- Tech stocks lead losses
- Culpeo Minerals in huge copper strike
- Small cap index ends more than 1% lower
Down from the first bell, all the constituents on the ASX Emerging Companies (XEC) Index would probably like to have been Culpeo Minerals (ASX:CPO) on Monday. The Chile-based copper explorer is up about 160% after hitting about 173m of copper mineralisation at Lana Corina.
As it stands, the small cap index is 1.6% lower while ASX200 (XJO) has ended the session about 0.3% lower, dragged down by industrial, comms and tech stocks – which took an inevitable hit after the 2.5% whack the Nasdaq took in its last session.
The All Ords Gold sector (XGD) slumped on Monday, down 1.4% at the close.
Trade was light ahead of tomorrow’s anticipated Reserve Bank meet, where economists appear to have banked on a lift of between 25 to 40 basis points.
Commonwealth Bank’s senior economist Kristina Clifton says the market has priced in an increase of 28 basis points.
CommSec, meanwhile, anticipates more pain at the petrol pump for motorists, suggesting prices could hit $2.25 a litre nationally within the next week. They’re paying that in Adelaide even now.
Around the region, Hong Kong’s Hang Seng index climbed 1.5% while Shanghai, Shenzhen and Tokyo all lifted between 0.5% and 1%.
Finally, Caixin’s reading of China’s services PMI (purchasing managers index) suggests that activity contracted more than expected in May, while spending figures over the Dragon festival long weekend also suggests the world’s second largest economy will need time tom recover from it’s zero-COVID restrictions.
TODAY’S BIGGEST SMALL CAP WINNERS
(Stocks highlighted in yellow rose after making announcements during the trading day).
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Price | % | Volume |
|---|---|---|---|---|
| AHN | Athena Resources | 0.02 | 186% | 45,932,692 |
| CPO | Culpeominerals | 0.425 | 166% | 33,021,213 |
| CCE | Carnegie Cln Energy | 0.002 | 100% | 1,511,570 |
| RD1 | Registry Direct | 0.018 | 64% | 4,489,823 |
| ICG | Inca Minerals Ltd | 0.125 | 62% | 6,570,217 |
| EVE | EVE Health Group Ltd | 0.0015 | 50% | 750,000 |
| ENR | Encounter Resources | 0.175 | 30% | 3,135,709 |
| WRK | Wrkr Ltd | 0.019 | 27% | 279,010 |
| PLG | Pearlgullironlimited | 0.034 | 26% | 685,547 |
| FAU | First Au Ltd | 0.015 | 25% | 12,900,101 |
| ALO | Alloggio Group | 0.15 | 25% | 3,919,351 |
| MDI | Middle Island Res | 0.17 | 21% | 3,787,769 |
| IND | Industrialminerals | 0.385 | 20% | 335,442 |
| FTL | Firetail Resources | 0.36 | 20% | 935,687 |
| ZMMDE | Deferred Settlement | 0.09 | 20% | 114,480 |
| PAK | Pacific American Hld | 0.013 | 18% | 2,357,615 |
| CT1 | Constellation Tech | 0.007 | 17% | 898,360 |
| LCT | Living Cell Tech. | 0.007 | 17% | 7,815,777 |
| ICL | Iceni Gold | 0.145 | 16% | 162,142 |
| TTB | Total Brain Ltd | 0.087 | 16% | 23,455 |
| PVE | Po Valley Energy Ltd | 0.044 | 16% | 1,319,979 |
| HHR | Hartshead Resources | 0.023 | 15% | 1,303,453 |
| HAV | Havilah Resources | 0.31 | 15% | 1,323,352 |
| AU1 | The Agency Group Aus | 0.047 | 15% | 1,686,742 |
| AD1 | AD1 Holdings Limited | 0.016 | 14% | 312,125 |
Reuben is watching the copper showstoppers on Monday.
He notes, as many have on Monday, the South American-focused Culpeo Minerals (ASX:CPO) is up like a trooper after hitting 173m grading 1.05% copper from 313m depth in drilling at the ‘Lana Corina’ project in Chile.
The drilling also intersected a broad zone of high-grade molybdenum mineralisation — 85m @ 1,367ppm Mo and 0.07% Cu from 486m — which “highlights the presence of a deeper mineralised source of the base metal system … and provides new targets for exploration”, CPO says.
