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Top 10 at 10: Which energy company is rising after a Magnolia co-operation deal?
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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 |
|---|---|---|---|---|---|
| LNU | Linius Tech Limited | 0.002 | 33% | 650,000 | $4,844,619.35 |
| RMX | Red Mount Min Ltd | 0.004 | 33% | 72,512 | $6,815,553.11 |
| MGT | Magnetite Mines | 0.68 | 24% | 245,804 | $41,711,014.95 |
| TMK | TMK Energy Limited | 0.018 | 20% | 19,318,266 | $69,562,500.00 |
| CTO | Citigold Corp Ltd | 0.006 | 20% | 120,000 | $14,168,295.46 |
| ADV | Ardiden Ltd | 0.007 | 17% | 540,000 | $16,130,012.14 |
| BKY | Berkeley Energia Ltd | 0.36 | 16% | 58,922 | $138,196,981.65 |
| DCC | Digitalx Limited | 0.044 | 16% | 3,426,501 | $28,329,723.48 |
| BTR | Brightstar Resources | 0.016 | 14% | 711,974 | $11,607,803.52 |
| ARN | Aldoro Resources | 0.26 | 13% | 659,310 | $25,969,832.91 |
Magnetite Mines (ASX:MGT) is among the biggest winners today after announcing positive results from an optimisation study at its Razorback Iron Ore project including:
- 5 million tonnes per year Stage 1 ‘DR-grade’ production confirmed as best-case.
- Supported by 340% increase in Razorback JORC ore reserves to 1.6 billion tonnes.
- High-grade Iron Peak deposit now under assessment for maiden ore reserve to support expansion to 10 million tonnes per year.
- Clear logistics pathway to global markets.
- Competitive power and water services identified.
- Premium grade concentrates to serve Green Steel and South Aust green iron hub.
“These outstanding optimisation study results highlight the exceptional value for our 100%-owned Razorback Iron Ore Project and validate Magnetite Mine’s decision to incorporate market feedback into a larger, higher-value Stage 1 development scenario,” CEO Tim Dobson said.
TMK Energy Limited (ASX:TMK) is among the biggest winners after announcing it has has signed a cooperation agreement with Mongol Alt LLC (MAK) in Mongolia.
The MAK Group of Companies owns and operates the coal mining lease on which TMK is undertaking its first Pilot Well Program on the Gurvantes XXXV Coal Seam Gas Project.
The MAK mine is a large energy user in the Nariin Sukhait region and also has a high demand for water which is a valuable resource in the South Gobi Desert.
TMK said the deal represents a key milestone for the Gurvantes XXXV project as it will lead to significant efficiencies in the Pilot Well Program as well as providing a clear pathway to early commercialisation by providing electricity to one of the largest users in the area.
LOSERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| MGG | Mogul Games Grp Ltd | 0.001 | -33% | 250,000 | $4,895,162 |
| MTH | Mithril Resources | 0.0015 | -25% | 5,848,809 | $6,526,180 |
| NES | Nelson Resources | 0.004 | -20% | 15,187 | $2,942,972 |
| THR | Thor Energy PLC | 0.004 | -20% | 1,033,750 | $7,390,564 |
| DM1 | Desert Metals | 0.11 | -19% | 157,471 | $9,779,546 |
| OAK | Oakridge | 0.085 | -15% | 48 | $1,719,568 |
| AMD | Arrow Minerals | 0.006 | -14% | 3,516,520 | $20,358,174 |
| SGI | Stealth Global | 0.1 | -13% | 37,399 | $11,465,500 |
| 4DS | 4Ds Memory Limited | 0.043 | -12% | 15,677,628 | $72,508,507 |
| BBX | BBX Minerals Ltd | 0.11 | -12% | 203,551 | $61,340,184 |
