Top 10 at 10: Which gold junior is up 120pc after signing a US$300m funding facility?

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).

Besra Gold (ASX:BEZ) is back from a trading halt with a bang after announcing an up to US$300 million non-binding drawdown offtake  funding facility to develop the 3m ounce Bau Gold Project with major shareholder Quantum Metal Recovery.

BEZ believes the deal to be the largest of its kind signed by an ASX junior and said it’s expected to remove the need for dilutive equity financing and project/corporate debt encumbering Besra with hedging requirement and/or onerous covenants.

BEZ said funding is expected to be delivered at up to US$10 million/month with the facility to be settled by way of delivery to Quantum of up to 3m ounces of gold according to an agreed percentage of production at an agreed floating gold reference price, but subject to a floor price.

Aussie biotech MGC Pharmaceuticals (ASX:MXC) has announced that its clinically tested proprietary COVID-19 treatment ArtemiC has been listed as an over-the-counter (OTC) status on the National Drug Code Database of the US Food and Drug Administration (FDA).

Facilitated by MGC’s supply and distribution partner AMC Pharma LLC the OTC status means AMC will be able to sell ArtemiC via US-based Pharmacy Benefit Management (PBM) networks, including prescription disocount services from April 2023.

LOSERS

Stocks highlighted in yellow have made market-moving announcements (click headings to sort).