Good morning everyone, and welcome to October 18, 2024 – an important date in the history of bending the elbow.

That’s because it was on this day in 1776 that a customer walked into a bar in New York, where a bartender called Betsy Flanagan worked.

Flanagan had a flair for panache, and had decorated her bar with the plumage of an array of colourful birds, leading the patron to request “a glass full of those cock tails”, inadvertently naming both the fancy drinks that Flanagan was fond of making, and the truly awful tiny pickled onions that no one in the history of the planet has ever eaten and thought “yum!”

And so that’s where we get the word “cocktail” from… and now that you know, you can tell every idiot who tries to teach you the other variant of that story (which is both heroically wrong and terribly homophobic) precisely how low-rent they really are.

Luckily for you, you won’t have to reinvent the way we drown our brains in alcohol just take take away a tiny slice of the inherent sadness of the human condition 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$2,679.15/oz (+0.20%)

Silver: US$31.59/oz (-0.33%)

Iron Ore: US$102.25/t (-2.38%)

Nickel (3mth): US$17,068/t (-0.55%)

Copper (3mth): US$9,418/t (+0.18%)

Zinc: US$3,071/t (+2.47%)

Oil (WTI): US$70.65/bbl (-0.08%)

Oil (Brent): US$74.46/bbl (-0.01%)

AUD/USD: 0.6691 (+0.41%)

Bitcoin: US$67,444 (+0.45%)

 

WHAT GOT YOU TALKING

Record revenues have breathed new life into the ASX-listed cannabis stocks – which is great news if you like making money, or cannabis, or both at the same time. Tim Boreham has the details here:

 

 

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:

Wordpress Table Plugin

 

Yesterday’s Small Cap Winners included:

Ovanti (ASX:OVT) was up after revealing that, following a lengthy search, the company has appointed former US CFO of Zip Co Simon Keast as Chief Executive Officer, which will take effect from 1 November 2024. This is, apparently, big news – Ovanti was up a stonking 275% yesterday.

Cygnus Metals (ASX:CY5) was up early in the session yesterday morning, on news that the company has received firm commitments for A$11 million via a share placement to institutional and sophisticated investors  amid “overwhelming demand” ahead of Cygnus’ planned merger with TSXV-listed Dore Copper Mining Corp. The placement was priced at A$0.072 per share, being a 10% discount to the last sale price of A$0.08.

Koonenberry Gold (ASX:KNB) was up for a few reasons yesterday, most notably its decision to acquire 100% of the Enmore gold project in New South Wales from Global Uranium and Enrichment (ASX:GUE), in exchange for 35 million fully paid ordinary shares in KNB.

On top of that, KNB is also buying the Lachlan Project from Gilmore Metals, taking KNB’s landholding in NSW to 4,410km2, while building a “one of the most significant portfolios in NSW” across “a portfolio of projects in frontier, emerging and world class terranes”. To help fund it all, Lion Selection Group (ASX:LSX) has committed $350,000 towards the $4.5 million fundraising and transformation for Koonenbery.

North Stawell Minerals (ASX:NSM) was up after it announced the completion of the Shortfall Bookbuild which concludes the four for five non-renounceable pro-rata entitlement offer at an Offer Price of $0.01 per New Share, fully underwritten by Henslow, to raise approximately $1.1 million.

Redcastle Resources (ASX:RC1) was up on news that the company is set to increase its tenement footprint in the highly prospective Redcastle–Queen Alexandra gold corridor following the acquisition of a strategic tenement, allowing it P access to new multiple exploration targets along a trend of historical workings at the site.

Little Green Pharma (ASX:LGP) jumped after it delivered a heathy quarterly report, showing record  revenue of $10.2 million (unaudited), up 40% on prior quarter and cash receipts of $10.8 million, up over 30% on prior quarter. The company’s net operating cash inflow of over $1.0 million has resulted in a cashflow positive quarter of $0.6 million.

Blaze Minerals (ASX:BLZ) was up on news it has has executed a binding agreement with Gecko Minerals, an Australian unlisted public company, to acquire a 60% interest in Gecko Minerals Uganda, the legal and beneficial owner of the Ntungamo project (three granted exploration licences) and the Mityana Project (one granted exploration licence) which are prospective for critical metals including beryllium, rubidium, lithium, tin and tantalite in western and central Uganda. The company also has an option to acquire the remaining 40% of Gecko Uganda within a two-year period.

