Good morning everyone, and welcome to 06 May, 2024 – an important date in the history of New York real estate, as it was on this day in 1626 that a fella called Peter Minuet pulled off a real estate deal that is yet to be rivalled.
Minuet was, at the time, a Dutch colonial governor of New Amsterdam, and was tasked with buying an island from the Native Americans.
Being the wily old Walloon (I have no idea and I’m too afraid to google it) merchant he was, Minuet eventually struck a deal with the locals that saw the entire island of present-day Manhattan change hands for a few crates of random loot, worth (at the time) a total of 60 Guilders.
I’ve crunched the numbers, and those 17th Century Guilders are worth about USD$1,500 in today’s money – a fantastically small sum that would barely be enough to rent a shared bathroom for half a day in most of the city of New York.
Luckily for you, you’re unlikely to get fleeced quite so badly if you’re bargain hunting on the ASX today, as we’ve been busy writing some excellent things to help you pick a good deal from among the duds.
That includes not one, but two stories about uranium, and Christian’s been chatting with founder and chief investment officer at Datt Capital, Emanuel Datt, to see what’s blipped on the investment manager’s radar.
Plus, as usual, I’ve slaved away all afternoon (kind of) to bring you all the data and digits and highlights listed below to help prep you for Monday – which, despite how you’re feeling right now, isn’t quite the disaster your headache is telling you it’s likely to be.
COMMODITY/FOREX/CRYPTO MARKET PRICES
Gold: US$2,299.01 (-0.18%)
Silver: US$26.56 (-0.64%)
Nickel (3mth): US$18,402.10/t (-1.16%)
Copper (3mth): US$9,778.37/t (+1.41%)
Oil (WTI): US$79.26 (+0.40%)
Oil (Brent): US$84.02 (+0.42%)
Iron 62pc Fe: US$118.08/t (+0.74%)
AUD/USD: 0.6572 (-0.02%)
Bitcoin: US$59,392.10 (+0.55%)
WHAT GOT YOU TALKING
Gold is looking like it’s going to continue to be where it’s at, as some of the metal’s big bears start reckoning with US$2,000/oz forecasts for the first time, writes Josh Chiat.
FRIDAY’S 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 | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| RCR | Rincon | 0.155 | 63% | 32,921,429 | $21,109,130 |
| GTI | Gratifii | 0.011 | 57% | 11,118,173 | $11,284,315 |
| ADG | Adelong Gold Limited | 0.004 | 33% | 116,333 | $2,911,467 |
| EDE | Eden Inv Ltd | 0.002 | 33% | 1,734,954 | $5,517,407 |
| RIL | Redivium Limited | 0.004 | 33% | 1,198,566 | $8,192,564 |
| PPK | PPK Group Limited | 0.555 | 29% | 1,700,722 | $38,394,396 |
| SVG | Savannah Goldfields | 0.035 | 25% | 89,511 | $7,870,378 |
| RML | Resolution Minerals | 0.003 | 25% | 250,000 | $3,220,044 |
| VML | Vital Metals Limited | 0.005 | 25% | 1,306,407 | $23,580,268 |
| BCA | Black Canyon Limited | 0.135 | 23% | 151,962 | $7,715,561 |
| ZGL | Zicom Group Limited | 0.055 | 22% | 271,798 | $9,655,200 |
| ALC | Alcidion Group Ltd | 0.068 | 21% | 7,518,266 | $75,178,500 |
| PL3 | Patagonia Lithium | 0.145 | 21% | 1,658,824 | $5,895,420 |
| CGR | Cgnresourceslimited | 0.380 | 19% | 766,323 | $29,049,021 |
| GHY | Gold Hydrogen | 1.620 | 18% | 1,214,195 | $105,028,342 |
| KP2 | Kore Potash PLC | 0.013 | 18% | 1,003,437 | $7,263,725 |
| GSR | Greenstone Resources | 0.010 | 18% | 4,553,912 | $11,672,687 |
| LYN | Lycaonresources | 0.400 | 18% | 1,706,783 | $14,979,125 |
| OSX | Osteopore Limited | 0.350 | 17% | 98,332 | $3,098,607 |
| 88E | 88 Energy Ltd | 0.004 | 17% | 9,106,226 | $86,678,016 |
| ADY | Admiralty Resources. | 0.007 | 17% | 252,322 | $9,776,844 |
| LPD | Lepidico Ltd | 0.004 | 17% | 1,867,796 | $22,914,924 |
| SGC | Sacgasco Ltd | 0.007 | 17% | 7,105,661 | $4,678,122 |
| SP8 | Streamplay Studio | 0.007 | 17% | 272,984 | $6,903,743 |
Friday’s Small Cap Winners included:
PPK Group (ASX:PPK) followed gains on Thursday’s news that investee company Craig International Ballistics has been handed a very juicy $30 million order for body armour by the Australian Defence Force. The remit for the contract will see Craig International Ballistics manufacture and deliver a new order of body armour components to help protect troops from moving threats like fragmentation, and low and high velocity rounds, from its factory in Queensland.
Rincon Resources (ASX:RCR) was once again making some serious noise. The stock’s on a wild ride, up a whopping 100% for the week, 400% for the past month, and 328% year-to-date. Recently, Rincon hit the jackpot with a ‘bullseye’ discovery called Avalon. The market went nuts over it, especially since it was similar to other big hitters like Luni and Prominent Hill. And it’s not slowing down. The company has kicked off an RC drilling campaign, aiming to dig up to 2,000m at the Pokali prospect.
