ASX Stocks Sliding Today: What’s Happening With MYE, SOP and ION Shares?

Sonal Goyal

23 October 2026 02:46 PM AEDT

ASX Stocks Sliding Today: What’s Happening With MYE, SOP and ION Shares?

Image Source: Shutterstock

You are reading a free article with opinions that may differ from the recommendation given by Kalkine in its paid research reports. Become a Kalkine member today to get access to our research reports, in-depth technical and fundamental research. Learn more

Start Your Free Trial Now!

Key Highlights

Mastermyne Group Ltd (ASX:MYE) was trading at A$0.52, down 11.86%, during the 23 October 2026 trading session.
Synertec Corporation Ltd (ASX:SOP) was trading at A$0.069, down 9.21%, and Iondrive Ltd (ASX:ION) at A$0.076, down 11.63%.
The S&P/ASX 200 was at 8,760.50, down 0.37%, at 1:16 pm AEDT on 23 October 2026.

The S&P/ASX 200 (XJO) was at 8,760.50, down 0.37% (32.70 points), at 1:16 pm AEDT on 23 October 2026, while three small-cap names recorded much steeper declines during the session. Mastermyne Group Ltd (ASX:MYE) was trading at A$0.52, down 11.86%, Synertec Corporation Ltd (ASX:SOP) was at A$0.069, down 9.21%, and Iondrive Ltd (ASX:ION) was at A$0.076, down 11.63%. The three companies operate in different corners of the market, spanning underground Mining services, engineering and technology, and rare earth recycling, and each has published an update in recent weeks: Mastermyne on 9 October 2026, Synertec on 23 September 2026 and Iondrive on 16 October 2026. None of those releases is dated 23 October 2026, and this article does not link the session moves to them.

Mastermyne Group Ltd (ASX:MYE)

Mastermyne shares were trading at A$0.52 during the 23 October 2026 trading session, down 11.86% and well below the benchmark's 0.37% decline. According to the company, Mastermyne was founded in 1996 and specialises in underground mining solutions, including strata consolidation, development, longwall and outbye support, technical services and products. It trades under the Mastermyne and Wilson Mining brands, with coverage across the three major coal basins in New South Wales and Queensland.

On 9 October 2026, the company announced a new mining services contract with GMT Mining Pty Ltd relating to the restart and ongoing operation of the Tahmoor mine in the Illawarra region of New South Wales. The company said the contract has an initial two-year term with gross revenues of approximately A$80 million, plus two two-year extension Options that, if exercised by the client, would take total gross revenues to approximately A$240 million over six years. It involves more than 160 roles, and the company said its total workforce is expected to exceed 1,000 people after mobilisation.

Synertec Corporation Ltd (ASX:SOP)

Synertec shares were trading at A$0.069, down 9.21%, during the 23 October 2026 trading session, compared with the 0.37% fall in the S&P/ASX 200. The Melbourne-based company describes itself as a technology design, development and engineering growth company, with Engineering and Powerhouse businesses serving markets such as energy, critical infrastructure and advanced manufacturing.

On 23 September 2026, Synertec announced an upgrade to its FY27 Revenue guidance to A$37.5 million to A$40.0 million, from a previous range of A$29.5 million to A$31.7 million. The company said this represents growth of approximately 77% to 89% on FY26 external revenue of A$21.1 million. It attributed the upgrade to contract conversion and momentum across Engineering and Powerhouse, including the recently announced A$45.5 million ANSTO Nuclear Medicine Manufacturing Program contract. The company said it is not providing FY27 guidance for EBITDA, EBIT, NPAT or operating cash flow.

Iondrive Ltd (ASX:ION)

Iondrive shares were trading at A$0.076, down 11.63%, during the 23 October 2026 trading session, again well beyond the benchmark's 0.37% move. Based in Adelaide, the company is advancing IONSolv, a metal extraction platform based on deep eutectic solvent chemistry that it says is designed to support selective recovery of critical minerals across multiple feedstocks.

On 16 October 2026, Iondrive announced that the Oklahoma Department of Commerce had accepted its Quality Jobs application for processing, which the company said moves a potential US$5.2 million in benefits for its first commercial rare earth recycling module from identification into formal qualification. The company said Oklahoma has identified an incentive framework that could exceed US$15 million across three commercial modules, but stated that no incentive, grant or guarantee has yet been awarded. It also said it is pursuing a targeted US$18 million senior Debt Facility under the USDA Business & Industry Guaranteed Loan Program, subject to lender and program approvals.

