ASX Small Caps and IPO Weekly Wrap: A proper espresso of a week – short, strong and tasty

Estimated read time 13 min read

Because tomorrow’s a public holiday, and I – like most Australians – will be flat out in hardcore relaxation mode for Straya Day, we’re wrapping up the week a day early.

The good news is that it’s been a pretty solid week for local investors – over the past four days, almost every sector finished the four-day week well into positive territory, with Health Care and Financials out in front, around a very handsome +3.0%.

 

Chart via Marketindex.com.au

 

At a more granular level, the big banks did well this week, ahead of the release of the Big Four’s quarterlies that are expected to arrive in short order.

From there, the winnings got progressively smaller by market cap this week, with the ASX 20 outperforming each of the broader valuation-based indices, while the rush this week on mining stocks was reflected in the XJR ASX 200 Resources index cropping up near the top of the list around +2.25% for the week.

 

Chart via Marketindex.com.au

 

So… on balance, it’s been a pretty good few days for local investors – now it’s time to check to see who the real stand out performers for the week were.

 

SMALL CAP WINNERS THIS WEEK

Code Company Price % Week Market Cap JAV Javelin Minerals Ltd 0.002 100% $2,450,593 MSG MCS Services 0.018 80% $3,565,794 CG1 Carbonxt Group 0.1 64% $30,325,278 AUZ Australian Mines Ltd 0.012 50% $11,340,592 AYM Australia United Mining 0.003 50% $5,527,732 CBE Cobre 0.067 49% $21,518,325 KOB Koba Resources 0.14 47% $14,758,333 DTR Dateline Resources 0.013 44% $15,954,674 IPB IPB Petroleum Ltd 0.013 44% $7,911,714 HTG Harvest Tech Grp Ltd 0.02 43% $12,001,377 OD6 Od6 Metals 0.15 43% $8,252,324 NMR Native Mineral Res 0.027 42% $5,663,264 ZIP ZIP Co Ltd 0.74 36% $725,057,482 GMN Gold Mountain Ltd 0.004 33% $9,076,314 HLX Helix Resources 0.004 33% $9,292,583 PXX Polarx Limited 0.012 33% $19,675,401 SRY Story-I Limited 0.004 33% $1,505,619 WTM Waratah Minerals Ltd 0.1 33% $15,683,272 FG1 Flynngold 0.069 33% $8,889,179 FND Findi Limited 1.325 33% $58,561,465 FHS Freehill Mining Ltd. 0.013 30% $37,359,848 PHL Propell Holdings Ltd 0.013 30% $1,203,555 DEL Delorean Corporation 0.035 30% $7,550,232 BTH Bigtincan Holdings 0.225 29% $120,169,353 GGE Grand Gulf Energy 0.009 29% $16,761,976 PVW PVW Res Ltd 0.057 27% $5,070,239 CST Castile Resources 0.088 26% $16,933,170 ASV Assetvisonco 0.01 25% $7,258,366 CAV Carnavale Resources 0.005 25% $17,117,759 CHK Cohiba Min Ltd 0.0025 25% $5,060,460 PUA Peak Minerals Ltd 0.0025 25% $3,124,130 RNT Rent.Com.Au Limited 0.02 25% $12,592,991 SKN Skin Elements Ltd 0.005 25% $2,947,430 WEL Winchester Energy 0.0025 25% $2,551,055 XPN Xpon Technologies 0.025 25% $6,982,988 HUM Humm Group Limited 0.69 24% $335,398,388 OSM Osmond Resources 0.087 24% $4,079,955 PAA Pharmaust Limited 0.165 22% $57,744,840 RIM Rimfire Pacific 0.023 21% $46,625,139 ACW Actinogen Medical 0.029 21% $55,375,442 PLY Playside Studios 0.64 21% $257,063,884 GAS State GAS Limited 0.175 21% $47,989,688 CBY Canterbury Resources 0.03 20% $5,152,227 CT1 Constellation Tech 0.003 20% $4,424,201 HXG Hexagon Energy 0.012 20% $5,642,075 KP2 Kore Potash PLC 0.012 20% $8,033,386 M4M Macro Metals Limited 0.003 20% $6,167,694 MKR Manuka Resources. 0.084 20% $42,384,005 TMR Tempus Resources Ltd 0.006 20% $4,141,740 IOD Iodm Limited 0.275 20% $167,067,385

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At the risk of sounding rude, we can probably ignore Javelin Minerals (ASX:JAV) at the top of the ladder there – yes, it’s a 100% jump, but that was from $0.001 to $0.002 without any news to the ASX, so you could blame it on a gust of wind and no one would think any worse of you.

