• The ASX puts on a late spurt to finish the day up 0.5%
  • Star Entertainment and Bluescope in very hot water 
  • Patriot Lithium grows 95% on stunning debut, because… lithium. Obviously.

Welp… that’s it for the final day of the week, and as tempting as it is to wander off to the beach for a swim and a relax, there’s still the not-insignificant matter of wrapping up what’s happened on the ASX and beyond for the day. The market worked hard for its gains today, and as the final bell tolls for the week, the benchmark is sitting on a 0.53% gain.

Let’s get into wrapping the day up, because the ocean is beckoning…



Making news today, and it’s a couple of Australia’s big guns that have found themselves in a bit of hot water – with Star Entertainment Group (ASX:SGR) copping a monster fine from Queensland’s regulators after a look behind the curtain at its two casinos north of the Tweed found a whole big mess of Very Naughty Things.

Queensland’s Attorney-General Shannon Fentiman has slugged SGR with a $100 million fine, and suspended its licence to operate casinos in the state for 90 days, with the latter punishment deferred to December 2023.

The deferral gives Star 12 months to ‘gather its excrement in one place’, and Nicholas Weeks – who was tapped on the shoulder by NSW’s Independent Casino Commission to look after its Sydney casino after that one was also found breaking the rules – has been appointed as special manager of Star’s two casinos in Queensland.

It’s unclear what sort of remuneration Weeks is receiving for the task of fixing three badly broken casinos – but Star is bearing the cost of it, and if there’s one safe bet to be made here it’s that Weeks will be doing very nicely indeed out of all this.

Meanwhile, ACCC Commissioner Liza Carver has read Bluescope Steel the riot act, finding that “BlueScope, which is one of Australia’s largest companies, and its former senior executive, Jason Ellis, attempted to induce competitors to enter into price fixing arrangements”.

Obviously, that’s completely no bueno, even though it’s been nine years or so since Ellis “tried to induce steel distributors in Australia and overseas manufacturers to enter agreements containing a price-fixing provision”, the ABC reports.

“If successful, these attempts would have resulted in agreements between competitors which reduced price competition in the Australian flat steel market and increased prices for flat steel products which are widely used in Australia,” Carver said.

All in all, not a great day to get nabbed with your hand in the till – and investors don’t seem too perturbed by the ACCC’s finding of historical malfeasance… at the time of writing, Bluescope was trading 0.17% higher for the day.

Still, it’s a pretty good bet that the old Elf on the Shelf watching over Star and Bluescope would be breaking the sound barrier on his way to dob them in to Santa.



Up the top end of town, and there’s not much to report in terms of positive action. The big miners gained weight over the course of the day, because that’s what they do best – BHP (ASX:BHP) climbing 2.47%, Rio Tinto (ASX:RIO) up 2.65%, Fortescue (ASX:FMG) up 3.13%, etc etc.

That rise helped drive Materials to a 2.0% gain for the day, earning itself a merit badge for having the highest score, with InfoTech (+0.92%) and Energy (0.62%) plugging away behind it.

Weighing on the market for the day was Utilities (-0.4%) and Financials (-0.3%), providing a sour Yang to the sweet, sweet Yin of a booming performance by the miners.

Helping everything along was a fantabulous debut from Patriot Lithium, which went live at 12:00pm and bananas by 12:05. Patriot came to market on a $10m at $0.20 IPO, and then thundered into the heavens, up 95% as the afternoon wore on.

It’s the second “Patriot” themed lithium play to climb into the clouds this week, after Patriot Battery Metals (ASX:PMT), which also doubled on debut two days ago.

But it wasn’t all fab news right across the entire lithium market, with the likes of Galan Lithium (ASX:GLN) dropping 8.2% today on no news.

Downer EDI (ASX:DOW) is still taking a caning after revealing that somebody somewhere has been playing a bit fast and loose on the spreadsheets, and there’s been a “historical overstatement of pre-tax earnings in the order of $30 million – $40 million”.

