• Oil and gas companies K2 Energy and BPH Energy are morning trading favourites
  • Core Lithium rose without any fresh update and mineral sands explorer MRG Metals also traded higher
  • Gold explorer Black Dragon Gold edged up with a German shareholder taking a larger stake


Here are your top ASX small cap resources winners in morning trade Thursday, December 31.


Leading the ASX resources pack in a shortened Thursday trading session for New Year’s Eve was oil and gas company K2 Energy (ASX:KTE).

Without posting anything new of substance since its quarterly update in October, the US-focused explorer rose by more than 60 per cent at one point.

K2 Energy holds exploration acreage in the US southern state of Alabama, specifically its 1 per cent interest in the Horace Greeley oil and gas prospect.

A recently-drilled well at the prospect spudded some oil, but it was not considered a commercial venture at current low oil prices.

K2 Energy also has an interest in Nasdaq-listed semi-conductor materials company Atomera whose target customers include Samsung and Toshiba.

The ASX company has funded some of Atomera’s research to develop more efficient solar-based energy cells.

Atomera’s share price increased by 9.5 per cent overnight on the Nasdaq exchange.



Another jumper on New Year’s Eve was BPH Energy (ASX:BPH) a holding company with investments in energy, resources and biotech.

The ASX company has a 26 per cent interest in unlisted oil and gas explorer Advent Energy which is active in the Offshore Sydney Basin.

Advent Energy announced a capital raising for $6.5m with existing shareholders offered two extra shares for every three they already hold.

“The offshore Sydney Basin offers a solution to the east coast gas supply crisis as well as providing potential environmental benefits in carbon capture and storage within the greater Sydney and Newcastle area,” said Advent Energy in its share entitlement document.

In early December, Advent Energy appointed Professor Peter Cook, an expert in the underground storage of carbon dioxide for its Sydney Basin project.

NSW is a major source of CO2 emissions, but to date, a suitable site for large scale geological storage of the gas has not been identified, it noted.



Another early riser Thursday was Core Lithium (ASX:CXO) which has been quiet  since a mid-December drilling announcement.

Core Lithium said it was on track to publish a new resource estimate for its Grants deposit in the coming months.

The Grants deposit is part of Core Lithium’s Finniss project located 25km from Darwin port for which it has already signed off-take agreements.

Customers for the company’s lithium include Transamine in Europe, and Sichuan Yahua, one of China’s largest lithium producers.



MRG Metals (ASX:MRQ) leapt in Thursday trading after posting drilling results for its mineral sands project in the African country of Mozambique.

Maiden drilling results for its Viaria and Zulene targets at the project confirm depth extension of high-grade heavy mineral sand mineralisation.

They include, 30m at 4.63 per cent total heavy mineral concentrate (THM) at Zulene, and interval grades of up to 7.18 per cent THM, said the company.

The results lay the groundwork for more extensive drilling planned for 2021 at the Mozambique project.

“As we round off what has been a very challenging year globally, I am thrilled to report that MRG has finished off on a high note following our very successful exploration programs carried out in Mozambique,” chairman, Andrew Van Der Zwan, said.



Black Dragon Gold (ASX:BDG) climbed in New Year’s Eve trading absent any fresh news for the ASX gold exploration company.

The company raised $1.5m in an October share placement to develop its Salave gold project in north-west Spain, but progress there has been slow due to COVID-19.

Salave is one of Europe’s largest underdeveloped gold projects, with a resource of 7.18 million tonnes at 4.43 g/t gold at 1.02 million ounces on an indicted basis, and 3.12 million tonnes at 3.47 g/t gold for 348,000 ounces of gold on an inferred basis.

A Germany-based shareholder, Deutsche Balaton Aktiengesellschaft, has steadily built up an interest in Black Dragon Gold of 8.5 per cent.