In Case You Missed It: Aerial lithium hunt pays off, as does a well-timed oil & gas sale

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.

ICYMI Leader Board

Stocks highlighted in blue have made market-moving announcements (click headings to sort).

Errawarra Resources (ASX:ERW) has completed some aerial reconnaissance of the Andover West project, as well as the collection of follow-up rock-chip samples.

For context Errawarra and its Andover West nickel project is one of a handful of mining companies banking on the lithium “nearology” narrative based around Azure Minerals (ASX:AZS)’s recent “monster” lithium hit.

“Errawarra is strategically located within a highly prospective lithium pegmatite zone, the company notes, adding that it will “continue to methodically explore its 100km2 tenement for lithium bearing pegmatites”.

Black Mountain Energy (ASX:BME) is now cash-richer by around $10.6 million, following the sale of 100% of its acreage and its title and interest in the MIA 64 FEE 2H well in the Permian basin New Mexico.

It’s a very savvy deal for BME, as it’s only owned the site for about eight months, and only paid about $2 million for it.

Earlypay (ASX:EPY), which pays people’s wages in advance, reported a softer financial year than the previous, noting a material credit loss relating to a single client exposure.

Following a comprehensive review, numerous underwriting, risk, operational and organisational changes were made to mitigate against outsized credit losses in the future.

As a result of these steps, the company expects its FY24 result to exceed FY23’s underlying proforma NPAT, driven by lower credit loss provisioning, margin expansion and funds in use growth.

A review of old drilling has uncovered unassayed pegmatites – a lithium host rock — logged up to 49.7m downhole thickness at Metal Hawk’s (ASX:MHK) newly acquired Yarmany project in WA.

None of this material was assayed for lithium and the current location of the drill core from the 1970’s is unknown. Metal Hawk has collected several gossan samples from the prospect and submitted them for analysis.

And Andromeda Metals (ASX:ADN) announced an updated Definitive Feasability Study for its Great White Project where its hunting for niche commodity halloysite kaolin, used in premium ceramic and tech industries.

Highlights of the study: the Great White Project Net Present Value (NPV) has increased by 65% to $1,010 million, and average annual earnings before interest tax depreciation and amortisation (EBITDA) increases by 59% to $130 million.

At Stockhead we tell it like it is. While Metal Hawk is a Stockhead advertiser, it did not sponsor this article.