Emu (ASX:EMU) was well ahead after announcing the completion of its 1:30 consolidation.
Patagonia Lithium (ASX:PL3) hiked up the bourse after announcing “outstanding” assay results from its first drill well at the Formentera brines project in Argentina’s part of the ‘Lithium Triangle’.
It’s also on the hunt for rare earths and niobium there, but as its name suggests, lithium’s the main game, with two major brine projects on the go – Formentera/Cilon in Salar de Jama, Jujuy province and Tomas III at Incahuasi Salar in Salta Province. Re the Formentera drill well news, the highlight intercept was 200m at 235ppm from 170m depth, including a 21m chunk grading 591ppm. Also noted: very low levels of deleterious ions (Mg:Li 1.49 at 591ppm Li, boron 522ppm, calcium 358ppm).
Manganese explorer and developer, Black Canyon (ASX:BCA), traded higher based on some ‘dense media separation’. If only that meant a shake-up and parting of ways in the braindead mainstream Aussie breakfast telly news and current affairs schtick. Dense medium/media separation in the world of mining, meanwhile, is where particles are sorted on the basis of their densities. In Black Canyon’s case, it’s talking the delivery of almost 32% manganese concentrate in this instance. Specifically, grades of 31.8% Mn and 31.3% Mn from its KR1 and KR2 test samples conducted recently.
The small gold digger, Savannah Goldfields (ASX:SVG), spread its wings Friday after saying goodbye to coking coal and hello to more glittering prospects. With a tidy sum of $3.95m on the table, it has cashed in on the Ashford coking coal project. Plus, it’s holding onto a sweet deal – a $0.75 royalty on every tonne of coal sold. The company inked the deal to sell its stake in Renison Coal to Clara Resources Australia (ASX:C7A), freeing them up to focus on its golden dreams. Savannah’s aiming to be a ‘pure play’ goldie, but it’s still keeping one eye on the Ashford coking coal project, just in case it strikes gold in the future.
And hey, Cash Converters’ (ASX:CCV quarterly revenue was up 19% pcp to $93.0m, driven by Australian store network momentum and contribution of strong trading results from the UK franchise network acquisition (Capital Cash) completed in July 2023. Gross loan book was up 9% pcp to $291.7m, on the back off strong customer demand for credit.
Infini Resources (ASX:I88) said geophysical surveys including high resolution UAV drone magnetics have been approved at Portland Creek Uranium Project by the Newfoundland Government in Canada. Initial reconnaissance field work was successfully completed despite adverse weather, with field crews to recommence activities including soil sampling and geological mapping/sampling within a week.
And accounting company, Countplus (ASX:CUP), updated the market on the cost synergy benefits expected to be achieved following the integration of Diverger Limited. Annualised expected cost savings have been upgraded to approximately $4m, to be achieved in FY25. This represents a considerable increase from the initial $3m expectation announced at the time of the transaction.
FRIDAY’S 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 | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| AXP | AXP Energy Ltd | 0.001 | -50% | 32,263 | $11,649,361 |
| ERL | Empire Resources | 0.002 | -33% | 20,059 | $3,338,805 |
| FZR | Fitzroy River Corp | 0.115 | -28% | 10,000 | $17,272,680 |
| CHK | Cohiba Min Ltd | 0.003 | -25% | 121,592 | $14,352,977 |
| ENT | Enterprise Metals | 0.003 | -25% | 2,387,851 | $3,207,884 |
| ME1 | Melodiol Glb Health | 0.003 | -25% | 54,969,315 | $2,693,949 |
| MTL | Mantle Minerals Ltd | 0.002 | -25% | 185,000 | $12,394,892 |
| TKL | Traka Resources | 0.002 | -25% | 124,065 | $3,501,317 |
| TZL | TZ Limited | 0.019 | -24% | 139 | $6,414,578 |
| PRX | Prodigy Gold NL | 0.002 | -20% | 200,000 | $5,034,435 |
| ROG | Red Sky Energy. | 0.004 | -20% | 3,096 | $27,111,136 |
| VRC | Volt Resources Ltd | 0.004 | -20% | 3,911,074 | $20,793,391 |
| NME | Nex Metals Explorat | 0.022 | -19% | 265,934 | $9,518,378 |
| MMM | Marley Spoon Se | 0.032 | -18% | 1,025 | $4,591,252 |
| STM | Sunstone Metals Ltd | 0.012 | -18% | 5,313,039 | $49,009,122 |
| FIN | FIN Resources Ltd | 0.014 | -18% | 913,011 | $11,037,568 |
| PSL | Paterson Resources | 0.015 | -17% | 1,257,455 | $8,208,682 |
| EXL | Elixinol Wellness | 0.005 | -17% | 1,795,701 | $7,806,444 |
| AUA | Audeara | 0.041 | -16% | 21,269 | $7,085,779 |
| G88 | Golden Mile Res Ltd | 0.011 | -15% | 2,577,211 | $5,345,897 |
| NMR | Native Mineral Res | 0.017 | -15% | 560,754 | $4,197,010 |
| A1G | African Gold Ltd. | 0.024 | -15% | 255,101 | $4,915,180 |
| SOP | Synertec Corporation | 0.083 | -14% | 17,999,205 | $41,887,091 |
| AAU | Antilles Gold Ltd | 0.012 | -14% | 6,291,702 | $13,181,490 |
| AIV | Activex Limited | 0.006 | -14% | 884,134 | $1,508,518 |
TRADING HALTS
Neurotech (ASX:NTI) – pending the release of the full results of the Phase I/II Rett Syndrome clinical trial.