In Case You Missed It: Defence deals take the lead, lithium lags behind
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).
archTIS (ASX:AR9) has signed a $4.06 million deal with the Australian Department of Defence for software licences and services to conduct a proof of concept (PoC) to modernise their workplace environment.
The company will deploy NC Protect, Microsoft and third-party software products to evaluate their productivity, compliance and security gains for the Defence office environment and its users.
“We believe that NC Protect can contribute to the way the department works on and secures information in a modern workplace environment,” MD Daniel Lai says.
“The need to increase productivity, security and speed across Defence has been identified in the newly released Defence Strategic Review, this initiative is a small but important part of that cultural change.”
Defence ballistics and technology player Xtek Limited (ASX:XTE) says things are looking healthier after upgrading its outlook for the year, predicting it will deliver record revenues for FY23 of between $86m-$88m, up by circa 50% on the previous record revenue result of $58.2m achieved in FY22.
This is especially thanks to its global armour business HighCom which designs, manufactures, and supplies global military, law enforcement, and first responder customers with world-class, advanced personal protection ballistic products like body armour, ballistic helmets, and composite armour structures.
Greentech Metals (ASX:GRE) is expanding its exploration focus for lithium bearing pegmatite at its Lithium West project in the Pilbara.
The company has even entered into a corporate services agreement with lithium exploration and development specialists Obsidian Metals Group (OMG) who will provide “assistance and guidance from the exploration phase through to development as well as developing and implementing GreenTech’s lithium strategy.”
OMG’s principals have been involved in the founding and development of some of Australia’s largest lithium and other metal projects including Galaxy Resources which was the subject of a $2 billion takeover, which later merged to form Alkem (ASX:AKE), the fifth largest lithium producer globally.
And Lithium Energy (ASX:LEL) has released the maiden resource for its Solaroz brine project in Argentina of 3.3Mt lithium carbonate equivalent (LCE) within which is a high-grade core of 1.34Mt of LCE with an average concentration of 405mg/l lithium (at a 350mg/l lithium cut-off grade).
The company is targeting a 20,000-40,000tpa LCE plant at the project and is currently evaluating development options using conventional evaporation ponds and/or Direct Lithium Extraction (DLE).
At Stockhead we tell it like it is. While Lithium Energy is a Stockhead advertiser, it did not sponsor this article.