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ASX Small Caps Weekly Wrap: Benchmark up +1.6pc for the week, Goldies win again with a +7.6pc spike
News
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- The ASX 200 on track for a 1.6pc win for the week
- This was a great week to be holding the goldies, up +7.6pc
- Who won the Small Caps race? Read on to find out…
Hi. It’s Friday afternoon. This came as something of a surprise to me about 10 minutes ago, when my phone beeped to remind me that I needed to harness a week’s worth of Stockheady goodness, and beat it mercilessly until the Weekly Wrap fell out of whichever orifice was still operational.
So… here’s the thing. Normally, at this end of the week, there’s one or two stories, or issues, that immediately spring to mind to write about as the Most Important Stuff from the past five sessions.
But, nothing is springing to mind. It’s been a bit of a bland week, news-wise, across the ASX, and in the wider money-loving community in general. Looking back over the past five days, it’s all been a bit… boring.
I guess, though, some sort of explanation for why the goldies have gone thundering up the charts this week is in order – as that seems to be the only really exciting Big Picture story.
This week, the ASX (XGD) All Ords Gold index is up… like, up up. By +7.6% or thereabouts – which is a big jump for any group of shares over five sessions.
But it’s not really had much to do with the price of gold, which is usually a fairly good prompt. Nor is it because the rest of the market’s been failing, or super-volatile, which is when wise investors dig deep into gold as a safe haven.
Instead, the goldies have been moving this week because of what’s been happening in the US, particularly early in the week, when US Treasury yields started falling and the value of the US Dollar declined.
Today will mark the 9th straight positive session for the goldies as a group – and the XGD index is rapidly closing in on recent highs that are at levels we haven’t seen since the tail end of 2021.
But while the gold price did pop up over US$2,400/oz last night – and managed to stay there, last time I checked – the XGD index is a weird beast to report on.
From where I’m sitting, it feels like it only ever really gets a mention when its doing well, and that lends itself to a mischaracterisation that it’s safe, and often stupidly lucrative, with little downside to be concerned about.
It’s up 7.3% this week. But, it’s worth zooming out on the charts, because that’ll show that it’s up 7.70% for the past month, and around +8.8% since the start of 2024.
The next few weeks should be interesting – with the US now looking likely to start slashing rates, up against China’s apparent non-existent appetite for gold after the spending spree it went on earlier in the year, gold stocks are likely to start feeling the pressure.
I guess this was just a great week to be holding some of the stocks that contribute to that index – if I remember next week, I’ll look back on today and update how things have gone… unless there’s actual, exciting news to write about, in which case I almost definitely won’t.
Anyway – here’s what else happened this week:
WHAT THE SECTORS DID
Consumer Discretionary was the clear winner this week, well out in front of the rest of the market, with the Telcos in hot pursuit in second place – and the latter of those two gains is almost entirely down to one business decision.
Telstra has decided to jack up the price of its mobile plans, with each plan now slated to cost consumers another $2 – $4 every month. That news lit a fire under the former darling of mum and dad investors – and the Telco giant packed on about +4.2% for the week.
Languishing, though, were the resources, energy and utilities stocks, and that’s got a lot to do with some of the big names in coal giving back some of their post-disaster gains from last week, when they went soaring on news of the fire at Anglo’s Grosvenor mine in Queensland which was rated “still on fire” the last time I checked.
Here’s what the ASX indices did over the same period – the goldies were well out in front, but I already told you about those, and I’m too tired to repeat myself here.
