Silex, Paladin and uranium stocks soar on supply squeeze. Picture via Getty Images
Closing Bell: Uranium stocks jump on Russia news; Resolute pays $160m to settle Mali dispute
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- ASX up as mining gains offset tech and bank losses
- Silex, Paladin and uranium stocks soar on supply squeeze
- Goldman cuts Aussie GDP forecast as US tariffs loom
After a soft start to the day, the ASX bounced back and closed the day 0.3% higher on Monday, with mixed results across the sectors.
Staples led and optimism around commodities helped mining stocks gain late in the day, offsetting weakness in tech and health sectors.
Bank stocks mainly fell: Commonwealth Bank (ASX:CBA) dropped 1.5% and National Australia Bank (ASX:NAB) eased 0.4% after news that the corporate watchdog ASIC had launched a lawsuit against NAB over credit code breaches.
The market also reacted to a new rural bank levy, which is expected to impact banks like Westpac, Macquarie and Commonwealth Bank, potentially costing them $250 million in total.
Mining stocks performed better, with BHP (ASX:BHP) up 1% and Rio Tinto (ASX:RIO) 2% – both tracking a bounce in iron ore prices above US$100/t.
The uranium sector saw a strong lift, with Silex Systems (ASX:SLX) jumping 14%. Silex is a company that primarily focuses on the development of advanced technologies for the global uranium and rare earths sectors.
Other yellowcake plays, Paladin Energy (ASX:PDN) and Boss Energy (ASX:BOE), rose 5-6%.
The rally came after Russia decided to limit exports of enriched nuclear fuel to the US, tightening global supply.
Aluminium stocks also saw a lift, with South32 (ASX:S32) climbing 6%, as traders speculated that China might scrap a tax sweetener on exports, potentially pushing aluminium prices higher.
But Resolute Mining (ASX:RSG) saw a drop of 4% after it agreed to pay $160 million to the government of Mali to resolve ongoing issues there, where its CEO and staff are still being held by authorities.
What’s happening elsewhere?
Most Asian stocks rose today, driven by a strong rally in Samsung Electronics and gains in Chinese shares.
Samsung’s stock jumped after the company announced a surprise buyback plan, while Chinese stocks climbed after the securities regulator urged companies to boost shareholder returns.
Alibaba also jumped in Hong Kong after it proposed selling bonds to pay down debt and repurchase shares.
Meanwhile, Goldman Sachs has lowered its forecast for Australia’s GDP growth in 2025, citing the likely negative effects of potential higher US tariffs on China under a Trump administration.
The investment bank now expects growth of just 1.8% next year, down from its previous forecast of 2%.
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 |
|---|---|---|---|---|---|
| AXP | AXP Energy Ltd | 0.002 | 100% | 1,459,005 | $5,824,681 |
| MGU | Magnum Mining & Exp | 0.016 | 60% | 5,938,954 | $8,093,614 |
| 1TT | Thrive Tribe Tech | 0.003 | 50% | 49,195,169 | $1,223,243 |
| NXD | Nexted Group Limited | 0.170 | 42% | 765,709 | $26,582,013 |
| MXO | Motio Ltd | 0.044 | 38% | 2,072,340 | $8,746,223 |
| PLN | Pioneer Lithium | 0.150 | 36% | 176,975 | $3,496,260 |
| AMD | Arrow Minerals | 0.002 | 33% | 8,500,945 | $19,835,442 |
| LNR | Lanthanein Resources | 0.004 | 33% | 2,021,656 | $7,330,908 |
| VRC | Volt Resources Ltd | 0.004 | 33% | 1,651,560 | $12,476,034 |
| RFT | Rectifier Technolog | 0.012 | 33% | 1,409,896 | $12,437,856 |
| VRX | VRX Silica Ltd | 0.051 | 31% | 3,641,866 | $24,501,971 |
| SNX | Sierra Nevada Gold | 0.053 | 29% | 1,352,472 | $6,283,920 |
| L1M | Lightning Minerals | 0.086 | 26% | 3,913,104 | $6,506,876 |
| YRL | Yandal Resources | 0.370 | 25% | 703,469 | $88,530,573 |
| CDE | Codeifai Limited | 0.003 | 25% | 1,006,919 | $5,282,590 |
| EDU | EDU Holdings Limited | 0.090 | 25% | 442,458 | $10,839,845 |
