• QX is 3rd explorer to re-rate this week after acquiring lithium project
  • Drilling kicks off at Wildcat’s priority lithium target
  • ‘Multi-commodity’ focused explorer Mitre bolts out of the gate on debut
  • Westgold launches takeover offer for small gold miner Gascoyne

Here are the biggest small cap resources winners in morning trade, Thursday September 30.



QX is the 3rd explorer to re-rate this week after acquiring a lithium project.

The gold-focussed explorer used to be Hipo Resources, a stock touting an experimental Ukrainian battery tech. It failed to deliver the goods.

Now it looks to come (almost) full circle by acquiring a lithium project in the Pilbara, the hard rock capital of the world.

QX has 30 days to conduct due diligence on the ’Turner River’ lithium project, ~17km south of the Wodgina mine and ~30km southwest from Pilgangoora.

Equally appealing is the presence of tin and tantalum across the leases “which gives QX exposure to another commodity where there has been considerable price appreciation”, chairman Maurice Feilich says.

He adds that he majority of QX’s time and money is being spent on the gold projects in Queensland “and we are not distracted from our goal of defining a mineral resource estimate here first and foremost”.

The $16m market cap stock is up 15% year-to-date.



Drilling has already kicked off at the priority ‘Red Panda’ lithium target, part of a new JV option agreement announced earlier this week.

On Tuesday, Gold focussed WC8 announced an option to earn up to 75% of the ‘Bullabulling’ lithium project, ~23km west of Coolgardie in WA.

Under the terms of the deal, WC8 will drill 1,000m and pay $50,000 for an exclusive option period.

That drilling program has now started, with six RC drill holes to be completed in two traverses (lines) across the lithium pegmatite to assess the geometry (size, shape) and mineral zonation (composition).

The $17m market cap stock is now up 60% over the past week.



The newly listed gold, base metals, lithium, and rare earths focused explorer has bolted out of the gate on debut.

It is initially focused on gold, lithium, and base metals in the mineral rich Lachlan Fold Belt of NSW.

The company is taking a “multi-commodity, multi-deposit style approach to our exploration program” MMC chief exec Clinton Carey says, with early surveying for lithium/rare earth pegmatites already under way.

“We recognise the importance of strong technical rigour in these environments particularly where there has been minor historical work.”

“Importantly, we intend to hit the ground running with our initial exploration program scheduled to commence in the coming weeks.”

MMC also proposes to “actively pursue further acquisition opportunities which the board considers to be complementary to the existing project”.



Mid cap goldie Westgold (ASX:WGX) has made an unsolicited move on small miner GCY, which expects to produce between 70,000 and 80,000 ounces of gold at AISC of $1,600 to $1,700 per ounce for FY22.

A successful takeover bid would create Australia’s 5th largest gold producer (with pro forma FY22 production of ~350,000oz of gold), $680m market cap WGX says.

For GCY shareholders it removes funding risks and concerns of longevity, with mining at GCY’s Dalgaranga operation currently forecast to end in 2025.

The offer — one WGX Share for every four GCY Shares – represents a 34.7% premium to the last closing price for GCY shares.

GCY recommends shareholders take no action.



(Up on no news)

The $17m market cap explorer chose a good time to resume exploration at the early-stage Rex uranium project in Colorado, as optimism surrounding future uranium pricing grows.

Sampling and mapping programs have, so far, returned high-grade uranium and vanadium results.

Exploration is ongoing, with assays from the current program expected to be returned “in the coming weeks”, the company said September 13.

DLC also continues to evaluate other strategic uranium vanadium projects through its relationship with US-based project generator Sunrise Minerals.

The stock is up 20% year-to-date.