• ASX rises on tech rally, Wall Street gains
  • Bitcoin hits US$100K after SEC appointment and Powell comments
  • Rio Tinto shifts focus to copper

 

The ASX was up by 0.1% on Thursday, buoyed by a rally in technology stocks as the index mirrored gains on Wall Street overnight.

The US S&P 500 notched its 56th record high of the year, driving optimism across global markets.

Bitcoin has also surged to US$100,000 for the first time in history after spiking around 7% in the last few hours to trade at US$102,840, at the time of writing.

This follows news that Donald Trump had appointed crypto advocate Paul Atkins to head the US Securities and Exchange Commission (SEC). Atkins is expected to create a more crypto-friendly regulatory environment. 

Federal Reserve Chair Jerome Powell also boosted Bitcoin’s price by comparing it to gold at the New York Times DealBook Summit.

“People are not using it as a form of payment or a store of value. It’s highly volatile. It’s not a competitor for the dollar; it’s really a competitor for gold. That’s really how I think about it,” he said.

More importantly, though, the Wu-Tang Clan’s Ghostface Killah had something to say about the OG crypto, too…

 

 

On the ASX, the Tech sector stood out as the best performer. Heavyweights WiseTech Global (ASX:WTC) rose by 2.5%, while Technology One (ASX:TNE) jumped 3%.

Source: Market Index

 

 

Source: Market Index

 

Still in the large caps space, iron ore behemoth Rio Tinto (ASX:RIO) has signalled a strategic shift towards copper in an investor presentation, after saying that it eyes a 40% growth in copper production by 2030. Shares were down 1%.

And, HMC Capital (ASX:HMC) made a significant move in the renewable energy sector, acquiring Neoen’s Victorian assets for $950 million. HMC’s shares jumped 2%.

 

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

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Cyprium Metals (ASX:CYM) has rejected a non-binding offer from Appian Capital Advisory to acquire the company at $0.035 per share. After careful consideration, the Cyprium board determined that the offer did not reflect the company’s true value and was not in the best interests of shareholders.

Lumos Diagnostics (ASX:LDX) has announced that the Centres for Medicare and Medicaid Services (CMS) has approved the FebriDx point-of-care test for reimbursement under the CPT PLA code 0442U, at a rate of US$41.38 per test. This code will be published on the Clinical Lab Fee Schedule and take effect from 1 January 2025. 

The approval is a key step in increasing the accessibility and adoption of FebriDx, a test that differentiates between bacterial and non-bacterial infections, addressing the issue of antibiotic overuse. Lumos will now engage with US payers and stakeholders to establish reimbursement policies and integrate FebriDx into clinical workflows.

Novo Resources (ASX:NVO) has raised $11.5 million from the sale of 38% of its stake in privately owned San Cristobal Mining. The proceeds will support ongoing exploration projects in Western Australia and Victoria, and contribute to a $3 million payment due to IMC Holdings in December. After the sale, Novo holds $16.7 million in cash and values its remaining San Cristobal stake at $19 million. The company plans to use the funds to advance exploration and identify new opportunities.

NewPeak Metals (ASX:NPM) has entered into an agreement to acquire the Allaru Vanadium Project in Queensland, which holds an inferred resource of 710 million tonnes of vanadium. The acquisition will be paid with $5 million worth of NewPeak shares. NewPeak plans to raise an additional $2-3 million through a rights issue at the same share price. The project is a valuable addition to NewPeak’s portfolio of critical minerals, including vanadium, uranium and rare earth elements. In parallel, the company has sold assets in Finland, Sweden and New Zealand.

Cyprium Metals (ASX:CYM) has rejected a takeover offer from Appian Capital Advisory. The offer price of $0.035 per share was deemed too low and the conditions attached to the offer were seen as potentially detrimental to Cyprium’s shareholders.

 

ASX SMALL CAP LAGGARDS

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IN CASE YOU MISSED IT

Green Critical Minerals’ (ASX:GCM) recently acquired VHD block tech, made from high-density graphite, is showing promising signs for solar-thermal energy storage, with a single block capable of powering a household for up to two days, as confirmed through initial modelling by inventor, Professor Charles Sorrell. The company is now working to develop simulations and build a pilot plant to optimise and demonstrate the scalability of the tech for industrial-scale renewable energy solutions.

Gold processing has kicked off at Everest Metals’ (ASX:EMC) Revere project in WA using the Gekko gravity processing plant. The company says over 8,000 tonnes of gold mineralised material has been stockpiled and is ready to go through the plant, as the company also gears up the delivery of a maiden MRE at Revere. A 5,500m air core drilling campaign will too kick off in early 2025, targeting near-surface gold potential,

GreenTech Metals (ASX:GRE) is gearing up to start its second drilling program at the Whundo volcanogenic massive sulphide copper-zinc project in WA, with the aim to confirm resource expansion potential. It follows a successful maiden program in July, as the company searches for VMS clusters at the project, with the help of Topdrill.

Challenger Gold (ASX:CEL) has entered into a toll mining agreement with Casposo Argentina Mining, locking away the processing capacity of 150,000tpa over three years. Challenger’s Hualilan project in San Juan is one of the biggest on the ASX and is well-placed with Javier Milei turning Argentina into a mining investment hotspot.

Fresh off selling its Talga project to Global Lithium (ASX:GL1) to focus on antimony exploration, Octava Minerals (ASX: OCT) says it expects drilling results from the Discovery prospect early next year.

Drilling is progressing as planned, with the company gearing up for maiden drilling at the untested Central target, located 2km north of Discovery. Over at Octava’s Byro rare earths project, core drilling is complete, with metallurgical test work now underway at the CSIRO.

Legacy Minerals (ASX:LGM) has appointed Dr John Greenfield as its chief technical advisor.

Greenfield previously served as the director of the Geological Survey of New South Wales (GSNSW) and as Newmont Australia’s principal exploration geologist for NSW.

LGM managing director and CEO Christopher Bryne said Greenfield’s expertise and skills would be a welcomed addition to the company’s discovery-focused exploration efforts in NSW.

 

 

At Stockhead, we tell it like it is. While Green Critical Minerals, Everest Metals, GreenTech Metals, Challenger Gold, Octava Minerals and Legacy 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.

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