Good morning everyone, and welcome to 06 May, 2024 – an important date in the history of New York real estate, as it was on this day in 1626 that a fella called Peter Minuet pulled off a real estate deal that is yet to be rivalled.
Minuet was, at the time, a Dutch colonial governor of New Amsterdam, and was tasked with buying an island from the Native Americans.
Being the wily old Walloon (I have no idea and I’m too afraid to google it) merchant he was, Minuet eventually struck a deal with the locals that saw the entire island of present-day Manhattan change hands for a few crates of random loot, worth (at the time) a total of 60 Guilders.
I’ve crunched the numbers, and those 17th Century Guilders are worth about USD$1,500 in today’s money – a fantastically small sum that would barely be enough to rent a shared bathroom for half a day in most of the city of New York.
Luckily for you, you’re unlikely to get fleeced quite so badly if you’re bargain hunting on the ASX today, as we’ve been busy writing some excellent things to help you pick a good deal from among the duds.
That includes not one, but two stories about uranium, and Christian’s been chatting with founder and chief investment officer at Datt Capital, Emanuel Datt, to see what’s blipped on the investment manager’s radar.
Plus, as usual, I’ve slaved away all afternoon (kind of) to bring you all the data and digits and highlights listed below to help prep you for Monday – which, despite how you’re feeling right now, isn’t quite the disaster your headache is telling you it’s likely to be.
COMMODITY/FOREX/CRYPTO MARKET PRICES
Gold: US$2,299.01 (-0.18%)
Silver: US$26.56 (-0.64%)
Nickel (3mth): US$18,402.10/t (-1.16%)
Copper (3mth): US$9,778.37/t (+1.41%)
Oil (WTI): US$79.26 (+0.40%)
Oil (Brent): US$84.02 (+0.42%)
Iron 62pc Fe: US$118.08/t (+0.74%)
AUD/USD: 0.6572 (-0.02%)
Bitcoin: US$59,392.10 (+0.55%)
WHAT GOT YOU TALKING
Gold is looking like it’s going to continue to be where it’s at, as some of the metal’s big bears start reckoning with US$2,000/oz forecasts for the first time, writes Josh Chiat.
S&P Global Ratings lifts 2024 #gold price forecast past US$2000/oz for first time after three revisions. #ASX #shares https://t.co/V3rIMRtJ2l
— Stockhead (@StockheadAU) May 3, 2024
FRIDAY’S ASX SMALL CAP LEADERS
Here are the best performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
Code Name Price % Change Volume Market Cap RCR Rincon 0.155 63% 32,921,429 $21,109,130 GTI Gratifii 0.011 57% 11,118,173 $11,284,315 ADG Adelong Gold Limited 0.004 33% 116,333 $2,911,467 EDE Eden Inv Ltd 0.002 33% 1,734,954 $5,517,407 RIL Redivium Limited 0.004 33% 1,198,566 $8,192,564 PPK PPK Group Limited 0.555 29% 1,700,722 $38,394,396 SVG Savannah Goldfields 0.035 25% 89,511 $7,870,378 RML Resolution Minerals 0.003 25% 250,000 $3,220,044 VML Vital Metals Limited 0.005 25% 1,306,407 $23,580,268 BCA Black Canyon Limited 0.135 23% 151,962 $7,715,561 ZGL Zicom Group Limited 0.055 22% 271,798 $9,655,200 ALC Alcidion Group Ltd 0.068 21% 7,518,266 $75,178,500 PL3 Patagonia Lithium 0.145 21% 1,658,824 $5,895,420 CGR Cgnresourceslimited 0.380 19% 766,323 $29,049,021 GHY Gold Hydrogen 1.620 18% 1,214,195 $105,028,342 KP2 Kore Potash PLC 0.013 18% 1,003,437 $7,263,725 GSR Greenstone Resources 0.010 18% 4,553,912 $11,672,687 LYN Lycaonresources 0.400 18% 1,706,783 $14,979,125 OSX Osteopore Limited 0.350 17% 98,332 $3,098,607 88E 88 Energy Ltd 0.004 17% 9,106,226 $86,678,016 ADY Admiralty Resources. 0.007 17% 252,322 $9,776,844 LPD Lepidico Ltd 0.004 17% 1,867,796 $22,914,924 SGC Sacgasco Ltd 0.007 17% 7,105,661 $4,678,122 SP8 Streamplay Studio 0.007 17% 272,984 $6,903,743
Friday’s Small Cap Winners included:
PPK Group (ASX:PPK) followed gains on Thursday’s news that investee company Craig International Ballistics has been handed a very juicy $30 million order for body armour by the Australian Defence Force. The remit for the contract will see Craig International Ballistics manufacture and deliver a new order of body armour components to help protect troops from moving threats like fragmentation, and low and high velocity rounds, from its factory in Queensland.
Rincon Resources (ASX:RCR) was once again making some serious noise. The stock’s on a wild ride, up a whopping 100% for the week, 400% for the past month, and 328% year-to-date. Recently, Rincon hit the jackpot with a ‘bullseye’ discovery called Avalon. The market went nuts over it, especially since it was similar to other big hitters like Luni and Prominent Hill. And it’s not slowing down. The company has kicked off an RC drilling campaign, aiming to dig up to 2,000m at the Pokali prospect.