Related Sector Context

The three companies sit in separate parts of the ASX small-cap universe. Mastermyne provides contracting services to underground coal operations in New South Wales and Queensland, Synertec operates in engineering and technology projects across government, healthcare, nuclear and critical infrastructure markets, and Iondrive is a development-stage company working on critical minerals processing technology. Smaller companies on the ASX are often quoted at low share prices, and their intraday percentage moves can be larger than those of the broader market. The S&P/ASX 200, which tracks the 200 largest listed companies, was down 0.37% at 1:16 pm AEDT on 23 October 2026.

Risks to Weigh In

Mastermyne's contract extensions are options that, according to the company, apply only if exercised by the client.
Synertec's updated guidance assumes delivery of contracted work to current project schedules and no material adverse changes in customer schedules, Supply chains, economic conditions or foreign exchange rates.
Iondrive stated that no incentive, grant or guarantee has been awarded, and that its first commercial module remains subject to engineering, permitting, financing and a final Investment decision by the Board.
Intraday moves reflect trading at a point in time during the session and can change before the session ends.

Catalysts on Watch

Mastermyne has said the new Tahmoor contract involves mobilisation, with its total workforce expected to exceed 1,000 people afterwards.
Synertec has indicated that mobilisation and execution of recently awarded contracts, including ANSTO, are part of its guidance assumptions.
Iondrive has said the next steps in Oklahoma are eligibility determination and the applicable incentive agreement.
Iondrive has also said it will progress the USDA loan guarantee initiative with prospective lenders and continue engagement on other funding programs.

Where Things Stand

During the 23 October 2026 trading session, Mastermyne, Synertec and Iondrive each traded down by roughly 9% to 12%, while the S&P/ASX 200 was down 0.37% at 1:16 pm AEDT. Each company's most recent update was released on an earlier date: 9 October 2026 for Mastermyne, 23 September 2026 for Synertec and 16 October 2026 for Iondrive. The figures in this article are intraday and based on the session in progress.

Download Free Report – Explore 3 Stock Ideas & Industry Insights

Unlock 3 stock ideas and key industry insights in our free report. This information is general in nature and does not consider your personal objectives, financial situation, or needs. It is not financial advice.

All investments involve risk—consider independent advice before making any investment decisions.

View 3 Research Reports

Disclaimer:

This article (“Article”) has been prepared by Kalkine Pty Limited (ABN 34 154 808 312) (Australian financial services licence number 425376) (“Kalkine”) and its related bodies corporate who are authorised to provide general financial product advice. Kalkine.com.au and its associated pages are published by Kalkine.

Any information/advice provided in this article is general in nature and does not take into account your objectives, financial situation or needs. You should therefore consider whether the information is appropriate for your objectives, financial situation and needs before acting upon it.

There may be a Product Disclosure Statement, Information Memorandum or other offer document (“Offer Document”) for the securities or other financial products referred to in Kalkine articles. You should obtain a copy of the Offer Document and consider it before making any decision about whether to acquire the security or financial product.

Kalkine strongly recommends that you seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice) before acting on any advice/information in this Article or on the Kalkine website. Not all investments are appropriate for all people.

The information in this Article and on Kalkine website has been prepared from a wide variety of sources, which Kalkine, to the best of its knowledge and belief, considers accurate. Kalkine has made every effort to ensure the reliability of the information contained in its articles (including this Article), newsletters and websites. All information represents our views at the date of publication and may change without notice.

The information in this Article does not constitute an offer to sell securities or other financial products or a solicitation of an offer to buy securities or other financial products.

Kalkine does not issue, sell or deal in any financial products.

This Article may contain information on past performance of particular investments. Please note past performance is neither an indicator nor a guarantee of future performance.

To the extent permitted by law, and excluding any dishonesty or gross negligence by Kalkine, Kalkine disclaims and excludes all liability for any direct, indirect, implied, punitive, special, incidental or other consequential loss or damage arising from the use of or reliance on this Article, the Kalkine website and any information published on the Kalkine website without any warranties or representations by Kalkine to you. To the extent the law prohibits or limits this exclusion, Kalkine limits its liability to the resupply of services.

Please also read our Terms & Conditions and Financial Services Guide for further information.

Employees and/or associates of Kalkine and its related entities may hold interests in the securities or other financial products covered in this Article or on the Kalkine website. Any such employees and associates are required to comply with certain safeguards, procedures and disclosures as required by law.

Some of the images/music that may be used in the Article are copyright to their respective owner(s). Kalkine does not claim ownership of any of the pictures displayed/music used in the Article unless stated otherwise. The images/music that may be used in the Article are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated or was found to be necessary.

Kalkine Media Pty Ltd, an affiliate of Kalkine Pty Ltd, may have received, or be entitled to receive, financial consideration in connection with providing information about certain entity(s) covered on its website.