Good morning everyone, and welcome to Monday, September 16, 2024 – an important date in the history of pomp and ceremony.

That’s because it was on this day in 1782 that the Great Seal of the United States was first used.

Prior to that, the Seal of the United States was considered “Not Great… but Pretty Good”, but the general consensus was that it was missing something – and when the wife of Dutch banker Nicolaas van Staphorst suggested “perhaps if it had an eagle, rather than an actual seal”, it was widely agreed that she was correct, and history was made.

Luckily for you, you won’t have to be an historical figure that I completely made up just now in order to get your hands on good pre-market info today.

That’s because – as always – we’ve worked super-hard to gather together lots of fiddly little things below, so you don’t need to go ferreting all over the internet for your ASX info this morning.

 

COMMODITY/FOREX/CRYPTO MARKET PRICES

Gold: US$2,578.48 (+0.78%)

Silver: US$28.79 (+2.64%)

Nickel (3mth): US$15,944/t (-1.19%)

Copper (3mth): US$9.007/t (+0.81%)

Zinc: US$2,904/t (+1.70%)

Oil (WTI): US$68.65 (-0.50%)

Oil (Brent): US$71.6` (-0.48%)

Iron 62pc Fe: US$92.90/t (-1.96%)

AUD/USD: 0.6704 (+0.06%)

Bitcoin: US$60,179.90 (+0.32%)

 

WHAT GOT YOU TALKING

Did you miss all the Small Caps action last week? Well here’s your chance to catch up on all the winners, and why they won, in our Weekly Small Caps Wrap:

 

YESTERDAY’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:

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Yesterday’s Small Cap Winners included:

DXN (ASX:DXN) has released its FY24 results, and they’re excellent – the company is reporting that it has achieved a statutory EBITDA of $644,000 –  the first positive EBITDA result in DXN’s history – on FY24 revenue of $10.8 million. Managing Director Shalini Lagrutto says the year has been “transformational”, following the company’s exit from its unprofitable data centre in Sydney.

eMetals (ASX:EMT) has delivered an update to its exploration in Uganda, revealing that a total of 40 soil samples and 77 rock-chip samples were taken on the Bukuya target within the Mubende Gold Project as part of the first phase of field activities. Numerous high-grade rock chip samples were returned including 29.1g/t Au, 9.2g/t Au and 3.1g/t Au, with soil sampling confirmed gold mineralisation extends beyond current artisanal workings and has defined an anomalous zone across a strike of approximately 1,200m which remains open along strike in both directions.

Labyrinth Resources (ASX:LRL) was rising on news that the company has been reviewing the historical Vivien data base in the lead up to the company’s EGM and completion of the Distilled Acquisition. LRL says that the historical data shows “significant exploration upside and underexplored nature of Vivien and Comet Vale”. Both the Comet Vale and Vivien Projects are located close to existing infrastructure and linked via major access ways to the Goldfields, and the existing drilling shows that there is ample untested prospectivity at both projects.

An investor presentation outlining Mithril Silver and Gold (ASX:MTH)’s plan for Copalquin gold and silver project in Mexico (which supplies 25% of the world’s silver) has stirred the share price today.

It’s already shown a maiden resource of 2.41Mt at 4.8g/t gold, 141g/t silver for 373,000oz gold plus 10.9Moz silver (total 529,000 oz gold equivalent), demonstrating the project’s high-grade gold and silver resource potential and is drilling in and around the resource as part of its aim to double it by Q1 2025.

Assays have been received for six holes, a further three have been sent to the laboratory, two completed for logging and six more holes to be drilled in this initial 4000m program.

Earlier, Mount Burgess Mining (ASX:MTB) was climbing on news that local officials have finally let the company to move forward, after the Botswanan Department of Environmental Protection (DEP) confirmed it had approved a Scoping Report and requested a Final EIA be lodged following MTB’s receipt of DEP’s comments. The timeframe to the completion of the EIA review period is estimated to be in the region of four to six weeks, after which MTB should be able to begin infill drilling at its Nxuu Project.

M&A Activity is heating up in WA as Antipa Minerals (ASX:AZY) today agreed to sell its 32% non-controlling interest in the 2.84Moz Citadel gold project JV in the Paterson Province to Rio Tinto (ASX:RIO) for $17m, cashing up the junior to accelerate exploration at its nearby Minyari Dome gold project.

Recent exploration by the junior across Citadel’s Calibre deposit increased tested shallow resource extensions and together with the nearby Magnum deposit, showed very large-scale exploration upside with just 70-80m of predominantly free-digging, post-mineralisation cover.

The results, posted late August, were seemingly impressive enough for Rio to consolidate its 68% share. The cash injection will allow the junior to realise a range of exploration plans for Minyari Dome against a backdrop of moves and shakes in the Paterson region. Rio has spent more than $47m over the years on exploration at Citadel to earn its current 68% interest and the transaction to full ownership is expected to be completed by November.

Drilling continues at Tesoro Gold (ASX:TSO) Ternera prospect at El Zorro as it puts to bed a dispute over a cap raise and claims of work abandonment by minor shareholder Wanaco. A Chilean court rejected attempts by Wanaco to have mining concessions transferred to it as compensation over the allegations and has ordered Wanaco to pay for legal costs.

Diamond drilling is ongoing at the high-priority targets within 1.5 km of the existing Ternera deposit, with rigs currently operating at Ternera East and Ternera. Assay results from 10 completed holes remain outstanding and are expected back by the end of this month.

Rock chips sampled at the Komboro prospect, part of Mako Gold (ASX:MKG)’s flagship Napié project in Côte d’Ivoire, have returned hits of up to an eye-whopping 170g/t gold, while identifying new high-grade gold zones for potential resource growth.

Other very high-grade results including 41.92g/t, 6.27g/t, 4.63g/t, and 3.48g/t gold as part of the junior’s plans to grow Napié’s already impressive 868,000oz resource.

The samples reinforce gold mineralisation from previous shallow drilling at Komboro which returned high-grade gold intercepts of:

  • 9m at 3.26g/t Au from 67m including 3m at 7.29g/t Au from 67m and 1m at 47g/t Au from 86m
  • 1m at 8.45g/t Au from 74m; and
  • 5m at 1.64g/t Au from 56m.

Further mapping and rock chip sampling across the Komboro prospect continues in preparation for a future drilling campaign.

 

YESTERDAY’S ASX SMALL CAP LAGGARDS

Here are the worst performing ASX small cap stocks:

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TRADING HALTS 

Alma Metals (ASX:ALM) –  for the purpose of planning and execution of a capital raising.

Matsa Resources (ASX:MAT) – pending an announcement in relation to a proposed capital raising.

Delorean (ASX:DEL) – pending an announcement in relation to financial closing of funding from Tanarra.

Amaero International (ASX:3DA) – pending an announcement by the Company in relation to an equity capital raising.

 

At Stockhead, we tell it like it is. This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

 

 

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