Resources Top 4: Rare earths up-and-comer Viridis gets a Brazilian… deposit

Viridis makes its way further into Brazil and up the resources charts, too, with a 100pc gain
Patriot Battery Metals announces strategic investment collab and MOU with US lithium titan
Resources-tech firm Orexplore delivers a beaut report detailing strong financial growth

Here are the biggest small cap resources winners in early trade, Tuesday August 1.

VIRIDIS MINING AND MINERALS (ASX:VMM)

Viridis is up a stonking 100% to all time highs after announcing the acquisition a significant ionic clay (IAC) rare earths deposit.

IAC deposits are typically found in southern China and neighbouring Myanmar, and are commonly considered to be some of the cheapest and most readily accessible sources of heavy rare earths.

The REE project VMM has secured is in the Poços De Caldas Alkaline Complex, Minas Gerais, Brazil.

The company has entered into a binding agreement to acquire 100% of the rights to the REEs comprising the Colossus rare earth project, consisting of 41 Licenses (including 2 Mining Licenses) covering 56km2 “within South America’s largest known alkaline complex”.

Executive Chairman Agha Shahzad Pervez commented: “The widespread high-grade REE mineralisation within the Colossus project in the upper ‘leached zone’ demonstrated by shallow drilling is particularly encouraging and provides the company with an exciting opportunity to define and grow a strategic resource within South America’s largest known Alkaline complex.

“Viridis will now commence an aggressive and systematic exploration program to delineate a maiden resource, to establish a supply chain of high-grade rare earth oxide for Western markets.”

OREXPLORE TECHNOLOGIES (ASX:OXT)

Resources-tech stock Orexplore is one company pushing the traditionally old-school mining industry kicking and screaming into the tech era.

Why’s it up 22% this morning? A positive quarterly report for the period ended June 30, 2023.

Cash receipts from customers of $1.39 million compared favourably with with receipts of $19k in the corresponding quarter in the prior year.

Total cash receipts for the first half of the year are $2.30 million.

The company is also stoked about forging ahead with “two key commercial contracts in the critical minerals sector” as well as “robust growth in the South American region pipeline and deep engagement with multiple customers on-site and through its laboratory”.

PATRIOT BATTERY METALS (ASX:PMT)

Up-and-coming lithium stock PMT has inked a strategic investment deal and Memorandum of Understanding with US lithium giant and New York Stock Exchange listed Albemarle Corporation (NYSE:ALB).

Albemarle has scooped a ~5% stake in PMT for C$109m — a small premium to the last closing price.

PMT yesterday unveiled a monster 109.2Mt at 1.42% Li2O maiden resource at the CV5 Pegmatite, part of the Corvette project in the James Bay region of Canada.

Blair Way, PMT President and CEO, said: “I believe both Patriot and Albemarle can be a big part of building out the required front-end to the lithium chemicals supply chain in North America and Europe over the coming years.

“The additional funding will allow us to more aggressively advance the Corvette Property through drilling, permitting, study work and more.”

29METALS (ASX:29M)

Lastly, we’ve got a bouncer here in 29Metals; a welcome turnaround for the recently hammered copper miner.

The company has announced an update regarding the restart of its operations at Capricorn, which had been suspended in early March due to the impact of an extreme weather event (a flooding).

As Josh outlined last week in Monsters of Rock, 29M has lowered its gold and silver guidance from 20,000-23,000oz and 950-1.05Moz to 15,000-17,000oz and 750-850,000oz.

“29M produced 4200t of copper and 13,400t of zinc in the June quarter, up from 3200t and 8700t in March, but did so at far higher costs, up from US$1.91/lb in the March term to US$4.46/lb in June,” he says.

“Its cash on hand fell from $163m at March 31 to $127m at June 30.”

CEO Peter Albert had said progress was made to position its Golden Grove and Capricorn assets for better results for rest of year performances.