The jump for security (the big, punchy kind – not the stock market kind) company MCS Services is a little harder to explain. There was certainly a bit of interest around the company, enough to move the needle +80%, but in the interests of time, my sanity and accuracy, I’m not going to guess at why it happened. It just did.

It’s a similar kinda story for Carbonxt as well – big jump, no news, but at least this time, we have a letter from the company to the ASX outlining that they don’t have an explanation for the movement, either… so that’s that.

Australian Mines (ASX:AUZ) enjoyed rising fortunes this week, after neighbour Brazilian Rare Earths (ASX:BRE) shifted gears in Brazil’s east and announced an “accelerated” consolidation plan at the Rocha de Rocha Rare Earth Province.

Cobre went bananas thanks to BHP selecting the digger to participate in the 2024 BHP Xplor Program, which the company says will greatly assist the advancement of exploration plans on its Kalahari Copper Belt projects in Botswana. BHP (ASX:BHP) will supercharge Cobre with some US$500,000 in non-dilutive funding “to support and accelerate its exploration plans.”

 

SMALL CAP LAGGARDS THIS WEEK

Code Company Price % Week Market Cap S3N Sensore Ltd 0.04 -58% $1,637,696 AVW Avira Resources Ltd 0.001 -50% $4,267,580 DCX Discovex Res Ltd 0.001 -50% $4,953,852 APM APM Human Services 0.75 -43% $687,886,460 PIM Pinnacle Minerals 0.125 -38% $4,506,205 EDE Eden Inv Ltd 0.002 -33% $7,356,542 GCR Golden Cross 0.002 -33% $2,194,512 GES Genesis Resources 0.004 -33% $3,131,365 LNR Lanthanein Resources 0.006 -33% $9,028,683 LNU Linius Tech Limited 0.002 -33% $9,878,481 MCT Metalicity Limited 0.002 -33% $8,970,108 SLB Stelar Metals 0.14 -33% $7,337,110 SUM Summit Minerals 0.07 -33% $4,384,456 TD1 Tali Digital Limited 0.001 -33% $3,295,156 WA8 Warriedarresourltd 0.04 -33% $21,437,720 YPB YPB Group Ltd 0.002 -33% $1,580,923 LM8 Lunnon Metalsl 0.31 -33% $67,312,513 RNO Rhinomed Ltd 0.021 -32% $6,000,114 APX Appen Limited 0.32 -31% $73,446,026 MI6 Minerals260Limited 0.19 -31% $43,290,000 NGY Nuenergy Gas Ltd 0.027 -31% $57,757,264 IR1 Irismetals 0.51 -31% $68,627,040 LRS Latin Resources Ltd 0.165 -30% $489,344,835 AD1 AD1 Holdings Limited 0.005 -29% $4,493,242 PRX Prodigy Gold NL 0.005 -29% $8,755,539 GLA Gladiator Resources 0.023 -28% $14,220,827 GRE Greentechmetals 0.26 -28% $19,789,276 MRC Mineral Commodities 0.026 -28% $29,534,178 CTM Centaurus Metals Ltd 0.3 -28% $143,508,714 VTX Vertexmin 0.094 -28% $7,007,000 HTA Hutchison 0.024 -27% $420,747,766 JTL Jayex Technology Ltd 0.008 -27% $2,250,228 PEC Perpetual Res Ltd 0.008 -27% $4,480,206 POS Poseidon Nick Ltd 0.008 -27% $25,994,743 TTT Titomic Limited 0.035 -27% $31,945,960 CPN Caspin Resources 0.073 -27% $6,975,659 KNB Koonenberry Gold 0.06 -27% $8,981,182 NAN Nanosonics Limited 3.04 -27% $881,233,458 ERW Errawarra Resources 0.061 -27% $5,755,240 WC8 Wildcat Resources 0.39 -26% $490,293,630 DGR DGR Global Ltd 0.014 -26% $18,786,483 AAJ Aruma Resources Ltd 0.02 -26% $3,937,830 CAZ Cazaly Resources 0.02 -26% $9,092,726 COD Coda Minerals Ltd 0.1 -26% $14,237,137 IND Industrial Minerals 0.39 -26% $24,753,600 AKN Auking Mining Ltd 0.035 -26% $8,062,380 CY5 Cygnus Metals Ltd 0.075 -25% $22,741,613 CYQ Cycliq Group Ltd 0.003 -25% $1,072,550 DXN DXN Limited 0.0015 -25% $2,153,340 GT1 Greentechnology 0.15 -25% $50,760,336

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HOW THE WEEK SHOOK OUT

 

Monday 22 January, 2024

Resource Mining Corporation (ASX:RMI) made early ground, climbing about 30% with gains most likely being driven by a sluggish market response to its news from last week about assay results from the Liparamba diamond drill program in Tanzania.

