• -2.3% weekly loss for the benchmark ASX 200 Index — the worst fall since September last year
  • Aussie mining stocks continue to struggle, hitting their lowest point since November 2022
  • Weekly Winners: TASK Group, Narryer Metals, and Reach Resources
  • Weekly Loser: Osteopore, for raising $3m at a ludicrous 94.42% discount to last closing price

 

Your Macros

Aussie mining stocks continue to struggle, hitting their lowest point since November 2022.

 

That’s mostly thanks to weakening iron prices and flaccid Chinese construction.

 

(Sounds dire, but fancy new home prices actually falling. How good.)

Even soaring oil prices – which hit four-month highs on Thursday — couldn’t stop Energy Co’s recording a weekly fall.

The bad news continued with financials, with the sub index including the ‘Big Four’ banks posting its first weekly decline since November last year.

The culminated in a -2.3% weekly loss for the benchmark ASX 200 Index, despite a strong late Friday rally. That’s the worst weekly fall since September last year.

 

IPO Watch

Listing this week has uranium/ copper/ critical minerals-focused minnow Litchfield Minerals (ASX:LMS), which has a bunch of early stage ground in the Northern Territory.

It started trading late morning Friday, and rode day one volatility to a small 5% loss.

 

ASX Small Cap Winners This Week

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

Code Company Price % Week Market Cap
TSK Task Group Holdings 0.8 108% $279,708,923
JAV Javelin Minerals Ltd 0.002 100% $4,352,462
NYM Narryer Metals 0.05 79% $2,575,172
MAG Magmatic Resrce Ltd 0.08 78% $32,057,672
RR1 Reach Resources Ltd 0.0035 75% $9,835,977
ASP Aspermont Limited 0.012 71% $22,100,712
IS3 I Synergy Group Ltd 0.012 71% $3,344,884
5GG Pentanet 0.089 71% $18,686,361
LBT LBT Innovations 0.027 69% $32,809,693
CVR Cavalier Resources 0.18 64% $5,570,060
AQC Auspac Coal 0.094 59% $48,731,921
BP8 BPH Global Ltd 0.0015 50% $2,931,174
GCR Golden Cross 0.003 50% $3,291,768
PKO Peako Limited 0.006 50% $3,162,508
SIH Sihayo Gold Limited 0.0015 50% $18,306,384
SIT Site Group Int Ltd 0.003 50% $7,807,471
IG6 International Graphite 0.155 48% $12,903,276
RMI Resource Mining Corp 0.022 47% $13,031,652
NYR Nyrada In. 0.11 43% $15,600,870
RAC Race Oncology Ltd 1.44 41% $217,611,753
OLL Open Learning 0.024 41% $6,428,858
POD Podium Minerals 0.038 41% $15,916,137
ARU Arafura Rare Earths 0.23 39% $600,678,570
BGT Bio-Gene Technology 0.069 38% $13,491,225
GCX GCX Metals Limited 0.056 37% $14,759,005
AIS Aeris Resources Ltd 0.15 36% $135,453,576
GTE Great Western Exploration 0.064 36% $21,228,648
WZR Wisr Ltd 0.046 35% $61,407,656
1TT Thrive Tribe Tech 0.027 35% $7,712,159
ASH Ashley Services Grp 0.27 35% $33,114,458
ANR Anatara Ls Ltd 0.039 34% $6,715,749
SRL Sunrise 0.515 34% $40,151,237
AGR Aguia Res Ltd 0.02 33% $11,589,724
HLX Helix Resources 0.004 33% $8,131,010
LNU Linius Tech Limited 0.002 33% $10,393,481
MRQ MRG Metals Limited 0.002 33% $5,050,237
RIE Riedel Resources Ltd 0.004 33% $7,783,425
SRY Story-I Limited 0.004 33% $1,505,619
BDT Birddog 0.073 33% $13,319,835
RHT Resonance Health 0.073 33% $31,282,505
VUL Vulcan Energy 3.46 32% $600,534,798
TSI Top Shelf 0.23 31% $45,743,689
HXG Hexagon Energy 0.017 31% $8,206,654
KNI Kuniko 0.28 30% $22,043,288
DMG Dragon Mountain Gold 0.009 29% $3,552,045
PVL Powerhouse Ven Ltd 0.045 29% $5,433,443
COE Cooper Energy Ltd 0.1925 28% $514,807,455
BMR Ballymore Resources 0.125 28% $22,922,976
ARL Ardea Resources Ltd 0.695 28% $130,031,164
BUS Bubalus Resources 0.14 27% $4,826,051
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On Monday, US based PARTech said it would buy fellow restaurant tech company TASK Group (ASX:TSK), with TSK shareholders able to choose between cash and PAR shares.

The cash deal is worth 81c per TSK share – a 107% premium to the 30-day average price.

Narryer Metals (ASX:NYM) stonked ~80% after announcing plans to buy 70% of two lithium projects, Big Hill and Fran, in the Northwest Territories of Canada.

