• Shares in Genesis and St Barbara fly after closing the book-build for a $275m conditional placement
  • Pursuit Minerals set to acquire Argentina-focused lithium company, Trilogy Minerals
  • Patriot back on top after returning 113.4m at 1.61% Li2O

Here are the biggest resources winners in early trade, Wednesday December 14.



Shares in Leonora explorer GMD and SBM are still having a field day after announcing the merger of both companies on Tuesday via a scheme arrangement to form Hoover House.

A demerger of St Barbara’s non-Leonora assets will form a new float – Phoenician Metals, which plans to apply to list on the ASX in the near future.

Today the two companies have closed the book-build for a $275m conditional placement comprising the issue of 229.2m new Genesis shares at an offer price of $1.20, a 0.4% premium to the last closing price of $1.95 per share.

GMD managing director Raleigh Finlayson says the placement will ensure balance sheet strength and flexibility for both Hoover House and Phoenician Metals post the scheme and demerger.

It will also allow Hoover House to progress organic growth opportunities across Gwalia and Tower Hill, supporting the path to +300koz pa gold production from Leonora.



Pursuit has bolted out the gate this morning following an agreement to acquire Argentina-focused lithium company, Trilogy Minerals.

Trilogy holds the rights to acquire over 9,233ha at the Rio Grande Sur Project, which hosts an inferred resource of 2.1Mt LCE at an average grade of 370mg/Li to a depth of 100m.

It is currently in the process of undertaking a capital raising through the issue of convertible notes to raise $8m which will complete prior to the end of December 2022.

Funds raised through the Trilogy Class B Notes will be used to exercise options over tenements 1, 2 3 and 4 and these tenements will be owned prior to settlement of the acquisition with Pursuit.

Pursuit managing director Bob Affleck says the acquisition creates a clear de-risked pathway to potential project development.

“We look forward to combining with the Trilogy team to grow the company for all shareholders.”



Patriot is back on top again after stunning the market last week – doubling on its ASX debut and giving its shareholders an early little Christmas present to enjoy as it surged past the 100pc mark.

This morning, though, PMT’s Corvette lithium property in Quebec has returned some of the highest individual sample grades yet, including 113.4m at 1.61% Li2O (including 2m at 6.41% Li2O).

On top of this, the strike length of the CV5 pegmatite system remains open in all directions with wide widths and strong grades encountered along its currently defined 2.2km length.

PMT’s president and CEO Blair Way says with 38 holes yet to be received from the lab, and the recommencement of drilling in January, the company will have continuous news flow on the property for some time.




(Up on no news)

At the end of November PXX boosted its finances by roughly $1.259m after completing an entitlement and shortfall offer as part of a renounceable rights issue.

Acceptances for 112,983,117 new shares under the entitlement offer were received – about 31% of the total entitlements available for subscription.

These funds will be spent towards exploration and development on its projects in the US such as a drilling program set to begin at the Humboldt Range Project in the first week of December 2022.



(Up on no news)

Alicanto made an exciting start to the month of November with its acquisition of the historical, world-class Falun copper-gold-zinc mine in Sweden.

While the mine has received no significant exploration since its closure in 1992, it has produced copper, gold and zinc for about 1,000 years.

AQI geologists are in the process of compiling and reviewing historic data to investigate the significant upside and hit the ground running with exploration work.