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Rise and Shine: Everything you need to know before the ASX opens
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Good morning everyone, and welcome to 27 February, 2024 – an important day in the world of partying, as it was on this day in 1827 that the first Mardi Gras celebration was held in New Orleans.
That first iteration of what has become a slovenly monument to bare breasts and public urination was put together by the Mistik Krewe of Comus – a band of folks who wanted to revive the best of the old Creole tradition of a parade through the streets to mark the end of Carnival in the city.
Overcoming their obvious inability to spell, they organised the first parade of floats through the city streets, and the event was an instant sensation, with thousands of people flocking to the city the following year.
The Mistik Krewe of Comus has been the most consistent participant in the history of Mardi Gras, being part of the festivities and leading the party atmosphere since then, all the way up to 1991.
In that year, the local government asked the Mistik Krewe of Comus – and other similar Krewes that traditionally took part in the revelry – to reconsider their membership rules, in order to make them more inclusive.
They refused, and rather than racially integrate, pulled out of the parade altogether. But the party has continued to rage every year, and will continue to do so with or without the loose cohort of racist morons that gave birth to it all those years ago.
And it’s in the fun, happy spirit of Mardi Gras that we’re going to press on with all the info you need to free your ASX nipples. To make it worth your while, we’ve got all the MoneyTalks gossip thanks to Earlybird Eddy Sunarto, and Jess Cummins has come in clutch with a beautifully crafted piece on how Legacy Minerals has made its mark on the Aussie resources landscape.
And, as always there’s words and numbers down below for you to scour now and then get unhappy about on talkback radio before the market opens later on this morning.
COMMODITY/FOREX/CRYPTO MARKET PRICES
Gold: US$2,031.06 (-0.23%)
Silver: US$22.51 (-1.86%)
Nickel (3mth): US$17,495/t (+0.59%)
Copper (3mth): US$8,567.50/t (-0.20%)
Oil (WTI): US$77.58 (+1.43%)
Oil (Brent): US$82.54 (+1.13%)
Iron 62pc Fe: US$126.11/t (-0.58%)
AUD/USD: 0.6539 (-0.30%)
Bitcoin: US$54,765 (+5.85%)
WHAT GOT YOU TALKING
Don’t look now, but word on the street is that some folks are feeling positive about lithium again…
Eye On Lithium: There’s some positivity around the traps for a potential turnaround in #lithium spot prices. | #ASX #stocks https://t.co/itnX4rioMJ
— Stockhead (@StockheadAU) February 26, 2024
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:
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| W2V | Way2Vatltd | 0.032 | 60% | 132,081,482 | $13,032,169 |
| EXL | Elixinol Wellness | 0.009 | 50% | 2,377,022 | $3,797,230 |
| AVW | Avira Resources Ltd | 0.0015 | 50% | 150,285 | $2,133,790 |
| RKT | Rocketdna Ltd | 0.01 | 43% | 47,769,028 | $4,592,804 |
| BP8 | BPH Global Ltd | 0.002 | 33% | 167,999 | $2,931,174 |
| AHK | Ark Mines Limited | 0.2 | 33% | 105,902 | $8,316,962 |
| PL3 | Patagonia Lithium | 0.17 | 31% | 235,497 | $6,386,705 |
| LSA | Lachlan Star Ltd | 0.052 | 30% | 981,979 | $8,302,928 |
| BVS | Bravura Solution Ltd | 1.245 | 30% | 7,928,441 | $430,419,842 |
| OSL | Oncosil Medical | 0.009 | 29% | 1,212,315 | $13,821,788 |
| SKN | Skin Elements Ltd | 0.005 | 25% | 311,471 | $2,357,944 |
