Good morning everyone, and welcome to 26 March, 2024 – an important day on the calendar for people of the Mormon faith, as it was on this day in 1820 that Joseph Smith had his “First Visions” while praying in the woods in New York.
The story goes that Smith was in the process of asking God which church he should join, when he felt himself overcome by a dark power. Crying out to the heavens for help, Smith said he was visited by a bright light, and “two personages” who “defied description”, who explained to him that all the other churches had it wrong, and that he would be the vessel through which the true Testament would be relayed.
From there, things get a bit unusual, but in the interests of not upsetting anyone, I’ll leave the commentary there – it’s probably best to hedge my bets on this topic, anyway.
I’d hate to shuffle off suddenly and have to explain to Whoever Is In Charge why I thought terrible things about how utterly bonkers these religious origin stories are.
To help us all be at peace with each other, and the universe, and – most importantly – the market this morning, we’ve got some fabulous stories from the Stockhead team.
Stories like: Dale Henderson’s downstream ambitions, Goldman Sachs joins the copper bulls, and is that a 150pc slice of miner upside?
And, as always there’s words and numbers down below for you to scour now and then regurgitate like a proper latter day saint, and be the oracle among your friends and colleagues when the markets open this morning.
COMMODITY/FOREX/CRYPTO MARKET PRICES
Gold: US$2,167.40 (+0.07%)
Silver: US$24.57 (-0.28%)
Nickel (3mth): US$17,149/t (-1.60%)
Copper (3mth): US$8,740.65/t (-1.49%)
Oil (WTI): US$81.05 (+0.30%)
Oil (Brent): US$85.82 (+0.30%)
Iron 62pc Fe: US$110.64/t (-0.27%)
AUD/USD: 0.6522(-0.05%)
Bitcoin: US$67,157.80 (-0.47%)
WHAT GOT YOU TALKING
If you missed the memo on Resources yesterday, here’s your chance to catch up before it all kicks off again today.
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 | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| JAV | Javelin Minerals Ltd | 0.15 | 50.00 | 10,416,017 | $2,176,231 |
| REZ | Resourc & En Grp Ltd | 1.10 | 37.50 | 3,282,511 | $3,998,446 |
| NRX | Noronex Limited | 1.45 | 31.82 | 35,138,891 | $5,153,249 |
| JPR | Jupiter Energy | 2.10 | 31.25 | 11,600 | $20,378,435 |
| AXE | Archer Materials | 60.50 | 28.72 | 7,094,978 | $119,778,096 |
| CGR | Cgnresourceslimited | 29.50 | 28.26 | 2,198,909 | $20,878,984 |
| VIT | Vitura Health Ltd | 20.00 | 25.00 | 568,971 | $92,139,806 |
| 1CG | One Click Group Ltd | 1.00 | 25.00 | 335,722 | $5,505,431 |
| CZN | Corazon Ltd | 1.00 | 25.00 | 1,987,051 | $4,924,783 |
| ESR | Estrella Res Ltd | 0.50 | 25.00 | 3,967,105 | $7,037,487 |
| FAU | First Au Ltd | 0.25 | 25.00 | 370,000 | $3,323,987 |
| MCT | Metalicity Limited | 0.25 | 25.00 | 14,640,716 | $8,970,108 |
| MEA | McGrath Ltd | 58.50 | 24.47 | 3,310,166 | $74,813,429 |
| GLV | Global Oil & Gas | 3.70 | 23.33 | 12,150,229 | $16,720,010 |
| SGC | Sacgasco Ltd | 1.10 | 22.22 | 1,322,532 | $7,017,184 |
| MPP | Metro Perf.Glass Ltd | 16.50 | 22.22 | 37,018 | $25,026,042 |
| VMS | Venture Minerals | 2.30 | 21.05 | 9,792,667 | $43,066,914 |
| IBG | Ironbark Zinc Ltd | 0.60 | 20.00 | 6,945,647 | $7,969,363 |
| INP | Incentiapay Ltd | 0.60 | 20.00 | 428,866 | $6,219,650 |
| NWF | Newfield Resources | 13.00 | 18.18 | 103,765 | $100,177,321 |
| AN1 | Anagenics Limited | 1.30 | 18.18 | 492,063 | $4,610,461 |
| EOF | Ecofibre Limited | 10.50 | 16.67 | 155,353 | $34,098,651 |
| SRL | Sunrise | 66.50 | 16.67 | 121,513 | $51,429,674 |
| BFC | Beston Global Ltd | 0.70 | 16.67 | 905,280 | $11,982,281 |
| M4M | Macro Metals Limited | 0.70 | 16.67 | 42,275,172 | $19,392,401 |
Yesterday’s Small Cap Winners included:
Top of the news-making winners was Venus Metals (ASX:VMC), charging more than +20% on news that drilling at its 100%-owned Youanmi lithium project has confirmed that the company has, in fact, hit a significant, high-grade lithium deposit, with some of the best results coming at or near surface. Top intersections such as 24m @ 1.71% Li2O, including 14m @ 2.54% Li2O from 0-14m, and 15m @ 1.34% Li2O, including 8m @ 2.19% Li2O from 0-8m have the team pretty excited.
