• ASX 200 flat as US inflation weighs on markets
  • But gold and energy stocks rise today
  • Iris Metals successfully converts spodumene to 99.5pc battery-grade lithium

 

The ASX 200 was almost flat on Friday following a dip in US stocks last night. For the week, the index was up by around 0.9%. 

Overnight, September’s US inflation numbers came in a bit higher than expected at 2.4%, sending Wall Street stocks lower.

“Inflation is dying, but not dead,” said Olu Sonola at Fitch Ratings.  “The likely path is still a quarter point rate cut in November, but a December cut should not be taken for granted.”

On the ASX, gold miners were shining bright today as traders rushed to bullion, which was up 1% following the CPI data. 

Regis Resources (ASX:RRL) and Capricorn Metals (ASX:CMM) were two of the best performing gold stocks today, up by 6% and 3% respectively.

Energy stocks climbed after concerns that Hurricane Milton, which hit Florida yesterday, could push oil prices even higher on potential disruptions to oil production and supply.

Online fashion retailer, Cettire (ASX:CTT) was one of the best performers today, up 13% on no specific news. 

Shipbuilder Austal (ASX:ASB)  and PYC Therapeutics (ASX:PYC) also jumped by around 11% on no news.

WiseTech Global (ASX:WTC) fell 0.7% after founder Richard White  sold off about $60 million worth of shares. 

According to filings, White offloaded 461,891 shares at roughly $132 each, while executive director Maree Isaacs sold around $5 million worth.

Meanwhile, former market darling, Appen (ASX:APX) , has turned the corner back to profitability, reporting positive underlying EBITDA and cash EBITDA in Q3 FY24. 

To capitalise on growing opportunities in generative AI, the company has just announced a $50 million cap raise through an institutional placement, and another $5 million through a Share Purchase Plan. Appen has put its shares on a temporary trading halt.

 

Nail-biting moments for investors on Saturday

Meanwhile, traders are anxiously awaiting a fiscal policy briefing from China this Saturday. 

Investors are keen to hear about possible new stimulus measures, as Chinese Finance Minister Lan Fo’an will discuss plans and take questions from the media starting at 10 a.m. local time.

China’s CSI 300 Index saw its first drop in 11 sessions on Wednesday, plummeting 7%.

Tesla’s Robotaxi event is happening live at of time of writing, and CEO Elon Musk took the stage to unveil a much-anticipated model featuring gull-wing doors and no steering wheel or pedals. 

 

 

“The vast majority of the time, cars are just doing nothing,” Musk said on stage. “But if they’re autonomous, they could be used five times more, maybe 10 times more.”

Dubbed the Cybercab, the new vehicle is set to kick off production in 2026, with a price tag under US$30,000 and operating costs of just 20 cents per mile.

The excitement surrounding the event has lit up social media, with many sharing invites and speculating about what Musk might reveal. However, some  analysts have pointed out potential challenges with the technology.

 

