ASX Lunch Wrap: Tech lifts ASX even higher; gold miner Northern Star to buy De Grey for $5bn

ASX nears record high on tech surge
Northern Star to buy De Grey for $5 billion
Retail sales Up, housing approvals also rise

The ASX is on the brink of its third record high in just a week, powered by strong gains in tech stocks.

The S&P/ASX 200 was up by around 0.2% at 1pm AEST on Monday, just shy of the record set last Thursday.

The market’s rally has been fuelled by optimism surrounding US President-elect Donald Trump’s economic plans, which also helped drive the S&P 500 to a new all-time high last Friday.

In the large caps space today, Northern Star Resources (ASX:NST) , Australia’s largest gold miner, has agreed to acquire smaller rival De Grey Mining (ASX:DEG) for $5 billion. The deal gives Northern Star access to De Grey’s Hemi mine in WA, a major new gold project.

De Grey’s shares were up 30%, while NST was down 5%.

Metcash (ASX:MTS), the owner of IGA, reported a slight decline in profits for the six months to October but met market expectations. Shares rose 3.5% as investors were reassured by the company’s 8.5¢ dividend payout.

On the economic data front, retail sales in Australia were stronger than expected in October, rising 0.6% compared to 0.1% in September, according to ABS data today.

Australian housing approvals saw a 4.2% increase in October, largely due to a surge in approvals for apartments and townhouses, which rose 22.4%.

The GDP data will land later this week.

ASX SMALL CAP WINNERS

Here are the best-performing ASX small cap stocks for December 2 [intraday]:

Code	Name	Price	% Change	Volume	Market Cap
NRZ	Neurizer Ltd	0.002	100%	3,796,982	$2,817,861
TX3	Trinex Minerals Ltd	0.002	100%	1,012,267	$1,828,652
88E	88 Energy Ltd	0.002	50%	1,806,133	$28,933,812
GGE	Grand Gulf Energy	0.003	50%	1,000,000	$4,900,774
AHF	Aust Dairy Limited	0.051	34%	7,057,754	$28,246,229
AHN	Athena Resources	0.004	33%	3,300,000	$3,211,403
MOM	Moab Minerals Ltd	0.004	33%	175,000	$2,678,576
HT8	Harris Technology Gl	0.012	33%	916,084	$2,692,219
DEG	De Grey Mining	1.975	30%	20,544,327	$3,643,071,408
ATH	Alterity Therap Ltd	0.005	25%	10,571,442	$21,281,344
ATS	Australis Oil & Gas	0.010	25%	255,474	$10,312,078
EPM	Eclipse Metals	0.005	25%	50,000	$9,111,422
ERA	Energy Resources	0.003	25%	4,437,182	$810,792,482
MMR	Mec Resources	0.005	25%	11,745,592	$7,327,228
PVT	Pivotal Metals Ltd	0.010	25%	380,449	$7,257,807
IVX	Invion Ltd	0.185	23%	24,915	$10,308,400
BMG	BMG Resources Ltd	0.016	23%	17,590,824	$9,851,363
EUR	European Lithium Ltd	0.049	23%	4,902,247	$55,924,906
MTM	MTM Critical Metals	0.099	21%	9,924,322	$28,532,114
BLZ	Blaze Minerals Ltd	0.006	20%	1,864,916	$3,142,791
C1X	Cosmosexploration	0.033	18%	58,584	$2,337,065
CMG	Criticalmineralgrp	0.165	18%	60,606	$10,085,235
AZ9	Asianbatterymet PLC	0.062	17%	6,449,168	$16,017,394
VR8	Vanadium Resources	0.035	17%	1,180,708	$16,878,756

Pivotal Metals (ASX:PVT) has announced strong preliminary results from its metallurgical testwork at the Horden Lake project in Quebec. Copper recovery rates of 85% to 90% have been achieved, producing high-grade concentrates with no harmful elements. Also, valuable byproducts such as gold, silver, and palladium were recovered in the copper concentrate, enhancing the project’s economic potential. The company is also progressing on the nickel flotation circuit, with further testwork scheduled over the next two months.

European Lithium (ASX:EUR)‘s subsidiary, ECM Lithium AT GmbH, has received confirmation from the Carinthian state government that the Wolfsberg lithium project in Austria does not require an Environmental Impact Assessment (EIA). This paves the way for fast-tracked approval of the project, making it the first new mining initiative in the EU to benefit from such a process. EUR said the Wolfsberg project is positioned to become a key lithium supplier for Europe’s battery supply chain.

