Top 10 at 11: TG Metals soars 60pc on lithium results, Tietto Minerals gets off-market takeover bid
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Good morning, and welcome to Stockhead’s Top 10 at shortly-before-11-ish, to highlight the best (and sometimes worst) performing ASX stocks in morning trade using live data, to provide 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 – for better or worse.
The ASX fell at the open with the S&P ASX 200 down 1.07% at 10.45am (AEDT) as war in the Middle East escalated over the weekend.
Wall Street’s S&P 500 Index fell 0.48% and into correction territory on Friday, while the blue chips Dow Jones Index fell 1.16%. However, the tech-heavy NASDAQ rose 0.38%.
WINNERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| TG6 | TG Metals | 0.165 | 57% | 1,144,760 | $4,231,662 |
| LRV | Larvotto Resources | 0.14 | 40% | 241,008 | $6,725,472 |
| AHN | Athena Resources | 0.004 | 33% | 100,000 | $3,211,403 |
| MTB | Mount Burgess Mining | 0.004 | 33% | 4,320,280 | $3,046,940 |
| EPM | Eclipse Metals | 0.013 | 30% | 2,039,812 | $20,280,598 |
| TIE | Tietto Minerals | 0.5525 | 30% | 3,339,027 | $479,268,442 |
| JTL | Jayex Technology Ltd | 0.009 | 29% | 199,898 | $1,968,950 |
| C1X | Cosmos Exploration | 0.135 | 29% | 265,395 | $4,669,875 |
| FL1 | First Lithium Ltd | 0.375 | 25% | 889,548 | $21,015,500 |
| KLI | Killi Resources | 0.068 | 24% | 185,121 | $3,276,628 |
TG Metals (ASX:TG6) is up almost 60% this morning after announcing first drill holes into the Burmeister lithium soil anomaly within the Lake Johnson Project intersected high grade mineralisation up to 2.28% Li2O.
Five of the six holes completed intersected pegmatite with all pegmatite intervals hosting lithium mineralisation in spodumene.
“These are exceptional initial drilling results especially since we have only tested such a small part of the soil anomaly,” CEO David Selfe says.
Multi-commodity explorer Eclipse Metals (ASX:EPM) is up after announcing it has secured $2.3 million in funding from institutional investor Pioneer Resources Partners to fund exploration and general working capital.
Gold explorer Tietto Minerals (ASX:TIE) is also on the winners list this morning after receiving an off-market takeover offer from Zhaojin Capital to acquire all shares it doesn’t already own in the company for 58 cents/share or a 38% premium to the last close.
Zhaojin started building up its holding in TIE last year and is the company’s second biggest shareholder behind Chijin International HK, with around 7% of its shares.
LOSERS
Stocks highlighted in yellow have made market-moving announcements (click headings to sort).
| Code | Company | Price | % | Volume | Market Cap |
|---|---|---|---|---|---|
| CCE | Carnegie Clean Energy | 0.001 | -33% | 1,065,120 | $23,463,861 |
| DXN | DXN Limited | 0.001 | -33% | 12 | $2,585,010 |
| NZS | New Zealand Coastal | 0.002 | -33% | 424,417 | $5,001,030 |
| AXP | AXP Energy Ltd | 0.0015 | -25% | 5,101,253 | $11,649,361 |
| EDE | Eden Inv Ltd | 0.002 | -20% | 578,197 | $8,409,092 |
| LBT | LBT Innovations | 0.004 | -20% | 2,010,000 | $1,779,502 |
| NMT | Neometals Ltd | 0.255 | -19% | 1,693,693 | $174,292,000 |
| MHC | Manhattan Corp Ltd | 0.005 | -17% | 300,000 | $17,621,879 |
| PEC | Perpetual Res Ltd | 0.018 | -14% | 71,348 | $12,991,981 |
| ASR | Asra Minerals Ltd | 0.006 | -14% | 136,771 | $10,126,460 |
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