• A monster morning for lithium hunter Chariot Corp (ASX:CC9), up 65% in morning trade
  • Australian Strategic Materials (ASX:ASM) gets non-binding Letter of Interest for debt funding up to US$600m to build Dubbo project
  • Mont Royal Resources (ASX:MRZ), Globe Metals &Mining (ASX:GBE) up on no news

Here are the biggest small cap resources winners in early trade Thursday, March 21.

 

CHARIOT CORP (ASX:CC9)

(Up on no news)

A monster morning for lithium hunter CC9, which is currently focused on its Black Mountain hard rock and Resurgent claystone projects, both in the USA.

Today’s share price spike on no news might have something to do with this:

The Thacker Pass project, owned by Lithium Americas (NYSE:LAC), recently scored a US$2.26 billion loan from the US government.

CC9‘s Resurgent project is right next door, as is Jindalee Lithium’s (ASX:JLL) more advanced McDermitt project.

Meanwhile JLL is down marginally in morning trade, which prob means the Thacker Pass cash splash isn’t the news stoking CC9’s share price. Huh.

Could it be the magic touch of Barry Fitz?

 

AUSTRALIAN STRATEGIC MATERIALS (ASX:ASM)

Another generous US contribution, time for Australian Strategic Materials (ASX:ASM) and its large Dubbo rare earths and critical minerals project.

ASM today received a non-binding Letter of Interest from the Export-Import Bank of the United States for debt funding up to US$600m ($923m) to build Dubbo, which follows Export Finance Australia’s previous conditional finance support of $200 million debt funding.

That’s ~$1.1 billion in debt funding pencilled in for Dubbo, a massive chunk of the $1.68bn required to build the thing.

An advanced study wrapped some numbers around the ambitious development including a pre-tax IRR of 23.5%, pre-tax NPV of $2.3m and annual free cash flow of $425m.

Once a $1.8bn capped stock, ASM has lost a harrowing 88% of its value over the past few years despite hitting a bunch of crucial milestones.

 

MONT ROYAL RESOURCES (ASX:MRZ)

(Up on no news)

MRZ’s main game is the Wapatik (gold-copper) and Northern Lights and Wapatik (lithium) exploration projects in the now famous James Bay region of Quebec, Canada.

Last month, it said planning for a maiden drill program across a juicy 500m-long spodumene target called Bohir at Northern Lights was “well advanced”.

Previous trenching and channel sampling at Bohir unearthed promising high grades like 6.05m @ 1.78% Li2O, 7m @ 1.71% Li2O, and 1m @ 1.97% Li2O.

“Observations from field work have confirmed the pegmatite boulders, up to 4m long, contain spodumene crystals up to 50cm long,” MRZ says.

Five other anomalies were uncovered with lengths varying from 200m to 400m.

The ~$7m capped stock had $1.9m in the bank at the end of December.

 

GLOBE METALS & MINING (ASX:GBE)

Until WA1 Resources (ASX:WA1) uncovered its company maker in the West Arunta, GBE was the ASX’s most high profile exposure to niobium.

Its advanced 68.3Mt Kanyika project in Malawi could be the first niobium mine in 50 years when it comes online, it says.

GBE has working on updating project studies, doing crucial met work, and getting approvals since releasing its advanced feasibility in August 2021.

Next up is construction of a pilot plant (a smaller version of the real thing) pencilled in for Q2 this year.

This will inform a feasibility study update and help lock in offtake deals.

All going well, GBE reckons first production from a low cost (US$30m capex), 313 tonnes per annum Phase 1 niobium oxide operation will hit the market Q4 next year.

Phase 2 production will then ramp up to 3155tpa at a cost of US$250m.

The $32m capped stock had $3.3m in the bank at the end of December.

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