Mayank Bansal, CFA
Mayank Bansal is a CFA Charterholder and heads the Equity Research team at Kapitales Research, with over 5 years of experience analysing global equity markets. He leads fundamental, data-driven research combining rigorous financial analysis with macro trends.
5 ASX Stocks Plunge as Kaoko, Maas, Cooper and Telcos Face Selling Pressure
Highlights:
ASX Shares Face Selling Pressure
Several Australian Securities Exchange (ASX) stocks experienced sharp declines on Monday, 12 October 2026, as investors reacted to company announcements, corporate developments and sector-specific uncertainties. Mining explorers, infrastructure businesses and telecommunications companies were among the notable casualties.
Kaoko Metals recorded the steepest fall among the highlighted stocks, while Maas Group continued struggling with the implications of Firmus withdrawing its proposed public listing. Cooper Metals also weakened following its overseas acquisition announcement, alongside declines in Telstra and TPG Telecom.
Kaoko Metals Shares Tumble Following Drilling Results
Kaoko Metals Limited (ASX: KAO) released assay findings from the initial two diamond drill holes at its Otniel Prospect, part of the Chalkos Copper-Silver Project in Namibia. The company's shares were trading at a current market price (CMP) of AU$0.850, marking a decline of approximately 55.95%.
The drilling program confirmed shallow copper-silver mineralisation, although the market response suggested investors remained cautious about the discovery's commercial potential.
Key drilling results included:
The sharp decline may reflect investor disappointment after some previously identified visually mineralised intervals returned insignificant copper grades, raising concerns about the discovery’s commercial potential. Further drilling is underway at Otniel and Donkey Hill to establish mineralisation continuity and exploration potential.
Cooper Metals Acquisition Triggers Decline
Cooper Metals Limited (ASX: CPM) announced a binding agreement to acquire an 85% interest in Chalterra, providing contractual exposure to the Colet Copper Project in the Philippines. Its shares traded around AU$0.075, registering a decline of approximately 19.35%.
The project hosts the Don Jose and A1 copper deposits, supported by more than 124,000 metres of historical drilling. Cooper also announced approximately AU$4.85 million in proposed capital raising, comprising an AU$2.15 million placement and an AU$2.70 million entitlement offer.
Despite the acquisition's potential growth opportunities, concerns over shareholder dilution may have contributed to the sharp decline. The proposed issue of additional shares at AU$0.075, alongside acquisition-related securities, could dilute existing shareholders' ownership interests. Furthermore, the project's historical resource estimate requires validation under the JORC 2012 reporting standards, while acquisition completion remains subject to shareholder approval.
These funding, regulatory and project execution risks may have outweighed the announcement's positive implications, contributing to cautious investor sentiment.
Maas Group Extends Firmus Losses
Maas Group Holdings Limited (ASX: MGH) remained under considerable selling pressure following Firmus Grid's decision to abandon its planned ASX listing. The stock was trading around AU$3.900, representing a decline of approximately 15.75%.
Firmus withdrew its IPO application on 9 October, citing market conditions and concerns about achieving an appropriate valuation. Despite the setback, Maas confirmed approximately AU$1.1 billion in work orders associated with Firmus projects, with AU$373 million already received.
However, uncertainty surrounding the investment's valuation and future funding arrangements continues to influence investor sentiment.
Telstra and TPG Shares Retreat
Australian telecommunications stocks also weakened amid concerns surrounding competitive developments.
Telstra Group Limited (ASX: TLS) traded near to AU$4.650, reflecting a decline of approximately 2.51%. Meanwhile, TPG Telecom Limited (ASX: TPG) was around AU$3.710, representing a decline of approximately 4.38%.
The weakness followed news of SpaceX's spectrum acquisition, which raised questions about potential changes to the telecommunications competitive landscape. However, the transaction's direct implications for Australian operators remain uncertain.
Outlook: Investors Await Fresh Catalysts
Near-term market attention will likely focus on Kaoko's additional drilling results, Maas Group's Firmus-related contract execution and Cooper Metals' acquisition approvals and funding arrangements.
For telecommunications stocks, competitive developments and upcoming corporate updates could influence sentiment.
While these companies retain distinct growth opportunities, the latest declines highlight investor sensitivity to execution risks, financing requirements and uncertain earnings prospects. Future announcements will be important in determining whether selling pressure stabilises or persists.
Note- All data presented is based on information available at the time of writing.
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