ASX Small Caps & IPO Weekly Wrap: ASX dips 2.2pc and everyone Torqued like a pirate at Penzance

ASX 200 benchmark rattles to a 2.2% halt since Monday morning.
Energy sector adds 2.11%, while everything else sank like a stone.
Torque Metals won the week, up more than 200% on new Penzance project in WA.

It’s not been the best of weeks for the ASX 200, after a string of less-than-excellent days left the benchmark down 2.2%.

Looking at the sectors, it’s not hard to see why – Energy was the lone decent performance from among a chorus of bum notes and bilious grunts, up 2.11% while everything else groaned like winded zombies and fell in a heap.

asx winner TOR week — Chart via Marketindex.com.au

Even the goldies took a serious set of lumps this week, leaving the normally quite dependable XGD ASX All Ords Gold index a shade over 4.0% down for the week.

Early in the week, all anyone could talk about was lithium – mostly because the great “Will they? Won’t they?” dance between Albemarle and Liontown Resources (ASX:LTR) looked to have finally had a line drawn under it, thanks to Albemarle’s $3 a pop bid.

But… there seems to be some back-room discussions happening somewhere, because LTR’s price has continued to move in a manner suggesting that a rival, better bid could be lurking in the wings.

The rumour mill says Gina Reinhardt – who already owns 5% of LTR – might be considering a crack at gazumping Albemarle, but nothing’s been confirmed at the time of writing.

ASX SMALL CAP LEADERS

Here are the best performing ASX small cap stocks for the week 04 – 08 September, 2023:

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

Code	Company	Price	% Week	Market Cap
TOR	Torque Met	0.365	204%	$32,507,408
LV1	Live Verdure Ltd	0.2	117%	$15,707,835
CCE	Carnegie Cln Energy	0.002	100%	$31,285,147
CLE	Cyclone Metals	0.002	100%	$20,529,010
ZEU	Zeus Resources Ltd	0.02	67%	$5,970,653
BCT	Bluechiip Limited	0.032	60%	$21,410,114
DM1	Desert Metals	0.068	58%	$5,005,334
LPM	Lithium Plus	0.375	56%	$23,425,811
ELS	Elsight Ltd	0.47	52%	$57,121,441
KNG	Kingsland Minerals	0.28	51%	$12,074,346
AXP	AXP Energy Ltd	0.0015	50%	$8,737,021
CRB	Carbine Resources	0.009	50%	$3,862,164
KEY	KEY Petroleum	0.0015	50%	$2,951,892
NAE	New Age Exploration	0.0075	50%	$8,615,393
ODE	Odessa Minerals Ltd	0.012	50%	$9,471,118
VPR	Volt Power Group	0.0015	50%	$10,716,208
XTC	Xantippe Res Ltd	0.0015	50%	$35,056,011
KLI	Killiresources	0.055	49%	$3,097,903
BUX	Buxton Resources Ltd	0.22	47%	$33,399,321
SXG	Southern Cross Gold	0.73	46%	$67,091,439
W2V	Way2Vatltd	0.02	43%	$11,929,583
VMM	Viridismining	0.85	42%	$27,344,332
SI6	SI6 Metals Limited	0.007	40%	$11,963,157
TVN	Tivan Limited	0.079	39%	$120,949,965
IPB	IPB Petroleum Ltd	0.011	38%	$5,651,224
AGD	Austral Gold	0.031	35%	$18,981,652
C29	C29Metalslimited	0.09	34%	$3,723,022
CXU	Cauldron Energy Ltd	0.008	33%	$8,564,118
ECT	Env Clean Tech Ltd.	0.008	33%	$17,085,331
ELE	Elmore Ltd	0.004	33%	$5,597,535
FAU	First Au Ltd	0.004	33%	$5,807,973
SRY	Story-I Limited	0.004	33%	$1,505,619
TYM	Tymlez Group	0.004	33%	$4,952,781
SPD	Southernpalladium	0.37	32%	$14,431,240
SUH	Southern Hem Min	0.025	32%	$11,063,933
BXN	Bioxyne Ltd	0.017	31%	$32,327,972
EME	Energy Metals Ltd	0.17	31%	$35,646,163
RDN	Raiden Resources Ltd	0.039	30%	$89,285,034
PNT	Panthermetalsltd	0.078	30%	$4,892,000
SER	Strategic Energy	0.0155	29%	$7,257,227
ASR	Asra Minerals Ltd	0.009	29%	$12,963,484
GTR	Gti Energy Ltd	0.009	29%	$15,582,033
WCN	White Cliff Min Ltd	0.009	29%	$8,799,130
ASW	Advanced Share Ltd	0.16	28%	$24,175,972
A3D	Aurora Labs Limited	0.023	28%	$5,653,586
ARV	Artemis Resources	0.037	28%	$61,421,816
RC1	Redcastle Resources	0.014	27%	$4,000,978
DOC	Doctor Care Anywhere	0.057	27%	$19,798,681
ERW	Errawarra Resources	0.215	26%	$10,588,200
BPH	BPH Energy Ltd	0.024	26%	$22,325,652

The week’s clear Small Caps winner was Torque Metals (ASX:TOR), which cranked its way to a thunderous 204% gain, on the back of news that it’s all set to buy up a collection of gold, nickel and lithium-rich tenements.

