Good morning everyone, and welcome to Monday, 6 November.
Aussie shares are poised to open flattish on Monday, ahead of the RBA rates decision tomorrow.
On Stockhead today…
Experts agree, we need a lot more copper to reach net zero but with supply from large orebodies declining, little discoveries are not going to cut it. The world needs big discoveries like Ivanhoe Mines’ sediment hosted Kamoa/Kakula project in the DRC, the largest copper discovery ever made in the history of mining on the African continent.
Stockhead’s Jess Cummins explains where the massive discoveries going to come from.
But first..
COMMODITY/FOREX/CRYPTO MARKET PRICES
Gold: US$1,992.53 (+0.35%)
Silver: US$23.21 (+2.03%)
Nickel (3mth): US$17,979/t (-0.19%)
Copper (3mth): US$8,143/t (+0.41%)
Oil (WTI): US$80.51 (-2.36%)
Oil (Brent): US$85.17 (-1.93%)
Iron 62pc Fe: US$126.15/t (+0.46%)
AUD/USD: 0.6515 (+1.21%)
Bitcoin: US$34,927 (+0.87%)
WHAT GOT YOU TALKING
Even Albemarle seems as perplexed as anyone that lithium prices have fallen so far, but it says there’s not much slack left in the supply chain. The US giant has muted expectations it could go hard on M&A again after pulling out of $6.6 billion Liontown bid.
Corella Resources (ASX:CR9) has unleashed a monstrous scoping study highlighting two highly attractive – and mutually exclusive – development scenarios for its Tampu high priority alumina project in WA’s Wheatbelt region.
And this…
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 |
|---|---|---|---|---|---|
| MCM | Mc Mining Ltd | 0.205 | 58% | 236,548 | $52,874,446 |
| CLE | Cyclone Metals | 0.0015 | 50% | 505,209 | $10,264,505 |
| EMU | EMU NL | 0.0015 | 50% | 392,516 | $1,667,521 |
| KNM | Kneomedia Limited | 0.003 | 50% | 175,000 | $3,009,571 |
| NAG | Nagambie Resources | 0.029 | 45% | 470,051 | $11,634,526 |
| TSL | Titanium Sands Ltd | 0.01 | 43% | 5,502,941 | $12,402,633 |
| 8IH | 8I Holdings Ltd | 0.009 | 39% | 160,343 | $2,309,127 |
| STK | Strickland Metals | 0.15 | 36% | 46,274,634 | $176,126,071 |
| AHN | Athena Resources | 0.004 | 33% | 1,135,664 | $3,211,403 |
| AVE | Avecho Biotech Ltd | 0.004 | 33% | 276,642 | $8,094,876 |
| ME1 | Melodiol Glb Health | 0.004 | 33% | 41,295,728 | $11,487,311 |
| OAR | OAR Resources Ltd | 0.004 | 33% | 5,069,038 | $7,839,407 |
| GRE | Greentechmetals | 0.54 | 32% | 3,349,301 | $23,299,844 |
| NTM | Nt Minerals Limited | 0.009 | 29% | 945,555 | $6,019,320 |
| NXS | Next Science Limited | 0.315 | 29% | 1,404,511 | $71,465,300 |
| PNR | Pantoro Limited | 0.041 | 28% | 38,073,629 | $166,528,976 |
| DCL | Domacom Limited | 0.032 | 28% | 177,307 | $10,887,544 |
| ARV | Artemis Resources | 0.028 | 27% | 7,922,209 | $34,703,204 |
| TZL | TZ Limited | 0.03 | 25% | 573,408 | $6,162,195 |
| SQ2 | Block | 80.74 | 25% | 821,279 | $2,132,504,378 |
| X2M | X2M Connect Limited | 0.049 | 23% | 50,000 | $7,183,738 |
| ASP | Aspermont Limited | 0.011 | 22% | 20,010 | $21,948,873 |
| CXU | Cauldron Energy Ltd | 0.011 | 22% | 3,425,035 | $8,762,118 |
| MHK | Metalhawk. | 0.12 | 20% | 329,699 | $7,877,101 |
| SIO | Simonds Grp Ltd | 0.18 | 20% | 164,711 | $53,985,968 |
Friday’s Small Caps highlights:
MC Mining (ASX:MCM). The situation is as follows – MCM has been the target of an off-market cash takeover offer from Senosi Group and Dendocept, both already substantial MCM shareholders.
MCM says a proposal letter (dated 1 November) landed at HQ and within it is the outline of the consortium’s proposal and intention to make an off-market cash takeover offer for all the shares in the company not currently held by the two majority shareholders.
This includes an indicative cash consideration offer range of $0.20-$0.23 per ordinary share, based on MCM’s undiluted share capital.
