0047 GMT - Greatland Resources is downgraded to neutral, from outperform, by Macquarie, which was left disappointed by the gold miner's decision not to improve its annual guidance. Greatland's 2Q result was accompanied by commentary that it is trending toward the upper end of FY 2026 output guidance of 260,000-310,000 oz of gold. Its all-in sustaining cost is also on track for the bottom end of a A$2,400-A$2,800/Oz guidance range. "Given the strong production and cost performance in the financial year-to-date, there could have been an opportunity to increase production guidance, reduce cost guidance, or narrow the guidance range," says Macquarie. Greatland is down 0.2% at A$13.86. ([email protected]; @dwinningWSJ)

0037 GMT - Ampol's convenience retail business in Australia stood out for Jefferies in the fuel refiner and marketer's 4Q update. Ampol said the Australia Convenience Retail business delivered mid-single digit percent Ebit growth in 2025. Analyst Michael Simotas says that's a credible outcome given tough trading conditions experienced last year. Moreover, the earnings result "gives us confidence in Ampol's ability to extract upside from the proposed EG transaction," Jefferies says. Ampol last year agreed to buy EG Australia for A$1.1 billion, in a move that expands its direct ownership of gas stations around Australia. The deal is being reviewed by Australia's competition regulator. Ampol is down 4.3% at A$27.89. ([email protected]; @dwinningWSJ)

2257 GMT - Mineral Resources reduced its net debt by more than Jefferies expected in 2Q, supported by another strong quarter for its iron-ore and lithium operations. Mineral Resources said it had net debt of A$4.9 billion at the end of December. That's down from A$5.4 billion three months earlier. Mineral Resources also raised its guidance for lithium production in FY 2026 by 17% at the midpoint of its earlier range. That's positive, but Jefferies says the rosy outlook is largely priced in to the stock. Jefferies has an underperform call and A$36.50/share price target on Mineral Resources, which ended Wednesday at A$ 63.41. ([email protected]; @dwinningWSJ)

2248 GMT - Was Woodside Energy's maiden production guidance for 2026 negative or just conservative? That's the question posed by Jarden after Woodside's output forecast of 173 million-186 million BOE missed consensus expectations by 3% at the midpoint. Analyst Nik Burns notes Woodside upgraded its 2025 output guidance twice during the year and then beat its final forecast. "We suspect caution over Scarborough start-up (lessons learnt from watching Barossa LNG's commissioning challenges?) and rate of Sangomar natural field decline" could be behind Woodside's forecasts, Jarden says. It retains an overweight call on Woodside. ([email protected]; @dwinningWSJ)

2240 GMT - The AUD/USD has cracked 0.70 for the first time in three years, prompting UBS to assess what that could mean for Australian stocks. It finds that the Australian equity market typically has a 'pro-cyclical' relationship to AUD moves. Mining stocks usually lead the way. "This 'amplifying' relationship is less to do with earnings translations, and seems increasingly more to do with the capital flow/'risk-on' tones which prevail through these periods," says strategist Richard Schellbach. Global investors appear to still be short the Australian equity market. But they "will be energized to continue building positions in Aussie stocks to take advantage of this currency-driven 'catch-up' trade," UBS says. ([email protected]; @dwinningWSJ)

2223 GMT - While the market was unimpressed by Coronado Global Resources's 4Q result, UBS upgrades the stock to buy from neutral on an improving risk-reward balance. UBS says the company's coal operations are becoming more resilient and predictable. "Following peak capex, and a structural reset of the cost base, Coronado is becoming uniquely positioned to leverage increasingly supportive met coal markets," analyst Lachlan Shaw says. It expects Coronado's balance sheet to strengthen as costs improve. UBS raises its price target by 20% to A$0.53/share. Coronado ended Wednesday at A$0.43. ([email protected]; @dwinningWSJ)

2220 GMT - Woodside Energy's maiden production guidance for 2026 disappoints UBS. Woodside forecast output of between 172 million and 186 million BOE this year, down from the 198.8 million BOE achieved in 2025. Analyst Tom Allen says it missed consensus hopes by 4% at the midpoint of the range. The guidance points to weaker oil output than the market expected, with liquefied natural gas production in line. "We believe the key driver of an implied 13% cut to consensus 2026 oil production forecasts (to meet midpoint of guidance) is a faster decline rate at Sangomar followed by natural field decline in Australian oil assets," UBS says. Its price target falls 1.7% to A$23.10/Share. Woodside ended Wednesday at A$24.98. ([email protected]; @dwinningWSJ)

2207 GMT - Metals X's growing cash pile leads Ord Minnett to speculate that it could make an improved offer for Greentech Technology International's 41% stake in the Renison tin mine. Metals X had a cash balance of A$294 million at end-December. Analyst Matthew Hope says a deal for Greentech's stake would almost double its free cash flow and give it majority ownership of the mine. "Metals X's last 'low-ball' offer priced the mine stake at A$96 million," Ord Minnett says. That compares to Ord Minnett's valuation of A$313 million. "We expect Metals X will offer a higher price, and with Greentech at risk of being delisted from the Hong Kong stock exchange by March after being suspended for 18 months, we see an increased incentive for retail investors to accept a bid," it says. ([email protected]; @dwinningWSJ)

(END) Dow Jones Newswires