The project will be renamed Penzance, located near Torque’s Paris gold camp in the Tier-1 Goldfields mining jurisdiction of WA.

This includes New Dawn, an untapped lithium and tantalum occurrence on granted mining leases, 600m along strike of the established Bald Hill lithium-tantalum operation.

The news has lots to get investors excited, but these are probs the two main reasons why Torque went sailing:

The New Dawn lithium project occupies two pre-Native Title, granted Mining Licences, which enable potential discoveries to be pushed quickly into development.
And early investigations at New Dawn have identified multiple outcropping spodumene-bearing pegmatites with rock samples grading up to 6% Li2O

Little-known (to me, at least…) Consumer Cyclical Live Verdure (ASX:LV1) marched into second place for the week with a 117% climb, on news that it has snagged commitments for a $1.68 million placement from new and existing sophisticated shareholders.

The funds raised will be used for “new product development, fund working capital requirements for large retail partnerships and to further accelerate the Company’s growth through investment in sales, marketing, and inventory initiatives,” LV1 said.

Minnows Carnegie Clean Energy (ASX:CCE) and Cyclone Metals (ASX:CLE) are sharing third step on the podium after moving 100% this week – CCE on the back of a contract to install its wave energy tech off the coast of Spain to make electricity from the ocean, and CLE because it just did, okay?

I genuinely don’t know why Cyclone’s needle moved – it ain’t said more than ‘boo’ to the market since 31 July this year.

ASX SMALL CAP LAGGARDS

Here are the worst performing ASX small cap stocks for the week 04 – 08 September, 2023:

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

Code	Company	Price	% Week	Market Cap
LLL	Leolithiumlimited	0.56	-51%	$567,660,111
AVW	Avira Resources Ltd	0.001	-50%	$2,133,790
SRR	Saramaresourcesltd	0.03	-50%	$1,968,862
AMA	AMA Group Limited	0.061	-42%	$113,444,983
M3M	M3Mininglimited	0.078	-42%	$6,046,729
OM1	Omnia Metals Group	0.097	-35%	$4,374,808
AFA	ASF Group Limited	0.051	-34%	$64,184,200
MTH	Mithril Resources	0.001	-33%	$3,368,804
MXC	Mgc Pharmaceuticals	0.002	-33%	$13,283,905
PVS	Pivotal Systems	0.004	-33%	$3,073,517
WSI	Weststar Industrial	0.14	-33%	$15,507,133
VN8	Vonex Limited.	0.019	-32%	$7,960,230
FRS	Forrestaniaresources	0.044	-31%	$4,218,737
MFD	Mayfield Childcr Ltd	0.71	-31%	$45,718,894
EGY	Energy Tech Ltd	0.029	-31%	$14,181,713
T92	Terrauraniumlimited	0.097	-31%	$5,160,516
ESK	Etherstack PLC	0.195	-30%	$26,351,400
MOB	Mobilicom Ltd	0.007	-30%	$9,950,075
PRX	Prodigy Gold NL	0.005	-29%	$8,755,539
NXM	Nexus Minerals Ltd	0.052	-27%	$17,574,479
BAT	Battery Minerals Ltd	0.041	-27%	$5,382,202
MMM	Marley Spoon Se	0.066	-26%	$29,501,980
LYK	Lykosmetalslimited	0.059	-25%	$4,118,400
AD1	AD1 Holdings Limited	0.006	-25%	$6,580,551
DDT	DataDot Technology	0.003	-25%	$3,632,858
DXN	DXN Limited	0.0015	-25%	$2,585,010
EDE	Eden Inv Ltd	0.003	-25%	$11,987,881
WFL	Wellfully Limited	0.003	-25%	$1,478,832
MAT	Matsa Resources	0.028	-24%	$14,270,221
29M	29Metalslimited	0.67	-24%	$458,365,604
MBK	Metal Bank Ltd	0.034	-23%	$10,367,765
CL8	Carly Holdings Ltd	0.017	-23%	$4,562,297
UCM	Uscom Limited	0.042	-22%	$8,002,409
TIE	Tietto Minerals	0.3775	-22%	$386,072,259
NMR	Native Mineral Res	0.039	-22%	$8,061,425
AW1	Americanwestmetals	0.235	-22%	$75,974,110
YRL	Yandal Resources	0.047	-22%	$8,679,169
WMG	Western Mines	0.31	-22%	$18,165,849
AAJ	Aruma Resources Ltd	0.033	-21%	$6,497,420
TON	Triton Min Ltd	0.022	-21%	$34,349,823
PGO	Pacgold	0.205	-21%	$13,735,116
ECG	Ecargo Hldg	0.03	-21%	$20,303,250
BUR	Burleyminerals	0.115	-21%	$11,142,643
E33	East 33 Limited.	0.023	-21%	$11,939,040
WNR	Wingara Ag Ltd	0.031	-21%	$5,441,818
JRV	Jervois Global Ltd	0.04	-20%	$113,505,869
APC	Aust Potash Ltd	0.004	-20%	$4,154,758
BPP	Babylon Pump & Power	0.004	-20%	$9,848,308
COY	Coppermoly Limited	0.012	-20%	$7,421,777
DCL	Domacom Limited	0.016	-20%	$7,403,530