The stock listed on the ASX September 10 with a couple of porphyry projects in Chile — ‘Las Petacas’ and ‘Quelon’ — and only entered into an agreement to acquire 80% of Lana Corina in March.
CPO exploded out of the blocks later that month after hitting the copper motherlode in its very first drillhole at the historical project.
Assay results have now been reported for three holes, all of which have returned significant copper grades over wide intervals.
The $13m market cap stock is up 91% in 2022. It had $3.3m in the bank at the end of March.
TODAY’S BIGGEST SMALL CAP LOSERS
(Stocks highlighted in yellow fell after making announcements during the trading day).
Scroll or swipe to reveal table. Click headings to sort.
| Code | Company | Last | % | Volume |
|---|---|---|---|---|
| GLV | Global Oil & Gas | 0.005 | -76% | 304,910,057 |
| PRM | Prominence Energy | 0.002 | -75% | 210,737,836 |
| DTI | DTI Group Ltd | 0.014 | -30% | 39,448 |
| ARE | Argonaut Resources | 0.003 | -25% | 1,021,147 |
| BAT | Battery Minerals Ltd | 0.006 | -25% | 50,107,562 |
| IMR | Imricor Med Sys | 0.24 | -20% | 329,391 |
| RR1 | Reach Resources Ltd | 0.004 | -20% | 6,850,000 |
| IPT | Impact Minerals | 0.009 | -18% | 36,689,939 |
| DBO | Diabloresources | 0.055 | -18% | 378,615 |
| CG1 | Carbonxt Group | 0.2 | -18% | 74,766 |
| CIO | Connected Io Ltd | 0.033 | -18% | 40,000 |
| IVZ | Invictus Energy Ltd | 0.175 | -17% | 12,049,341 |
| CFO | Cfoam Limited | 0.005 | -17% | 1,230,000 |
| HSC | HSC Technology Group | 0.01 | -17% | 3,392,815 |
| KEY | KEY Petroleum | 0.0025 | -17% | 126,534 |
| B4P | Beforepay Group | 0.405 | -16% | 116,686 |
| ROC | Rocketboots | 0.082 | -15% | 155,798 |
| BME | Blackmountainenergy | 0.11 | -15% | 1,275,828 |
| KFE | Kogi Iron Ltd | 0.0055 | -15% | 994,804 |
| DAF | Discovery Alaska Ltd | 0.051 | -15% | 885,587 |
| LPM | Lithium Plus | 0.405 | -15% | 364,762 |
| AMA | AMA Group Limited | 0.15 | -14% | 3,589,052 |
| AJQ | Armour Energy Ltd | 0.006 | -14% | 3,451,943 |
| OAR | OAR Resources Ltd | 0.006 | -14% | 2,464,733 |
| TTT | Titomic Limited | 0.19 | -14% | 351,974 |
On a day where the energy sector is up almost 2% as a whole, spare a thought for Global Oil and Gas (ASX:GLV) and its JV buddy Prominence Energy (ASX:PRM) after sharing what’s an understated disappointment for the long-prospective Sasanof-1 well in West Aussie’s North West Shelf. In a joint statement the companies said they drilled for almost 3kms and failed to trouble a single hydrocarbon.
There was a bit of thanks to all involved, before the fairly final news that Sasanof-1 will be plugged and permanently abandoned.
ANNOUNCEMENTS YOU MAY’VE MISSED
Regal Partners – formerly doing the rounds as VGI Partners says it’s completed its merger with Regal Funds Management in accordance with the terms of the Merger Implementation thingy given to the ASX from back at the end of March. So the new company will soon be operating under the ASX ticker code RPL from VGI and has now officially acquired all of the shares in Regal in consideration for the issue of 141,008,460 new fully paid ordinary shares.
Reports of an old school power struggle for control of 1414 Degrees (ASX:14D) are doing the rounds, with major shareholder and former managing director Dr Kevin Moriarty reportedly attempting to roll the board for a second time.
The energy tech firm only lost its second CEO in barely 22 months, with the short-lived former boss Matthew Squire resigning in May after barely six months in the job. There’s no shortage of interest in filling the vacuum, shares have retreated about 2.4% in late trade.
TRADING HALTS
Way2Vat (ASX:W2V) – pending the expected release of an announcement relating to a proposed material equity capital raise
Cannon Resources Limited (ASX:CNR) – pending an announcement regarding exploration results