Downer has fallen another 5.6% this morning, on top of shedding more than 20% yesterday, with the only new announcement today being London-based investment firm T Rowe Price tipping out of the company entirely on December 6, ceasing to be a substantial holder two days before the accounting error was made public. #ImpeccableTiming.



A rapid look at our neighbours reveals that Japan’s Nikkei is on track for a win, up 1.25% so far, and Hong Kong’s tracking well too, up 1.51% – however, things aren’t so rosy in Shanghai this afternoon, with its index finishing flatter than next door’s “missing” cat that was last spotted trying to dash across a nearby busy road.



Here are the best performing ASX small cap stocks:

Swipe or scroll to reveal full table. Click headings to sort:

Code Company Price % Volume Market Cap
PAT Patriot Lithium 0.36 80% 6,311,450 $11,592,500.40
CDR Codrus Minerals Ltd 0.18 50% 19,156,737 $4,851,600.00
WBE Whitebark Energy 0.0015 50% 2,610,243 $6,464,885.86
ANL Amani Gold Ltd 0.002 33% 1,750,015 $35,540,161.69
DDT DataDot Technology 0.008 33% 2,867,384 $7,463,216.80
GRV Greenvale Energy Ltd 0.13 30% 2,614,787 $42,172,220.90
LNU Linius Tech Limited 0.005 25% 14,756,342 $10,673,438.46
RR1 Reach Resources Ltd 0.005 25% 1,019,600 $7,640,202.56
CDX Cardiex Limited 0.385 24% 180,097 $39,224,862.65
AJL AJ Lucas Group 0.038 23% 6,894,582 $42,647,618.53
EVR Ev Resources Ltd 0.018 20% 689,201 $13,934,761.07
PUA Peak Minerals Ltd 0.006 20% 406,443 $5,206,853.76
CLA Celsius Resource Ltd 0.019 19% 13,846,433 $24,045,264.69
LOM Lucapa Diamond Ltd 0.052 18% 7,067,256 $63,340,634.50
FZR Fitzroy River Corp 0.135 17% 5,335 $12,414,738.87
CRS Caprice Resources 0.056 17% 558,195 $3,946,726.70
OXX Octanex Ltd 0.007 17% 97,888 $1,553,866.12
RLF Rlfagtechltd 0.185 16% 499,807 $14,397,643.20
HMD Heramed Limited 0.15 15% 585,507 $31,545,416.24
SMS Starmineralslimited 0.075 15% 30,120 $1,922,700.00
DUB Dubber Corp Ltd 0.54 15% 561,680 $144,275,544.21
AE1 Aerison 0.195 15% 113,978 $54,984,372.96
AOA Ausmon Resorces 0.008 14% 100,000 $6,001,025.40
AVE Avecho Biotech Ltd 0.008 14% 20,000 $12,865,085.41
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Aside from Patriot Lithium’s rocket ride today, there are a couple of other small cappers that put in a solid day’s work in the gain train.

Codrus Minerals (ASX:CDR) caught the eye of absolutely everyone with a few dollars in their pocket this morning on news that it’s sitting on a heap of hugely valuable high-grade permanent magnet rare earths dysprosium, neodymium, terbium and praseodymium in xenotime, within a large-scale pegmatite.

New assay results from Codrus’ niobium-rich Karloning REE Project in WA are positively eye-popping, including 28,463ppm (2.85%) Dysprosium Oxide – Dy3O3, 64,100ppm (6.41%) Niobium and a heart-stopping 186,000ppm (18.60%) tantalum.

In early trade, Codrus was up more than 85%, but has since eased to 52.8% as the afternoon wore on – still a massive climb which sees the company trading at just under the $0.20 per share mark it achieved with its heavily oversubscribed IPO in June last year.

Fitzroy River’s (ASX:FZR) run from this morning held its value through the afternoon. The company announced that a special dividend of $0.005 cents per ordinary share, fully franked, will be paid two days before Christmas to all eligible registered shareholders – which is obviously much better than a lump of coal in your stocking… but not by much, the way coal prices are at the moment.