HOW THE WEEK SHOOK OUT

Monday, 04 September: ASX 200 up 0.5%

The clinical stage biotech Emyria (ASX:EMD), has secured firm commitments from new and sophisticated investors to raise $2 million (before costs) through an oversubscribed placement.

Emyria says it will also kick off a non-renounceable pro rata entitlement offer to raise approximately $3.1 million (before costs) at the same terms.

The plan is to cash-up and fast-track development of EMD’s MDMA-assisted therapy for PTSD, the usual “revenue growth and data collection” stuff, as well as “payer engagement”.

Global Health (ASX:GLH) jumped in early trade off the back of positive FY23 news, including Customer Revenue growth of 20% to $7.81 million, and Annual Recurring Revenue up 11% to $5.73 million.

Elsewhere the digger Viking Mines (ASX:VKA) is up on news of a solid vanadium find at its Fold Nose deposit, where the company says it’s hit significant vanadium pentoxide (V2O5) intercepts, such as 42m at 0.74% V2O5 (>0.5%) from 79m, including 17m at 0.80% V2O5 (>0.8%) from 83m and 8m at 0.99% V2O5 (>0.8%) from 108m.

Artemis Resources (ASX:ARV) is ahead again, after recent laboratory XRD analysis – by JV partner Greentech Metals (ASX:GRE) – of a known lithium bearing sample collected within the Osborne JV tenement in the Pilbara has returned 3.6% Li20 from a sample that was 44% spodumene and 43% quartz.

Tuesday, 05 September: ASX 200 down 0.25%

Torque Metals (ASX:TOR) says the deal it’s inked to acquire a collection of gold, nickel and lithium-rich tenements — will be renamed Penzance.

The site is near its Paris gold camp in the Tier-1 Goldfields mining jurisdiction of WA.

This includes New Dawn, an untapped lithium and tantalum occurrence on granted mining leases, 600m along strike of the established Bald Hill lithium-tantalum operation.

The news has lots to get investors excited, but these two reasons help explain the price action:

The New Dawn lithium project occupies two pre-Native Title, granted Mining Licences, which enable potential discoveries to be pushed quickly into development.
And early investigations at New Dawn have identified multiple outcropping spodumene-bearing pegmatites with rock samples grading up to 6% Li2O

A Program of Work has now also been approved for due diligence drill holes at New Dawn to test spodumene values and diamond drilling is set to kick off this month.

Torque’s managing director, Cristian Moreno:

“The WA Goldfields reigns supreme on the global stage for minerals exploration and Torque is ecstatic to strengthen its presence in this renowned jurisdiction.Our footprint now spans over 500km², bolstered by 12 mining, 4 prospecting and 12 exploration licences.

“In the wake of remarkable and solid gold discoveries at the Paris gold systems, Torque is strategically expanding its presence in the region, whilst also venturing into the critical minerals domain with the acquisition of New Dawn pre-Native Title mining licences adjacent to the Bald Hill which hosts a 26.5 Mt @ 1% Li2O spodumene mine.”

Aussie gold hunter Kingsland Minerals (ASX:KNG) announced intersections of scale and grade significance, hitting total graphitic carbon at Leliyn with a “bonanza” intersection of 206m at 10% graphite, which it says “confirms Leliyn’s world-class potential”.

“Holes LEDD_04 and LEDD_05 were drilled at the north-western extremity of the current drilling area and show that these massive widths and grades are open along strike to the north,” Kingsland said.

Mineralisation has been outlined over a 5km strike length and remains open along strike and at depth, and the strike sits with a 20km-long graphitic schist host rock, which the company says highlights the scope for huge upside beyond the initial 5km identified strike.

Also on the winners list is gold explorer Southern Cross Gold (ASX:SXG) which announced the best hole drilled to date at its 100%-owned Sunday Creek project in Victoria including a wide and high grade intersection of gold-antimony mineralisation.

