Top 10 at 11: Gallium in spotlight as ASX climbs toward new record high
Eyewatering price hikes for critical minerals like gallium have placed mining stocks chasing the metal firmly in the spotlight. Pic: Getty Images.
Morning, and welcome to Stockhead’s Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.
With the market opening at 10am sharp eastern time, the data is taken at 10.15am, once trading kicks off in earnest.
In brief, this is what the market has been up to this morning.
ASX reaches for new highs
Climbing 0.43% in the first hour of trade, the ASX is within spitting distance of a new all-time high, just 0.13% away.
Nine of 11 sectors are driving the bourse’s momentum, led by energy (+1.18%). Info tech (-0.23%) and health care (-0.33%) are dragging alongside the All Ords Gold index (-1.78%), down for a second day in a row.
The ASX 200 Resources is pushing in the other direction (+0.78%), as evidenced by the glut of resources stocks on our Top 10 winners list for the morning.
WINNERS
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| JAV | Javelin Minerals Ltd | 0.003 | 50% | 60002 | $12,252,298 |
| VML | Vital Metals Limited | 0.003 | 50% | 3000000 | $11,790,134 |
| KP2 | Kore Potash PLC | 0.06 | 36% | 971577 | $28,764,401 |
| AYT | Austin Metals Ltd | 0.005 | 25% | 2071330 | $6,296,765 |
| PV1 | Provaris Energy Ltd | 0.011 | 22% | 450000 | $6,282,012 |
| ADG | Adelong Gold Limited | 0.006 | 20% | 802466 | $10,343,383 |
| ALY | Alchemy Resource Ltd | 0.006 | 20% | 200000 | $5,890,381 |
| BLZ | Blaze Minerals Ltd | 0.003 | 20% | 6294900 | $3,917,370 |
| MGU | Magnum Mining & Exp | 0.006 | 20% | 85000 | $5,608,254 |
| PLC | Premier1 Lithium Ltd | 0.012 | 20% | 583333 | $3,680,606 |
In the news…
Blaze Minerals (ASX:BLZ) is turning heads after hitting gallium and rubidium mineralisation at its Ntungamo project in Uganda.
While the mineralisation isn’t particularly high grade in this first pass of drilling, the price of gallium has surged 23% since January last year, marking the critical mineral as a lucrative exploration target.
BLZ’s drilling also encountered scandium mineralisation, but no neodymium or praseodymium of any economic significance.
LAGGARDS
| Code | Name | Last | % Change | Volume | Market Cap |
|---|---|---|---|---|---|
| PAB | Patrys Limited | 0.001 | -33% | 9426236 | $3,086,171 |
| G50 | G50Corp Ltd | 0.14 | -26% | 225759 | $30,513,555 |
| CRR | Critical Resources | 0.003 | -25% | 2829838 | $10,456,885 |
| CHM | Chimeric Therapeutic | 0.004 | -20% | 100000 | $10,075,971 |
| CZN | Corazon Ltd | 0.002 | -20% | 45143 | $2,961,431 |
| TMX | Terrain Minerals | 0.002 | -20% | 71000 | $5,621,392 |
| VRC | Volt Resources Ltd | 0.004 | -20% | 1250000 | $23,423,890 |
| CF1 | Complii Fintech Ltd | 0.018 | -18% | 60481 | $12,570,660 |
| CCO | The Calmer Co Int | 0.0025 | -17% | 28571 | $9,034,060 |
| IFG | Infocusgroup Hldltd | 0.005 | -17% | 21500 | $1,655,771 |
In the news…
G50 Corp’s (ASX:G50) has also released a gallium-based announcement, although the market wasn’t quite as impressed with the results as in BLZ’s case.
While G50’s mineralogy study has confirmed the presence of gallium in three types of mineral samples at its Golconda gold-silver-zinc project, the content is fairly low, represented in just 38% of the host rock.
The mineral type with the best gallium content of 55 parts per million accounts for just 7% of the rock content, meaning G50 will need to extract and concentrate the critical mineral before it can be sold on to off takers.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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