On Stockhead today …
John Forwood tells us what he likes in copper, Litchfield shows the market hasn’t completely lost its appetite for IPOs, and Traders’ Diary: everything you need to get ready for the week.
But first, the day ahead.
COMMODITY/FOREX/CRYPTO MARKET PRICES
Gold: US$2,155.73/oz (-0.24%)
Silver: US$25.17/oz (+1.44%)
Nickel (3mth): US$18,077/t (-1.47%)
Copper (3mth): US$8,887.50/t (-0.44%)
Oil (WTI): US$81.04 (-0.27%)
Oil (Brent): US$85.33 (-0.11%)
Iron 62pc Fe: US$105.50/t (-1.86%)
AUD/USD: 0.656 (-0.30%)
Bitcoin: US$67,237 (+2.58%)
TRADING HALTS
These stocks went into trading halts Friday and are expected out in the coming days:
Aura Energy Limited (ASX:AEE) – private equity placement
WHAT GOT YOU TALKING OVER THE WEEKEND?
Crypto stumbling like last year’s AFL Grand Finalists.
Keep up to date with Stockhead coverage, follow our Twitter page.
Also, be sure to check in at preopen each day for ‘Market Highlights and 5 ASX Small Caps to Watch’, and 10.40am for our daily ‘10 at 10’ column — a live summary of winners & losers at the opening bell.
LAST WEEK’S ASX SMALL CAP LEADERS
The best performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % Week | Market Cap |
|---|
| TSK | Task Group Holdings | 0.8 | 108% | $279,708,923 |
| JAV | Javelin Minerals Ltd | 0.002 | 100% | $4,352,462 |
| NYM | Narryer Metals | 0.05 | 79% | $2,575,172 |
| MAG | Magmatic Resrce Ltd | 0.08 | 78% | $32,057,672 |
| RR1 | Reach Resources Ltd | 0.0035 | 75% | $9,835,977 |
| ASP | Aspermont Limited | 0.012 | 71% | $22,100,712 |
| IS3 | I Synergy Group Ltd | 0.012 | 71% | $3,344,884 |
| 5GG | Pentanet | 0.089 | 71% | $18,686,361 |
| LBT | LBT Innovations | 0.027 | 69% | $32,809,693 |
| CVR | Cavalier Resources | 0.18 | 64% | $5,570,060 |
| AQC | Auspac Coal | 0.094 | 59% | $48,731,921 |
| BP8 | BPH Global Ltd | 0.0015 | 50% | $2,931,174 |
| GCR | Golden Cross | 0.003 | 50% | $3,291,768 |
| PKO | Peako Limited | 0.006 | 50% | $3,162,508 |
| SIH | Sihayo Gold Limited | 0.0015 | 50% | $18,306,384 |
| SIT | Site Group Int Ltd | 0.003 | 50% | $7,807,471 |
| IG6 | International Graphite | 0.155 | 48% | $12,903,276 |
| RMI | Resource Mining Corp | 0.022 | 47% | $13,031,652 |
| NYR | Nyrada In. | 0.11 | 43% | $15,600,870 |
| RAC | Race Oncology Ltd | 1.44 | 41% | $217,611,753 |
| OLL | Open Learning | 0.024 | 41% | $6,428,858 |
| POD | Podium Minerals | 0.038 | 41% | $15,916,137 |
| ARU | Arafura Rare Earths | 0.23 | 39% | $600,678,570 |
| BGT | Bio-Gene Technology | 0.069 | 38% | $13,491,225 |
| GCX | GCX Metals Limited | 0.056 | 37% | $14,759,005 |
| AIS | Aeris Resources Ltd | 0.15 | 36% | $135,453,576 |
| GTE | Great Western Exploration | 0.064 | 36% | $21,228,648 |
| WZR | Wisr Ltd | 0.046 | 35% | $61,407,656 |
| 1TT | Thrive Tribe Tech | 0.027 | 35% | $7,712,159 |
| ASH | Ashley Services Grp | 0.27 | 35% | $33,114,458 |
| ANR | Anatara Ls Ltd | 0.039 | 34% | $6,715,749 |
| SRL | Sunrise | 0.515 | 34% | $40,151,237 |