THIS WEEK’S ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % Week | Market Cap |
|---|---|---|---|---|
| MOM | Moab Minerals Ltd | 0.007 | 133% | $5,556,700 |
| KLI | Killi Resources | 0.1 | 133% | $10,459,466 |
| AUG | Augustus Minerals | 0.093 | 133% | $7,939,410 |
| I88 | Infini Resources Ltd | 0.75 | 108% | $26,018,578 |
| NUC | Nuchev Limited | 0.345 | 103% | $39,511,612 |
| RWD | Reward Minerals Ltd | 0.053 | 96% | $10,253,391 |
| SVG | Savannah Goldfields | 0.036 | 89% | $10,119,057 |
| ZLD | Zelira Therapeutics | 0.64 | 78% | $6,865,029 |
| SLM | Solis Minerals | 0.15 | 76% | $11,158,340 |
| AUK | Aumake Limited | 0.0035 | 75% | $5,743,220 |
| LVH | Livehire Limited | 0.021 | 75% | $7,391,958 |
| FBR | FBR Ltd | 0.052 | 73% | $235,423,349 |
| BCT | Bluechiip Limited | 0.005 | 67% | $5,319,178 |
| DAL | Dalaroo Metalsl | 0.03 | 67% | $2,569,388 |
| RXM | Rex Minerals Limited | 0.44 | 66% | $337,876,735 |
| PGO | Pac Gold | 0.17 | 62% | $14,725,452 |
| ITM | Itech Minerals Ltd | 0.1 | 61% | $13,451,192 |
| SNT | Syntara Limited | 0.04 | 60% | $41,791,112 |
| EQS | Equity Story Group | 0.023 | 53% | $2,506,850 |
| ICI | Icandy Interactive | 0.029 | 53% | $32,276,183 |
| AMD | Arrow Minerals | 0.003 | 50% | $31,618,095 |
| APC | Aust Potash Ltd | 0.0015 | 50% | $6,030,284 |
| ASR | Asra Minerals Ltd | 0.006 | 50% | $14,252,555 |
| GMN | Gold Mountain Ltd | 0.003 | 50% | $9,533,230 |
| JAL | Jameson Resources | 0.06 | 50% | $29,343,847 |
| PUA | Peak Minerals Ltd | 0.0045 | 50% | $4,165,506 |
| RML | Resolution Minerals | 0.003 | 50% | $4,830,065 |
| SI6 | SI6 Metals Limited | 0.003 | 50% | $7,106,578 |
| SIH | Sihayo Gold Limited | 0.003 | 50% | $36,612,769 |
| SIS | Simble Solutions | 0.003 | 50% | $2,260,352 |
| WML | Woomera Mining Ltd | 0.003 | 50% | $2,436,278 |
| YPB | YPB Group Ltd | 0.003 | 50% | $6,923,884 |
| LSA | Lachlan Star Ltd | 0.07 | 46% | $13,907,404 |
| NVU | Nanoveu Limited | 0.029 | 45% | $15,147,681 |
| LYK | Lykos Metals | 0.033 | 43% | $5,650,667 |
| NOV | Novatti Group Ltd | 0.074 | 42% | $27,392,784 |
| AMS | Atomos | 0.034 | 42% | $36,409,869 |
| IS3 | I Synergy Group Ltd | 0.007 | 40% | $2,478,563 |
| LDR | Lode Resources | 0.105 | 40% | $10,678,415 |
| OSL | Oncosil Medical | 0.007 | 40% | $23,788,167 |
| T3D | 333D Limited | 0.007 | 40% | $836,115 |
| TZL | TZ Limited | 0.028 | 40% | $6,414,578 |
| EWC | Energy World Corporation | 0.014 | 40% | $43,104,897 |
| MDI | Middle Island Res | 0.018 | 38% | $3,049,956 |
| ODA | Orcoda Limited | 0.18 | 38% | $29,602,487 |
| BMM | Balkan Mining & Minerals | 0.073 | 38% | $4,759,714 |
| LYN | Lycaonr Resources | 0.355 | 37% | $16,160,371 |
| SKS | SKS Tech Group Ltd | 1.39 | 36% | $128,010,261 |
| POD | Podium Minerals | 0.042 | 35% | $18,644,618 |
| CYL | Catalyst Metals | 1.58 | 35% | $339,119,641 |
Super quickly, here’s how the Small Cap winners ended up where they were on the ladder.
Augustus Minerals (ASX:AUG), Killi Resources (ASX:KLI) and Moab Minerals (ASX:MOM) shared line honours among the small caps this week, with each company banking a near-identical gain of +133%, or thereabouts.
In the interests of keeping this short, the reasons for that are already included in the day-to-day wrap-up below – so, if you want to read why, you’ll need to keep reading past here.
I can’t do all the hard work for you, can I?