Asian Battery Metals (ASX:AZ9) reported another significant “massive” sulphide intercept at its Oval Copper-Nickel-PGE Project on the Yambat property in Mongolia.

The company said drillhole OVD027 has intercepted sulphide mineralisation north of the previous OVD021, suggesting a near-flat orientation of the mineralisation along the strike of the Oval intrusive body. Key intersections include 6.1 metres of massive sulphide and 12.1 metres of net-textured sulphide. The mineralisation spans 91.8 metres, with a high-grade 42.3-metre section containing chalcopyrite, pentlandite, pyrrhotite, and pyrite.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for December 2 [intraday]:

Code	Name	Price	% Change	Volume	Market Cap
MHC	Manhattan Corp Ltd	0.001	-50%	105,559	$8,995,940
BDG	Black Dragon Gold	0.020	-38%	9,627,739	$9,660,247
ADG	Adelong Gold Limited	0.004	-33%	2,364,413	$6,707,934
MTL	Mantle Minerals Ltd	0.001	-33%	1,201,033	$9,296,169
RIE	Riedel Resources Ltd	0.001	-33%	252,524	$3,335,753
TMK	TMK Energy Limited	0.002	-33%	2,256,656	$27,976,695
CTN	Catalina Resources	0.003	-25%	1,928,681	$4,975,048
CUL	Cullen Resources	0.004	-20%	252,169	$3,467,009
M2R	Miramar	0.004	-20%	91,381	$1,984,116
CAE	Cannindah Resources	0.053	-16%	1,637,991	$44,294,037
SHO	Sportshero Ltd	0.017	-15%	11,417	$13,356,657
CUF	Cufe Ltd	0.006	-14%	2,783,738	$9,356,724
IXR	Ionic Rare Earths	0.006	-14%	1,465,446	$34,088,339
RGL	Riversgold	0.003	-14%	2,884,214	$5,696,119
TMX	Terrain Minerals	0.003	-14%	4,000,000	$6,300,101
EQN	Equinoxresources	0.130	-13%	352,101	$18,577,500
GQG	GQG Partners	2.045	-13%	11,802,088	$6,940,451,831
IFG	Infocusgroup Hldltd	0.027	-13%	4,706,875	$4,864,190
NGX	Ngxlimited	0.170	-13%	214	$17,669,309
AVE	Avecho Biotech Ltd	0.004	-13%	2,870,001	$12,677,188
BCB	Bowen Coal Limited	0.007	-13%	415,154	$79,999,473
ENV	Enova Mining Limited	0.007	-13%	373,295	$7,879,435
PLC	Premier1 Lithium Ltd	0.007	-13%	2,375,314	$1,606,082
SPQ	Superior Resources	0.007	-13%	633,957	$17,358,910

IN CASE YOU MISSED IT

Strata Minerals (ASX:SMX) is gearing up for a ground-based electromagnetic survey to be carried out across priority targets at its Penny South gold project in Western Australia. The surveys aim to refine the search within the target areas, assisting in the preparation for the planned drilling program at Penny South, which is set to commence in the Q1, 2025.

Legacy Minerals (ASX:LGM) has completed a $3 million capital raise while also securing a strategic investor in the likes of Fleet Fund, Australia’s fastest growing company in 2023, according to the AFR. Funds will be used to drive exploration across its Drake and Thomson projects, with drill mobilisation to commence at Thomson imminently.

Omega Oil and Gas (ASX:OMA) has appointed Peter Stickland as non-executive director, following the departure of Mike Sandy. OMA managing director and CEO says Stickland is a well-known and well-respected member of Australia’s oil and gas sector, bringing with him a deep technical background and extensive experience.

Perpetual Resources (ASX:PEC) is also raising $1 million through a placement at 1.4 cents apiece, with funds to drive exploration at its projects in Minas Gerais, Brazil. The company recently reported significant rock chip results of greater than 5.4% Li2O at the Isabella lithium project, with plenty of news on the way over the next 12 months.

A drilling application has been submitted at Riversgold’s (ASX:RGL) Little Lepreau prospect, targeting highly anomalous surface mineralisation at depth. The company is aiming to carry out a 2,000 metre maiden RC/DD drilling campaign in Canada, going after copper, gold and antimony, following promising rock chip results showing up to 17.6% cu, 10.8% sb, 70.4g/t au and 1500g/t ag.

At Stockhead, we tell it like it is. While Strata Minerals, Legacy Minerals, Omega Oil and Gas, Perpetual Resources and Riversgold are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.