Gold Surge Lifts Local Fortunes as Melbourne's Smoltech Charts a New Path

The S&P/ASX 200 powered to a fresh record of 8,844 on Thursday, gaining 0.92 percent as gold miners and tech-linked growth names pushed higher. The Australian dollar strengthened to US$0.6943, cheered by offshore demand and anticipation that US rate cuts will keep the local unit supported—welcome news for the city’s superannuation managers and global exporters.

The largest local lift came from the surging gold price, which jumped an astonishing 4.1 percent to US$4,187 an ounce. Major listed producers like Newcrest and Northern Star featured prominently on the trading screens at NAB and ANZ, but analysts and fund managers were just as focused on the impact for emerging domestic operators. As international volatility and a tepid resource capex pipeline keep investors wary, Melbourne’s industry super funds—managing north of $300 billion in retirement savings—have been edging allocations back into the gold sector, industry insiders say.

But the day’s standout story belongs to Smoltech, a Fitzroy-based engineering outfit that has quietly built a reputation for miniature robotics and precision sensors. The firm hit a major milestone this week, shipping its first batch of miniaturised mining drones to a Canadian resources conglomerate after two years of prototypes and field trials in Western Victoria. Smoltech’s co-founders, engineers Sonia Lin and David Mullett, have spent most of 2026 shuttling between trade shows and industrial partners, but it is the power of Melbourne’s tech-advanced local ecosystem—and capital supplied by industry super—that helped get the company over the commercial line.

AustralianSuper is among a group of local funds backing a $14 million venture round into Smoltech last November, drawn by the dual lure of export-driven returns and exposure to the emerging “smart mining” sector. “There is persistent appetite for companies integrating hardware and AI in industries like mining, especially with energy, labour and safety constraints facing big exporters,” says one private markets adviser in Collins Street. “Investments that can link into gold, lithium or rare earths supply chains are top of mind, and it is interesting to see this coming out of Fitzroy, not just the traditional mining hubs.”

On Thursday, Smoltech’s small team could be seen celebrating with espresso in their Johnson Street warehouse as word filtered in from overseas buyers. While still unlisted, Smoltech is part of a mini-cluster of robotics and automation startups leveraging Melbourne’s university talent and manufacturing know-how. Their latest contract—valued at a little under $3 million—puts the company on track for a modest profit this financial year, according to company documents seen by The Daily Melbourne.

Gold’s Run Reignites Local Investment

Gold’s sharp jump saw listed miners and suppliers moving higher on the All Ordinaries, which closed at 9,048, up 0.94 percent. Shares in ASX mining contractors and equipment providers closely watched by super funds such as Hostplus and Cbus also edged up, as talk of greenfield projects and renewed exploration gradually filters through. A weaker WTI crude price, down nearly 3 percent to US$68.78 a barrel, failed to dent sentiment in energy-exposed portfolios this session, as strong inflows to global growth indices like the Nasdaq (up 1.87 percent) overshadowed commodity weakness elsewhere.

With tech and resources joined at the hip in the city’s venture capital corridors, Smoltech’s export win underscores how nimble local businesses can flourish when backed by patient institutional capital. “Melbourne investors like practical innovation, not just software,” says one CFO at a hardware-focused VC. As gold soars and local robotics engineers chalk up global wins, super fund members and shareholders alike are seeing more of their savings invested in local ingenuity—proving there is room for fresh growth at the intersection of old-economy resources and new-world technology.