ASX continues its beef with junior resources players over social media posts
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Australia’s newest lithium producer Tawana Resources is the latest junior resources company to find itself in the spotlight over social media activity.
The ASX has queried the company (ASX:TAW) over posts on Twitter and Hot Copper revealing that it had loaded its first shipment of lithium.
This latest grilling comes after AVZ received several queries by the Australian bourse over Twitter posts made by an advisor to the lithium explorer.
Tawana’s shares added 1.75 per cent to trade at 40.7c just before midday on Monday after it released its response to the ASX query.
According to a letter from the ASX — published to the market today by Tawana — an April 21 Hot Copper post relating to Tawana allegedy said: “First shipment of lithium being loaded today. Predict that maybe Tawana’s share price about to go up”.
The post has since been taken down.
The ASX wanted to know if Tawana considered the information to be news that would have a material effect on the price of its shares.
Tawana replied: “The movement of product from site to a port facility does not of itself constitute any material new information.
“The company has made several ASX announcements in the past three months (and previously) referring to an anticipated first shipping date in April 2018.”
Tawana announced after the April 20 and 21 posts that it had begun hauling lithium to the Port of Esperance in Western Australia’s south.
The lithium concentrate will be loaded onto the Astra N ship on May 2. A second larger shipment is expected later in May.
Tawana began production at its Bald Hill project in March, marking the first new lithium concentrate production in Australia since 2016.
Boss Mark Calderwood told Stockhead previously that the first shipment was “possibly one of the best concentrates to leave WA”.
Mr Calderwood is expecting the maiden 3250-tonne shipment to fetch around $US1000 per tonne, marking a nearly 14 per cent premium to the contract price.