| FTZ | Fertoz Ltd | 0.020 | 25% | 443,362 | $4,743,368 |
| ICU | Investor Centre Ltd | 0.003 | 25% | 15,000 | $609,023 |
| POS | Poseidon Nick Ltd | 0.005 | 25% | 998,873 | $16,815,502 |
| OPL | Opyl Limited | 0.022 | 22% | 505,206 | $3,072,863 |
| ICG | Inca Minerals Ltd | 0.006 | 20% | 6,407,393 | $5,133,613 |
| MEM | Memphasys Ltd | 0.006 | 20% | 1,104,372 | $8,815,407 |
| NVQ | Noviqtech Limited | 0.067 | 20% | 89,390,729 | $9,454,394 |
| GAS | State GAS Limited | 0.038 | 19% | 821,261 | $12,140,590 |
| LRV | Larvottoresources | 0.555 | 17% | 3,799,779 | $159,581,959 |
Alderan Resources (ASX:AL8) has confirmed the potential for a near-surface copper deposit at its New Years prospect in Utah, US, following promising drilling results. The company’s drilling at New Years intersected high-grade copper oxide, including 26m at 1.3% copper, with a section showing 8m at 2.8% copper. This confirms the presence of copper mineralisation in the area, consistent with historical drilling results.
The copper is found in tourmaline breccia, the same rock type that hosts the nearby Cactus copper-gold deposit. Alderan has identified 12 additional targets for follow-up drilling based on detailed geophysical data, with plans for further exploration and mapping to extend the mineralisation.
Motio (ASX:MXO) has upgraded its FY25 earnings guidance, with revenue expectations ranging from $8.1 million to $8.4 million. The upgraded cash EBITDA target is now set at $1.2 million, including rent expenses. This comes after a strong first quarter, driven by a 61% increase in agency media sales and a 66% rise in average contract values compared to the same period last year.
Motio is focusing on monetising its existing network and optimising its inventory to ensure high-quality, high-value locations. Last week, the company launched a new ‘Creator’ software for its café partners, allowing them to use a library of content templates to enhance customer communication, with plans to scale the product across its networks.
Lanthanein Resources (ASX:LNR) has started drilling at its Lady Grey Project in Western Australia’s Yilgarn region. The drilling will target a modelled conductor plate beneath Moving Loop EM (MLEM) Survey Line #6, which aligns with a surface gold anomaly and is located near the historic Bounty Gold Mine, known for producing around 1.3 million ounces of gold. The initial phase involves drilling three RC pre-collars to 150m, followed by diamond drilling up to 600m.
Opyl (ASX:OPL) provided an update on its activities, financial performance, and planned expenditure. The company said it has set aside $1.7 million for the next 12 months, focusing on operational continuity and growth opportunities. Key budget allocations include $500,000 for corporate functions, $400,000 for staffing and consultancy, and $600,000 for business development and acquisitions.
Looking ahead, Opyl plans to enhance its platforms, expand its market presence and implement a joint venture with the Xco Consortium for global marketing of its TrialKey platform. The company will also focus on increasing its brand visibility and participating in major international biotech events.
VRX Silica (ASX:VRX) said the Environmental Protection Authority (EPA) of Western Australia had accepted and published the company’s Response to Submissions (RtS) for its Arrowsmith North Silica Sand Project. This marks a significant step in the environmental approval process, with the EPA now set to complete its formal assessment.
VRX has been invited to attend an EPA board meeting on November 21, where the board will review the draft assessment report and discuss remaining issues. Following this, the EPA will finalise its report and make a recommendation to the minister for the environment, with a decision expected within 12 weeks.
