Closing Bell: ASX gallops as healthcare sector jumps, led by Invion

ASX hits record high, driven by consumer stocks
Zip co-founder steps down, Collins Foods drops
Invion doubles after commencing phase I/II trial

The ASX hit a new record on Tuesday, marking its third all-time high in just a week.

At the close, the S&P/ASX 200 was up by 0.56%, driven by gains in healthcare and consumer-related stocks, as new data today showed a 2.7% surge in Australian consumer confidence – its highest level since May 2022.

Here’s how the ASX stood at about 4pm AEDT:

In the large end of town, one of the biggest announcements today came from BNPL stock Zip Co (ASX:ZIP), which said that its co-founder and US chairman, Larry Diamond, is stepping down to focus on charitable work.

Diamond and Peter Gray started Zip in 2013, a year before Afterpay. He will remain a shareholder and may give advice on the company’s strategy, but will no longer be involved in day-to-day management. Zip’s shares were down around 1%.

Collins Foods (ASX:CKF), owner of KFC and Taco Bell, dropped 3.5% after lowering its FY25 earnings and dividend forecasts due to a tough consumer market and pressures on margins.

Star casino operator, Star Entertainment Group (ASX:SGR), rallied by 9.5% after announcing it has secured the first $100 million tranche of a new debt facility. This will result in a net cash increase of around $37.1 million after fees, boosting the company’s financial position.

And some good news from China today. The country’s central bank said it plans to maintain supportive monetary policies in 2025, aiming to boost economic growth and mitigate risks from a potential trade war with the US.

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
IVX	Invion Ltd	0.360	100%	774,715	$12,370,080
RIE	Riedel Resources Ltd	0.002	100%	1,000,637	$2,223,836
ION	Iondrive Limited	0.021	75%	54,291,979	$8,502,090
ERL	Empire Resources	0.003	50%	6,674,567	$2,967,826
1TT	Thrive Tribe Tech	0.002	33%	1,600,000	$1,055,042
AVE	Avecho Biotech Ltd	0.004	33%	899,422	$9,507,891
H2G	Greenhy2 Limited	0.004	33%	498,138	$1,794,553
TAS	Tasman Resources Ltd	0.004	33%	1,043,931	$2,415,749
BDG	Black Dragon Gold	0.024	33%	3,603,375	$5,433,889
EUR	European Lithium Ltd	0.061	33%	9,361,804	$64,313,641
NC6	Nanollose Limited	0.029	32%	18,326	$3,784,140
BUS	Bubalusresources	0.140	27%	697,399	$4,000,068
MX1	Micro-X Limited	0.069	25%	4,305,039	$31,988,207
CUL	Cullen Resources	0.005	25%	280,000	$2,773,607
CZN	Corazon Ltd	0.003	25%	499,662	$1,535,811
FHS	Freehill Mining Ltd.	0.005	25%	1,200,021	$12,314,111
MEL	Metgasco Ltd	0.005	25%	121,100	$5,830,347
OLI	Oliver'S Real Food	0.010	25%	710,000	$3,525,855
PRM	Prominence Energy	0.005	25%	434,958	$1,556,706
TMK	TMK Energy Limited	0.003	25%	3,949,071	$18,651,130
VML	Vital Metals Limited	0.003	25%	18,906,180	$11,790,134
CRS	Caprice Resources	0.022	22%	3,348,452	$7,415,162
FRX	Flexiroam Limited	0.011	22%	855,195	$7,070,794
MTM	MTM Critical Metals	0.110	22%	20,507,875	$36,594,790

Invion (ASX:IVX) rallied after the biotech announced the dosing of its first patient in a phase I/II trial for non-melanoma skin cancer (NMSC) using its drug INV043. The trial, conducted in Brisbane, aims to test the drug’s safety and effectiveness in treating skin cancer, a condition that makes up over 98% of all skin cancers globally. INV043 has shown promise in preclinical studies, potentially offering treatment with minimal scarring and pain, unlike current methods.

Diversified explorer Bubalus Resources (ASX:BUS) has been granted an option to acquire a portfolio of exploration licences in the heart of the Victorian goldfields, comprising highly prospective and drill-ready projects. The company has also welcomed Brendan Borg as a non-executive director, a geologist with extensive experience in the battery minerals sector.

Vital Metals (ASX:VML) rose after expanding its Nechalacho Rare Earths Project by staking an additional 25km² of land in Canada. This increases its total footprint to over 75km², boosting its potential for rare earths exploration. The new claims are fully owned by Vital’s Canadian subsidiary, Cheetah Resources.

Iondrive (ASX:ION) has completed a $6 million capital raise through the issue of new shares, priced at a 16.7% premium. The funds will be used to build a pilot plant for its battery recycling technology, which extracts critical minerals from old lithium-ion batteries using an environmentally sustainable process. Strong participation from institutional investors and key shareholders, including Terra Capital, Strata Investment Holdings, and Ilwella, has boosted confidence in Iondrive’s commercial prospects.

