Closing Bell: Small caps flat, benchmark rises on resurgent resources
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The S&P/ASX 200 reclaimed more than 1% in Thursday trade after copping a straight hat-trick of losses. The major energy names and big Papa miners like Rio, Fortescue and BHP climbing strongly after falling even more strongly these last few.
The S&P/ASX Emerging Companies (XEC) index fared less excitingly. In fact, we’re going to call Thursday a tie.
Let’s also not discuss inflation. It’s there. You’ll feel it if you haven’t read about it.
Company-specific, and more of a small cap these days anyway, AMP (ASX:AMP) has taken a break from steadily declining to spasming suddenly upwards – like about 13% – but it did take the flogging of its near half-a-billion dollar-buck international infrastructure assets to get the gains.
(Stocks highlighted in yellow rose after making announcements during the trading day).
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Fintech Splitit (ASX:SPT) has smashed sone new quarterly records – revenue, merchants splitting things… but it’s probably the cracking Japanese deal with Google that has investors pumping the stock higher today. The word is Google USA – the real, scary Google – plans to expand its Splitit partnership beyond Japan and into the pockets of Google’s big spending US customers.
Today Charles Sheen likes Lithium Plus Minerals (ASX:LPM) which only listed on Tuesday and ended some 175% up on its suddenly bargain lookin’ listing price $0.25.
Lithium Plus 300% is now trading at $1 – that’s a little maths gag I just came up with.
LPM is living large on a key investment from a Suzhou-based subsidiary of China’s CATL the world’s largest EV battery maker. The digger has some 19 granted exploration licences and three exploration licences under application in the Bynoe and Arunta regions in the Northern Territory.
Mining reg-tech platform K2fly Limited (ASX:K2F), has nailed it’s third quarter, delivering record revenues after a string of deals with South32 and Freeport-McMoRan.
Also marching on the quarter is Aspermont (ASX:ASP). Tthe publisher of mining news is enjoying its own headline moment, with a quarterly revenue bump thanks to the pickup in activity across its live events division.
And Juno Minerals (ASX:JNO), developer of the Mount Mason DSO Hematite Project in WA. With permits in place, Juno said a financial investment decision on Mount Mason is “subject to confirming a logistics solution, which is being progressed”.
(Stocks highlighted in yellow fell after making announcements during the trading day).
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Silver Lake Resources (ASX:SLR) isn’t so much of a small cap nowadays, but it’s always grabbed me as a fascinating business. SLR stock crashed earlier today, after it withdrew its full year sales guidance.
The gold and copper digger from out WA-way blamed the state’s Covid-loopiness for severe disruptions from labour shortages to shaky supply lines. SLR shares were down 12% at lunchtime.
Among the explorer updates in afternoon trade, dual-listed Orion Minerals (ASX/JSE:ORN), presented results from the maiden drilling program at its Okiep copper project in South Africa.
The 10 holes returned a number of “high grade” assay results, the company said.
“The results we’ve received to date have exceeded our expectations, demonstrating the presence of widespread near surface copper mineralisation across the project and reinforcing what we have always thought – that Okiep represents an exceptional growth opportunity for Orion,” MD Errol Smart said.
Elsewhere, gold explorer First Au Limited (ASX:FAU) announced that Exploration License 5422 (EL5422) at its Victorian Gold (“VicGold”) project has been granted. At 490 square km, EL5422 brings FAU’s total granted tenure in Victoria to 2,250km.
“The tenement completes the granting of all of the Company’s high priority tenements at the VicGold project,” First Au said.
Lithium project developer AVZ Minerals (ASX:AVZ) also released its March quarterly, detailing the commitment of $25m to early works and the exploration drilling program at its Manono project, which MD Nigel Ferguson said further demonstrates the company’s confidence in bringing the project to development.
“Undertaking this early works program in the second half of FY22 will assist the company to maintain our development timetable for the Manono Project,” he said.
AVZ says the completion of the US$240m cornerstone investment with Suzhou CATH Energy Technologies (CATH) has now been extended to 30 April 2022. CATH will shell out the cash for a 24% direct interest, plus another ~$160m to get the ~$US540m project into development.
The $3.74b market cap company had a cash balance of $70.57m at the end of the quarter.
Pantera Minerals (ASX:PFE) is another step closer to diamond drilling at the Hellcat project after the WA regulators said it’s a go for company’s Programme of Works.
The approved PoW provides for the drilling of up to 18 diamond holes if required at the project, which could host lead-silver mineralisation similar to that found at the third-party Abra deposit just 70km to the east. PEE is now only awaiting the Heritage and Clearance Survey in late May before it starts drilling an initial four holes in early July. The company has also completed a high resolution airborne magnetic and radiometric survey over three tenements with results expected in about four weeks.
Fixed income specialist and funds management firm Income Asset Management Group (ASX:IAM) has reported revenue growth in Q3 FY22 up 91% on the prior corresponding period to $1.77 million. IAM said the significant growth was driven primarily by another strong contribution from placement fees, which were up 276% on pcp to $1.1million, the largest achieved to date.
The jump follows the successful placement of $85m for Moneyme (ASX:MME). The placement was a significant milestone for IAM, with 100 institutions and wholesale investors participating in the raising during volatile market conditions.