McGrath (ASX:MEA) was up 25% after founder and CEO John McGrath struck a 60c/share takeover deal with a consortium of global real estate consultancy Knight Frank and New Zealand’s largest private held real estate agency Bayleys.
Likewise, MMA Offshore (ASX:MMA) rose 10% after getting a buyout proposal from Cyan, a subsidiary of Cyan Renewables, for a cash amount of $2.60 per MMA share.
Archer Materials (ASX:AXE) also enjoyed a boost on news that it and research partner PFL have developed a pulsed electron spin resonance chip, advancing Archer’s 12CQ quantum technology project.
Auking Mining (ASX:AKN) has signed a memorandum of understanding with Saudi operator Barg Alsaman Mining Company – a subsidiary of the expansive Segia Gulf Group – for the purpose of jointly exploring and developing mineral projects in the Kingdom of Saudi Arabia.
Argenica Therapeutics (ASX:AGN) jumped +15% on the back of an FDA-related announcement. The brain tissue focused biotech says the US FDA has granted its neuroprotective drug ARG-007 a Rare Pediatric Disease Designation (RPDD) for the treatment of Hypoxic Ischaemic Encephalopathy (HIE) in newborn term infants. An RPDD is given by the FDA to those drugs that show promise in preventing, diagnosing or treating a rare disease or condition in the pediatric population (children 18 years and younger).
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 | Name | Price | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| AXP | AXP Energy Ltd | 0.10 | -50.00 | 10,107,445 | $11,649,361 |
| RMX | Red Mount Min Ltd | 0.10 | -50.00 | 3,400,000 | $5,347,152 |
| RFT | Rectifier Technolog | 2.00 | -44.44 | 15,881,605 | $49,751,422 |
| ADX | ADX Energy Ltd | 12.00 | -36.84 | 16,931,896 | $81,478,288 |
| SIH | Sihayo Gold Limited | 0.10 | -33.33 | 350,000 | $18,306,384 |
| SIT | Site Group Int Ltd | 0.20 | -33.33 | 20,000 | $7,807,471 |
| SKN | Skin Elements Ltd | 0.30 | -25.00 | 196,151 | $2,357,944 |
| AKG | Academies Aus Grp | 19.00 | -22.45 | 93,425 | $32,490,544 |
| IS3 | I Synergy Group Ltd | 0.70 | -22.22 | 118,000 | $2,736,723 |
| BSX | Blackstone Ltd | 6.00 | -20.00 | 413,403 | $39,312,834 |
| TZL | TZ Limited | 2.00 | -20.00 | 351,190 | $6,418,953 |
| CNJ | Conico Ltd | 0.20 | -20.00 | 860,854 | $3,925,237 |
| GMN | Gold Mountain Ltd | 0.40 | -20.00 | 50,090,909 | $14,877,528 |
| ROG | Red Sky Energy. | 0.40 | -20.00 | 1,073,395 | $27,111,136 |
| OLL | Openlearning | 1.70 | -19.05 | 633,529 | $5,625,251 |
| EOS | Electro Optic Sys. | 170.00 | -18.27 | 2,570,950 | $356,170,892 |
| EVR | Ev Resources Ltd | 0.90 | -18.18 | 44,747,346 | $14,533,986 |
| AQX | Alice Queen Ltd | 0.50 | -16.67 | 10,328 | $4,145,905 |
| GCM | Green Critical Min | 0.50 | -16.67 | 240,000 | $6,819,510 |
| GTI | Gratifii | 0.50 | -16.67 | 5,223,143 | $8,215,336 |
| HHR | Hartshead Resources | 0.50 | -16.67 | 29,430,684 | $16,852,093 |
| IPB | IPB Petroleum Ltd | 1.00 | -16.67 | 300,000 | $6,781,469 |
| LNR | Lanthanein Resources | 0.25 | -16.67 | 2,227,792 | $5,864,727 |
| OAR | OAR Resources Ltd | 0.25 | -16.67 | 4,784,000 | $7,959,933 |
| RML | Resolution Minerals | 0.25 | -16.67 | 2,000,000 | $3,779,990 |
TRADING HALTS
Environmental Clean Technologies (ASX:ECT) – pending the release of an announcement in relation to a capital raising.
Brightstar Resources (ASX:BTR) – pending an announcement concerning a capital raising.
Entyr (ASX:ETR) – pending an announcement to the market regarding financial and strategic matters.
Prodigy Gold (ASX:PRX) – pending an announcement to the market in relation to a capital raising.
Hastings Technology Metals (ASX:HAS) – pending finalisation of underwriting arrangements in relation to a capital raising.
Amaero International (ASX:3DA) – pending an announcement in relation to an equity capital raising and the finalisation of a material contract.
Black Rock Mining (ASX:BKT) – to allow a capital raising to take place in an orderly fashion.
Barton Gold (ASX:BGD) – pending an announcement to the market in relation to a capital raising.
Clarity Pharmaceuticals (ASX:CU6) – pending the planning and preparation for, and an announcement in relation to, an equity raising.
Vintage Energy (ASX:VEN) – pending an announcement by Vintage in relation to a proposed equity raising.
Future Battery Minerals (ASX:FBM) – pending the release of an announcement in relation to a capital raising.