| ZEO | Zeotech Limited | 0.031 | 24% | 824,895 | $43,335,577 |
| INV | Investsmart Group | 0.155 | 24% | 5,000 | $17,835,061 |
| COY | Coppermoly Limited | 0.011 | 22% | 90,394 | $6,265,219 |
| WCN | White Cliff Min Ltd | 0.017 | 21% | 8,775,065 | $18,702,031 |
| TTM | Titan Minerals | 0.023 | 21% | 3,390,284 | $32,221,079 |
| MOZ | Mosaic Brands Ltd | 0.205 | 21% | 194,260 | $30,346,095 |
| AYT | Austin Metals Ltd | 0.006 | 20% | 655 | $6,425,957 |
| CHK | Cohiba Min Ltd | 0.003 | 20% | 11,322,357 | $6,325,575 |
| HIQ | Hitiq Limited | 0.025 | 19% | 27,743 | $7,388,744 |
| PKD | Parkd Ltd | 0.025 | 19% | 507,094 | $2,184,292 |
| STP | Step One Limited | 1.45 | 19% | 1,388,326 | $226,115,155 |
| XF1 | Xref Limited | 0.13 | 18% | 106,430 | $20,479,392 |
| PXX | Polarx Limited | 0.013 | 18% | 6,947,947 | $18,035,785 |
| MTM | MTM Critical Metals | 0.092 | 18% | 7,011,913 | $9,695,116 |
Yesterday’s Small Cap Winners included:
Critical minerals hunter Enova Mining (ASX:ENV) has entered into a binding option agreement with a private individual – one Rodrigo de Brito Mello – to acquire 100% of the huge, 153.3km2 CODA prospect.
Located in the mining heavy state of Minas Gerais in Brazil, CODA is viewed by Enova as a potential world class “district sized” ionic clay rare earths project.
So far, 11 shallow auger holes have been drilled within the CODA prospect, with the most significant results revealing the following:
- 10.5m at 2,567 ppm TREO including 4.5m at 4,157 ppm TREO
- 10m at 3,218 ppm TREO including 6m at 3,608 ppm TREO
- 10m at 2,414 ppm TREO including 4m at 4,401 ppm TREO
The highest assaying drill intercepts were recorded at end of hole: 0.5m at 5,697 ppm TREO and 1m at 5,078 ppm TREO.
Enova reports that mineralisation remains open in all directions at CODA with grades significantly increasing at depth.
Still kicking on is the Aussie AI prospect, cybersecurity minnow WhiteHawk (ASX:WHK).
This is what WHK says about WHK:
WhiteHawk is a cloud-based cyber security exchange platform that delivers Artificial Intelligence based Cyber Risk Profile’s, interactive online maturity models, tailored Cyber Risk Scorecard reports, matching to innovative products, solutions and best practices, all via an intuitive virtual consult.
The platform enables customers to leverage their tailored Security Story to find affordable and impactful cyber tools, non-technical context, and relevant services through our algorithms, online customer journey and accessible expertise.
The stock’s up HEAPS since Nvidia’s knock out earnings drop on Thursday.
The Aussie tech-debt collection provider Credit Clear (ASX:CCR) upgraded guidance for FY24 following a strong 1H’24 result, which included better margins, revenue, mre customers and a decent balance sheet.
CCR is now tracking ahead of FY24 guidance, and consequently here’s the newly upgraded forecast:
FY24 revenue guidance up from $39m – $41m to $40m – $42m, and FY24 Underlying EBITDA1 guidance up from $1m – $2m to in excess of $3m.
CCR revenue jumped up 15% pcp to over $20mn; Underlying EBITDA improved some $1.8m on the pcp and Statutory EBITDA improved $5.4m on pcp; Gross margin expanded to 54%, up from 50% in 1H’23 .
CCR says it signed on 225 new clients, a 24% increase on pcp, including tier-1 clients in banking, insurance, and essential services (utilities).
And we all like a strong balance sheet: CCR now has $13m cash at the bank, an improvement of $3.7m on pcp. Investors like a lot of that.