TZ (ASX:TZL) says its wholly owned subsidiary, TZI Australia has received a big purchase order for the supply of smart lockers, system electronics and software for a European-headquartered global transport and logistics company. The purchase is worth circa $2.6m, TZ told the ASX on Friday.
TZL anticipates that supply will commence prior to the end of the calendar year and should be completed in early 2024. The customer is keen to ship at least 50% of the Locker Bank order before Christmas.
Back on the winners ladder late on Friday was local investments platform DomaCom (ASX:DCL).
DCL soared like a soaring investments platform and has gone off into the ether largely on the back of an obscure and non-binding Memorandum of Understanding (MoU) with Super Fierce, “Australia’s premier superannuation advice technology platform”. The big sell of this alliance appears to be DomaCom can add residential property investments to Aussie super members via Super Fierce.
A very excited DCL says the Super Fierce MoU is ‘a significant milestone’ in the investment platform’s mission ‘to provide accessible and diversified investment solutions for all Australians’.
DCL told the ASX that the tie up is ‘set to redefine investment opportunities in the residential property sector for superannuation members’.
YESTERDAY’S ASX SMALL CAP LAGGARDS
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| FRS | Forrestaniaresources | 0.001 | -80% | 53,459 | $255,754 |
| MGT | Magnetite Mines | 0.004 | -50% | 685,902 | $167,487 |
| VPR | Volt Power Group | 0.001 | -33% | 746,001 | $16,074,312 |
| IDX | Integral Diagnostics | 1.935 | -27% | 3,091,314 | $618,695,418 |
| ADR | Adherium Ltd | 0.003 | -25% | 200,000 | $19,997,633 |
| PVS | Pivotal Systems | 0.003 | -25% | 5,671,418 | $3,073,517 |
| SRN | Surefire Rescs NL | 0.012 | -25% | 18,940,096 | $26,478,958 |
| VN8 | Vonex Limited. | 0.016 | -24% | 1,504,841 | $7,598,401 |
| OMX | Orangeminerals | 0.034 | -23% | 117,020 | $2,227,508 |
| TOY | Toys R Us | 0.011 | -21% | 5,280,466 | $13,754,489 |
| EDE | Eden Inv Ltd | 0.002 | -20% | 122,638 | $8,409,092 |
| MRQ | Mrg Metals Limited | 0.002 | -20% | 10 | $5,514,797 |
| ZNO | Zoono Group Ltd | 0.044 | -20% | 76,075 | $10,446,022 |
| MHI | Merchant House | 0.051 | -19% | 20,000 | $5,938,789 |
| SCT | Scout Security Ltd | 0.013 | -19% | 154,305 | $3,690,688 |
| RLG | Roolife Group Ltd | 0.009 | -18% | 553,337 | $7,948,139 |
| FBR | FBR Ltd | 0.019 | -17% | 18,649,161 | $91,423,351 |
| RNO | Rhinomed Ltd | 0.029 | -17% | 10,301 | $10,000,189 |
| LVH | Livehire Limited | 0.045 | -17% | 3,300 | $19,076,777 |
| ZNC | Zenith Minerals Ltd | 0.1 | -17% | 92,956 | $42,285,706 |
| HMD | Heramed Limited | 0.04 | -17% | 705,138 | $13,416,681 |
| RIE | Riedel Resources Ltd | 0.005 | -17% | 512,000 | $12,356,442 |
| TAS | Tasman Resources Ltd | 0.005 | -17% | 300,347 | $4,276,016 |
| YPB | YPB Group Ltd | 0.0025 | -17% | 200,000 | $2,230,384 |
| CLU | Cluey Ltd | 0.073 | -16% | 20,010 | $17,540,380 |
TRADING HALTS
Acrow Formwork & Construction Services (ASX:ACF) – pending the release of an ASX announcement regarding an acquisition, institutional share placement and debt facility.
Cleo Diagnostics (ASX:COV) – pending an announcement to be made by the company to the market in connection with the publication reporting results of Cleo’s first clinical validation study for the triage test.
Buxton Resources (ASX:BUX) – pending an announcement of assay results from the Dogleg Prospect.
Astron Corporation (ASX:ATR) pending the release of an announcement regarding a material capital raising transaction.
Pilot Energy (ASX:PGY) pending an announcement with regards to a capital raising that the company is proposing to execute, which is to be managed by Whairo Capital Pty Ltd and to allow for the execution of that raise in an orderly manner. Nice, adult.
Race Oncology (ASX:RAC) – requested to allow analysis and interpretation of data received relating to an investigator-initiated Phase 2 human clinical trial, where Race’s lead asset, bisantrene, is being studied in patients with Acute Myeloid Leukaemia.
AdAlta (ASX:1AD) – pending an announcement by AdAlta in relation to a proposed capital raising.