THIS WEEK’S ASX SMALL CAP LAGGARDS
Here are the worst performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % Week | Market Cap |
|---|---|---|---|---|
| GCR | Golden Cross | 0.001 | -50% | $1,097,256 |
| OVT | Ovanti Limited | 0.006 | -45% | $8,680,738 |
| OLH | Oldfields Holdings | 0.051 | -43% | $9,987,797 |
| MMM | Marley Spoon Se | 0.019 | -42% | $2,236,764 |
| NRZ | Neurizer Ltd | 0.008 | -38% | $17,121,876 |
| AYM | Australia United Min | 0.002 | -33% | $3,685,155 |
| DTR | Dateline Resources | 0.006 | -33% | $8,745,282 |
| EEL | Enrg Elements Ltd | 0.002 | -33% | $2,019,930 |
| LPD | Lepidico Ltd | 0.002 | -33% | $17,178,239 |
| SIT | Site Group Int Ltd | 0.002 | -33% | $5,204,980 |
| PAM | Pan Asia Metals | 0.11 | -31% | $20,407,018 |
| FGH | Foresta Group | 0.007 | -30% | $14,132,274 |
| M2R | Miramar | 0.007 | -30% | $1,381,728 |
| PNM | Pacific Nickel Mines | 0.021 | -30% | $8,783,315 |
| MOH | Moho Resources | 0.005 | -29% | $2,695,891 |
| MAY | Melbana Energy Ltd | 0.023 | -28% | $77,514,694 |
| OIL | Optiscan Imaging | 0.185 | -27% | $179,598,273 |
| LEX | Lefroy Exploration | 0.078 | -26% | $17,038,971 |
| BP8 | BPH Global Ltd | 0.003 | -25% | $1,189,924 |
| CMD | Cassius Mining Ltd | 0.006 | -25% | $3,252,027 |
| IBG | Ironbark Zinc Ltd | 0.003 | -25% | $6,770,290 |
| NGS | NGS Ltd | 0.003 | -25% | $1,224,542 |
| PKO | Peako Limited | 0.003 | -25% | $1,581,254 |
| RIL | Redivium Limited | 0.003 | -25% | $8,192,564 |
| TAS | Tasman Resources Ltd | 0.003 | -25% | $3,563,346 |
| WFL | Wellfully Limited | 0.003 | -25% | $1,478,832 |
| CAQ | CAQ Holdings Ltd | 0.016 | -24% | $11,484,580 |
| 1MCDA | Morella Corporation | 0.048 | -23% | $11,121,839 |
| VMM | Viridismining | 0.91 | -23% | $56,223,388 |
| BIT | Biotron Limited | 0.031 | -23% | $29,775,092 |
| KOR | Korab Resources | 0.007 | -22% | $2,569,350 |
| MVL | Marvel Gold Limited | 0.007 | -22% | $6,046,535 |
| ADG | Adelong Gold Limited | 0.0055 | -21% | $6,707,934 |
| LM8 | Lunnon Metals | 0.17 | -21% | $43,568,674 |
| CDT | Castle Minerals | 0.004 | -20% | $5,311,305 |
| GCM | Green Critical Min | 0.004 | -20% | $5,114,633 |
| HLX | Helix Resources | 0.002 | -20% | $8,160,484 |
| MSI | Multistack International | 0.004 | -20% | $545,216 |
| ROG | Red Sky Energy | 0.004 | -20% | $21,688,909 |
| SMM | Somerset Minerals | 0.004 | -20% | $5,154,994 |
| TSL | Titanium Sands Ltd | 0.004 | -20% | $8,846,989 |
| PPK | PPK Group Limited | 0.555 | -20% | $47,680,124 |
| BM8 | Battery Age Minerals | 0.145 | -19% | $13,488,500 |
| MEI | Meteoric Resources | 0.1375 | -19% | $268,666,179 |
| NYR | Nyrada Inc | 0.051 | -19% | $9,110,435 |
| RAU | Resouro Strategic | 0.455 | -19% | $13,691,024 |
| AX8 | Accelerate Resources | 0.022 | -19% | $13,035,833 |
| WA1 | WA1 Resources | 17.4 | -18% | $1,047,011,733 |
| EV1 | Evolution Energy | 0.028 | -18% | $8,827,100 |
| AS2 | Askari Metalsl | 0.043 | -17% | $4,200,708 |
HOW THE WEEK SHOOK OUT
Monday 08 July, 2024
Rex Minerals (ASX:RXM) was the early flyer on Monday morning, no news that it’s entered a scheme implementation deed that will see MACH Metals Australia buy the entire company for $0.47 per Rex share – which is a huge premium of 79% to Rex’s 30-day VWAP2 and 98% to the 90-day VWAP, valuing the company at $393 million.
Gold Mountain (ASX:GMN) was also moving quickly on Monday, on news that the company has received assays from regional stream sediment sampling with widespread anomalies that cover a total area of approximately 80km2, signalling potential for ultra-high grade hard rock monazite hosted REE-Nb-U-Sc mineralisation at its Down Under project.
Robotic technology company FBR (ASX:FBR) was up on news that its its first next-generation Hadrian X construction robot has arrived in the United States, where it will be transported to a facility in Fort Myers, Florida to undergo testing.
