Bad News Over Christmas: Here’s What Might Have Slipped Past ASX Investors Over the Break

With investors paying less attention, some ASX companies may release Bad News Over Christmas, likely hoping it gets missed. We’ll admit we cannot prove that…but you do have to wonder.

Because some investors are on holidays for up to a month, they may ‘switch off’ and miss the bad news. But we haven’t been on holidays and have kept track, so you didn’t have to. You’re welcome.

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The ASX Companies With Bad News Over Christmas That You Might’ve Missed

Northern Star (ASX:NST)

We’ll start with the highest profile company on our list of companies with bad news – the ASX’s second largest gold miner only behind Newmont, capped at A$35bn. Northern Star cut its annual production guidance to 1,600-1,700koz from 1,700-1,850koz. The reason was a softer operational performance due to multiple isolated negative events including unplanned maintenance and operational challenges. Moreover, NST told investors it would revise its cost guidance and release it at its next quarterly update on January 22. Gold companies with bad news are not unheard of, but still rare in this era of high gold prices.

Neurizon (ASX:NUZ)

Neurizon is developing a new treatment for Amyotrophic Lateral Sclerosis (ALS), NUZ-001. The company had applied to the FDA for Fast Track Designation, but this was denied. The FDA advised the company additional information would be needed to demonstrate its differentiation from other FDA approved therapies. While this is not the same as an outright rejection that happens later in the process when the company applies for a formal answer. And while it is not as big a blow as such a red light at that stage would be…it is still bad news to get it as the company would benefit from early and more frequent communication with the FDA throughout the approval process.

Desoto Resources (ASX:DES)

Desoto is a diversified explorer with gold and rare earth projects in the NT and the African nation of Guinea. The company revealed drilling results from the first of these. Despite asserting that the project had gold and rare earth potentia’The assays have not provided enough encouragement for the Company to continue exploring its Fenton Shear Zone with the Company looking for divestment or joint venture opportunities for its Northern Territory’/

Brightstar (ASX:BTR)

Mid-cap gold developer Brightstar completed a processing campaign, and while it was the largest in terms of mines tonnes and delivered gold, the processing recoveries were below expectations. Unreconciled production indicated 6,300oz gold, but the final figure was 4,652oz. The recovery was impacted by sub-optimal leaching conditions although the company told investors this issue would be resolved through alternative processing practices.

Monash IVF (ASX:MVF)

This could end up being good news if 2026 proves to be a year of re-rating. Nonetheless, investors with less confidence (i.e. those who think it cannot get back to levels seen before the two ‘mistakes’) may think this is bad news. On Christmas Eve, a month after the company received an $0.80 per share takeover bid from a consortium including Soul Pattinson and Genesis Capital Management, MVF advised investors that the bid was formally withdrawn. Now it is all up to the retail holders to re-rate the company if things improve.

EarlyPay (ASX:EPY)

EarlyPay is a provider of finance for businesses, particularly SMEs. It had told investors to expect 15-20% higher EPS for FY26 than in FY25. But since its AGM just 2 months ago, trading conditions ‘evolved’ to the point where this was withdrawn. The reasons included increased costs associated with the implementation of its new invoice finance loan systems and these costs would persist for the rest of FY26. The company also reported that FIU (Funds In Use) growth and customer utilisation moderated in December.