- -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 |
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 |
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.