Spectur (ASX:SP3) has secured a three-year contract worth $787,428 with Transport for NSW for the supply of cameras and analytic services. The contract includes options to extend for up to nine years, potentially bringing the total value to $2.6 million.
It covers 23 existing locations and new fixed sites, along with mobile trailer systems. The contract is expected to start in January 2025 and replaces a smaller, ongoing contract. This contract win is part of Spectur’s strong growth, with total sales for the year already reaching $4.18 million, a 90% increase compared with the same period last year.
Lightning Minerals (ASX:L1M) has discovered spodumene in a pegmatite at its Esperança project in Brazil. Early results from fieldwork show up to 4.04% lithium oxide (Li2O) in the spodumene crystals.
The discovery provides a promising drill target for a fully funded drilling campaign set to begin in Q1 2025. The find was made during ongoing exploration activities, including geological mapping and soil sampling, and supports the company’s belief in the region’s potential for lithium. Further results from the other project areas in Brazil are expected in the coming weeks.
Memphasys (ASX:MEM) said it has reached a significant milestone in its clinical trial for the Felix System, with 95% of the patient recruitment now complete. The trial is expected to finish by the end of the year, providing crucial data to support the system’s market launch.
The trial aims to show that the Felix System is better at selecting sperm than traditional methods, which will help fertility clinics adopt it. The company is focused on obtaining CE mark approval for faster entry into European markets, with plans to expand into other regions like India and Australia.
Warriedar Resources (ASX:WA8) has updated its mineral resource estimate for the Ricciardo Gold Deposit, showing a significant increase of 99% in contained gold ounces. The deposit now holds 16.44 million tonnes at 1.8 g/t gold, equating to 947.5 koz of gold. This increase was achieved with efficient drilling, adding over 470,000 ounces at a discovery cost of around $16 per ounce.
The resource includes 467.5 koz of open-pit gold and 480 koz from an underground gold resource. Importantly, the company said, Ricciardo deposit remains open for further exploration, with additional growth potential along the 25km ‘Golden Corridor’.
Clinuvel Pharmaceuticals (ASX:CUV) has announced a strategic shift in its research focus, temporarily halting its studies into stroke, Parkinson’s disease, and xeroderma pigmentosum.
Instead, the company will now concentrate on three key areas: vitiligo (a skin disorder), adrenocorticotropic hormone (ACTH) treatments, and porphyrias (a group of rare blood disorders). This realignment of its clinical pipeline follows a detailed review of its portfolio and is part of a broader effort to streamline its resources and focus on areas with the most promising potential for commercialisation.
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 |
|---|---|---|---|---|---|
| SFG | Seafarms Group Ltd | 0.001 | -50% | 866,666 | $9,673,198 |
| BEL | Bentley Capital Ltd | 0.010 | -41% | 1,000 | $1,294,175 |
| LAT | Latitude 66 Limited | 0.059 | -34% | 1,902,861 | $12,835,447 |
| BGE | Bridgesaaslimited | 0.021 | -28% | 272,129 | $5,795,917 |
| GGE | Grand Gulf Energy | 0.003 | -25% | 1,858,780 | $9,801,549 |
| MTL | Mantle Minerals Ltd | 0.002 | -25% | 22,121,929 | $12,394,892 |
| OAR | OAR Resources Ltd | 0.002 | -25% | 3,101,101 | $6,601,669 |
| CAG | Caperangeltd | 0.110 | -24% | 49,993 | $13,761,704 |
| PFE | Panteraminerals | 0.021 | -22% | 8,584,832 | $12,277,728 |
| NTL | New Talisman Gold | 0.015 | -21% | 2,004,421 | $11,883,516 |
| PEB | Pacific Edge | 0.100 | -20% | 4,224 | $101,489,497 |