Corazon Mining (ASX:CZN) has started an aerial geophysical survey at its MacBride base and precious metals project in Canada, aiming to identify drill targets for early 2025. The survey will focus on areas with potential for copper-zinc-gold-silver deposits, including extensions of known deposits and new unexplored areas. The data from this modern, high-tech survey will help define precise drilling targets and could speed up exploration. The project is located in Manitoba’s Lynn Lake district, a historically rich mining area with potential for significant mineral discoveries.

Micro-X (ASX:MX1) has responded to a US government website publication stating that its US subsidiary, Micro-X Inc, has been awarded an $8.15 million development contract. The company confirms it is in advanced discussions with a US agency but has not yet received a fully executed contract.

Caprice Resources (ASX:CRS) has started exploration at its Cuddingwarra gold project in WA’s Murchison Gold Fields, where visible gold has been found in quartz reefs above a high-priority target, CUD-GPX01. This target shares similar structural features with nearby gold deposits, such as Westgold’s Cue gold mines. The project covers a 10km mineralised corridor, with drilling planned after further surface sampling.

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

Code	Name	Price	% Change	Volume	Market Cap
MHC	Manhattan Corp Ltd	0.001	-50%	250,000	$9,395,940
MTL	Mantle Minerals Ltd	0.001	-33%	1,869,172	$9,296,169
VPR	Voltgroupltd	0.001	-33%	32,505	$16,074,312
DAF	Discovery Alaska Ltd	0.013	-28%	63,846	$4,216,225
ASR	Asra Minerals Ltd	0.003	-25%	20,694	$9,250,410
AXP	AXP Energy Ltd	0.002	-25%	5,059,212	$11,649,361
BYH	Bryah Resources Ltd	0.003	-25%	687,500	$2,013,147
CAV	Carnavale Resources	0.003	-25%	8,344,166	$16,360,874
MOM	Moab Minerals Ltd	0.003	-25%	212,333	$3,571,435
NRZ	Neurizer Ltd	0.002	-25%	7,287,765	$5,635,721
SFG	Seafarms Group Ltd	0.002	-25%	210,296	$9,673,198
TYX	Tyranna Res Ltd	0.003	-25%	257,497	$13,151,701
PGD	Peregrine Gold	0.120	-20%	238,500	$10,181,763
AKN	Auking Mining Ltd	0.004	-20%	693,249	$1,956,751
BNL	Blue Star Helium Ltd	0.004	-20%	15,484	$13,474,426
RLG	Roolife Group Ltd	0.004	-20%	41,000	$5,884,982
AMS	Atomos	0.012	-18%	7,474,778	$17,010,259
OD6	Od6Metalsltd	0.030	-17%	416,310	$4,632,846
ADD	Adavale Resource Ltd	0.003	-17%	50,167	$3,671,296
AS2	Askarimetalslimited	0.010	-17%	5,427,986	$2,560,254
BMO	Bastion Minerals	0.005	-17%	5,390,137	$5,068,348
ERA	Energy Resources	0.003	-17%	2,572,223	$1,216,188,722
FIN	FIN Resources Ltd	0.005	-17%	1,795,820	$3,895,612

IN CASE YOU MISSED IT

St George Mining (ASX:SGQ) is raising $3 million to fund exploration, including a planned drill program at its Mt Alexander project in WA, following up on lithium and gold targets discovered through surface sampling. The company is also finalising arrangements to secure the high-grade Araxá niobium-REE project in Minas Gerais, Brazil, with a further capital raise planned to fund the acquisition.

Sun Silver (ASX:SS1) has reported 16.76m at 494g/t gold in the inaugural drilling campaign at its Maverick deposit in Nevada, USA. The same hole returned antimony grades above 10,000ppm over 3.24m from 195.07m in hole MR24-205. Assays with antimony results exceeding the detection limit of 10,000ppm have been sent for re-assay to determine the mineralised concentration above this limit.

Also in Nevada, James Bay Minerals (ASX:JBY) has got the drills spinning at its new Independence gold play. The company is undertaking 2000m of diamond and reverse circulation drilling, with the DD program targeting extensions at depth and the RC program testing vertical continuity and resource growth.

Equinox Resources (ASX:EQN) is working through permitting applications to extract a 10,000t bulk sample from its Alturas antimony project in Canada for downstream testing and processing, a timely move as antimony prices have surged to US$38,500/t due to Chinese export restrictions.

Sunshine Metals (ASX:SHN) has kicked off geophysical surveys at the Coronation and Coronation South prospects within its Ravenswood Consolidated project in North Queensland, in an effort to ready-up Au-Cu targets to drill.

Soil sampling and field mapping have already been completed, with the geochemical and geophysical data to provide high-quality drill targets for testing in the new year.

Trigg Minerals (ASX:TMG) is utilising advanced UAV geophysical technology in its exploration efforts for antimony-gold mineralisation along the Bielsdown Fault, hosting the Wild Cattle Creek deposit, where the company is finalising a revised MRE.

The company believes the UAV surveys will help reduce drilling costs by minimising exploratory drilling in low-priority areas and ensuring resources are allocated efficiently and effectively.

At Stockhead, we tell it like it is. While St George Mining, Bubalus Resources, Sun Silver, James Bay Minerals, Equinox Resources, Sunshine Metals and Trigg Minerals are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.