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

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Code Name Price % Change Volume Market Cap
IR1 Iris Metals 0.300 67% 1,854,639 $25,039,797
NAG Nagambie Resources 0.020 43% 7,422,844 $11,152,899
CSS Clean Seas Ltd 0.220 38% 274,590 $32,210,125
NSM Northstaw 0.019 36% 186,541 $2,250,861
CRB Carbine Resources 0.004 33% 234,900 $1,655,213
EWC Energy World Corpor. 0.012 33% 2,354,687 $27,710,291
88E 88 Energy Ltd 0.003 25% 213,473 $57,867,624
BYH Bryah Resources Ltd 0.005 25% 379,173 $2,013,147
PUA Peak Minerals Ltd 0.003 25% 4,000,000 $4,994,221
VML Vital Metals Limited 0.003 25% 52,794 $11,790,134
CC9 Chariot Corporation 0.240 23% 606,503 $17,477,433
TGH Terragen 0.049 23% 208,745 $14,763,245
LU7 Lithium Universe Ltd 0.017 21% 4,786,508 $8,314,790
1CG One Click Group Ltd 0.012 20% 809,674 $7,747,935
AD1 AD1 Holdings Limited 0.006 20% 483,368 $5,486,742
FIN FIN Resources Ltd 0.006 20% 81,816 $3,246,344
PUR Pursuit Minerals 0.003 20% 100,000 $9,088,500
NIM Nimyresourceslimited 0.071 18% 371,551 $10,410,816
FFG Fatfish Group 0.013 18% 7,826,624 $15,472,303
PPY Papyrus Australia 0.013 18% 762,374 $5,419,619
RMI Resource Mining Corp 0.014 17% 50,000 $7,828,174
AUN Aurumin 0.058 16% 1,626,623 $22,787,162
MTM MTM Critical Metals 0.080 16% 9,439,905 $19,396,373
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Iris Metals (ASX:IR1) rose sharply on news that the company has successfully converted its spodumene concentrate to 99.5% battery grade lithium carbonate, using ore entirely sourced from its Beecher Project in South Dakota, USA. The conversion to lithium carbonate was done in the US, using “a domestic process and IP, marking a significant new capability in America’s efforts to secure domestic supply chains of critical minerals and IRIS’ role in that,” the company says.

Nagambie Resources (ASX:NAG) said it is set to restart diamond drilling at its high-grade gold-antimony orebody at the Nagambie Mine in early November. The company has secured a drilling rig to expand its JORC Resource, which currently stands at 415,000 tonnes, with an average grade of 3.6 g/t gold and 4.3% antimony. Chairman Kevin Perrin noted that both gold and antimony prices are at record highs, making the mine a prime target for exploration. The planned construction of a new antimony-sulphide processing plant will further enhance the project’s potential value.

Energy World Corporation (ASX:EWC) was up on news that it has agreed to sell its 51% stake in the Sengkang Production Sharing Contract (PSC) in Indonesia to PT EMP Energi Jaya for $35 million. This sale includes rights to explore and produce gas in the area, which has existing gas fields and significant potential. 

Greenwing Resources (ASX:GW1) climbed following an update on progress at its San Jorge Lithium Brine  Project in Argentina, with completion of further surface exploration work providing additional confirmation of likely resource extension. The company released the maiden Mineral Resource Estimate for the project in May 2024, containing 1.07 Mt of Lithium Carbonate Equivalent (LCE), made up of 0.67Mt of Indicated Resources and 0.4Mt of Inferred Resources.

Antipa Minerals (ASX:AZY) was up on no specific news.  With exploration tenements surrounding major projects such as the Telfer gold mine, soon to be owned by Twiggy Forrest-backed Greatland Gold after its US$475m sale by Newmont, AZY is receiving keen investor interest, with its stock price up more than 100% over the last month.

It’s been heavily traded again today on the back of the recent-ish M&A activity, a 33% resource increase of its Minyari Dome gold project to 2.3Moz and its big cash injection of $17m from selling its 32% stake in the Citadel gold project to Rio Tinto (ASX:RIO).

 

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

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

Code Name Price % Change Volume Market Cap
GMN Gold Mountain Ltd 0.002 -33% 6,136,675 $11,722,420
RNE Renu Energy Ltd 0.001 -33% 329,120 $1,267,868
NOV Novatti Group Ltd 0.043 -26% 3,842,270 $20,811,401
MRQ Mrg Metals Limited 0.003 -25% 5,165,077 $10,846,075
EXL Elixinol Wellness 0.004 -20% 8,718,818 $7,800,356
TMK TMK Energy Limited 0.002 -20% 633,034 $18,979,030
ERA Energy Resources 0.009 -18% 2,761,072 $243,631,291
WYX Western Yilgarn NL 0.027 -18% 24,050 $3,301,965
HXL Hexima 0.014 -18% 330,902 $2,839,674
FHS Freehill Mining Ltd. 0.005 -17% 2,600,000 $18,471,167
LPD Lepidico Ltd 0.003 -17% 932,570 $25,767,375
SFG Seafarms Group Ltd 0.003 -17% 353,529 $14,509,798
WML Woomera Mining Ltd 0.003 -17% 11,500 $6,165,223
CGO CPT Global Limited 0.071 -15% 1,200 $3,519,379
BXN Bioxyne Ltd 0.011 -15% 4,495,451 $26,606,390
EXT Excite Technology 0.011 -15% 12,025,237 $19,171,318
IRX Inhalerx Limited 0.022 -15% 110,000 $5,023,506
COY Coppermoly Limited 0.009 -15% 114,522 $7,076,574
HOR Horseshoe Metals Ltd 0.006 -14% 250,000 $4,642,972
QXR Qx Resources Limited 0.006 -14% 124,884 $7,770,545
NIS Nickelsearch 0.016 -14% 4,776,602 $4,512,837
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IN CASE YOU MISSED IT

