On Stockhead today, Rick Rule’s two ASX picks for 2022, how OM is riding out the recession, and why everyone’s getting angrier.

But first, the day ahead.

Local shares are set to open higher today. At 8am AEST, the ASX 200 July futures is pointing up by 0.25%.





Magnetic Resources NL (ASX:MAU) – Capital Raising, because all the cool kids are doing it.

Nagambie Resources (ASX:NAG) – Capital Raising, because it saw how much fun Magnetic Resources was having.

Tombola Gold (ASX:TBA) – Tombola’s going shopping, because it did its Capital Raising last month, before it was cool. 



Gold: $US1,733.45 (-0.49%)

Silver: $US19.09 (-1.06%)

Nickel (3mth): $US21,905/t (+1.50%)

Copper (3mth): $US7,608/t (-2.53%)

Lithium Carbonate, China (Benchmark Minerals Intelligence, June 30): $US69,750/t (0.0% weekly)

Lithium Hydroxide, China (Benchmark Minerals Intelligence, June 30): $US70,875/t (0.0% weekly)

Oil (WTI): $US103.26 (-1.42%)

Oil (Brent): $US106.25 (-0.70%)

Iron 62pc Fe: $US109.97 (-3.31%)

AUD/USD: 0.6735 (-0.05%)

Bitcoin: $US20,260 (-3.90%)



Here are the best performing ASX small cap stocks for July 8 [intraday]:

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Up 20% was Cosmos Exploration (ASX: C1X), literally off the ground at Byro East, with the WA-NSW-based gold, copper and nickel explorer making its maiden Airborne Electromagnetic survey (AEM) at the 100% owned Ni-Cu-PGE Project.

The RareX (ASX:REE) spinoff, C1X says the milestone means the greenfields focused team is entering the final phase of target generation work ticking every box – from soil sampling, AMAG/AMRAD and Gravity Surveys – all completed this year, before breaking ground on the highly-prospective project.

Kingwest Resources (ASX:KWR) is on the up and up after saying its hit 5.0m @ 4.8 g/t from 113.3m in KGD004 included 2.3m @ 9.4g/t Au intercept at its Sir Laurence Discovery at Lake Goongarrie, WA.

Kingwest is an explorer focused primarily on gold exploration with ties as well to the historic Menzies gold fields, 120km north of Kalgoorlie.  The Menzies Project contains some of the highest-grade historic production in the Eastern Goldfields with the five underground mines producing between 16g/t and 32g/t Au over their respective life of mine for a total of 650,000 oz @ 22.5g/t.

And Copper Mountain Mining (ASX:C6C), up a curious 31% on no clear news and bugger-all volume, Errawarra Resources (ASX:ERW) with a similarly odd-looking 25% lurch and Santana Minerals (ASX:SMI).



Here are the best performing ASX small cap stocks for July 8 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

WordPress Tables Plugin

Lumos Diagnostics (ASX:LDX)  fell hard after saying that its device submission for FebriDX has been rejected by the US FDA.

According to Lumos, the FDA has expressed concerns regarding the risk that false negative viral infection test results could lead to missed opportunities to treat patients, and contribute to the spread of SARS-CoV-2 infections.

Lumos said this decision was unexpected, considering that FebriDx had previously received regulatory registrations in the UK, Europe, Canada, UAE, Brazil and Australia.

“Clearly this was not the outcome that the company was seeking,” said CEO, Doug Ward.

EML Payments (ASX:EML) is not yet a small cap, but giving it a real crack. It gained a bit last week only to give it all back and the some  – hitting a seven-year low to a six-year low – on the news CEO Tom Cregan has jumped ship.

And Novonix (ASX:NVX) also gave back some 12% after the brokers at Morgans’ cast doubt on the viability of its anode business.