Big Hill shares a boundary with $200m capped Li-FT Power (TSXV:LIFT) which is drilling into thick, high grade lithium across multiple pegmatites you can see from space.

Meanwhile, aspiring WA lithium major Delta (ASX:DLI) will pay up to ~$13m over the next several years to earn into neighbouring ground owned by minnow Reach Resources (ASX:RR1).

“To receive $3.2M cash up front, and a further $10M cash/script if a successful JORC mineral resource delineation of equal to or greater than 7.5Mt at 0.8% Li2O (at a 0.5% cut off grade) is achieved, is a great result during these difficult market conditions,” RR1 CEO Jeremy Bower says.

 

ASX Small Cap Laggards This Week

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

Code Company Price % Week Market Cap
CPM Cooper Metals 0.13 -59% $10,969,791
OSX Osteopore Limited 0.05364 -54% $554,031
AXP AXP Energy Ltd 0.001 -50% $11,649,361
SLZ Sultan Resources Ltd 0.014 -46% $2,319,888
ACS Accent Resources NL 0.006 -40% $2,838,764
NAG Nagambie Resources 0.015 -40% $11,949,535
ME1 Melodiol Global Health 0.0045 -36% $1,964,980
LKE Lake Resources 0.074 -36% $119,621,923
ADS Adslot Ltd 0.002 -33% $6,448,991
AL8 Alderan Resource Ltd 0.004 -33% $4,980,876
FAU First Au Ltd 0.002 -33% $3,323,987
ICU Investor Centre Ltd 0.014 -33% $4,244,773
RBR RBR Group Ltd 0.002 -33% $3,268,809
TKL Traka Resources 0.001 -33% $3,501,317
WHK Whitehawk Limited 0.023 -30% $10,160,471
HHR Hartshead Resources 0.007 -30% $19,660,775
IR1 Irismetals 0.45 -30% $63,472,141
MOM Moab Minerals Ltd 0.005 -29% $4,983,744
TG1 Techgen Metals Ltd 0.029 -28% $4,068,242
OPL Opyl Limited 0.022 -27% $4,735,610
PKD Parkd Ltd 0.022 -27% $2,288,305
ABE Australian Bond Exchange 0.028 -26% $3,380,043
CKA Cokal Ltd 0.073 -26% $79,842,225
1AG Alterra Limited 0.003 -25% $2,612,072
CT1 Constellation Tech 0.0015 -25% $2,212,101
CYQ Cycliq Group Ltd 0.003 -25% $1,072,550
EXL Elixinol Wellness 0.006 -25% $3,797,230
HCD Hydrocarbon Dynamic 0.003 -25% $2,425,747
NES Nelson Resources. 0.003 -25% $1,840,783
TMG Trigg Minerals Ltd 0.006 -25% $2,511,296
VPR Volt Power Group 0.0015 -25% $16,074,312
WFL Wellfully Limited 0.003 -25% $1,478,832
BEX Bikeexchange Ltd 0.425 -24% $7,921,279
SLM Solismineralsltd 0.095 -24% $8,198,111
BRX Belararox 0.255 -24% $19,154,885
LML Lincoln Minerals 0.005 -23% $10,224,272
ICE Icetana Limited 0.027 -23% $7,144,968
AKN Auking Mining Ltd 0.017 -23% $4,471,720
MIO Macarthur Minerals 0.097 -22% $16,126,588
APL Associate Global 0.07 -22% $3,954,470
NRZ Neurizer Ltd 0.0035 -22% $4,504,232
TG6 TG Metals 0.18 -22% $10,276,372
PBL Parabellum Resources 0.062 -22% $3,862,600
AMD Arrow Minerals 0.0055 -21% $37,918,825
ABB Aussie Broadband 3.55 -21% $1,047,905,816
QUE Queste Communication 0.052 -21% $1,407,761
SYR Syrah Resources 0.55 -21% $466,041,723
EDE Eden Inv Ltd 0.002 -20% $7,356,542
GCM Green Critical Min 0.004 -20% $4,546,340
HTM High-Tech Metals Ltd 0.12 -20% $2,970,179
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This week’s biggest fail goes to Singaporean medtech Osteopore (ASX:OSX), which is raising $3m at a ludicrous 94.42% discount to last closing price.

How does that even happen? A poorly timed 15:1 consolidation, amongst other things.

“Despite the recent share consolidation exercise for reasons which were valid at that time, since then there has been further review of the company’s position and ability to raise additional funds, and in light of this the Board considers the raising is nonetheless required and urgent,” exec chairman Mark Leong says.

Meanwhile, the precipitous fall of once great lithium developer Lake Resources (ASX:LKE) continues.

Worth ~$2.7bn at $2.11/sh in April 2022, the struggling stock has now announced a $20m raise at just 7c per share to keep the lights on.

The issue price represents a massive 39.1% discount to the last closing price of A$0.115 on 8 March 2024 and a 42.3% discount to the 5-day VWAP of A$0.121.

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