On Stockhead today, After Albermale, an M&A opportunity is brewing on Lithium Street.
Reuben says all kinds of Tier 1 assets – like Liontown’s (ASX:LTR) Kathleen Valley – are in the MA crosshairs.
Other Tier 1 targets ripe for taking out: Leo Lithium (ASX:LLL) , Sayona Mining (ASX:SYA) and Galan Lithium (ASX:GLN), to name a few. Reuben has a list and muchos detail.
But first, the day ahead.
TRADING HALTS
The following stocks went into trading halts Friday and are expected out in the coming days:
Globe Metals & Mining (ASX:GBE) – Signing of the Mining Development Agreement for the Company’s Kanyika Niobium Project.
Chalice Mining (ASX:CHN) – Mineral resource estimate update.
Kingsgate Consolidated (ASX:KCN) – Capital raising.
United Malt Group (ASX:UMG) – Potential change of control transaction.
Walkabout Resources (ASX:WKT) – Execution of a senior debt financing facility. Brutal, but they probably had it coming.
COMMODITY/FOREX/CRYPTO MARKET PRICES
Gold: $US1,978.57 (-0.75%)
Silver: $US23.21 (+0.41%)
Nickel (3mth): $US23,268/t (+4.50%)
Copper (3mth): $US8518.50/t (+0.16%)
Oil (WTI): $US69.26 (-1.00%)
Oil (Brent): $US74.99 (-1.21%)
Iron 62pc Fe: $US126.00/t (-0.51%)
AUD/USD: 0.6645 (-0.58%)
Bitcoin: $US27,749 (+0.99%)
WHAT GOT YOU TALKING?
For all you crypto lovers Stockhead’s Coinhead Facebook group is the place to share your views, insights, tips and ideas.
Also, be sure to check in preopen each day for ‘Market highlights and 5 ASX small caps to watch’, and 10.30am for our daily ‘10 at 10’ column — a live summary of winners & losers at the opening bell.
ASX SMALL CAP LEADERS
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 |
|---|---|---|---|---|---|
| LTR | Liontown Resources | 2.555 | 68% | 133,113,858 | $3,352,643,315 |
| LLI | Loyal Lithium Ltd | 0.32 | 52% | 1,058,297 | $12,492,900 |
| TRT | Todd River Res Ltd | 0.015 | 36% | 1,361,406 | $6,935,733 |
| LNU | Linius Tech Limited | 0.004 | 33% | 8,236,727 | $9,689,239 |
| UMG | United Malt Group | 4.51 | 31% | 5,969,272 | $1,029,176,224 |
| AQC | Auspaccoal Ltd | 0.12 | 30% | 4,282,930 | $31,952,608 |
| MDX | Mindax Limited | 0.14 | 27% | 4,536,674 | $219,236,455 |
| CG1 | Carbonxt Group | 0.062 | 27% | 1,290,613 | $13,489,645 |
| CT1 | Constellation Tech | 0.005 | 25% | 3,500,697 | $5,884,801 |
| EMU | EMU NL | 0.0025 | 25% | 4,699,965 | $2,900,043 |
| TD1 | Tali Digital Limited | 0.0025 | 25% | 329,009 | $6,530,311 |
| ENX | Enegex Limited | 0.026 | 24% | 5,500 | $3,547,236 |
| MXC | Mgc Pharmaceuticals | 0.011 | 22% | 3,999,521 | $25,798,026 |
| RFX | Redflow Limited | 0.22 | 22% | 287,830 | $32,349,485 |
| PMT | Patriotbatterymetals | 1.465 | 22% | 8,717,989 | $296,897,388 |
| DM1 | Desert Metals | 0.14 | 22% | 23,962 | $8,342,224 |
| CY5 | Cygnus Metals Ltd | 0.225 | 22% | 833,624 | $34,016,729 |
| 1MC | Morella Corporation | 0.0085 | 21% | 6,675,161 | $42,690,063 |
| AUR | Auris Minerals Ltd | 0.017 | 21% | 397,400 | $6,672,763 |
| RNX | Renegade Exploration | 0.017 | 21% | 25,516,269 | $13,043,573 |
| MRI | Myrewardsinternation | 0.023 | 21% | 2,170,785 | $4,014,704 |
| STM | Sunstone Metals Ltd | 0.035 | 21% | 10,996,553 | $75,992,946 |
| TFL | Tasfoods Ltd | 0.035 | 21% | 26,329 | $12,675,770 |
| CHR | Charger Metals | 0.3 | 20% | 541,598 | $10,928,592 |
| GL1 | Globallith | 1.29 | 20% | 3,794,708 | $229,161,250 |
Liontown Resources (ASX:LTR) rejected a takeover offer from lithium giant Albemarle valuing the mine developer at $2.50 per share – a big premium to yesterday’s closing price of $1.54/sh.