New World Resources (ASX:NWC) is advancing permitting for its Antler copper project in the US, with the submission of the Aquifer Protection Permit to the Arizona Department of Environmental Quality to support the development of its flagship project.

Regener8 (ASX:R8R) has mapped extensive unexplored paleochannels near the Hatlifter nickel-cobalt prospect at its East Ponton project after combing through historical datasets ahead of a maiden drill program.

Maiden exploration has started at Trigg Minerals’ (ASX:TMG) Wild Cattle Creek antimony deposit to expand resources. Exploration will focus on several priority targets, immediately outside the resource area and its extensions on strike.

Anax Metals (ASX:ANX) has received firm commitments from institutional, sophisticated and professional investors to raise ~$2.54m to fund exploration across its base metal projects in WA’s Pilbara region. The funds were raised through the issue of 169.65 million shares priced at 1.5c each. It includes the issue of one free attaching option exercisable at 2.5c and expiring three years from issue for every subscribed share.

Proceeds will be used to fund soil and auger sampling, geophysics and reverse circulation drilling at the Evelyn project as well as geophysics and drilling at the Mons Cupri South prospect.

Other work includes geophysics at the Whim Creek deposit, conducting technical studies to assess the treatment of GreenTech Metals’ (ASX:GRE) base metal assets and copper content of Artemis Resources’ (ASX:ARV) Greater Carlow resource at Whim Creek, and advancing the scoping study in collaboration with Develop Global.

Sunshine Metals (ASX:SHN) has kicked off a nine hole reverse circulation drill program at the Truncheon and Highway East targets within its Ravenswood Consolidated project to test strong, coincident geochemical and geophysical anomalies. The targets sit ~2.5km from the historical Highway-Reward copper-gold mine that produced 3.9Mt at 5.4% copper and 1.1g/t gold before closing in 2005. 

Drilling over these targets, which were not assayed for gold in limited historical drilling, is expected to be completed in late October with assays due in early December. The company also plans to start geophysical surveys at the Coronation South copper-gold target in late 2024.

 

TRADING HALTS

Income Asset Management Group (ASX:IAM) – requested in connection with a capital raising.

Mayur Resources (ASX:MRL) – pending an announcement in relation to the finalisation of the funding structure for the Central Lime Project.

Embark Education Group (ASX:EVO) – ending the release of an ASX announcement regarding a proposed capital raise.

African Gold (ASX:A1G) – pending an announcement regarding exploration results.

Kincora Copper (ASX:KCC) – pending an announcement in connection with a capital raise.

Appen (ASX:APX) – pending an announcement to ASX in connection with a proposed capital raising.

Nanoveu (ASX:NVU) – pending an announcement regarding a material acquisition.

Chilwa Minerals (ASX:CHW) – pending the release of an announcement relating to a capital raising.

Respiri (ASX:RSH) –  pending an announcement regarding finalisation of a Strategic Fund Investment into the company.

Dubber Corp (ASX:DUB) – pending an announcement by the Company in relation to a capital raising.

 

 

At Stockhead, we tell it like it is. While Anax Metals, New World Resources, Regener8 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.

Today’s Closing Bell is brought to you by Webull Securities. Webull Securities (Australia) Pty. Ltd. is a CHESS-sponsored broker and a registered trading participant on the ASX.

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

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