| AKN | Auking Mining Ltd | 0.004 | -20% | 4,810,230 | $1,956,751 |
| CR9 | Corellares | 0.004 | -20% | 626,667 | $2,325,462 |
| PRX | Prodigy Gold NL | 0.002 | -20% | 1,967,873 | $7,937,639 |
| HCT | Holista CollTech Ltd | 0.013 | -19% | 100,674 | $4,572,267 |
| MNC | Merino and Co | 0.435 | -19% | 194,520 | $28,395,965 |
| ALM | Alma Metals Ltd | 0.005 | -17% | 383,063 | $9,399,133 |
| BCM | Brazilian Critical | 0.010 | -17% | 2,220,998 | $10,662,126 |
| CLA | Celsius Resource Ltd | 0.010 | -17% | 7,473,001 | $30,852,294 |
| EMT | Emetals Limited | 0.005 | -17% | 4,444,172 | $5,100,000 |
| EXL | Elixinol Wellness | 0.005 | -17% | 8,867,028 | $9,360,427 |
| DGR | DGR Global Ltd | 0.011 | -15% | 8,000 | $13,568,048 |
| NPM | Newpeak Metals | 0.011 | -15% | 1,850 | $3,970,266 |
| 14D | 1414 Degrees Limited | 0.036 | -14% | 435,140 | $11,682,443 |
Hastings Technology Metals (ASX:HAS) was down 4% despite Twiggy Forrest’s Wyloo Metals withdrawing a debt default notice against the company offering a lifeline to the struggling rare earths company. The deal, which centres on a restructuring of loan terms, has temporarily alleviated the financial pressure on Hastings, which had just $9.9 million in cash as of September 30.
IN CASE YOU MISSED IT
Emma Davies and Bevis Yeo reported that:
Green Critical Minerals’ (ASX:GCM) maiden drilling at the Boulia copper, gold and molybdenum project has revealed an extensive belt of prospective porphyry intrusions and skarns within the Georgina Basin near Boulia in Queensland. It plans to advance induced polarisation and gravity surveys to refine future drill targets.
Koonenberry Gold (ASX:KNB) has started ground electromagnetic surveying at the Atlantis copper-gold prospect within its namesake project in NSW to find conductors that may represent accumulations of sulphides.
Drilling has started at Lanthanein Resources’ (ASX:LNR) exciting Lady Grey prospect at Mt Holland in WA’s Yilgarn. The prospect is adjacent to the historical Bounty mine that produced ~1.3Moz of gold. Drilling will test a modelled EM conductor plate under Line #6 which coincides with a 75ppb soil gold anomaly.
Many Peaks Minerals (ASX:MPK) has appointed Francis Harper as its non-executive chairman with effect from December 1, 2024.
Harper was formerly chairman of ASX300 gold miners Tietto Minerals and West African Resources as well as gold explorers Predictive Discovery and Manas Resources. He also played a significant role in raising over $1bn for ASX-listed resources companies, as the co-founder and director of resources specialist equity capital markets group Blackwood Capital.
Prior to co-founding Blackwood Capital, Harper spent 15 years with NM Rothschild in resources mergers and acquisitions, and project finance advisory across the US and the UK as well as serving as executive director of Rothschild Australia.
AdAlta (ASX:1AD) has added two healthcare sector professionals to its board in Michelle Burke and Iain Ross as non-executive directors.
Burke is an experienced chair and non-executive director with comprehensive healthcare sector knowledge and expertise in strategy, governance, pharmaceuticals and cell therapies. Ross has more than 40 years’ experience in the international life sciences sector, including leading board and executive roles in international pharmaceutical and biotechnology companies and brings expertise in corporate strategy, financing and capital markets.
AdAlta chair Dr Paul MacLeman said the company looks forward to leveraging Burke’s proficiency in cell therapies, strategy, and governance as the company continues to advance its development strategy.
Indiana Resources (ASX:IDA) directors have resolved to pay a special dividend of 5c per share (unfranked) in December.
