In Case You Missed It: Iron ore royalties, rare earths and some lithium
Stockhead’s In-Case-You-Missed-It highlights today’s most interesting small cap stories that might have slipped beneath your radar.
Below is a wrap of the top 20 performing stocks, by percentage, who made announcements today.
The two top players today and connected via the deal that Strike Resources (ASX:SRK) has made with Miracle Iron Holdings for the sale of its subsdiary – and owner of Paulsens East iron ore project – Strike Iron Ore for $20.5m.
As part of the deal, Miracle requested the cancellation of the royalty that is payable to Orion Equities (ASX:OEQ) subsidiary CXM for iron ore produced from Paulsens East.
CXM has agreed to terminate and provide releases to Miracle, and Miracle has agreed to pay $2m (with a further $3m payment deferred to 30 June 2024) to CXM as consideration for the termination of the Orion royalty.
DY6 Metals (ASX:DY6) has secured a 6-month option to acquire an 80% interest in the Karonga lithium project located in northern Malawi.
And Vertex Minerals (ASX:VTX) has released the pre-feasibility study for its Reward gold mine in NSW, which highlights average monthly gold production of 2,169 oz over 23 months with 92% gold recovery, CAPEX of $28.5m, AISC of $1,712 per ounce, NPV at $28.3m pre tax and IRR at 77% pre tax – plus a life of mine pre-tax cash of $35.7 million at $3,000/oz gold price.
Blue Star Helium (ASX:BNL) has updated the resources at its Voyager project in Colorado by 33% to a 2C net unrisked contingent helium resource of 857 MMscf.
At Stockhead we tell it like it is. While Vertex Minerals, Blue Star Helium, Viridis Mining and Minerals, MTM Critical Metals are Stockhead advertisers, they did not sponsor this article.