Resource told the market on 17 January that drilling had uncovered anomalous Ni-Cu values within a number of the drill holes, with 0.35-0.40% Ni and 0.20-0.23% Cu sulphide mineralisation occurring at 133-135m in hole LPDD009 among the highlights.

Also appearing to move belatedly was New Zealand King Salmon (ASX:NZK), staging a recovery from sharp end-of-the-week losses, on the heels of news that the company has received notice of a positive ‘aquaculture decision’ for Blue Endeavour from Fisheries New Zealand – which, in short, means that the project can go ahead.

RAS Technology Holdings (ASX:RTH) had big news, revealing that it’s entered into a partnership with global online casino and sportsbook Stake.com, which will see RTH provide an all-in-one “racing solution” to enable them to launch a racing offering to their extensive global customer base.

PharmAust (ASX:PAA) climbed well, too, as the market continued to digest its big news from last week that the company has partnered with leading MND/ALS clinical study design and statistical analysis specialists Berry Consultants, to get its Phase 2/3 study for monepantel in patients with Motor Neurone Disease (MND)/ Amyotrophic Lateral Sclerosis (ALS) off the ground.

Dateline Resources (ASX:DTR) informed the market that drilling is well underway at the company’s Colosseum Gold Mine in California, with the first hole now complete, which should allow Dateline to test down plunge extensions previous exploratory hole CM23-08, as well as test a revised sedimentary breccia model at the site.

 

Tuesday 23 January, 2024

Cobre (ASX:CBE) ended about 70% higher on Tuesday, after BHP selected the digger to participate in the 2024 BHP Xplor Program, which the company says will greatly assist the advancement of exploration plans on its Kalahari Copper Belt projects in Botswana.

BHP (ASX:BHP) will supercharge Cobre with some US$500,000 in non-dilutive funding “to support and accelerate its exploration plans.”

The Xplor Program provides not only with funding, but full access to BHP’s “deep expertise and global partnerships.”

Cobre intends to use the US$500,000 to advance its exploration programs by assessing and progressing targets which have the potential to host tier-one copper-silver deposits.

Exploration will focus on the newly identified fold hinge related trap-sites where mineralisation is expected to be upgraded, offering an opportunity for larger deposit formation.

Exactly the same thing happened to Hamelin Gold (ASX:HMG).

Managing director Peter Bewick, commenting on inclusion in the 2024 Xplor Program, was more than delighted.

“We are thrilled to have been selected to participate in the 2024 BHP Xplor program,” he said. “The identification of Ni-Cu-PGE mineralised, mafic-ultramafic intrusions by the Company in mid-2023 was a first for the Tanami region.”

Bewick says the BHP helping hand will facilitate the accelerated assessment of the nickel-copper-PGE potential of the region.

“The Xplor funded program will be completed in parallel to our ongoing gold exploration in the Tanami which includes a planned RC drill program at the Sultan prospect commencing in March-April 2024. This program is following up the identification through aircore drilling of extensive bedrock gold mineralization at Sultan announced earlier in January 2024.”

Also gaining strongly was True North Copper (ASX:TNC) after revealing it has signed binding offtake and toll-milling agreements with (Glencore) for its Cloncurry Copper Project up in Queensland.

Glencore is among the world’s largest natural resource companies and has signed up for 100% of the copper concentrate from TNC’s Cloncurry.

TNC will also provide toll-milling services, of up to 1 million tonnes of ore per year for the CCP’s Life of Mine (LoM).

Aside from the certainty of concentrate sales for the mine, TNC says it will be entitled to claim 20% Queensland State Royalty discount for all material processed through the Mt Isa Smelter.

True North MD Marty Costello says the agreements with an industry major such as Glencore marks a significant milestone … with CCP fully permitted and TNC on track to soon be in production for copper with CCP located in a Tier One jurisdiction.

 

Wednesday 24 January, 2023

Surefire Resources (ASX:SRN) hit a home run in the lab, with the company claiming a breakthrough pre-treatment and leach process that has allowed it to extract 91% of vanadium and 88% of titanium directly from Victory Bore magnetite concentrate.

It’s big news for Surefire, and stems from the company’s strategy of teaming up with METS Engineering in May last year, specifically to look into developing a better method of extraction, specifically for vanadium – as it appears that the ”unexpected extraction” of titanium during the process is a surprise bonus for the team.

