Top 10 at 10: Why did this junior ASX explorer leap 86% at the open?

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).

Explorer Megado Minerals (ASX:MEG) is buying the large scale Cyclone lithium project in the popular Canadian jurisdiction of James Bay, Quebec.

The project is close to significant lithium discoveries like Patriot Battery Metals’ (ASX:PMT) Corvette project, and Winsome Resources’ (ASX:WR1) Adina project.

“Social e-commerce marketplace” Aumake (ASX:AUK) has reached an agreement to convert a $1.4m debt into equity at a 120% premium to the current share price.

Miner Allegiance Coal (ASX:AHQ) will pivot back to metallurgical production at both operating mines due to a dramatic fall in thermal coal prices for coal delivered to Europe, and the significant recovery in metallurgical coal prices over the last two months.

The Platts coking coal indexes for premium hard coking coals (both east coast Australia and east coast USA) have increased to over US$300/ tonne over the last two months, it says.

And biotech Genetic Technologies (ASX:GTG) has received $1.96m from the federal government’s Research and Development (R&D) Tax Incentive program for the 2022 financial year.

LOSERS

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

My Food Bag (ASX:MFB) continues to see slower trading than expected in FY23.

As at the end of January 2023, deliveries were down 11.8% compared to the same time last year. Revenue was down 8% and EBITDA down 39.2%, when compared to the same time last year.