Iris Metal successfully converts spodumene to 99.5pc battery-grade lithium. Picrture via Getty Images
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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.
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.
Robotaxi & Robovan pic.twitter.com/pI2neyJBSL
— Tesla (@Tesla) October 11, 2024
“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.
Today’s best performing small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| 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 |
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).
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 |
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.
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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