“The board is delighted to be in the position to deliver a special dividend payment to shareholders in December 2024,” chair Bronwyn Barnes said.
“This is a great outcome for the company’s shareholders and reflects a transformational period for the business, with the United Republic of Tanzania having already paid US$60 million of the US$90 million settlement owed to the claimants.
“As a result, we report a robust consolidated cash position at 15 November of A$48m. Following the special dividend payment to shareholders in December, totalling approx. A$32.6m, Indiana will have a remaining cash position of approx. A$15.4m.
“Importantly, this additional funding will be used to drive an accelerated exploration program in South Australia targeting several of our highly prospective gold targets that have the potential to deliver incredible upside.”
Mako Gold’s (ASX:MKG) directors have accepted the takeover offer by Aurum Resources (ASX:AUE), announced back in October, which proposes the creating of an exploration and development gold business in West Africa to advance MKG’s Napié and AUE’s Boundiali project.
The combined group will be pursuing its growth strategy from a position of greater market scale, underpinned by a strong cash balance of $20 million and lower consolidated cost base.
Per comments made by Mako MD Peter Ledwidge in October:
“We have always believed our Napié project has potential to host multi-million ounces of gold, and pleasingly, due to relative sizes of Mako and Aurum, upon close of the proposed merger, Mako security holders will remain a meaningful part of the expanded group, and therefore will share in the continued upside to the growth in Napié, as well as gain exposure to the rapidly evolving Boundiali project where Aurum expects to deliver its maiden resource in late 2024.”
Raiden Resources’ (ASX:RDN) joint venture partner Mallina Co has wrapped up aircore drilling over the Arrow gold project in WA, with samples awaiting analysis.
“The drilling program at Arrow has been successfully completed and we eagerly await the results,” RDN managing director Dusko Ljubojevic said.
“These findings will guide the next phase of activities for the project.
“We will update the market on future plans once the results have been analysed and Mallina provides direction.”
St George Mining (ASX:SGQ) has appointed environmental consultancy Alger to advise on socio-environmental and cultural heritage matters with the aim of progressing all licences required for development and operation of its Araxá niobium-REE project in Brazil.
Alger has an impressive track record of assisting with the grant of licences for numerous mining projects in Brazil – including Brazil’s first producing lithium mine, Grota do Cirilo owned by Sigma Lithium Resources in the State of Minas Gerais.
The company is finalising arrangements for the 100% acquisition of the project and is focused on ensuring its Brazil-based team is ready to commence on-the-ground work asap.
“The appointment of the well-credentialed Alger team to assist with our licencing process in Brazil follows the signing on 30 October of the MoU with the State of Minas Gerais, pursuant to which the State will assist us to streamline the approvals process for the Araxá project,” executive chairman John Prineas said.
TRADING HALTS
Elders (ASX:ELD) – pending an announcement in relation to a proposed acquisition.
AKORA Resources (ASX:AKO) – equity raising.
Resonance Health (ASX:RHT) – pending an announcement.
Labyrinth Resources (ASX:LRL) – pending an announcement regarding an asset acquisition and capital raising.
Riversgold (ASX:RGL) – pending an announcement regarding exploration results for the Northern Zone Gold Project.
Singular Health Group Ltd (ASX:SHG) – capital raising.
Askari Metals (ASX:AS2) – capital raising.
Stavely Minerals (ASX:SVY) – capital raising.
Cokal (ASX:CKA) – pending information regarding a strategic partnership.
Tungsten Mining (ASX:TGN) – pending an announcement.
GreenTech Metals (ASX:GRE) – capital raising.
Web Travel Group (ASX:WEB) – to “manage its disclosure obligations in relation to potential adjustments to its prior year financial statements”.
At Stockhead, we tell it like it is. While AdAlta, Green Critical Minerals, Indiana Resources, Koonenberry Gold, Lanthanein Resources, Mako Gold, Many Peaks Minerals, Raiden Resources and St George Mining 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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