Also doing quite well, Cygnus Metals (ASX:CY5). The diversified minerals hunter says first drilling has taken place at the Pegasus prospect within its high-priority Auclair lithium project in James Bay, Quebec in Canada.
And it’s reporting some “strong visual results”, revealing, it says, numerous thick and shallow spodumene-bearing pegmatite intersections up to 77m wide, with an average width of 38m.
The best mineralised section of the drill core appears to be 43.7m of pegmatite with average 10-12% estimated spodumene mineralisation from 46.4m. That includes 3.3m with 60-70% estimated spodumene mineralisation from 83.5m.
Assays are pending, of course, and those are expected in Q2.
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:
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| W2V | Way2Vatltd | 0.032 | 60% | 132,081,482 | $13,032,169 |
| EXL | Elixinol Wellness | 0.009 | 50% | 2,377,022 | $3,797,230 |
| AVW | Avira Resources Ltd | 0.0015 | 50% | 150,285 | $2,133,790 |
| RKT | Rocketdna Ltd | 0.01 | 43% | 47,769,028 | $4,592,804 |
| BP8 | BPH Global Ltd | 0.002 | 33% | 167,999 | $2,931,174 |
| AHK | Ark Mines Limited | 0.2 | 33% | 105,902 | $8,316,962 |
| PL3 | Patagonia Lithium | 0.17 | 31% | 235,497 | $6,386,705 |
| LSA | Lachlan Star Ltd | 0.052 | 30% | 981,979 | $8,302,928 |
| BVS | Bravura Solution Ltd | 1.245 | 30% | 7,928,441 | $430,419,842 |
| OSL | Oncosil Medical | 0.009 | 29% | 1,212,315 | $13,821,788 |
| SKN | Skin Elements Ltd | 0.005 | 25% | 311,471 | $2,357,944 |
| ZEO | Zeotech Limited | 0.031 | 24% | 824,895 | $43,335,577 |
| INV | Investsmart Group | 0.155 | 24% | 5,000 | $17,835,061 |
| COY | Coppermoly Limited | 0.011 | 22% | 90,394 | $6,265,219 |
| WCN | White Cliff Min Ltd | 0.017 | 21% | 8,775,065 | $18,702,031 |
| TTM | Titan Minerals | 0.023 | 21% | 3,390,284 | $32,221,079 |
| MOZ | Mosaic Brands Ltd | 0.205 | 21% | 194,260 | $30,346,095 |
| AYT | Austin Metals Ltd | 0.006 | 20% | 655 | $6,425,957 |
| CHK | Cohiba Min Ltd | 0.003 | 20% | 11,322,357 | $6,325,575 |
| HIQ | Hitiq Limited | 0.025 | 19% | 27,743 | $7,388,744 |
| PKD | Parkd Ltd | 0.025 | 19% | 507,094 | $2,184,292 |
| STP | Step One Limited | 1.45 | 19% | 1,388,326 | $226,115,155 |
| XF1 | Xref Limited | 0.13 | 18% | 106,430 | $20,479,392 |
| PXX | Polarx Limited | 0.013 | 18% | 6,947,947 | $18,035,785 |
| MTM | MTM Critical Metals | 0.092 | 18% | 7,011,913 | $9,695,116 |
TRADING HALTS
Pointerra (ASX:3DP) – to facilitate an orderly market in the company’s securities pending an announcement regarding a material contract award.
CSR (ASX:CSR) – in relation to a potential material transaction involving CSR.
Global Oil and Gas (ASX:GLV) – pending the release of an announcement regarding a capital raise.
Calima Energy (ASX:CE1) – requested for the purposes of a sale.
PharmAust (ASX:PAA) – pending an announcement of Phase 1 MND Study Top-Line Results.
Way2VAT (ASX:W2V) – pending an announcement in relation to a proposed capital raise.
Kula Gold (ASX:KGD) – pending an announcement by the company regarding a capital raise.
EV Resources (ASX:EVR) – pending an announcement regarding a capital raise.