Here are the least best performing ASX small cap stocks:

Swipe or scroll to reveal full table. Click headings to sort:

Security Description Last % Volume MktCap
ARE Argonaut Resources 0.001 -50% 299,004 $12,723,742.55
PMT Patriot Battery Metals 1.12 -36% 5,909,086 $12,320,000.00
PRM Prominence Energy 0.001 -33% 1,540,000 $3,636,913.23
PO3 Purifloh Ltd 0.225 -26% 4,214 $9,614,666.89
VIP VIP Gloves 0.003 -25% 33,355 $3,147,125.74
BTH Bigtincan Hldgs Ltd 0.565 -22% 5,592,829 $397,692,110.88
WRM White Rock Min Ltd 0.073 -22% 1,060,615 $18,689,062.38
ICE Icetana Limited 0.03 -21% 769,999 $7,574,479.85
PNX PNX Metals Limited 0.004 -20% 980,000 $22,220,289.04
ADS Adslot Ltd. 0.009 -18% 392,631 $24,247,832.19
FFF Forbidden Foods 0.033 -18% 2,506,004 $4,136,124.08
SNX Sierra Nevada Gold 0.24 -17% 42,720 $12,072,080.85
WEC White Energy Company 0.22 -17% 4,992 $10,750,862.12
RAN Range International 0.005 -17% 546,729 $5,635,741.92
H2G Greenhy2 Limited 0.032 -16% 170,196 $15,912,721.50
REZ Resourc & En Grp Ltd 0.016 -16% 730,003 $9,496,309.99
EQN Equinox Resources 0.11 -15% 303,737 $5,850,000.13
M2R Miramar 0.08 -15% 79,240 $6,644,083.84
LLI Loyal Lithium Ltd 0.505 -14% 1,741,563 $27,576,600.00
AJQ Armour Energy Ltd 0.006 -14% 553,863 $16,323,987.11
MCT Metalicity Limited 0.003 -14% 458,962 $12,222,137.69
MTH Mithril Resources 0.003 -14% 10,340,666 $10,290,815.64
DAL Dalaroo Metals 0.11 -14% 268,903 $3,809,062.50
BEZ Besra Gold 0.052 -13% 226,718 $15,126,823.98
WR1 Winsome Resources 1.305 -13% 3,968,875 $208,788,031.50
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In news you may have overlooked, Medlab (ASX:MDC) has put out an announcement that it has cleared US SEC comments, a key milestone as it looks to list on the US Nasdaq under its reserved symbol MDLB.

There’s still work to be done, much of which remains a bit Secret Squirrel – however Medlab CEO Dr Sean Hall is upbeat about what the near future holds for the company and how the effort to list through its US bank, AGP.

“We can’t talk about the deal at this point as the bank is not yet marketing the stock,” Hall said, adding: “That time is coming.”

“For now, we wanted to inform our current shareholders of the Nasdaq progression and remind everyone that the goal is for ordinary stocks trading on both the ASX and Nasdaq.”

Meanwhile, Tamawood (ASX:TWD) has put out some not-great news, as its outlook for FY23 is looking a lot weaker than the board had hoped.

“The Board expects to remain marginally profitable and debt free for first half FY23, although the result is expected to be approximately 70% below first half FY22 ($3.4m before tax), based on unaudited figures up to November 2022,” the company says, labelling the outlook “disappointing”.

TWD is trying to remain optimistic, though, comparing its performance to the “300+% increase in losses recently reported by our only ASX listed competitor”… which we assume is Simonds (ASX:SIO), which – and this might just be a case of poor timing – has had a belter this week, up 21.7%.



Lefroy Exploration (ASX:LEX) – Capital Raise.

Mincor Resources (ASX:MCR) – Capital Raise.

Coppermoly (ASX:COY) – Coppermoly’s got news of a big deal on the way…

Provaris Energy (ASX:PV1) – Provaris is prepping an announcement in relation to the vessel classification approval status for its proprietary compressed hydrogen carrier.

Marquee Resources (ASX:MQR) – Marquee’s about to report assay results from its exploration program at the Kibby Basin Lithium Project.

Star Entertainment Group (ASX:SGR) – Disciplinary action by Queensland regulators is expected to be handed down today … and it’s not going to be pretty.