Apollo blasts off on news that it's made a super-big copper buy in Serbia. Pic via Getty Images.
Top 10 at 11: Apollo blasts off on Serbian copper deal, EML up on revenue gain
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Stockhead’s Top 10 at 10, published when it’s good and ready 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 |
|---|---|---|---|---|---|
| VAL | Valor Resources Ltd | 0.004 | 33% | 224,750 | $11,485,004 |
| AON | Apollo Minerals Ltd | 0.036 | 29% | 6,941,026 | $14,744,321 |
| CYQ | Cycliq Group Ltd | 0.005 | 25% | 300,000 | $1,430,067 |
| INP | Incentiapay Ltd | 0.01 | 25% | 264,250 | $10,120,509 |
| DDB | Dynamic Group | 0.325 | 23% | 64,448 | $36,633,099 |
| TAL | Talius Group Limited | 0.011 | 22% | 235,807 | $20,561,754 |
| REZ | Resourc & En Grp Ltd | 0.018 | 20% | 1,170,400 | $7,497,087 |
| LNU | Linius Tech Limited | 0.003 | 20% | 501,000 | $10,574,477 |
| SKN | Skin Elements Ltd | 0.006 | 20% | 150,000 | $2,847,430 |
| EML | EML Payments Ltd | 0.885 | 19% | 1,923,988 | $278,618,176 |
Out in front early this morning is Apollo Minerals (ASX:AON), up more than 30% on news that it has entered into a conditional agreement to acquire 100% of the shares in Edelweiss Mineral Exploration, which holds the Belgrade copper project in Serbia.
It’s huge news, mostly because of the history of the area – the Belgrade Copper Project consists of four licences covering 202km2 which formed part of the Serbian copper exploration project portfolio held by Reservoir Minerals.
Reservoir was acquired by Nevsun Resources (TSX:NSU) in 2016 in a deal worth US$365 million, which was subsequently part of a US$1.4 billion takeover by Zijin Mining Group in 2018.
EML Payments (ASX:EML) is also on the rise, after revealing that it’s beaten guidance for FY23, achieving $254.2 million in revenue (up 4% on the highest tier estimate provided to the market), resulting in an underlying EBITDA of $37.1 million.
The final result isn’t great, per se… EML says it is still delivering a statutory net loss after tax of $284.8 million, driven by $258.9 million after tax impairment of PFS Group and Sentenial acquisitions.
Raiden Resources (ASX:RDN), heading higher on news that the company has received firm commitments from sophisticated, professional and institutional investors to raise $6 million via a share placement of ~272.7M shares at $0.022 per share.
The fresh funds have already been earmarked to progress exploration work at Raiden’s portfolio of lithium projects located in the Pilbara region of Western Australia, but there’s talk of a potential acquisition of a 100% interest in the lithium rights at its Arrow Project (or to Earn-in to 85% interest), and some working capital planning as well.
Also doing well early is Morella Corporation (ASX:1MC), dropping an announcement well before the markets opened to let everyone know that it’s completed a sonic drilling campaign at the company’s North Big Smoky Carvers lithium project.
“The assay results reveal notable concentrations, reaching up to 230ppm within the claystone and sediments. Given these promising drilling results alongside prior surface sampling and magnetotelluric work, the company is eagerly anticipating the assessment of the deeper brine target,” 1MC says.
Likewise, Many Peaks Gold (ASX:MPG) has some happy news this morning, after getting its hands on additional assay results from diamond drill core sampling completed concurrent with follow-up structural study work on diamond drilling reported earlier this year for the Yarrol Gold project.
“Additional sampling completed up-hole of previously announced gold intercepts in diamond drilling at Yarrol have extended significant gold intercepts returning 40.8m @ 2.4g/t gold from 38m in hole YA187,” MPG says, adding that figure includes a previously reported 17.8m @ 4.01g/t gold result.
Additionally, follow-up sampling results also returned an intercept of 11.15m @ 1.17g/t gold from 32.35m depth in hole YA188 located 1.1km north of hole YA187.
Boab Metals (ASX:BML) is up this morning on news from the Phase VII drilling program at its 75% owned Sorby Hills lead-silver-zinc project in the Kimberley Region of Western Australia.
“We are very excited to report that the drill hole at the Keep Seismic Target has intersected predominantly zinc-sulphide mineralisation between 242m and 257m,” BML CEO and MD Simon Noon said.
“This is an outstanding success given the conceptual nature of the target and its location in an area, and at a depth where no mineralisation has been intersected before.”
Tourism Holdings (ASX:THL) is enjoying a modest rise this morning, after dropping its yearly report that shows the company has been able to bank a statutory net profit after tax (NPAT) of $49.9M, an increase of $52M on the prior year.
That’s alongside a record underlying NPAT of $47.8M and pro forma underlying NPAT of $77.1M (which includes the impact of acquisition accounting), and a solid enough result that the company believes warrants a $0.15 divvy for shareholders, which is nice.
Winsome Resources (ASX:WR1) is gaining ground today, on news that a high resolution airborne magnetic and radiometric survey at 50m line spacing has commenced over its 100% owned Adina Project in the James Bay region of Quebec, Canada.
“The gravity data continues to provide us with compelling targets for drilling outside the areas of known mineralisation at Adina,” Winsome MD Chris Evans says. “We look forward to the results of the airborne survey and the potential to identify even more targets within the project area.
“The discovery of the Footwall Zone in recent months has been a step change for Adina and the opportunity to discover further pegmatite swarms is an exciting proposition for the development of the project.”
LOSERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| AXP | AXP Energy Ltd | 0.0015 | -25% | 16,148 | $11,649,361 |
| ENT | Enterprise Metals | 0.003 | -25% | 185,282 | $3,197,884 |
| BC8 | Black Cat Syndicate | 0.21 | -21% | 596,067 | $70,722,260 |
| EXR | Elixir Energy Ltd | 0.067 | -18% | 2,080,031 | $76,410,659 |
| VGL | Vista Group Int Ltd | 1.41 | -18% | 11,523 | $406,338,032 |
| KNO | Knosys Limited | 0.041 | -18% | 200,000 | $10,806,935 |
| AVD | Avada Group Limited | 0.64 | -18% | 17,000 | $57,149,319 |
| FEX | Fenix Resources Ltd | 0.25 | -15% | 3,725,640 | $204,777,766 |
| ANR | Anatara Ls Ltd | 0.029 | -15% | 117,347 | $4,077,415 |
| CCR | Credit Clear | 0.18 | -14% | 73,532 | $86,633,875 |
At the wrong end of the scale, Elixir Energy (ASX:EXR) is falling rapidly this morning despite news that it’s received binding commitments for a placement of new shares worth $7 million to fund its Daydream-2 drilling and Nomgon pilot programs, and that the company’s set to receive a 48.5% cash rebate of Daydream-2 costs via a Government R&D scheme.
And Fenix Resources (ASX:FEX) is showing a steep drop this morning, despite a results announcement showing a Net Profit after Tax of $29.3 million, which has allowed the company to allocate $13.9 million to reward shareholders by declaring a 2 cent fully franked final dividend.