SXG says SDDSC077B drilled at the Rising Sun Prospect intersected 404.4m @ 5.6g/t AuEq (5.1g/t Au, 0.3 %Sb) from 374.0m (uncut), and traverses 13 individual high grade vein sets.

Furthermore, seven intervals have>100g/t Au (up to 2,670g/t Au), 20 intervals have >15g/t Au and 20 intervals have >5% Sb (up to 55.8% Sb).

2,670g/t is not a typo, by the way.

Wednesday, 06 September: ASX 200 down 0.8%

Energy minnow Carnegie Clean Energy (ASX:CCE), jumped on news that it’s inked a juicy contract with Ireland that will see its CETO wave energy tech installed there by mid-2025.

CCE says that its CETO Wave Energy Ireland (CWEI) subsidiary has been awarded a €3.75 million contract to build and operate a CETO wave energy converter at the Biscay Marine Energy Platform in the Basque Country, Spain and will deliver power to the grid.

The Consumer Cyclical company Live Verdure (ASX:LV1), has snagged commitments for a $1.68 million placement from new and existing sophisticated shareholders.

Boadicea Resources (ASX:BOA) climbed on no news while a number of other goldies including Austral Gold (ASX:AGD) and Gold 50 (ASX:G50) turned in significant jumps as well.

Thursday, 07 September: ASX 200 down 1.2%

Lithium Plus Minerals (ASX:LPM) is out in front of the pack at lunchtime, climbing ~43% on news that the first completed diamond hole (BYLDD019) at the Lei Prospect has intersected 127m of strongly mineralised pegmatite from 609m (with a true width of ~60m), with assays pending.

LPM says the find represents “one of the largest mineralised intersections ever recorded from the Bynoe pegmatite field”, putting the Lei pegmatite in company with Core Lithium’s (ASX: CXO) previously reported world-class 119m intercept at the BP33 deposit.

Killi Resources (ASX:KLI) was up over 25% before lunch after collecting high-grade copper hits up to 7.2% Cu and gold 12.4g/t Au at surface from rock chip samples from the Baloo prospect within the company’s 100% owned Mt Rawdon West project, Queensland.

Killi says 12 of the 26 rock chip samples collected have returned assays greater than 1% Cu, including 7.2% Cu and 27.2g/t Ag, 4.2% Cu, 1.16g/t Au, 75.8g/t Ag, 1 % Pb and 0.3 % Zn, and 4.5% Cu, 0.09g/t Au and 83.7g/t Ag.

Elsight (ASX:ELS) is soaring on news the US Federal Aviation Administration (FAA) has granted the Halo enabled Airobotics Optimus-1EX system a (really important) Type Certificate, that will allow flight operations over people and infrastructure without the need for case-by-case waivers.

Elsight and its project partner Airobotics have been working on getting the Optimus-1EX drone certified for four years, the company says, leaving Elsight CEO Yoav Amitai delighted at the result.

“We warmly congratulate Airobotics for this achievement,” Amitai said. “This is a major step forward for the drone industry in general. Completing the long-complicated process to achieve the first non-air carrier drone Type Certification by the FAA shows that the regulators are coming to the position that drones are a part of the future.”

Digital tracking firm Bluechiip (ASX:BCT) rose quickly after providing a strong strategic update, saying it would hit FY24 with a heap of momentum and plucky with optimism given the positivity around FY23.

In addition BCT says its Bluechiip tracking solution is now installed in a Big Pharma laboratory in Europe, and further Big Pharma groups in the US are expected to sign with Bluechiip by the end of calendar 2023.

Friday, 08 September: ASX 200 down 0.4%

Early leaders on Friday were Oliver’s Real Food (ASX:OLI), which has wandered somewhat zombie-like to a 35.3% rise on zero news.

Advanced Share Registry (ASX:ASW) is next on the list, up 32% this morning after revealing that it’s entered into a scheme of arrangement, under which Automic Enterprise will buy 100% of the company, at $0.165 per share.

ASW closed at $0.125 yesterday, and is sitting right on top of Automic’s target price at lunchtime today.

Southern Hemisphere Mining (ASX:SUH) is up 23.8% this morning, with Wednesday’s announcement that a shortfall from the Company’s recent entitlement offer has been filled providing enough of a tailwind to keep it moving today.

But by the end of the day, Zeus Resources (ASX:ZEU) had marched out in front with a 54% lift, despite having no fresh news to report.

Odessa Minerals (ASX:ODE) continued with its upward movement, adding another 30% today on yesterday’s news, which said the company’s got more than 46,000m strike-length of pegmatites mapped to date by geology crews on tenement at its Yinnietharra Lockier Range project, with the field programme about 50% complete.

That includes more than 16,500m strike-length of pegmatites mapped at Robinsons Bore alone, adjacent to Minerals 260’s “Aston” Lithium Project.