| AGR | Aguia Res Ltd | 0.02 | 33% | $11,589,724 |
| HLX | Helix Resources | 0.004 | 33% | $8,131,010 |
| LNU | Linius Tech Limited | 0.002 | 33% | $10,393,481 |
| MRQ | MRG Metals Limited | 0.002 | 33% | $5,050,237 |
| RIE | Riedel Resources Ltd | 0.004 | 33% | $7,783,425 |
| SRY | Story-I Limited | 0.004 | 33% | $1,505,619 |
| BDT | Birddog | 0.073 | 33% | $13,319,835 |
| RHT | Resonance Health | 0.073 | 33% | $31,282,505 |
| VUL | Vulcan Energy | 3.46 | 32% | $600,534,798 |
| TSI | Top Shelf | 0.23 | 31% | $45,743,689 |
| HXG | Hexagon Energy | 0.017 | 31% | $8,206,654 |
| KNI | Kuniko | 0.28 | 30% | $22,043,288 |
| DMG | Dragon Mountain Gold | 0.009 | 29% | $3,552,045 |
| PVL | Powerhouse Ven Ltd | 0.045 | 29% | $5,433,443 |
| COE | Cooper Energy Ltd | 0.1925 | 28% | $514,807,455 |
| BMR | Ballymore Resources | 0.125 | 28% | $22,922,976 |
| ARL | Ardea Resources Ltd | 0.695 | 28% | $130,031,164 |
| BUS | Bubalus Resources | 0.14 | 27% | $4,826,051 |
On Monday, US based PARTech said it would buy fellow restaurant tech company TASK Group (ASX:TSK), with TSK shareholders able to choose between cash and PAR shares.
The cash deal is worth 81c per TSK share – a 107% premium to the 30-day average price.
Narryer Metals (ASX:NYM) stonked ~80% after announcing plans to buy 70% of two lithium projects, Big Hill and Fran, in the Northwest Territories of Canada.
Big Hill shares a boundary with $200m capped Li-FT Power (TSXV:LIFT) which is drilling into thick, high grade lithium across multiple pegmatites you can see from space.
Meanwhile, aspiring WA lithium major Delta (ASX:DLI) will pay up to ~$13m over the next several years to earn into neighbouring ground owned by minnow Reach Resources (ASX:RR1).
“To receive $3.2M cash up front, and a further $10M cash/script if a successful JORC mineral resource delineation of equal to or greater than 7.5Mt at 0.8% Li2O (at a 0.5% cut off grade) is achieved, is a great result during these difficult market conditions,” RR1 CEO Jeremy Bower says.
LAST WEEK’S ASX SMALL CAP LAGGARDS
The worst performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % Week | Market Cap |
|---|
| CPM | Cooper Metals | 0.13 | -59% | $10,969,791 |
| OSX | Osteopore Limited | 0.05364 | -54% | $554,031 |
| AXP | AXP Energy Ltd | 0.001 | -50% | $11,649,361 |
| SLZ | Sultan Resources Ltd | 0.014 | -46% | $2,319,888 |
| ACS | Accent Resources NL | 0.006 | -40% | $2,838,764 |
| NAG | Nagambie Resources | 0.015 | -40% | $11,949,535 |
| ME1 | Melodiol Global Health | 0.0045 | -36% | $1,964,980 |
| LKE | Lake Resources | 0.074 | -36% | $119,621,923 |
| ADS | Adslot Ltd | 0.002 | -33% | $6,448,991 |
| AL8 | Alderan Resource Ltd | 0.004 | -33% | $4,980,876 |
| FAU | First Au Ltd | 0.002 | -33% | $3,323,987 |
| ICU | Investor Centre Ltd | 0.014 | -33% | $4,244,773 |
| RBR | RBR Group Ltd | 0.002 | -33% | $3,268,809 |
| TKL | Traka Resources | 0.001 | -33% | $3,501,317 |
