Resources Top 5: Who needs news? These stocks are running hard for no reason
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Cassius Mining (ASX:CMD) is running hard again on no news.
Yesterday, the troubled gold-limestone project developer spiked +250 per cent in early trade before going into halt to answer a “please explain this activity” letter from the ASX.
The company is engaged in a legal brawl with the Ghanian government over its Gbane gold project, which is in the same neighbourhood as Cardinal Resources’ (ASX:CDV) 5+ million ounce Namdini resource.
Namdini is the subject of a lucrative bidding war between Russian suitor Nordgold and major Chinese producer Shandong Gold Mining.
Another phantom runner was phosphate-gold minnow Centrex Metals (ASX:CXM), up 100 per cent before going into a trading halt.
The company wants to start low-cost mining of phosphate rock at its Ardmore project in Queensland in the first half of 2021.
It also has a gold project in the red-hot Lachlan Fold Belt of NSW.
Galan Lithium (ASX:GLN) is now up 112 per cent over the past three days.
On Tuesday, the explorer announced it had the third largest resource in the lithium-rich Hombre Muerto salt flat basin of Argentina.
Minotaur Exploration (ASX:MEP) is finally profiting from joint venture partner Andromeda Metals’ (ASX:ADN) outstanding success, the Great White Kaolin-Halloysite project in South Australia.
“It’s fair to say that the proportionate value attributable to Minotaur’s 25 per cent share (as it will become this month) is not yet reflected in Minotaur’s share price, where the equivalent implied value is around 36 cents per share, separately to the value that can be ascribed to all other assets in our company,” Minotaur chair Roger Higgins said yesterday.
36c per share is a solid ~110 per cent jump from Minotaur’s current price.
“You can see that Minotaur’s share price and valuation has significantly underperformed that of Andromeda, meaning there is a strong imperative for Minotaur to elevate its valuation accordingly,” Higgins says.
Alara Resources (ASX:AUQ) wants to become a copper miner in the Middle East country of Oman in early 2022.
This confusing — but appreciated — page from the latest quarterly report confirms COVID-19 hasn’t slowed them down: