• Aussie small cap index falls flat, day two
  • The ASX200 up 0.65%
  • Conico is 50% higher


Rising gold prices and teetering tech stocks are playing dice for the soul of the ASX Emerging Companies (XEC) index on Wednesday, as the small cap top 200 struggles to find elevation. It’s flat for the second day this week.

The benchmark ASX200 (XJO) index lifted early on strong sessions from the financials, gold index (up 2%), and on materials and mining stocks.

While investors are finding security in gold names, the resources sector has improved on the likely support of the recent stimulus measures announced by Chinese Premier Li Keqiang, however these are likely to be offset by a growing cluster of COVID-19 infections in the capital Beijing and neighbouring port city of Tianjin.

US futures are higher after Wall Street fell overnight, tech stocks continue to be punished, the tech-heavy Nasdaq crashing more than 2% after Snap Inc.’s 43% swan dive after a profit warning spilled out into the broader market and weighed on pretty much any company which lives on the teat of digital advertising.



(Stocks highlighted in yellow rose after making announcements during the trading day).

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Reuben and the story of ‘Mt Thirsty’, its nickel-copper goodness and JV partners Greenstone Resources (ASX:GSR)  is a goodie. Shares in Conico (ASX:CNJ) have been surging on nearology fervour since Galileo Mining (ASX:GAL) hit palladium paydirt right next door.

Up 50% today alone, Conico director, shareholder and fascinating human Guy Le Page says this:

“…(The) prospective horizons from GAL appear to trend on to ground held by the Mt Thirsty Joint Venture.”

And he said this:

“It appears around 1.5km of this layered intrusion (Mission Sill) appear to strike on to the JV ground and remain largely untested.”

Conico is up +210% over the last month.  GSR has gained 73% over the same period.

ASX-listed technology expansion capital fund, Bailador Technology Investments ( ASX:BTI) says NetApp has dotted all the vowels and crossed all the consonants in its bid to acquire BTI’s Instaclustr and thus, the transaction has been completed.

Bailador is now $118m of net cash proceeds for the better through its 100% investment in Instaclustr, with co-founders David Kirk and Paul Wilson sounding like they are figuring out what to do with the windfall.

“In light of the large cash inflow to the fund the Board has been working hard on an updated capital management plan for Bailador Technology Investments and we will be in a position to share this with investors in the coming days.”

Decmil Group (ASX:DCG) has found a new Dickie Dique, appointing Rod Heale as its new Chief Executive Officer, effective from June 20.



(Stocks highlighted in yellow fell after making announcements during the trading day).

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T’is the sound of champagne corks popping at Alkane (ASX:ALK), which poured its 500,000th ounce of gold at the Tomingley Gold Project. It’s a colossal milestone that far outreaches Alkine’s original goal of 380,000oz, and the company says it plans to celebrate hitting half a million ounces by churning out another 700,000oz or so between now and 2032, if the planet’s still here.

Meanwhile, over at Chalice Mining (ASX:CHN), the bean counters are crowing after receiving firm commitments to raise a cool $100 million, so it can stay in the hunt on its 100%-owned Julimar nickel-copper-PGE Project and highly prospective West Yilgarn licence holding. Everybody getting in on the deal bagged a combined total of ~16.7 million new fully paid ordinary shares at $6.00 a pop – a ~10% discount on the company’s last traded share price from 23 May.

And last on the list this arvo is good news for Magontec (ASX:MGL), after company supremo Nicholas Andrews gave the company something to smile about in his address to the AGM. Andrews says the 2021 spike in magnesium prices has translated into a bonanza on the sale price of Magontec’s range of magnesium alloys and anodes products, allowing the company to reduce its debt to ~$5 million, a drop of ~58% from Q1 2021.


Trading Halts

xReality Group (ASX:XRG) – capital raise

Galileo Mining (ASX:GAL) –  material drill assay results from the Company’s Callisto discovery

Sayona Mining (ASX:SYA) – capital raise

Lindian Resources (ASX: LIN) –  Exclusive Option Agreement for the Kangankunde Rare Earths Project in Malawi and a dispute against Michael Saner (since deceased) and Rift Valley Resource Developments, regarding the Project.