The process is, as you’d expect, commercial in confidence – so, the specifics aren’t going to be made public just yet – and Surefire says it is subject to a Provisional Patent protection and remains solely the company’s IP.

Market minnow Eden Innovations (ASX:EDE) banked a 33.3% jump on the heels of a positive quarterly, which talked up “interest from a large multi-national company” in the company’s patented, core pyrolysis tech to make hydrogen and carbon nanotubes from natural gas without all that pesky CO2 as a by-product.

Eden reports that revenue for December quarter for its EdenCrete product is up 8% on PCP, however sales of its OptiBlend have fallen dramatically, down -93% – with a caveat that there are some significant sales negotiations underway in India at the moment.

And online retailer Harris Technology (ASX:HT8) has dropped its quarterly with the news that it has generated sales revenue of $4.9m through the December quarter, with thanks to an “increased contribution from the Household and Seasonal categories in line with the busy retail season through Black Friday, Christmas and Boxing Day”.

That was enough to drive a net operating cash inflow of $235,000 for the quarter, marking the second consecutive quarter and just pipping the previous three-month result of $226,000.

Later in the day, Harvest Technology Group (ASX:HTG) spiked on news that its received both second and third orders for its Nodestream technology from its significant Five-Eyes defence customer, in the total amount of approximately $380,000 – which has reportedly been paid up-front, and in cash.

And Flynn Gold (ASX:FG1) enjoyed a late surge after lunch, after the results from an Extraordinary General Meeting were published, days out from the extended deadline of the company’s in-progress share purchase plan.

 

Thursday 25 January, 2024

Up the pointy end of the Small Caps was NeuRizer (ASX:NRZ), showing a 100% jump after some to-ing and fro-ing with the ASX over disclosures by the company in the lead-up to it releasing its quarterly and Appendix 5B on 18 January.

It’s all very complicated and I don’t have the time to completely unpack it here, but the short version is that there have been some legislative and oversight changes affecting the NeuRizer Urea Project, which in turn has had a knock-on effect on investment negotiations for NRZ.

The company has assured the ASX that it is solvent, and working through other potential investment options to keep the project on track.

Meanwhile, CuFe (ASX:CUF) has jumped 33% despite nothing to say to the ASX for a while, most likely on the back of renewed enthusiasm for copper among local investors.

Similarly, Castile Resources (ASX:CST) continued to whipsaw in value, up more than 28% today after shedding 18% in recent days, which in turn was a major step down from the 27% spike the company enjoyed between Friday and COB Monday.

Black Mountain Energy (ASX:BME) has posted a decent gain off the back of a crowd-pleasing quarterly that includes a little tidbit about the company’s divestment of its Half Moon project, which has brought in a pre-tax windfall of US$6,577,810.

Actinogen Medical enjoyed a solid run through the day, off the back of earlier news that a human Positron Emission Tomography (PET) study, confirming high levels of the company’s Xanamem target occupancy in the brain at safe, well tolerated, and biologically active doses, has been published in the  Journal of Alzheimer’s Disease.

The company says the study confirms that Xanamem is a brain-penetrant inhibitor of the tissue cortisol synthesis enzyme, 11β-HSD1, with high levels of target occupancy at doses as low as 5mg – which is, I am assured, is a Good Thing.

 

Here’s how the 2024 ASX IPOs have performed

Code Name IPO Price Current Price Return Market cap Listing date KM1 Kali Metals 0.25 0.54 116% $98,591,981 8/1/2024 I88 Infini Resources 0.20 0.27 35% $9,560,000 15/1/2024

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IPOs we’re waiting for

Golden Globe Resources (ASX:GGR)

Expected listing: January 18, 2024

IPO:$6 million at 20 cents/share

The gold explorer with projects in Queensland, WA and NSW was down to list on the local bourse in October 2023. In the last four years, the company says it has acquired four projects with high prospectivity including Dooloo Creek and Alma in Queensland, Crossways in Western Australia, and Neila Creek in NSW.

GGR says each of these projects offers substantial opportunities for gold resources, including high-grade copper. The explorer has conducted extensive drilling and sampling at Dooloo Creek, yielding impressive results over the past two years.

There are plans for further drilling across all GGR projects, with an immediate focus on Neila Creek and ongoing efforts at Dooloo Creek.

K S Capital is lead manager of the float.

 

The post ASX Small Caps and IPO Weekly Wrap: A proper espresso of a week – short, strong and tasty appeared first on Stockhead.

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