And Bastion Minerals (ASX:BMO) was up early on news that soil sampling has defined elevated lithium to 120 ppm north of the post–tectonic granite (Agl) identified in government mapping, along with elevated tantalum (to 18 ppm), rubidium (to 234 ppm), tin (to 13 ppm) and cerium (to 115 ppm) occur in the south of the soil grid, at its 100% owned Split Rock Dam project in WA.
Encounter Resources (ASX:ENR) was up this morning on news that fresh assays from 200m east of other recently reported results have returned additional shallow, high-grade niobium-REE mineralisation including:
- 46m @ 3.1% Nb2O5 from 60m to EOH including 4m @ 6.4% Nb2O5 from 84m
- 18m @ 3.2% Nb2O5 from 76m including 2m @ 17.0% Nb2O5 from 76m
88 Energy (ASX:88E) was up later in the day, on news of the commencement of a 2D seismic acquisition program for Petroleum Exploration Licence 93 over the Owambo Basin, Namibia, the funding of which by 88 Energy allows them a claim to an initial 20% working interest in the project.
Tuesday 09 July 2024
Killi Resources (ASX:KLI) was killin’ it on Tuesday morning, sailing high and tight on news of assays from surface rock chip sampling which returned high-grade gold and copper results at the Kaa target, within the 100% owned Mt Rawdon West Project in Queensland.
Killi is reporting one very high-grade sample which came back from the lab at 238g/t Au, 2.1% Cu & 513g/t Ag, which the company says it believes is representative of the surface outcrop of a mineralised structure.
Powerhouse Ventures (ASX:PVL) says it has formed a syndicate of investors to establish and co-sponsor a new natural capital platform in the Australian carbon market.
The company says the terms were structured and arranged by PVL, which is leading an experienced consortium including a boutique natural capital investment and advisory firm as well as a globally experienced, Singapore-based commodities trading house. PVL says it’s executed binding documentation for a $500,000 share subscription into the new company, currently called Australian Carbon Credit Investments, with these foundational acquisitions in Australia’s Carbon Project Economy.
Base and precious metals exploration company Lykos Metals (ASX:LYK) was up on news that the National Assembly of Republic of Srpska has voted to adopt an updated Law on Geological Exploration, which opens the door for the company to immediately seek the re-award of the Sockovac license, as well as size expansion from its previous 17km2 to 50km2 area.
And Solis Minerals (ASX:SLM) was rising on Tuesday after surface grab samples from the Cinto project came back from the lab sporting assays up to 7.14% Cu with mineralisation mapped over a 200m x 100m area in historical workings associated with significant alteration and structural deformation.
The company has signed an access agreement with local Carumbraya community at the Cinto project and initiated systematic mapping and sampling of outcropping copper mineralisation.
Wednesday 10 July, 2024
Killi Resources (ASX:KLI) was killin’ it on Tuesday and backed it up again on Wednesday, with a late surge sending it sailing high and tight on Tuesday’s news of assays from surface rock chip sampling which returned high-grade gold and copper results at the Kaa target, within the 100% owned Mt Rawdon West Project in Queensland.
Killi reported one very high-grade sample which came back from the lab at 238g/t Au, 2.1% Cu & 513g/t Ag, which the company says it believes is representative of the surface outcrop of a mineralised structure.
Prior to that, Infini Resources (ASX:I88) was leading the way Tuesday on some stunning uranium assays. A while back, the company announced that its uranium assays were too much for the lab to handle, so they sent them somewhere else to get tested. Well… those came back and the numbers are huge, with assays as high as 74,997ppm U3O8.
AXP Energy (ASX:AXP) was up on news that its Pathfinder #2 well is back on production. The flow rate is restricted due to gas disposal restrictions, which are being addressed. The company says the Pathfinder Field oil production is averaging ~40 barrels per day with growth anticipated as more wells are brought into production and gas-to-power operations scale up.
Mako Gold (ASX:MKG) was up on news that a scout 1,500m reverse circulation drill program has commenced at the Tchaga North prospect, targeting three high-grade zones identified from recent mapping and trenching programs which located values of 4m at 3.97g/t Au, including 1m at 14.80g/t Au; and 4m at 1.79g/t Au, including 1m at 5.34g/t Au.
WhiteHawk (ASX:WHK) was up earlier on news that it has finalised its first contract with an ASX 100 Listed Company, Tabcorp Holdings Limited, for an Essential Cyber Risk Program that will include cyber risk monitoring for three Business Units where analytics are performed to provide an executive, actionable overview, and a quarterly comprehensive Cyber Risk Assessment.
