Lamborghini scraps electric model; Middle East war threatens luxury car demand more than fuel costs. (AFR)

• Energy stocks rally on ASX as crude rises amid Iran-Israel conflict. (Capital Brief)

• Ten banks provide loan data to AUSTRAC amid mortgage fraud probe. (AFR)

• Middle East conflict triggers record oil supply shock, ASX reacts cautiously. (Capital Brief)

• Samsung to invest $100b+ in AI chips and tech research in 2026. (Capital Brief)

• Qatar LNG strike could disrupt global supply and hike prices for over a year. (AFR)

• Gulf strikes push European gas up 25%, Brent crude nears $120. (Capital Brief)

• NSW bans new greenfield coal mines, allows extensions of existing operations. (Capital Brief)

• Ant Group profit drops 91% amid heavy investment and competition. (Capital Brief)

• BoE and ECB hold rates as energy-driven inflation risks rise. (Capital Brief)

• IperionX faces short seller pressure after accounting error sparks concerns. (Capital Brief)

• Pocock and Chaney urge Albanese to create a federal gambling regulator over online keno loopholes. (Capital Brief)

• BofA apologises for bet recommendations against European private credit (FT)

• Oak Hill bets on private credit rebound with retail fund launch. (Bloomberg)

• Wall St bank capital to fall 4.8% under new rules, in win for industry. (Reuters)

• Talk of AI disruption, wars, oil and rates dominates M&A conference even as deals soar (Reuters)

• Kalshi raising USD1b, cinches USD22b valuation in ongoing round. (WSJ)

• Jeff Bezos in talks to raise USD100b for AI manufacturing fund. (WSJ)

VC 

• OpenAI says owning key workflows is crucial for startups, while boosting support with more API credits. (Capital Brief)

People moves

• Orora names Paul Victor as CFO, replacing Shaun Hughes who is relocating to France. (Capital Brief)

• Woodside appoints former CEO Mark Cutifani as director. (Capital Brief)

• COBA CEO Michael Lawrence to retire in October after nearly 10 years. (Capital Brief)

• Kyle Sandilands faces multi-million-dollar legal battle with ARN over KIIS contract. (Capital Brief)

The watercooler