Ablemarle, which has built a ~2.2% stake on-market, previously offered $2.35 per share on 3 March 2023, and $2.20 per share on 20 October 2022.
“In coming to its decision, the Liontown board noted the opportunistic timing of Albemarle’s indicative proposal, coinciding with recent softness in companies exposed to the lithium sector and the pre-production status of the Kathleen Valley project,” LTR says.
The LTR share price is now at record highs.
(Fun fact: On Tuesday, back in pre-COVID 2019, LTR was selling for 2c per share. That’s an 11,600% gain in 4 years.)
The news also provided a boost to several sold-down lithium project developers and miners on speculation they could also be in the M&A crosshairs – you can read more about that here.
United Malt (ASX:UMG) received an all-cash takeover bid valuing the company at $5 per share, a 45% premium to the last closing price.
UMG entered into an indicative proposal with Malteries Soufflet after previously rebuffing offers on December 16 2022 for $4.15 in cash per share; on February 6 2023, for $4.50 in cash per share; and on March 8 2023, for $4.90 in cash per share.
And Carbonxt Group (ASX:CG1) announced a US$500k pre-payment to advance its activated carbon plant in Kentucky, USA
ASX SMALL CAP LAGGARDS
Here are the worst performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| NAGR | Nagambie Resources | 0.001 | -50% | 5,170,846 | $214,278 |
| AVW | Avira Resources Ltd | 0.002 | -33% | 1,003,599 | $6,401,370 |
| CCE | Carnegie Cln Energy | 0.001 | -33% | 3,521,710 | $23,463,861 |
| CLZ | Classic Min Ltd | 0.001 | -33% | 34,777,627 | $2,801,583 |
| FTC | Fintech Chain Ltd | 0.019 | -27% | 270,311 | $16,920,009 |
| KCN | Kingsgate Consolid. | 1.495 | -26% | 7,184,201 | $444,854,111 |
| SIH | Sihayo Gold Limited | 0.0015 | -25% | 11,973,173 | $12,204,256 |
| CTN | Catalina Resources | 0.0055 | -21% | 1,133,658 | $8,669,408 |
| ARV | Artemis Resources | 0.012 | -20% | 2,257,520 | $23,421,276 |
| M4M | Macro Metals Limited | 0.004 | -20% | 31,000 | $9,785,389 |
| TZN | Terramin Australia | 0.017 | -19% | 150,222 | $44,447,817 |
| CXU | Cauldron Energy Ltd | 0.0065 | -19% | 4,859,098 | $7,452,544 |
| ODM | Odin Metals Limited | 0.018 | -18% | 1,351,175 | $16,480,686 |
| KAL | Kalgoorliegoldmining | 0.041 | -18% | 365,489 | $3,871,730 |
| GBZ | GBM Rsources Ltd | 0.023 | -18% | 1,405,956 | $15,757,436 |
| ROODA | Roots Sustainable | 0.01 | -17% | 206,842 | $1,039,220 |
| AXP | AXP Energy Ltd | 0.0025 | -17% | 630,000 | $17,474,042 |
| TOU | Tlou Energy Ltd | 0.031 | -16% | 946,929 | $30,736,481 |
| CL8 | Carly Holdings Ltd | 0.021 | -16% | 11,200 | $5,109,260 |
| JPR | Jupiter Energy | 0.022 | -15% | 327,438 | $31,976,103 |
| SAN | Sagalio Energy Ltd | 0.011 | -15% | 187,238 | $2,660,582 |
| WMG | Western Mines | 0.14 | -15% | 222,500 | $6,770,363 |
| SIT | Site Group Int Ltd | 0.003 | -14% | 2,832,299 | $4,554,358 |
| ADX | ADX Energy Ltd | 0.006 | -14% | 4,277,158 | $24,742,372 |
| LYK | Lykosmetalslimited | 0.06 | -14% | 263,037 | $4,368,000 |