• ASX gained with WiseTech up 14pc after its CEO resigned
  • Qantas reported strong demand and $28 million in bonuses
  • MinRes’s woe continue, shares traded down again

 

Friday saw the Tech sector lift the ASX to a 0.05% close today, thanks to a 14% jump in WiseTech Global (ASX:WTC) after its CEO Richard White unexpectedly stepped down.

For the week, the ASX 200 index was down 0.9%.

 

Source: MarketIndex

 

The shipping software powerhouse, Wisetech, bounced back to its highest level in two months following a flurry of upgrades from brokers today. These came after White resigned last night amid allegations of misconduct.

Qantas (ASX:QAN) shares climbed 1.4% today as the airline held its annual general meeting in Hobart amid an engineers’ strike. The company’s stock hit a record high during early trading.

Qantas continues to see first half trading in line with expectations, with strong demand for both Qantas and Jetstar. Jetstar’s revenue was better than expected. 

“We’re in a great place to compete on the international stage with Qatar and Virgin, but also 50 other airlines that we compete with, and how we’re going to do that, that’s going to be about focusing on delivering our customer experience,” CEO Vanessa Hudson said at the AGM.

Additionally, Qantas said it was distributing $28 million in thank-you payments to employees and is making progress on a $400 million share buy-back, which is now 45% complete.

Mineral Resources (ASX:MIN) ’s woes continue, falling over another 5% today after reports surfaced that two board members, including founder Chris Ellison, bought mining gear from the company at major discounts.

ResMed (ASX:RMD) had a solid day, jumping 5% thanks to increased demand for its sleep devices and masks during the quarter. 

Still in large caps, Insignia Financial (ASX:IFL) lifted by 6% after reporting that its Funds Under Management and Administration (FUMA) rose by $8.3 billion, reaching $319.6 billion as of 30 September.

Gold miner Newmont Corporation (ASX:NEM) was the biggest loser today, sinking 13% after its Q3 earnings didn’t meet expectations, despite racking up its best quarterly profit in five years.

Overnight, US stocks and bonds saw gains following Tesla’s 22% rally and economic data showing a decline in jobless claims and growth in business activity.

Tom Essaye from The Sevens Report described these data as “Goldilocks” conditions, stating it’s the ideal scenario for a continued rally in both stocks and bonds.

And across the region today, most Asian stock markets rose, helped by lower Treasury yields which lifted investor confidence. However, Japanese shares lagged as the yen surged. 

 

ASX SMALL CAP LEADERS

Today’s best performing small cap stocks:

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Advance Metals (ASX:AVM) is set to acquire the Yoquivo Project, a high-grade silver mine in Mexico, which has an existing resource estimate of 17.23 million ounces of silver equivalent at a grade of 570 g/t. for approximately $6 million.This acquisition comes at a time of record high silver prices and follows extensive drilling by Golden Minerals, which has identified numerous high-grade silver intersections. The project is located in the Sierra Madre Occidental volcanic belt and features multiple epithermal quartz vein systems. Advance Metals plans to conduct further exploration and drilling to establish a maiden JORC Mineral Resource Estimate, aiming to uncover even more mineralisation potential. Overall, this acquisition presents a low-cost opportunity for Advance to enter the silver sector amidst a thriving market.

Javelin Minerals (ASX:JAV) is tapping into WA’s booming gold sector following a deal to buy the Eureka gold mine from Delta Lithium (ASX:DLI) for an upfront payment of $1.5m cash and $1.5m in shares.

Eureka, 54km north-northwest of Kalgoorlie in WA’s Eastern Goldfields region, is just 20km from the major Paddington gold mine and near several other producing mines, placing it close to existing infrastructure including mills with production capacity. The project – which boasts resources of 2.45Mt at 1.42g/t gold or 112,000oz of contained gold – was mined in the early 1990s and then subjected to tribute mining in 2018. More than half of that resource is in the higher confidence indicated category which provides enough certainty for mine planning.