| WHK | Whitehawk Limited | 0.023 | -30% | $10,160,471 |
| HHR | Hartshead Resources | 0.007 | -30% | $19,660,775 |
| IR1 | Irismetals | 0.45 | -30% | $63,472,141 |
| MOM | Moab Minerals Ltd | 0.005 | -29% | $4,983,744 |
| TG1 | Techgen Metals Ltd | 0.029 | -28% | $4,068,242 |
| OPL | Opyl Limited | 0.022 | -27% | $4,735,610 |
| PKD | Parkd Ltd | 0.022 | -27% | $2,288,305 |
| ABE | Australian Bond Exchange | 0.028 | -26% | $3,380,043 |
| CKA | Cokal Ltd | 0.073 | -26% | $79,842,225 |
| 1AG | Alterra Limited | 0.003 | -25% | $2,612,072 |
| CT1 | Constellation Tech | 0.0015 | -25% | $2,212,101 |
| CYQ | Cycliq Group Ltd | 0.003 | -25% | $1,072,550 |
| EXL | Elixinol Wellness | 0.006 | -25% | $3,797,230 |
| HCD | Hydrocarbon Dynamic | 0.003 | -25% | $2,425,747 |
| NES | Nelson Resources. | 0.003 | -25% | $1,840,783 |
| TMG | Trigg Minerals Ltd | 0.006 | -25% | $2,511,296 |
| VPR | Volt Power Group | 0.0015 | -25% | $16,074,312 |
| WFL | Wellfully Limited | 0.003 | -25% | $1,478,832 |
| BEX | Bikeexchange Ltd | 0.425 | -24% | $7,921,279 |
| SLM | Solismineralsltd | 0.095 | -24% | $8,198,111 |
| BRX | Belararox | 0.255 | -24% | $19,154,885 |
| LML | Lincoln Minerals | 0.005 | -23% | $10,224,272 |
| ICE | Icetana Limited | 0.027 | -23% | $7,144,968 |
| AKN | Auking Mining Ltd | 0.017 | -23% | $4,471,720 |
| MIO | Macarthur Minerals | 0.097 | -22% | $16,126,588 |
| APL | Associate Global | 0.07 | -22% | $3,954,470 |
| NRZ | Neurizer Ltd | 0.0035 | -22% | $4,504,232 |
| TG6 | TG Metals | 0.18 | -22% | $10,276,372 |
| PBL | Parabellum Resources | 0.062 | -22% | $3,862,600 |
| AMD | Arrow Minerals | 0.0055 | -21% | $37,918,825 |
| ABB | Aussie Broadband | 3.55 | -21% | $1,047,905,816 |
| QUE | Queste Communication | 0.052 | -21% | $1,407,761 |
| SYR | Syrah Resources | 0.55 | -21% | $466,041,723 |
| EDE | Eden Inv Ltd | 0.002 | -20% | $7,356,542 |
| GCM | Green Critical Min | 0.004 | -20% | $4,546,340 |
| HTM | High-Tech Metals Ltd | 0.12 | -20% | $2,970,179 |
The week’s biggest fail goes to Singaporean medtech Osteopore (ASX:OSX), which is raising $3m at a ludicrous 94.42% discount to last closing price.
How does that even happen? A poorly timed 15:1 consolidation, amongst other things.
“Despite the recent share consolidation exercise for reasons which were valid at that time, since then there has been further review of the company’s position and ability to raise additional funds, and in light of this the Board considers the raising is nonetheless required and urgent,” exec chairman Mark Leong says.
Meanwhile, the collapse of once great lithium developer Lake Resources (ASX:LKE) continues.
Worth ~$2.7bn at $2.11/sh in April 2022, the struggling stock has announced a $20m raise at just 7c per share to keep the lights on.
The issue price represents a massive 39.1% discount to the last closing price of A$0.115 on 8 March 2024 and a 42.3% discount to the 5-day VWAP of A$0.121.
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