In Case You Missed It: A high flying copper stock and a vanadium offtake deal
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Stockhead’s In-Case-You-Missed-It highlights some strongest performing ASX stocks that might have slipped your notice today.
It’s a short, sharp update to help frame the trading day by showing some of the biggest movers in percentage terms.
Stocks highlighted in green have made market-moving announcements (click headings to sort).
Greentech Metals (ASX:GRE) wins by miles today after flagging 19m thick copper-rich zone – with grades up to 5.4% — at the Austin prospect, part of the wider Whundo project in northern WA.
Austin sits below the Whundo East resource, which is part of a combined 6.19Mt at 1.12% Cu, 1.04% Zn across the project area.
The Whundo and Austin deposits are shaping up to be a significant copper project in WA, says GRE exec Thomas Reddicliffe.
“I am confident we will be able to continue to expand the copper resource from our recently reported ~6Mt,” he says.
“The project also has the additional bonus of gold, cobalt and zinc which are key metals in high demand.”
This new hole also hit bonus gold (2m at 1.35g/t Au from 178) and cobalt (6m at 0.073% Co from 226m).
Fintech player MoneyMe (ASX:MME) has delivered $61m in gross revenue for the March quarter (up 75% on pcp) and is ahead of its target of >$220m for FY23.
That included $7m in statutory net profit after tax (NPAT) for 3Q23.
MD and CEO Clayton Howes was pleased with the strong revenue flows and solid profit growth, building on the momentum from the first half.
“We have protected our margins through targeted pricing and cost management and continued to elevate the credit profile of our loan book for safer risk management whilst the macroeconomic uncertainty exists,” he said.
“It is pleasing to see net losses on a downward trajectory.”
Vanadium Resources (ASX:VR8) has inked an investment and offtake deal with Chinese co Matrix Resources, a subsidiary of ~$3bn Hong Kong listed nickel stock Lygend Resources for its Steelpoortdrift vanadium project in the famous Bushveld Complex in South Africa.
Matrix will acquire a 9.99% stake in VR8 for ~$6m, which represents a big 40% premium to the 30-day volume weighted average price (VWAP).
The cash will be used towards progressing plant design, completing additional technical work, and growing the operations team as the company moves towards an all-important Final Investment Decision in late 2023.
Meanwhile, Matrix also has exclusive rights to negotiate an offtake of 40% of vanadium products produced from the Phase 1 operations at Steelpoortdrift over a 10-year term.
Mining projects often lock in offtake deals to attract project financing.
Med tech company Artrya (ASX:AYA) announced important progress today in its pursuit of US FDA regulatory approval for the Salix Coronary Anatomy (SCA) product.
The company said that a lodged a Q-Submission (Q-Sub) with the FDA for the Salix Coronary Anatomy (SCA) product.
The tool is used for determining the presence and extent of coronary plaques (i.e., atherosclerosis) and stenosis, and quantifying calcifications (calcium scoring) in patients who underwent Coronary Computed Tomography Angiography (CCTA) for evaluation of coronary artery disease.
The company expects the final 510(k) application will be able to be submitted to the FDA by the end of October.
And Magnetic Resources (ASX:MAU) is raising $3.24 million to further the Laverton gold project, including drilling programs to increase and upgrade the resource at Lady Julie North 4, geotechnical drilling, complete early work studies, publish feasibility studies, and initial preparations for the commencement of mining and general working capital.
At Stockhead we tell it like it is. While MoneyMe and Magnetic Resources are Stockhead advertisers, they did not sponsor this article.