• ASX 200 benchmark finds 0.2% as global markets wobble
  • Lithium focus on Canada as ASX small caps reap rewards
  • Leading Small Caps include Azure, Allkem and anyone near James Bay with a shovel


In Aussie small cap land last week, all the serious fun took place in Canada.

Allkem’s (ASX:AKE) James Bay lithium project is now officially one of the world’s largest lithium spodumene assets in the world – and apparently it’s going to get bigger.

A mega 173% increase in the James Bay mineral resource now weighs in at 110.2Mt @ 1.30% Li2O. This includes 54.3Mt @ 1/30% Li2O in the indicated category and 55.9Mt @ 1.29% Li2O in the inferred category.

“James Bay is now one of the largest spodumene lithium assets and clearly has the potential to grow even further as the boundaries of mineralisation are tested through an additional drilling program commencing later in the year,” AKE MD Martin Perez de Solay said, rather happily.

“The size and grade of this resource is amongst the best in the world and will underpin Allkem’s plans for future production and processing of lithium in Québec.”

As Stockhead’s Cameron Drummond says, “swimming around this resource is a slew of ASX juniors looking to turn James Bay into a mega-precinct.”

Get a pen, the list includes:

Kuniko (ASX:KNI)Recharge Metals (ASX:REC)Fin Resources (ASX:FIN)Oceana Lithium (ASX:OCN)Megado Gold (ASX:MEG)Sayona Mining (ASX:SYA)Rubix Resources (ASX:RB6)Cosmos Exploration (ASX:C1X)Resource Base (ASX:RBX)Summit Minerals (ASX:SUM)Winsome Resources (ASX:WR1)Lightning Minerals (ASX:L1M) and upcoming IPO newcomer Lithium Universe (ASX:LU7).

Patriot Battery Metals (ASX:PMT) also has its own huge resource in James Bay – the Corvette lithium project – with a resource of 109.2Mt @ 1.42% Li2O.

A huge day few days for our small cap lithium league.

Here’s how the Aussie sectors ended last week:

Via MarketMatters



Global equities were showing some old school volatility again last week, with watery numbers out of China, higher energy prices,  upward pressure on bond yields and some thin US inflation data causing a few headaches.

For the week Wall Street fell 0.3%, the EU lost 0.4%.

Chinese shares were hammered, down 3.5% on both weak data and uncertainty around how officials will approach any stimmy.

At home the benchmark ASX 200 ended 0.2% higher led by consumer discretionary, energy and financial stocks, offset by losses in tech stocks, consumer stables and materials.

Oil prices continued to rise while gas prices surged, largely thanks to us and the real possibility of Aussies on strike which would hit global gas supplies. Metal prices fell last week, while iron ore price was abso flat.

Wall Street ended a mixed week with a well-mixed Friday – punters trying to digest the new inflation reads and so the future plans of the Federal Reserve’s cash rate cabal.

Producer prices rose 0.3% on the month, raising bets the Fed will need to keep rates higher for longer, supported by the observations of San Francisco’s Fed Prez Mary Daly who thought her colleagues had ‘more work to do’ to bring US inflation to heel.

The Nasdaq lost nearly 0.7% following a quick chip firesale with AMD (-2.4%)  and Nvidia (-3.6%) hardest hit.

The Dow Jones ended slightly higher, with Chevron and Merck & Co both up +1.9%. The S&P 500 on t’other hand moved lower by 0.1%.

For the week, the Dow lost -0.1%, while the S&P 500 gave away -0.7%. The Tech-Heavy starlets on the Nasdaq made it two losses straight after dropping -1.8%.



Here are the best performing ASX small cap stocks for the week:

Swipe or scroll to reveal full table. Click headings to sort:

Code Company Price % Week Market Cap
AXP AXP Energy Ltd 0.002 100% $8,737,021
OAR OAR Resources Ltd 0.007 75% $15,678,814
ERW Errawarra Resources 0.135 67% $7,865,520
NGS NGS Ltd 0.02 67% $3,768,411
PEC Perpetual Res Ltd 0.031 63% $14,182,583
KNB Koonenberrygold 0.05 61% $4,090,848
RDN Raiden Resources Ltd 0.0125 56% $26,718,496
ID8 Identitii Limited 0.017 54% $3,617,574
MTL Mantle Minerals Ltd 0.0015 50% $9,221,169
OAK Oakridge 0.13 49% $1,891,525
LDX Lumos Diagnostics 0.076 49% $26,223,595
LIT Lithium Australia 0.049 48% $57,396,009
FTL Firetail Resources 0.135 48% $13,475,000
BIO Biome Australia Ltd 0.145 45% $22,743,420
ARV Artemis Resources 0.023 44% $32,968,286
OPN Oppenneg 0.01 43% $11,166,796
IR1 Irismetals 1.95 41% $161,851,900
TTT Titomic Limited 0.024 41% $17,310,571
FRE Firebrickpharma 0.26 41% $27,243,408
VMM Viridismining 0.645 40% $20,597,939
AW1 Americanwestmetals 0.32 39% $116,452,200
GMN Gold Mountain Ltd 0.011 38% $27,228,943
BCB Bowen Coal Limited 0.12 36% $256,318,305
BRX Belararoxlimited 0.405 35% $19,575,328
CCX City Chic Collective 0.645 34% $147,269,255
ENA Ensurance Ltd 0.2675 34% $23,891,320
EDE Eden Inv Ltd 0.004 33% $8,990,911
ENV Enova Mining Limited 0.008 33% $3,127,435
MTH Mithril Resources 0.002 33% $6,737,609
MPG Manypeaksgoldlimited 0.265 33% $8,548,004
BBT Bluebet Holdings Ltd 0.29 32% $54,070,540
AGR Aguia Res Ltd 0.025 32% $10,412,502
CRS Caprice Resources 0.05 32% $5,837,847
AYA Artryalimited 0.355 31% $20,137,127
WA8 Warriedarresourltd 0.105 31% $38,795,293
PPG Pro-Pac Packaging 0.34 31% $58,140,068
GSM Golden State Mining 0.048 30% $8,981,149
CZR CZR Resources Ltd 0.18 29% $35,360,197
3DA Amaero International 0.18 29% $70,863,686
G1A Galena Mining 0.1075 28% $86,545,399
RHT Resonance Health 0.065 27% $29,955,379
TIG Tigers Realm Coal 0.007 27% $78,400,214
GPR Geopacific Resources 0.019 27% $12,317,867
UBI Universal Biosensors 0.29 26% $65,834,525
ADR Adherium Ltd 0.005 25% $24,997,042
AUK Aumake Limited 0.005 25% $8,923,557
BP8 Bph Global Ltd 0.0025 25% $2,669,460
CTN Catalina Resources 0.005 25% $6,192,434
FGL Frugl Group Limited 0.02 25% $17,209,116
GES Genesis Resources 0.005 25% $3,914,206
Wordpress Table Plugin


Errawarra Resources (ASX:ERW) gained about 60% last week thanks to a bonus-round of continued nearology-driven investment, because next door neighbour Azure Minerals (ASX:AZS) can’t stop hitting lithium.

Canaccord’s Tim Hoff told Stockhead last week Azure Minerals (ASX:AZS) is exciting analysts, brokers and investors alike.

AZS has risen more than 1100% this year after hitting massive pegmatite-hosted lithium at its Andover project in the Pilbara.

Some analysts have said they expect drilling to date already points to an economic resource of 60-70Mt. The company formally posted an exploration target of 100-240Mt at 1-1.5% Li2O on Monday, something that could be, MD Tony Rovira told delegates at Diggers & Dealers, as good as a top 5 hard rock lithium resource globally.

Hoff says the response to Azure shows the market will still reward Tier 1 discoveries.

“Looking at it and the connection between results and where people interpret value, that gap has closed. It’s happening very quickly these days,” he said.

Perpetual Resources (ASX:PEC) ended a huge week 63% ahead on news that the company has entered into an additional binding option agreement to acquire a further three highly prospective exploration permits, covering approximately 5,000ha in Brazil’s “Lithium Valley” region, within Brazil’s mining-friendly state of Minas Gerais.

On top of that big news, PEC has also revealed that it’s received firm commitments from professional and sophisticated investors to raise $1.5 million (before costs) through a placement of shares at $0.022 per share.

PEC closed out the week at $0.031.



