What’s Driving Cadoux Ltd (ASX:CCM) Shares Lower Today?

Sonal Goyal

23 October 2026 02:47 PM AEDT

What’s Driving Cadoux Ltd (ASX:CCM) Shares Lower Today?

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Key Highlights

Cadoux Ltd (ASX:CCM) was trading at A$0.022, down 12.00%, during the 23 October 2026 trading session.
On 14 October 2026, the company highlighted a SAFELOOP consortium battery recycling and Manufacturing milestone involving premiumHPA.
The S&P/ASX 200 was down 0.37% at 8,760.50 at 1:16 pm AEDT, a far smaller decline than Cadoux's.

Cadoux Ltd (ASX:CCM) shares were trading at A$0.022, down 12.00%, during the 23 October 2026 trading session, a much larger fall than the S&P/ASX 200 (XJO), which was at 8,760.50, down 0.37% (32.70 points), at 1:16 pm AEDT. Cadoux is an emerging developer of critical minerals projects focused on high purity alumina (HPA) and rare earth minerals, and its most recent announcement, released on 14 October 2026, highlighted a manufacturing milestone achieved by the European Union-funded SAFELOOP battery consortium in which the company supplies its premiumHPA material.

Latest Developments

SAFELOOP milestone announced on 14 October 2026

On 14 October 2026, Cadoux released an ASX announcement titled "SAFELOOP Consortium Achieves Major Battery Recycling and Manufacturing Milestone". The company said the milestone was achieved by its battery partner, the Horizon Europe funded SAFELOOP project, and demonstrates the successful integration of recycled battery materials into full factory-scale Lithium-Ion Battery manufacturing. Cadoux said it is the sole HPA materials supplier to the consortium.

Recycled graphite and factory-scale cell production

According to the announcement, SAFELOOP developed a direct-recycling technology to recover and restore graphite from end-of-life lithium-ion batteries for reuse in new battery anodes. A 500 kg batch of battery-grade recycled graphite was delivered to Turkish battery manufacturer Aspilsan Enerji by consortium member AETC for a pilot manufacturing campaign. In the September quarter 2026, 18650 size lithium-ion cells incorporating the recycled materials and Cadoux's premiumHPA completed the full manufacturing process, including electrode preparation, coating, cell assembly and formation. The company said the cells are intended for integration into battery modules for an electric bus manufactured by Bozankaya.

Cadoux's role and stated focus

The company said its participation provides an opportunity to advance the application and commercial positioning of premiumHPA in next-generation battery technologies, including ceramic battery coatings and enhanced battery safety. Cadoux said it will continue to focus on advancing its HPA Business while pursuing opportunities to translate material development and qualification activities into future commercial relationships. Managing Director Roland Hill described the milestone as "a meaningful step towards industrial-scale giga-factory circular battery production".

About Cadoux Ltd

Cadoux describes itself as an emerging developer of critical minerals projects focused on two materials it associates with global electrification: high purity alumina and rare earth minerals. According to the company, its process enables integrated production of HPA at up to 99.999% (5N) purity, demonstrated through a pilot plant and market studies. Cadoux said it is looking to develop the process through a staged approach that includes a 1,000tpa small-scale production Facility in Western Australia, followed by a 10,000tpa full-scale commercial plant.

The company said its HPA strategy has the backing of State and Federal governments, noting that it is the only junior developer with both Western Australian lead agency status and Major Project Status from the Federal Government. In the Northern Territory, Cadoux is developing the Minhub Project, which is planned to include a mineral separation and rare earths processing facility in Darwin.

Related Sector Context

Cadoux operates in the critical minerals and advanced materials segment of the ASX resources sector. HPA is used in products such as LEDs and sapphire glass, and the company states that electric vehicle and energy storage batteries, where HPA can be used as a separator material, are a longer-term market of interest. Rare earths, the second focus area, are described by the company as feedstock for rare earth magnets.

For reference, the S&P/ASX 200 benchmark was down 0.37% at 1:16 pm AEDT on 23 October 2026, so the broader market movement was considerably smaller than Cadoux's session decline of 12.00%.

Risks to Weigh In

Cadoux describes itself as an emerging developer, and its HPA business is in a staged development plan that has yet to reach full-scale commercial production.
The company's 14 October 2026 release refers to opportunities to translate qualification activities into future commercial relationships, rather than announcing a commercial contract.
The SAFELOOP milestone was achieved by consortium partners, and the cells are intended for use in modules for an electric bus, which the company describes as a pathway towards demonstrating practical application.

Catalysts on Watch

Further SAFELOOP progress, including the planned integration of cells into electric bus battery modules.
Cadoux's stated aim of converting material qualification work into future commercial relationships for premiumHPA.
Progress on the 1,000tpa Western Australian HPA facility and the later 10,000tpa plant outlined in the company's strategy.
Development of the Minhub Project in Darwin for rare earth processing.

Where Things Stand

Cadoux shares were down 12.00% at A$0.022 during the 23 October 2026 trading session, compared with a 0.37% fall in the S&P/ASX 200 at 1:16 pm AEDT. The company's latest announcement, dated 14 October 2026, covered the SAFELOOP consortium's recycling and manufacturing milestone and Cadoux's role as HPA supplier. Further updates will be released through the ASX.

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