Emu (ASX:EMU) was well ahead after announcing the completion of its 1:30 consolidation.
Patagonia Lithium (ASX:PL3) hiked up the bourse after announcing “outstanding” assay results from its first drill well at the Formentera brines project in Argentina’s part of the ‘Lithium Triangle’.
It’s also on the hunt for rare earths and niobium there, but as its name suggests, lithium’s the main game, with two major brine projects on the go – Formentera/Cilon in Salar de Jama, Jujuy province and Tomas III at Incahuasi Salar in Salta Province. Re the Formentera drill well news, the highlight intercept was 200m at 235ppm from 170m depth, including a 21m chunk grading 591ppm. Also noted: very low levels of deleterious ions (Mg:Li 1.49 at 591ppm Li, boron 522ppm, calcium 358ppm).
Manganese explorer and developer, Black Canyon (ASX:BCA), traded higher based on some ‘dense media separation’. If only that meant a shake-up and parting of ways in the braindead mainstream Aussie breakfast telly news and current affairs schtick. Dense medium/media separation in the world of mining, meanwhile, is where particles are sorted on the basis of their densities. In Black Canyon’s case, it’s talking the delivery of almost 32% manganese concentrate in this instance. Specifically, grades of 31.8% Mn and 31.3% Mn from its KR1 and KR2 test samples conducted recently.
The small gold digger, Savannah Goldfields (ASX:SVG), spread its wings Friday after saying goodbye to coking coal and hello to more glittering prospects. With a tidy sum of $3.95m on the table, it has cashed in on the Ashford coking coal project. Plus, it’s holding onto a sweet deal – a $0.75 royalty on every tonne of coal sold. The company inked the deal to sell its stake in Renison Coal to Clara Resources Australia (ASX:C7A), freeing them up to focus on its golden dreams. Savannah’s aiming to be a ‘pure play’ goldie, but it’s still keeping one eye on the Ashford coking coal project, just in case it strikes gold in the future.
And hey, Cash Converters’ (ASX:CCV quarterly revenue was up 19% pcp to $93.0m, driven by Australian store network momentum and contribution of strong trading results from the UK franchise network acquisition (Capital Cash) completed in July 2023. Gross loan book was up 9% pcp to $291.7m, on the back off strong customer demand for credit.
Infini Resources (ASX:I88) said geophysical surveys including high resolution UAV drone magnetics have been approved at Portland Creek Uranium Project by the Newfoundland Government in Canada. Initial reconnaissance field work was successfully completed despite adverse weather, with field crews to recommence activities including soil sampling and geological mapping/sampling within a week.
And accounting company, Countplus (ASX:CUP), updated the market on the cost synergy benefits expected to be achieved following the integration of Diverger Limited. Annualised expected cost savings have been upgraded to approximately $4m, to be achieved in FY25. This represents a considerable increase from the initial $3m expectation announced at the time of the transaction.
FRIDAY’S ASX SMALL CAP LAGGARDS
Here are the worst performing ASX small cap stocks:
Swipe or scroll to reveal full table. Click headings to sort:
Code Name Price % Change Volume Market Cap AXP AXP Energy Ltd 0.001 -50% 32,263 $11,649,361 ERL Empire Resources 0.002 -33% 20,059 $3,338,805 FZR Fitzroy River Corp 0.115 -28% 10,000 $17,272,680 CHK Cohiba Min Ltd 0.003 -25% 121,592 $14,352,977 ENT Enterprise Metals 0.003 -25% 2,387,851 $3,207,884 ME1 Melodiol Glb Health 0.003 -25% 54,969,315 $2,693,949 MTL Mantle Minerals Ltd 0.002 -25% 185,000 $12,394,892 TKL Traka Resources 0.002 -25% 124,065 $3,501,317 TZL TZ Limited 0.019 -24% 139 $6,414,578 PRX Prodigy Gold NL 0.002 -20% 200,000 $5,034,435 ROG Red Sky Energy. 0.004 -20% 3,096 $27,111,136 VRC Volt Resources Ltd 0.004 -20% 3,911,074 $20,793,391 NME Nex Metals Explorat 0.022 -19% 265,934 $9,518,378 MMM Marley Spoon Se 0.032 -18% 1,025 $4,591,252 STM Sunstone Metals Ltd 0.012 -18% 5,313,039 $49,009,122 FIN FIN Resources Ltd 0.014 -18% 913,011 $11,037,568 PSL Paterson Resources 0.015 -17% 1,257,455 $8,208,682 EXL Elixinol Wellness 0.005 -17% 1,795,701 $7,806,444 AUA Audeara 0.041 -16% 21,269 $7,085,779 G88 Golden Mile Res Ltd 0.011 -15% 2,577,211 $5,345,897 NMR Native Mineral Res 0.017 -15% 560,754 $4,197,010 A1G African Gold Ltd. 0.024 -15% 255,101 $4,915,180 SOP Synertec Corporation 0.083 -14% 17,999,205 $41,887,091 AAU Antilles Gold Ltd 0.012 -14% 6,291,702 $13,181,490 AIV Activex Limited 0.006 -14% 884,134 $1,508,518
TRADING HALTS
Neurotech (ASX:NTI) – pending the release of the full results of the Phase I/II Rett Syndrome clinical trial.
The post Rise and Shine: Everything you need to know before the ASX opens appeared first on Stockhead.