Here are the worst performing ASX small cap stocks for the week:

Swipe or scroll to reveal full table. Click headings to sort:

Code Company Price % Week Market Cap
MSB Mesoblast Limited 0.3675 -66% $301,255,785
CLA Celsius Resource Ltd 0.012 -48% $29,198,672
ICG Inca Minerals Ltd 0.019 -39% $14,550,299
HPC Thehydration 0.036 -38% $5,290,021
TMB Tambourahmetals 0.21 -37% $11,110,576
CLE Cyclone Metals 0.001 -33% $10,264,505
DXN DXN Limited 0.001 -33% $1,721,315
EMU EMU NL 0.002 -33% $2,900,043
MEB Medibio Limited 0.001 -33% $5,150,594
TD1 Tali Digital Limited 0.001 -33% $3,295,156
PNR Pantoro Limited 0.052 -32% $263,425,709
GBE Globe Metals &Mining 0.044 -32% $21,942,983
DMM Dmcmininglimited 0.058 -31% $1,737,100
KFM Kingfisher Mining 0.22 -30% $12,085,875
INP Incentiapay Ltd 0.005 -29% $6,325,318
IVX Invion Ltd 0.005 -29% $32,108,161
8VI 8Vi Holdings Limited 0.135 -27% $5,448,485
NYR Nyrada Inc. 0.03 -27% $4,680,261
EPX Ept Global Limited 0.023 -26% $10,256,015
AMD Arrow Minerals 0.003 -25% $9,071,295
CCE Carnegie Cln Energy 0.0015 -25% $15,642,574
GCR Golden Cross 0.003 -25% $4,389,024
ME1 Melodiol Glb Health 0.0075 -25% $21,778,430
MSI Multistack Internat. 0.006 -25% $817,824
SI6 SI6 Metals Limited 0.006 -25% $11,963,157
WFL Wellfully Limited 0.003 -25% $1,478,832
YPB YPB Group Ltd 0.003 -25% $2,230,384
TGH Terragen 0.023 -25% $5,820,930
AMM Armada Metals 0.025 -24% $1,714,202
RAC Race Oncology Ltd 0.98 -24% $166,330,156
BNZ Benzmining 0.42 -24% $46,563,499
NYM Narryermetalslimited 0.13 -24% $5,404,750
MXO Motio Ltd 0.036 -23% $9,411,648
KP2 Kore Potash PLC 0.01 -23% $7,379,355
W2V Way2Vatltd 0.017 -23% $10,045,964
LRL Labyrinth Resources 0.007 -22% $8,312,806
OLI Oliver'S Real Food 0.014 -22% $6,170,247
RLG Roolife Group Ltd 0.007 -22% $5,043,907
THR Thor Energy PLC 0.0035 -22% $6,566,812
FRS Forrestaniaresources 0.078 -22% $7,356,670
DLI Delta Lithium 0.68 -22% $357,963,661
NUC Nuchev Limited 0.18 -22% $15,193,310
SRZ Stellar Resources 0.011 -21% $12,071,571
1TT Thrive Tribe Tech 0.026 -21% $8,898,646
BLU Blue Energy Limited 0.019 -21% $33,317,525
BMO Bastion Minerals 0.023 -21% $3,986,457
SLM Solismineralsltd 0.385 -21% $25,783,607
ICI Icandy Interactive 0.039 -20% $53,688,227
NWF Newfield Resources 0.195 -20% $149,929,821
ETM Energy Transition 0.043 -20% $56,941,249
Wordpress Table Plugin


Upcoming ASX IPO listings

All dates are sourced from the ASX website. They could change without notice.

Cleo Diagnostics (ASX:COV)

Expected listing: August 17
IPO: $5m at $0.20

Cleo is a medical diagnostics and devices development company.

The company’s product makes early diagnosis of ovarian cancer a reality with a simple and accurate blood test.

Its flagship is the CleoDX platform, a test kit designed to detect a novel protein biomaker CXCL10 in the blood which is present very early and through all stages of ovarian cancer.

After blood is collected, risk evaluation is performed and an assessment is made by Cleo’s proprietary algorithm.


Curvebeam AI (ASX:CVB)

Expected listing: August 23
IPO: $25m at $0.48

CurveBeam AI develops and manufactures a range of specialised medical imaging (CT) scanners and supporting clinical assessment software.

Based in Melbourne, the company is said to be a a leader in cone beam CT imaging, paving new frontiers in artificial intelligence (AI)-based bone and joint analysis.

Curvebeam’s technology involves deep learning AI (DLAI) expertise, which it delivers across orthopedics and bone health (fragility fracture prevention).


Ashby Mining (ASX:AMG)

Expected listing: August 24
IPO: $15m at $0.20

AMG is developing a gold production business in the Charters Towers region in Northern Queensland, and has secured rights to a land package covering over 600km2 containing historical mines, mineral resources, highly prospective exploration potential and a gold processing plant.

The 340Ktpa Blackjack Processing Plant is a conventional Carbon in Pulp (CIP) plant, located 15 minutes from Charters Towers.

The Far Fanning gold project lies on a permitted Mining Lease with historical production of 47,200oz gold from 664,000t of ore at average 2.2g/t gold.