• ASX has finished 0.5% ahead, despite Wall Street’s flabby performance on Friday.
  • Health Care has taken a positive 1.8% step towards fixing last week’s -6.1% disaster.
  • Gold 50 has topped the charts after hitting stellar intercepts at its Arizona dig.

 

Local markets have eased a little since lunchtime, stepping down slightly from +0.6% highs to end the day at 0.5%.

A good chunk of the day’s solid performance has come via the Health Care sector’s return from the dead, lurching like a groaning zombie from last week’s 6.1% loss to post a much-needed 1.83% gain.

Oneview Healthcare (ASX:ONE) was one of the sector’s big gainers today, up 21.5% on news that it’s entered into a Value-Added Reselling Agreement with Baxter International, which will see the company’s Care Experience Platform (CXP) in the US market.

Consumer Staples is also up today, adding 1.53% with the likes of Skin Elements (ASX:SKN) up 14.3% and Tasfoods (ASX:TFL) up 9.5% helping to push the sector along.

The morning’s woes for Materials and Energy only deepened as the day progressed, leaving them lower by 0.6% apiece – despite the lion’s share of the top gains in Small Caps belonging to the diggers today, and the XGD All Ords Gold index leading the market on +1.09% as well.

In Large Cap Land, Weebit Nano (ASX:WBT) added 10% for no apparent reason, and lithium digger Lake Resources (ASX:LKE) had a shocker, dropping 20% on news that investors are going to have to wait a while longer for the company to hit its 50,000tpa production goal in Argentina.

It’s not terrible news – LKE says it’s likely to be at 25,000tpa by 2027, and the rest by 2030 – but the extra three years for the second half of the production is clearly no bueno for investors.

 

TODAY’S ASX SMALL CAP LEADERS

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True North Copper (ASX:TNC) set the cat among the pigeons with what looked like a 370% gain this morning, but it’s not quite what it looked like on the data charts.

True North Copper was the subject of a reverse takeover by Duke Exploration that started late last year, and the whole thing has taken quite a while to get resolved.

As Stockhead’s very own Josh Chiat explains it, a reverse takeover is “kind of like the alien spawn growing inside of Sigourney Weaver, which then bursts out and becomes a (more friendly) xenomorph.”

That xenomorph has emerged from the chest of the ASX today, with the whole rebranded thing assuming the value of both DEX and TNC, which was well above TNC’s price when the reverse takeover began, and so that’s why it looks like such a huge gain.

So, the “real” winner was Gold 50 (ASX:G50) up 36% on surprisingly slender volume this morning and on news that the company has intersected high-grade gold-silver mineralisation within several broad mineralised zones at its Golconda project in Arizona.

The intersects include 35m at 5.2g/t gold and 5.9g/t silver from 176.8m including 9m at 19.5g/t gold and 17.8g/t silver, and 11m at 1.2g/t gold, 399g/t silver, 0.31% copper and 0.55% zinc from 61.0m and immediately below historic underground workings.

Bastion Minerals (ASX:BMO) locked in second on the ladder, up 31% after it reported staking a strategic 115km2 REE exploration tenure near Gyttorp in South Sweden.

BMO says that rock chip samples “greater than 2.86% (28,600 ppm) and 3.64% (36,400 ppm) Total Rare Earth Oxide (TREO) are recorded in historic sampling with some detection limits exceeding the actual result will be greater than these figures”.

And Mont Royal Resources (ASX:MRZ) packed on a very tidy 31% today, thanks to a mystery spike in trading volume on precisely zero news which has defied my ability to figure out this afternoon – but the moment I learn what’s behind it, I’ll be sure to write it down somewhere safe so that I can forget to fill everyone in about it tomorrow.

 

TODAY’S ASX SMALL CAP LAGGARDS

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LAST ORDERS

Lithium Power International (ASX:LPI) is in the news today, after announcing that it’s entered into a binding agreement to sell its wholly owned Australian subsidiary Western Lithium to to Albemarle Lithium, a subsidiary of Albemarle Corporation.

The sale is notable for a couple of reasons – first of all, it’s set to put a cool $30 million in LPI’s pocket, which is no small chunk of change.

And secondly, the sale (I’m told) represents the first all-cash deal of its type in that region, and the sale of Western Lithium includes that company’s Greenbushes lithium project in southern WA, where a number of companies including the likes of recently-in-the-news Kula Gold (ASX:KGD) are reporting successful exploratory work as the region continues to heat up.

Thirdly, the sale of Western Lithium to Albemarle effectively ends the well-progressed plans for the company’s spin-off and public listing by LPI, with the board recognising that an immediate $30 million sale will save them a lot of time and effort, while delivering far more rapid return.

Elsewhere, Talon Energy (ASX:TPD) has provided the market with an update on how things are going on the Walyering gas field development JV, in which it holds a 45% ownership – the rest of it belongs to Strike Energy (ASX:STX).

Talon says that everything is progressing extremely well, with all processing equipment now secured in place, condensate tanks and offload facilities constructed, utilities installation complete and the Parmelia Gas Pipeline (PGP) connection constructed.

Barring any major hassles, Talon says that production rehearsals and other operational readiness exercises has the team set up to go completely operational, and the commissioning process had been prepared with the plan to send commissioning gas into the PGP for sale once permissions to introduce hydrocarbons has been granted by the regulator.

That’s estimated to take about a week, and once it’s done, the Walyering gas field development is off to the races.

And finally, Lanthanein Resources (ASX:LNR) has announced that it has completed drilling at the Lyons Rare Earths Project in Western Australia, targeting previously discovered high-grade rare earth mineralisation among outcropping ironstones and additional interpreted carbonatite intrusives and ironstones at the site.

“The finalisation of drilling on new outcropping ironstone trends is a very exciting time for Lanthanein,” technical director Brian Thomas, said.

“The drilling of these new discoveries is the result of the geological team’s growing understanding of the rare earth mineralisation controls within the Gifford Creek Carbonatite complex, and assays from this program could provide a breakthrough discovery that could potentially transform the Company.

“We look forward to moving to a mineral resource estimate on the high grade outcropping ironstones at Lyons 12 & 13, which are approximately 2km from Hastings Technology Metals (ASX:HAS) Frasers and Simons Find pits, and updating the market with results as drilling progresses.”

 

TRADING HALTS

Ronin Resources (ASX:RON) – Project acquisition and capital raising.

QEM (ASX:QEM) – Capital raising.

Noronex (ASX:NRX) – Capital raising.

Miramar Resources (ASX:M2R) – Capital raising.

Regional Express (ASX:REX) – Revised profit guidance incoming.