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Top 10 at 10: Copper finds, M&A … and a sinking Lake Resources
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Stockhead’s Top 10 at 10, published at ~10.40am each trading day, highlights the best (and worst) performing ASX stocks in morning trade using live data.
It’s a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms.
The market opens at 10am (eastern time) and the data is taken at 10:15am, once every ASX stock has started trading.
WINNERS
Stocks highlighted in yellow made market-moving announcements (click headings to sort).
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| JAV | Javelin Minerals Ltd | 0.002 | 100% | 250,000 | $2,176,231 |
| RMI | Resource Mining Corp | 0.028 | 75% | 1,278,298 | $9,477,565 |
| GCR | Golden Cross | 0.003 | 50% | 20,152 | $2,194,512 |
| CDT | Castle Minerals | 0.009 | 38% | 8,863,779 | $7,959,204 |
| MTL | Mantle Minerals Ltd | 0.002 | 33% | 3,000,000 | $9,296,169 |
| CAV | Carnavale Resources | 0.005 | 25% | 1,500,000 | $13,694,207 |
| CCO | The Calmer Co Int | 0.005 | 25% | 10,245 | $4,730,787 |
| GMN | Gold Mountain Ltd | 0.005 | 25% | 900 | $9,111,514 |
| IVX | Invion Ltd | 0.006 | 20% | 510,242 | $32,122,661 |
| MHC | Manhattan Corp Ltd | 0.003 | 20% | 100,000 | $7,342,449 |
Small cap battler Resource Mining Corp (ASX:RMI) says soil sampling has defined nine distinct copper anomalies at the Mpanda copper-gold project in Tanzania.
“These initial results from the Mpanda copper-gold project grading up to 13.6% copper and 3.2gpt gold are extremely exciting and opening a valuable new opportunity for RMC within the Tanzanian project portfolio,” says exec chair Asimwe Kabunga.
Tests have confirmed that graphite from Castle Minerals’ (ASX:CDT) Kambale project in Ghana is “very attractive” for the manufacture of lithium-ion electric vehicle battery anodes “and a range of other high-value primary and secondary applications”.
At the larger end of the bourse, Alcoa has inked a deal to buy Alumina Limited (ASX:AWC) in an all share deal valued at 0.02854 shares of Alcoa common stock.
That’s a 19.5% premium to the average exchange ratio over the last 12 months says AWC, which is up 7.6% in early trade.
On implementation of the transaction, AWC shareholders will own ~31.6% of the combined group.
And Australia’s newest mid tier gold producer, Bellevue Gold (ASX:BGL) says ramp up at its namesake mine is on schedule with 13,364oz produced in the month of February.
LOSERS
Stocks highlighted in yellow made market-moving announcements (click headings to sort).
| Security | Description | Last | % | Volume | MktCap |
|---|---|---|---|---|---|
| MRQ | MRG Metals Limited | 0.001 | -50% | 25,000 | $4,942,682 |
| 1MC | Morella Corporation | 0.003 | -25% | 571,874 | $24,715,198 |
| NES | Nelson Resources. | 0.003 | -25% | 1,300,000 | $2,454,377 |
| SLZ | Sultan Resources Ltd | 0.021 | -22% | 1,082,983 | $4,001,131 |
| LKE | Lake Resources | 0.092 | -20% | 12,847,352 | $163,768,108 |
| BNL | Blue Star Helium Ltd | 0.008 | -20% | 10,309,198 | $19,422,653 |
| DOU | Douugh Limited | 0.004 | -20% | 115,950 | $5,410,345 |
| ESR | Estrella Res Ltd | 0.004 | -20% | 125,000 | $8,796,859 |
| GCM | Green Critical Minerals | 0.004 | -20% | 7,275 | $5,682,925 |
| MCT | Metalicity Limited | 0.002 | -20% | 155,000 | $11,212,634 |
The precipitous fall of once great lithium developer Lake Resources (ASX:LKE) is something to behold.
Worth ~$2.7bn at $2.11/sh in April 2022, the struggling stock has now announced a $20m raise at just 7c per share.
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.
Blue Star (ASX:BNL) will pause development at the Voyager project after being “disappointed” with the performance from the first two helium development wells.
“The Voyager project was chosen as the first development for our Las Animas helium acreage due to the interpreted high-concentration of helium in its discovery exploration well, BBB #1 (8.8% He), as well as the proven high-concentration (average 8% He) and robust flow rates (up to 2,000 mcf/d) from the historic Model Dome production field analogue wells located only 6 miles from Voyager,” BNL boss Trent Spry says.
“As a result, we are naturally disappointed with the unexpected initial outcomes from the first two helium development wells at Voyager.
“While we continue to work through economic evaluation based on positive flow and helium concentration under vacuum conditions and the associated adjusted development and operational parameters and cost estimates – we have elected to pause the development of the Voyager project.”