In the midst of record gold prices and an uptick in mergers and acquisitions, including the finalisation of Westgold Resources’(ASX:WGX) merger with Canada’s Karora Resources and the completion of Silver Lake Resources’ (ASX:SLR) merger with Red 5 (ASX:RED), JAV’s timing couldn’t be better.

Lanthanein Resources (ASX:LNR) has finally received a program of work (PoW) grant on the Lady Grey project at Mt Holland in WA’s Yilgarn province, which is known for the historical Bounty gold mine that produced ~1.3 Moz gold adjacent to the Lady Grey project tenements. This allows the company to drill test a modelled conductor plate under Moving Loop EM (MLEM) Survey Line #6. The MLEM results generated EM conductor model plates representing sources for EM anomalies that coincide with ultra-fine fraction (UFF) soil geochemical anomalies and historical downhole assay data.

Adavale Resources (ASX:ADD) rose after announcing some executive changes. David Riekie has resigned as Executive Director, effective 31 October and Allan Ritchie will take over as Executive Chairman. Riekie  joined Adavale in 2021 and was key in securing a substantial uranium package in South Australia and overseeing exploration projects there and in Tanzania. 

Metals X (ASX:MLX) has made an unsolicited offer to acquire all shares of Greentech Technology International for HK$0.28 per share, which includes cancelling all outstanding options at the same price, pending compliance with the Hong Kong Code on Takeovers and Mergers. Greentech is listed on the Stock Exchange of Hong Kong and has about 1.37 billion shares outstanding. Greentech holds an 82% interest in YT Parksong Australia, which, along with Metals X, owns a 50% stake in the Bluestone Mines Tasmania Joint Venture, responsible for the Renison Tin Operations in Tasmania.

Additionally, Metals X provided an update on the public consultation for the Renison Tailings Retreatment Project, stating that it is finalising a definitive feasibility study and environmental permits to facilitate investment decisions. Relevant documents will be shared with stakeholders and authorities involved in the permitting process.

HMC Capital Limited (ASX: HMC) came out of trading halt and announced the successful completion of a $300 million institutional placement, issuing around 34 million new shares at $8.75 each. The placement saw strong interest from both existing and new institutional investors. The funds raised will help finance the acquisition of Global Switch Australia, a key asset for HMC’s Global DigiCo Platform. 

Godolphin Resources (ASX:GRL) was up on news that the company has reached a major milestone, after process development testing produced the first Mixed Rare Earth Carbonate (MREC) from its Narraburra REE project. Godolphon reports that the quality of the MREC – an intermediate product from rare earth mining and processing which can be sold to specialist refining companies for processing into rare earth metals and oxides – is “excellent”, and indicates a high value product with significant concentrations of Tb and Dy with low impurities.

Battery materials and technology company Talga Group (ASX:TLG) was also up on news that it has been selected for an EU Innovation Fund grant for its commercial scale Luleå Anode Refinery, part of its integrated Vittangi Anode Project, awarded by the European Commission. Talga successfully applied for a $115 million grant under the IF23 call, and is one of 85 entities out of 337 applicants to share in a total of $7.8 billion in grants under the EU Innovation Fund.

 

ASX SMALL CAP LAGGARDS

Today’s worst performing small cap stocks:

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IN CASE YOU MISSED IT

Legacy Minerals (ASX:LGM) has brought in a diamond drill rig at its Fontenoy project in NSW, as the company works to follow up on one of the largest intersections of PGE mineralisation in the Lachlan Fold Belt.

Earlier this month,Legacy received the result of an eye-boggling 120m wide intersection at 0.30g/t 3E PGE from 388m at the Fontenoy project, uncovering what could be the start of a potentially huge magmatic-related sulphide deposit. The region containing Fontenoy is host to major laterite deposits with nickel-cobalt and scandium, and while the project has previously been explored with companies targeting these deposits, this is the first time anyone has tested the potential for PGE’s or magmatic related nickel-copper sulphide mineralisation.

