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Top 10 at 10: The copper M&A wave keeps coming
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Stockhead’s Top 10 at 10, published at ~10.30am 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 have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| OAR | OAR Resources Ltd | 0.004 | 33% | 205,000 | $7,233,114 |
| WCN | White Cliff Min Ltd | 0.01 | 25% | 3,974,682 | $6,272,435 |
| TAR | Taruga Minerals | 0.017 | 21% | 58,000 | $9,884,375 |
| OAU | Ora Gold Limited | 0.003 | 20% | 300,000 | $9,842,313 |
| FME | Future Metals NL | 0.068 | 19% | 50,074 | $20,360,858 |
| C6C | Copper Mountain | 2.89 | 18% | 49,377 | $40,910,616 |
| TTI | Traffic Technologies | 0.014 | 17% | 9,300 | $9,092,042 |
| CL8 | Carly Holdings Ltd | 0.029 | 16% | 140,000 | $5,109,260 |
| STM | Sunstone Metals Ltd | 0.037 | 16% | 4,801,109 | $83,854,285 |
| RAD | Radiopharm | 0.165 | 14% | 31,344 | $34,647,408 |
Dual listed Copper Mountain Mining (TSX:CMMC, ASX:C6C) will be acquired by Hudbay Minerals (TSX, NYSE:HBM) to create Canada’s third largest copper producer (150,000tpa).
Each C6C shareholder will receive 0.381 of a Hudbay share for each C6C share held — a 23% premium to C6C shareholders based on both companies’ 10-day volume-weighted average share prices on April 12, 2023.
The C6C board has unanimously approved the deal, which will be voted on by shareholders.
“This transaction provides Copper Mountain shareholders with an attractive premium and the opportunity to participate in a more diversified portfolio of three operating assets and a leading organic copper growth pipeline,” C6C chair Edward Dowling says.
And Sunstone Metals’ (ASX:STM) Limon target at Bramaderos is “emerging as a major discovery” with visible gold recorded in a follow-up drill hole.
The hit is 700m away from hole one, which returned 177m at 1.1g/t from surface.
LOSERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| PRM | Prominence Energy | 0.0015 | -25% | 1,000,000 | $4,849,218 |
| BAT | Battery Minerals Ltd | 0.004 | -20% | 900,000 | $14,676,212 |
| MTH | Mithril Resources | 0.002 | -20% | 600,000 | $8,157,725 |
| VAL | Valor Resources Ltd | 0.004 | -20% | 3,035,229 | $18,865,174 |
| HVM | Happy Valley | 0.04 | -17% | 100,000 | $10,845,818 |
| COO | Corum Group Limited | 0.037 | -16% | 27,027 | $26,284,799 |
| A8G | Australasian Metals | 0.15 | -14% | 220 | $7,204,836 |
| LDX | Lumos Diagnostics | 0.02 | -13% | 1,002,433 | $6,081,662 |
| RMX | Red Mount Min Ltd | 0.0035 | -13% | 600,000 | $9,087,404 |
| ODE | Odessa Minerals Ltd | 0.008 | -11% | 17,437 | $6,362,596 |
