Barry Fitzgerald

Garimpeiro spoke to Andrew Tunks recently, exec chair of Meteoric Resources (ASX:MEI), a Brazilian rare earths high-flyer which has soared from 1.6c a share in December to 20c a share mid-week for a market cap of $388m on the strength of its Caldeira ionic clay-hosted rare earths (REE) discovery.

Tunks said that after such a spectacular run, investors could be thinking that they had missed the boat.

“It has been a life-changing event for me and our company. It is certainly the premier REE project on the planet (of those not currently operating), and possibly one of the most significant mineral projects in the world, in my opinion,” Tunks says.

Garimpeiro previously mentioned Meteoric on January 21 when it had already wriggled its way up to 6.5c a share. It has since gone to 20c a share for some very good reasons, most notably the recent declaration of a world-class maiden resource at Caldeira of 409Mt at 2,626ppm total rare earth oxides (TREO).

World class all right. Tunks said that to date, 32 holes have been drilled outside of the maiden resource estimate.

“Every single one has been well mineralised. It is going to double or triple . . our resource growth is potentially enormous.’’

SCP Capital set a price target on Meteoric of 50c in early August. It reckons first production could be possible in 2027.

Macquarie has a 12-month price target on the stock of 45c. Commenting on the impressive drill results from outside of the current resource, Macquarie said that it sees “material upside through exploration success that could further enhance our base case.’’


Canaccord Genuity


Canaccord Genuity has just released a “Speculative Buy” report on Argosy Minerals (ASX:AGY) , with a price target of 80c (versus current price of 22c).

AGY is a lithium development company progressing the Rincon lithium project in Argentina.

The company plans to commission its 2ktpa plant in 2023 before moving to development of an incremental 10ktpa project. It also owns the Tonopah early-stage lithium prospect in Nevada, US.

In a recent update, Argosy said it had produced 10 tonnes of battery-quality lithium carbonate in August, representing a 2ktpa plant running at around 6% of nameplate.

Importantly, a number of mechanical improvements have been made at the project to improve throughput. “Key to this was on the primary filtration circuit which had been constraining the ramp-up,” says Canaccord.

AGY has also validated its process technology, and is producing battery-quality carbonate. “We see this as a critical element for AGY to have achieved,” says Canaccord, adding that its analysts will visit the AGY facility in Argentina in late September.


Simon Popple

Brookeville Capital

One man who is well-known for his interest in seeking big value in gold is Simon Popple, so we asked to see if there are any ASX-listers that could offer anyone with sufficient risk appetite a shot at a decent earn.

“The two I’m most interested in at the moment are both very high risk, but with some great potential,” is what Simon had to say. And we listened, then wrote down the other stuff he said, below this bit.

Magnum Mining (ASX:MGU) are focused on iron ore concentrate and green pig iron production,” he says.

“Although they’re currently an explorer, they’re looking to get their Buena Vista Magnetite Iron Ore and HIsmelt Pig Iron project in the US State of Nevada into production as soon as possible.”

“It looks like they’ve already got an offtake agreement in place with Mitsubishi (currently an MOU) and I’m hoping to hear more news on this front over the next few weeks.”

Despite weathering a bit of a storm over the past month (to the tune of a 25.5% dip this month), MGU is currently up nearly 81% year-to-date, trading at just under $0.04 per share.

“The other one I’m particularly excited about at the moment is Rincon Resources (ASX:RCR) ,” Simon says.

“They’ve recently closed an oversubscribed private placement to raise $2.6m. This funding should accelerate exploration activities, primarily drilling programs at the Paterson Range and West Arunta Project areas.

“Drilling is scheduled to commence from mid-September with up to 3,000m of reverse circulation drilling to test the Mammoth Target at South Telfer, and up to 1,000m of diamond drilling at the Pokali IOCG/REE Prospect, West Arunta.

“It’s high risk stuff, but I’m hoping to start hearing some results in late October/early November.”

For context, Rincon has been declining for most of the year-to-date, currently running around 62% lower than it was at the beginning of 2023.


The views, information, or opinions expressed in the interviews in this article are solely those of the interviewees and do not represent the views of Stockhead. Stockhead does not provide, endorse or otherwise assume responsibility for any financial product advice contained in this article.