Thursday 11 July, 2024
Augustus Minerals (ASX:AUG) was well out in front early on news of substantial fresh rock chips from its Ti-Tree project in the Gascoyne region, with chips coming in as high as 35% copper and 236g/t silver from rock chip assays at the company’s Tiberius prospect.
Savannah Resources (ASX:SVG) was up on news of the completion of the Share Purchase Agreement for the sale of Savannah’s remaining shareholding in Renison Coal, the entity that owns the Ashford Coking Coal Project, to Clara Resources.
Meanwhile, Clara Resources Australia (ASX:C7A) was up on news that it has sold its holding in LSE-listed First Tin via an Institutional Bookbuild conducted by UK-based Arlington Group at GBP£0.04 (picked up by Metals X (ASX:MLX) no less), to raise net proceeds of about A$4.3 million, settling on 12 July 2024.
Synlait Milk (ASX:SM1) was up on news that A2 Milk (ASX:A2M) is set to vote in favour of Synlait receiving a $130 million shareholder loan from Bright Dairy International Investment, a related company of Bright Dairy Holding, Synlait’s 39.01% shareholder.
Lithium Australia (ASX:LIT) moved higher on Thursday on news that its recycling operations have achieved maiden Operating Cash Profit in Q4 FY24, with the company now focused on growing that operating profit on a sustainable basis.
Adavale Resources (ASX:ADD) climbed on news that it’s all set to go drilling for uranium in South Australia, following the acquisition of 100% interests in tenement EL6553 from Kilonova Metals. The company is set to undertake 3,000m of drilling to test priority Marree Embayment targets at the site.
And Zelira Therapeutics (ASX:ZLD) was up on news that it has had a positive meeting with US FDA officials to discuss its HOPE autism drug program. Zelira says the meeting request was met with a prompt reply from the FDA, and that it is looking forward to receiving the official minutes of the meeting soon.
Friday 12 July, 2024
Investsmart (ASX:INV) was having a great Friday, the wealth platform dropping some encouraging numbers in a business update despite tricky conditions.
The company delivered an operating profit for the fourth quarter after rationalising its cost base. Shares have kicked about 25% higher.
In a bold update to forward guidance, SKS Technologies (ASX:SKS) says it expects total annual revenue for FY25 to be approximately $200+ million. That’s on the heels of news that it has been awarded a $90+ million data centre project with Built, for an “international hyperscale data centre” in Melbourne, to be completed by August 2025.
Also up Friday morning was the Aussie biotech Immutep (ASX:IMM), which has dropped some positive results from its Efti drug combination study with Merck & Co’s anti-PD-1 therapy KEYTRUDA, as a first-line treatment for head and neck cancers.
IMM says its Efti combination got the highest recorded positive response for a treatment approach not containing chemotherapy and, based on the “encouraging results and high unmet medical need,” it will discuss the next step forward with regulators.
CEO Matthew Jinks says the boost is based on “continually accelerating level of work on hand and the recently announced $90+ million project for an international hyperscale data centre project in Melbourne”. The stock is up over 20%.
Middle Island Resources (ASX:MDI) was moving Friday on news of the commencement of exploration drilling at the Barkly Copper-Gold Super Project in the Northern Territory.
The company’s exploration holdings in the region covers some 6,918km2, in an area that is considered prospective for large iron oxide copper gold (IOCG) and sediment-hosted Cu-Zn-Pb-Ag (SedH) deposits.
And Galan Lithium (ASX:GLN) was up, on the heels of a project update from its 100% owned Hombre Muerto West Phase 1 lithium brine project, where the company says it has more than 2,800t LCE accumulating in ponds, with the project currently about 40% complete.
IPOs that didn’t happen yet
Piche Resources (ASX:PR2)
Proposed Listing: 15 July, 2024
IPO: $10 million at $0.10 per share
Blinklab describes itself as a mineral exploration company with multiple, drill ready uranium projects with the potential to host tier 1 mineral deposits.
The IPO, as listed, will be managed by Euroz Hartleys (Lead Manager).
Ordell Minerals (ASX:ORD)
Proposed Listing: 18 July, 2024
IPO: $6 million at $2.00 per share
Ordell is a mineral exploration company, which lists a few upcoming projects of interest, namely a priority drill ready Barimaia JV located next door to Ramelius at Mt Magnetic and the early stage Goodia Project in the southern Yilgarn that is just south of Develop’s Dome North project along with the Fisher South project that is along strike from Emerald Resources’ North Laverton Project.
That’s it for this week. Join us again next week, when the markets re-open and we all watch everything unfold with a tedious inevitability, unti someone makes enough money to buy a jet ski and we can all pack up, and go home.
