• The ASX fell on Thursday, driven by drop in discretionary sector
  • However, gold stocks and, in particular, Bitcoin surged 
  • Web Travel, Accent Group and Sayona Mining all dipped

 

The ASX ended Thursday lower by 0.04%, reversing early gains as the market struggled to find direction. 

The Discretionary sector weighed heavily on the benchmark. On Tuesday, this sector reached a new all-time high of 3960, however, today it traded around 3% lower than that peak. 

Stocks in the sector tumbled after Accent Group (ASX:AX1), which sells footwear and apparel, flagged squeezed margins caused by heavy discounting to attract struggling customers at its AGM on Thursday. Accent’s shares slumped by 12%.

Heavyweight Wesfarmers (ASX:WES) followed suit, dropping late in the day by over 1.5%.

Other stocks in that space slipped as well, including Baby Bunting (ASX:BBN), Temple & Webster (ASX:TPW), Myer (ASX:MYR) and Kogan (ASX:KGN).

 

Source: Market Index

 

Goldies surged once again as bullion bounced back above US$2650. Among Thursday’s winners there included Gold Road Resources (ASX:GOR) and Northern Star Resources (ASX:NST).

Source: Market Index

 

In company news, Web Travel Group (ASX:WEB), a spinoff from Webjet earlier this year, saw its shares drop 4% after its auditor called for a revision of its financial reports. 

Sayona Mining (ASX:SYA) dropped 10% after completing a $40 million equity raise ahead of its planned merger with Piedmont Lithium (ASX:PLL).

Elsewhere, Bitcoin continued its post-US election surge, pushing close to US$95,000, as optimism about the cryptocurrency grows ahead of the pro-crypto Trump administration.

And across the region, Asian stock markets fell following disappointing news from Nasdaq-listed Nvidia, which failed to meet high expectations for the next quarter. 

 

ASX SMALL CAP LEADERS

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
IFG Infocus Group 0.034 127% 52,440,008 $1,631,640
LNU Linius Tech Limited 0.002 33% 5,195,420 $9,226,824
FNR Far Northern Res 0.180 71% 142,685 $3,807,912
T3D 333D Limited 0.011 57% 56,284 $1,233,284
BP8 Bph Global Ltd 0.003 20% 100,000 $991,604
RIE Riedel Resources Ltd 0.002 50% 1,100,000 $3,335,753
PTR Petratherm Ltd 0.165 43% 11,232,301 $34,900,465
AAU Antilles Gold Ltd 0.004 33% 8,499,005 $5,567,228
AHN Athena Resources 0.004 33% 125,000 $3,746,636
BYH Bryah Resources Ltd 0.004 33% 475,000 $1,509,861
GCR Golden Cross 0.004 33% 36,016 $3,291,768
JAV Javelin Minerals Ltd 0.004 33% 1,125,000 $15,568,189
OAR OAR Resources Ltd 0.002 33% 1,354,169 $4,951,252
VRC Volt Resources Ltd 0.004 14% 1,004,463 $14,555,373
NYM Narryer Metals 0.040 29% 2,900,167 $4,107,688
CDT Castle Minerals 0.003 25% 2,416,681 $3,345,628
ERA Energy Resources 0.003 25% 3,425,751 $44,296,598
FHS Freehill Mining Ltd. 0.005 25% 806,000 $12,314,111
POS Poseidon Nick Ltd 0.005 25% 1,461,608 $16,815,502
QEM QEM Limited 0.045 25% 804,301 $6,870,013
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InFocus Group (ASX:IFG), a retail intelligence tech company, has secured a US$2.5 million contract with GBO Assets to develop a new digital social gaming platform, VigoBet Tech. The project will be completed over 24 months, with $1.1 million expected in revenue within the first three months. CEO Ken Tovich sees this as a major step into new markets.

Far Northern Resources (FNR) announced that all resolutions at today’s Annual General Meeting were passed, including the adoption of the remuneration report, the election of Matthew Bashford as a director and the confirmation of the auditor appointment. 

Petratherm (ASX:PTR) held its AGM today as chairman Derek Carter highlighted the company’s exciting copper/gold projects at Woomera and Mabel Creek, where drill-ready targets for Tier 1 IOCG deposits have been identified.

At Muckanippie, the team discovered high-grade titanium mineralisation, with 28% of surface samples showing over 30% TiO2. Initial results have exceeded expectations, leading to a successful capital raise and a 100-hole drilling program.

Energy Resources of Australia (ASX:ERA) said Rio Tinto (ASX:RIO) has taken up its full entitlement in ERA’s rights issue, increasing its ownership to over 98%. The $766.5 million raised will fund the rehabilitation of the Ranger Project Area in the NT. Rio intends to compulsorily acquire the remaining ERA shares at $0.002 each, in line with its earlier plans.

Encounter Resources (ASX:ENR) said the first RC drilling results at Green have confirmed high-grade niobium mineralisation, extending from the nearby Luni discovery. Key intercepts include 116m at 1.7% Nb2O5 and 81m at 1.5% Nb2O5. These results, along with previous aircore drilling, show significant niobium potential over a large area, the company said.

Miramar Resources (ASX:M2R) has extended the strike length of copper, lead, silver and gold mineralisation at the Joy Helen prospect within the Chain Pool project in WA. Recent rock chip sampling has confirmed high-grade mineralisation over 400m, with potential for a 1km strike. Also, copper sulphide mineralisation has been found in dolerite dykes of the Mundine Well Suite.

 

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
1TT Thrive Tribe Tech 0.003 -25% 4,106,741 $2,813,446
CDE Codeifai Limited 0.002 -25% 16,360,581 $5,842,590
GMN Gold Mountain Ltd 0.002 -25% 453,016 $7,814,946
TMX Terrain Minerals 0.003 -25% 300,000 $7,200,115
AON Apollo Minerals Ltd 0.014 -22% 5,194,468 $12,534,172
ADX ADX Energy Ltd 0.048 -20% 13,525,252 $34,370,955
CLG Close Loop 0.200 -20% 9,055,804 $132,962,467
BNL Blue Star Helium Ltd 0.004 -20% 1,412,290 $13,474,426
TSL Titanium Sands Ltd 0.004 -20% 2,043,667 $11,058,736
NXD Nexted Group Limited 0.125 -19% 222,295 $34,335,100
RR1 Reach Resources Ltd 0.009 -18% 13,202,747 $9,618,745
GQG GQG Partners 2.165 -18% 14,140,460 $7,796,933,121
EE1 Earths Energy Ltd 0.014 -18% 48,896 $9,009,392
TAT Tartana Minerals Ltd 0.039 -17% 27,027 $8,584,357
ERL Empire Resources 0.003 -17% 100,000 $4,451,740
PUR Pursuit Minerals 0.003 -17% 206,000 $10,906,200
VML Vital Metals Limited 0.003 -17% 3,542,216 $17,685,201
BUY Bounty Oil & Gas NL 0.004 -17% 2,600,000 $7,192,805
A1G African Gold Ltd. 0.053 -16% 2,579,837 $22,614,450
OD6 Od6Metalsltd 0.038 -16% 360,607 $5,791,058
POD Podium Minerals 0.033 -15% 7,441,591 $17,735,124
MGU Magnum Mining & Exp 0.011 -15% 10,925,891 $10,521,698
BMR Ballymore Resources 0.120 -14% 6,275 $24,742,282
TEG Triangle Energy Ltd 0.006 -14% 99,780 $14,624,638
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IN CASE YOU MISSED IT

Bevis Yeo and Jessica Cummins reported that:

Killi Resources’ (ASX:KLI) geophysical surveys have found a large-scale, shallow induced polarisation (IP) anomaly at the Baloo Prospect within its Mt Rawdon West gold-copper project in Queensland that is indicative of a porphyry/intrusive system beneath the surface gold-copper soil anomaly.

Meteoric Resources (ASX:MEI) has completed the sale of its Palm Springs gold project in WA’s Kimberley region to WIN Metals (ASX:WIN) for up to $5m.

The company has received a cash payment of $1m and WIN shares worth $1.75m at a deemed price of 2.5c and subject to 12 months voluntary escrow, and will receive a further payment of $1m in cash 18 months after completion and another $1.25m on WIN producing 20,000oz of gold from Palm Springs.

“We are pleased to have realised value from what has become a non-core asset and enable the full focus of Meteoric on the Caldeira ionic adsorption clay rare earth element project in Brazil,” MEI executive chairman Andrew Tunks said.

Rock chip sampling has provided Miramar Resources (ASX:M2R) with further evidence that its Chain Pool project could host multiple mineralisation styles after extending multi-element mineralisation at the Joy Helen prospect and uncovering copper in the dolerite dyke of the 755Ma Mundine Well Suite.

Sovereign Metals’ (ASX:SVM) initial test work on graphite concentrate sourced from its Kasiya rutile-graphite project in Malawi has confirmed it is suitable for traditional refractory and foundry applications due to its high resistance to oxidation. This expands optionality over offtake discussions and future supply chains to maximise revenues from the project.

Burrendong Minerals, which has the right to earn an interest in Impact Minerals’ (ASX:IPT) highly prospective Commonwealth project in the highly prolific Lachlan Fold Belt in NSW, has made its IPO prospectus available.

IPT’s shareholders have a priority entitlement of $2 million in the IPO, which seeks to raise $5m at 20c per share with a free attaching option exercisable at 25 cents within 36 months of listing for every two shares subscribed. Should Burrendong list on the ASX, IPT will retain a 49% interest in the Commonwealth project, receive a $275,000 cash payment, and be the largest shareholder in the new company with a 12.5% interest.

Managing director Dr Mike Jones, who will sit on Burrendong’s board, said the IPO was an opportunity to participate in one of Australia’s most prolific mineral belts – the Lachlan copper-gold belt.

“Once listed, Burrendong will take control of our exceptional Commonwealth gold-silver-copper project, which has been on hold due to our focus on the Lake Hope high purity alumina project,” he added.

Omega Oil and Gas (ASX:OMA) has appointed Milton Cooper, an energy professional with more than 30 years’ experience, to the role of chief commercial officer effective from February 2025. Milton will be responsible for commercial, finance, business development, investor relations, government relations and other corporate functions.

He joins OMA from Galilee Energy (ASX:GLL) where he has held the roles of chief financial officer and chief commercial officer since 2018.

“Milton’s deep industry experience and strong strategic management capabilities will greatly assist us in achieving our near term objectives and delivering our longer-term growth strategy,” OMA managing director Trevor Brown said.

 

At Stockhead, we tell it like it is. While Impact Minerals, Killi Resources, Meteoric Resources, Miramar Resources, Omega Oil and Gas and Sovereign Metals 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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