Lanthanein Resources’ (ASX:LNR) has received the green light to start drilling at its Lady Grey project, chasing a gold anomaly prospect adjacent to a 1.3Moz gold mine and one of Australia’s largest and highest-grade lithium operations.

The company has been granted a Program of Work by the WA Department of Energy, Mines, Industry Regulation and Safety for its Lady Grey project to drill test a modelled conductor plate under Moving Loop EM survey Line #6. While the territory around Covalent Lithium’s Mt Holland mine in the State’s Yilgarn Province swiftly became hot property for white gold through a lithium land rush, the area is a proven producer of more traditional gold ounces.

The historic Bounty gold mine pumped out around 1.3 million ounces where Mt Holland now stands, adjacent to Lanthanein’s Lady Grey and Lady Lila prospects.

Antipa Minerals (ASX:AZY) has completed the sale of its non-controlling interest in the Citadel joint venture in WA’s Paterson Province to Rio Tinto for $17m in cash.

The sale proceeds take the company’s cash balance up to more than $23m, giving it a strong financial base from which to accelerate development of its highly prospective Minyari Dome gold-copper project. It retains interests in the Paterson farm-in project with IGO and the Wilki farm-in project with Newmont. Managing director Roger Mason said completion of the transaction was a significant milestone that placed the company in an excellent financial position to advance exploration and development of Minyari Dome, which was the subject of a very promising updated scoping study earlier this month.

Regener8 Resources (ASX:R8R) has started maiden drilling at its East Ponton project in WA’s Goldfield’s region to test the Hatlifter paleochannel-hosted nickel-cobalt target and Grasshopper rare earths and niobium carbonatite prospect.

The program of 11 holes will run for about two weeks. Historical drilling at Hatlifter, which shares many geological similarities to Deep Yellow’s (ASX:DYL) Mulga Rocks multi commodity project in the same paleochannel system, had returned a high-grade, end-of-hole intersection of 3m at 1.26% nickel and 0.6% cobalt from 57m.

Meanwhile, Grasshopper hosts numerous REE anomalies coincident with magnetic features interpreted as an intrusive complex that were highlighted by Anglo Gold Ashanti drilling 2013.

C29 Metals (ASX:C29) has continues to build constructive and mutually beneficial relationships with the regional Kazakhstan government where the company’s Ulytau uranium project is located.

The company says it was warmly welcomed at a meeting earlier this month where it presented an update on operations and future plans in the country, reiterating its commitments to local procurement and employment where possible. The project is approximately 15 km southwest of the Bota-Burum mine, one of the largest uranium deposits mined in the former Soviet Union which hosted total mined reserves at 20,000 tonnes of uranium (44 million pounds).

 

TRADING HALTS

Green Critical Minerals (ASX:GCM) – pending the release of an announcement regarding an acquisition.

RBR Group (ASX:RBR) – pending the release of an announcement regarding a capital raising.

Coda Minerals (ASX:COD) – pending the release of an announcement in relation to the completion of the entitlement offer and an associated capital raising.

Recharge Metals (ASX:REC) –  pending an announcement relating to a project acquisition and capital raising.

Black Cat Syndicate (ASX:BC8) – pending the release of an announcement regarding a proposed capital raising.

Indiana Resources (ASX:IDA) – pending an announcement in relation to the expected receipt of US$25 million as the second instalment of settlement funds from the United Republic of Tanzania.

Atlantic Lithium (ASX:A11) – pending an announcement regarding a proposed capital raising.

 

 

At Stockhead we tell it like it is. While Antipa Minerals, Greenvale Energy, Pursuit Minerals and Suvo Strategic Minerals are Stockhead advertisers, they did not sponsor this article.

Today’s Closing Bell is brought to you by Webull Securities. Webull Securities (Australia) Pty. Ltd. is a CHESS-sponsored broker and a registered trading participant on the ASX.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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