Bioxyne (ASX:BXN) was rising after delivering a quarterly this morning that showed quarterly revenue of $4.6 million, up 48% on Q4 FY2024 and an 119% increase on Q1 FY2024, and quarterly cash receipts of $5.8 million, generating positive operating cash flow for the quarter of $1.2 million.

Hubify (ASX:HFY) climbed after the company released a statement from chairman Anthony Ghattas which said a lot of words but was a little thin on actual performance data – but the news must be good, because people with a better attention span than mine have obviously been able to snake sense of it.

Shares in Deep Yellow (ASX:DYL)  were up after it notified the ASX that global metals investment manager Sprott increased its shareholding in the yellowcake hunter from 5.96% to 7.82%.

Sprott did the same with Lotus Resources (ASX:LOT), which also rose after the metals investor took up a greater position in the junior from 7.32% up to 8.32% on the back of a reduction in held shares by JP Morgan earlier in the month. Overall, Lotus is up >30% for the month as it looks to accelerate the restart of the 19.3Mlb Kayelekera mine in Malawi after reducing capex to production from US$88m down to US$50m. DYL on the other hand is progressing development of its two advanced projects: its flagship 121Mlb Tumas project in Namibia and the 104.8Mlb Mulga Rock in WA.

Global Uranium and Enrichment (ASX:GUE) and Koonenberry Gold (ASX:KNB) were rocketing up the charts tvia KNB’s proposed acquisition of the Enmore gold project in NSW’s Lachlan Fold Belt, 20km from Larvotto Resources’ (ASX:LRV) 1.7Moz Hillgrove gold-antimony mine. KNB is also snapping up 10 granted exploration licences and one exploration licence west of its current projects through the acquisition of Gilmore Metals. It will pay GUE 35 million shares for the Enmore project and will issue Gilmore Metals’ shareholders with 95 million shares, as well as grant GUE a 2% net smelter royalty. Enmore covers 134km2 about 30km from Armidale town and sits within the New England Fold Belt that holds large deposits such as the 8Moz Ravenwood mine, the 7.7Moz gold and 0.36Mt copper Mt Morgan mine, and the 2.5Moz Cracow project. Despite this, the region remains underexplored, with the NSW segment considerably less explored than the Queensland segment.

Meanwhile, Stockhead’s Tim Boreham reports that the ASX cannabis sector, once struggling, is now showing promising signs of growth. Bioxyne (ASX:BXN)  is on track to hit its annual revenue target of $20 million, reporting a 48% revenue increase from the previous quarter, driven by strong sales of its gummies.

Little Green Pharma (ASX:LGP) also reported record revenue of $10.2 million, a 40% increase from the previous quarter, thanks to high demand from Europe. LGP’s shares rose by 42% today.

Elsewhere, Althea Group (ASX:AGH)  is shifting focus by selling its UK clinics to invest in cannabis beverages, while still maintaining some product sales in the UK market.

 

YESTERDAY’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:

Wordpress Table Plugin

 

TRADING HALTS 

Kinetiko Energy (ASX:KKO) – pending the release of an announcement in relation to results of drilling at well 271-23PT.

Star Entertainment Group (ASX:SGR) – an announcement in relation to correspondence from the NICC.

Cannindah Resources (ASX:CAE) –  pending the release of an announcement to the market in relation to a proposed capital raising.

Siren Gold (ASX:SNG) – security holders’ meeting to vote on a resolution to approve the proposed sale of the company’s shares in Reefton Resources to Rua Gold.

Genetic Technologies (ASX:GTG) – GTG is currently assessing its strategic options, operational review and progress on its fundraising.

Chariot Corporation (ASX:CC9) – pending an announcement regarding a proposed capital raising.

Otto Energy (ASX:OEL) – pending an announcement to ASX in relation to the drilling results of F5-ST Well at SM 71.

IperionX (ASX:IPX) – pending an announcement regarding a proposed capital raising.

Asra Minerals (ASX:ASR) – in light of legal advice regarding the need to seek orders from the Supreme Court of Western Australia under section 1322 of the Act in respect of the share issues the subject of the cleansing notices.

Botala Energy (ASX:BTE) – pending an announcement in respect of a proposed capital raising.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

 

 

 

Keywords: ASX today OVT

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At Stockhead, we tell it like it is. While Bioxyne and Koonenberry Gold are Stockhead advertisers, they did not sponsor this article.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

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