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Hot Money Monday: Copper play AIC Mines fires up after flagging big plans for Eloise
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AIC Mines (ASX:A1M) led a group of 30 stocks running hot this week, amid another spate of big mining hits, M&A deals and clean energy winners.
Each week, Stockhead recaps ASX stocks that are “running hot” as deduced by the Relative Strength Index (RSI).
The RSI is a technical gauge which measures how trading momentum is affecting the price action.
A reading of 70 is seen as the level at which a company may have been overbought. If a stock has a reading of 30 or below, it could be undervalued.
Click here for a more detailed rundown of what the RSI does and how it’s used.
While there’s usually a pretty good reason if a given stock is running hot (or cold), investors are also on the lookout for opportunities where the price action has separated from fundamentals.
Running Hot
Here’s a summary of the stocks that were running hot for the two weeks ended Friday, November 5:
| Code | Company | Price | RSI | MktCap$ |
|---|---|---|---|---|
| A1M | AIC Mines Ltd | 0.375 | 98 | $ 75,635,179.41 |
| PRT | Prime Media Grp Ltd | 0.42 | 91 | $ 152,027,075.75 |
| CAE | Cannindah Resources | 0.48 | 88 | $ 230,437,104.04 |
| TYM | Tymlez Group | 0.03 | 86 | $ 27,631,842.64 |
| MQR | Marquee Resource Ltd | 0.13 | 82 | $ 11,931,773.06 |
| PPS | Praemium Limited | 1.56 | 82 | $ 791,082,216.11 |
| GW1 | Greenwing Resources | 0.475 | 81 | $ 50,206,439.25 |
| AVZ | AVZ Minerals Ltd | 0.485 | 81 | $ 1,496,450,296.20 |
| MNS | Magnis Energy Tech | 0.615 | 80 | $ 576,249,418.52 |
| LMG | Latrobe Magnesium | 0.074 | 80 | $ 87,534,546.04 |
| IHL | Incannex Healthcare | 0.5225 | 79 | $ 640,519,841.59 |
| LVE | Love Group Global | 0.11 | 79 | $ 4,458,758.59 |
| GLN | Galan Lithium Ltd | 1.65 | 79 | $ 458,308,248.37 |
| AZL | Arizona Lithium Ltd | 0.125 | 78 | $ 226,452,682.04 |
| SPQ | Superior Resources | 0.018 | 78 | $ 24,045,647.60 |
| PNC | Pioneer Credit Ltd | 0.63 | 78 | $ 45,049,400.06 |
| CNQ | Clean Teq Water | 0.935 | 78 | $ 39,529,563.99 |
| IGN | Ignite Ltd | 0.14 | 77 | $ 11,197,771.88 |
| DLM | Dominion Minerals | 0.084 | 76 | $ 17,810,643.00 |
| LPD | Lepidico Ltd | 0.043 | 75 | $ 270,707,351.90 |
| PH2 | Pure Hydrogen Corp | 0.5 | 75 | $ 145,952,276.30 |
| SWM | Seven West Media Ltd | 0.545 | 74 | $ 868,377,531.45 |
| RLC | Reedy Lagoon Corp. | 0.043 | 73 | $ 22,681,098.97 |
| S2R | S2 Resources | 0.175 | 72 | $ 64,147,473.90 |
| AM7 | Arcadia Minerals | 0.26 | 71 | $ 8,892,000.00 |
| KMT | Kopore Metals Ltd | 0.03 | 71 | $ 19,361,667.00 |
| IEC | Intra Energy Corp | 0.013 | 70 | $ 5,177,634.61 |
| AON | Apollo Minerals Ltd | 0.115 | 70 | $ 42,489,958.50 |
| QXR | Qx Resources Limited | 0.031 | 70 | $ 19,672,507.31 |
| RLT | Renergen Limited | 3.22 | 70 | $ 76,105,867.28 |
Copper play AIC Mines (ASX:A1M) ran hot this week, after the share price bumped upon the stock’s return to trading after being off the bourse since late-August.
While it was away, AIC switched from exploring to mining, raising $40m to acquire Eloise — an operational underground mine in North Queensland that currently produces around 40,000tpa of copper concentrate containing ~11,000t of copper and 6,000oz of gold.
A1M will deploy its funds to conduct exploration at the site, with the hope of extending the mine’s useful life.
Not surprisingly, a few more stocks ran hot amid the ongoing M&A frenzy in local equity markets.
Leading the pack was regional TV broadcaster Prime Media (ASX:PRT), which ripped higher on Monday after getting a takeover bid from Seven West Media (ASX:SWM) that PRT’s board has already approved.
Twelve-bagger resources stock Cannindah Resources (ASX:CAE) is also going from strength to strength, following its big copper hit in late September.
CAE posted four straight days of big gains last week, after new assay results showed its copper discovery is getting even bigger while major shareholder Paul Weel invested another $1.5m into the company.
Elsewhere, the hydrogen thematic continues to heat up — as evidenced by the big gains in Pure Hydrogen (ASX:PH2) over the past two weeks following its investment in hydrogen fuel cell company H2X Global on October 21.
The share-based deal will see PH2 acquire a 24% stake in H2X, which has plans to develop and sell hydrogen powered trucks and buses.
Running Cold
Here’s a summary of the stocks that were running cold for the two weeks ended Friday, November 5:
| Code | Company | Price | RSI | Market Cap |
|---|---|---|---|---|
| PSL | Paterson Resources | 0.035 | 30 | $ 13,909,602.72 |
| TYR | Tyro Payments | 3.33 | 30 | $ 1,698,273,924.60 |
| TSN | The Sust Nutri Grp | 0.23 | 30 | $ 23,305,532.40 |
| AHI | Adv Human Imag Ltd | 0.91 | 30 | $ 121,859,575.19 |
| PCH | Property Connect | 0.0015 | 29 | $ 1,028,795.21 |
| DOR | Doriemus PLC | 0.175 | 28 | $ 21,057,912.75 |
| E25 | Element 25 Ltd | 1.37 | 28 | $ 191,939,576.01 |
| FNX | Finexia Financial | 0.071 | 28 | $ 11,509,604.38 |
| HMX | Hammer Metals Ltd | 0.047 | 28 | $ 41,488,225.77 |
| PO3 | Purifloh Ltd | 1.2 | 27 | $ 37,828,197.60 |
| BRK | Brookside Energy | 0.0205 | 27 | $ 74,173,570.13 |
| DTC | Damstra Holdings | 0.63 | 23 | $ 129,228,534.50 |
| MMM | Marley Spoon | 0.895 | 22 | $ 254,225,645.00 |
| ZBT | Zebit Inc. | 0.405 | 22 | $ 41,627,829.76 |
| RGL | Riversgold | 0.019 | 20 | $ 8,888,928.31 |
| SFG | Seafarms Group Ltd | 0.038 | 20 | $ 183,790,768.80 |
| 4DS | 4Ds Memory Limited | 0.069 | 14 | $ 83,290,714.98 |
