{"id":10214,"date":"2024-05-28T06:15:56","date_gmt":"2024-05-28T06:15:56","guid":{"rendered":"https:\/\/economicherald.net\/?p=10214"},"modified":"2024-05-28T06:15:56","modified_gmt":"2024-05-28T06:15:56","slug":"closing-bell-asx-dips-goldies-lead-and-forrestania-jumps-140pc-on-iron-ore-play","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=10214","title":{"rendered":"Closing Bell: ASX dips, goldies lead, and Forrestania jumps 140pc on iron ore play"},"content":{"rendered":"

ASX 200 dips\u00a0 <\/span>amid Wall Street closure for Memorial Day
\nCommodities bounce back; gold stocks rise, uranium falls
\nForrestania jumps on iron ore play<\/p>\n

\u00a0<\/p>\n

The ASX 200 edged down -0.2% on Tuesday as local traders navigated a directionless market amid Wall Street\u2019s closure for Memorial Day.<\/p>\n

Losses in Industrials and Discretionary sectors were partly offset by gains in Staples and Real Estate.<\/p>\n

\u00a0<\/p>\n

Source: Market Index<\/strong><\/em><\/p>\n

\u00a0<\/p>\n

Commodities<\/strong> like gold, copper, nickel, and aluminum rebounded this week after a pullback last week \u2013\u00a0<\/span>reflecting investors\u2019 reassessment of reduced expectations for US rate cuts.\u00a0<\/span><\/p>\n

Gold stocks<\/strong> did well today with Newmont Gold (ASX:NEM)<\/a><\/strong> adding 0.7% and Evolution Mining (ASX:EVN)<\/a><\/strong> rising by +1.2%.\u00a0<\/span><\/p>\n

Uranium miners<\/strong>, however took a hit, with Boss Energy (ASX:BOE)<\/a><\/strong> shaving -11%\u00a0 <\/span>after its CEO, Duncan Craib, sold over $20 million in shares.<\/p>\n

Still in the large cap space, ProMedicus (ASX:PME)<\/a><\/strong> rose around +2% after its subsidiary, Visage Imaging,\u00a0 <\/span>secured five new contracts in the US totalling a minimum of $45m.<\/p>\n

Oil-reated stock<\/strong>s were mixed\u00a0 <\/span>after Brent crude climbed over 1% on a quiet Monday session overnight.\u00a0<\/span><\/p>\n

Global inflation data, OPEC+ supply meeting this coming Sunday, and US demand at the start of the summer driving season are all in focus when US traders return to their desks later tonight.\u00a0<\/span><\/p>\n

To data, and Australian retail trade<\/strong> showed a small increase in April, but overall spending remained flat for the year as Aussies remained cautious about their expenses.\u00a0<\/span><\/p>\n

New data from the ABS today revealed that retail spending in April went up by 0.1% from March, following a 0.4% decrease in March.<\/p>\n

\u201cSince the start of 2024, trend retail turnover has been flat as cautious consumers reduce their discretionary spending,\u201d said Ben Dorber across the street at ABS.\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

Wall Street trading will be faster<\/h2>\n

Across the region today,\u00a0<\/span>Asian stock markets saw gains as the US dollar weakened ahead of upcoming inflation reports. CPI data from Australia, Japan, the Eurozone, and the US will be released at various points this week.<\/p>\n

Chinese property shares made gains following Shanghai\u2019s decision to lower down-payment ratios and minimum mortgage thresholds.<\/p>\n

Tech stocks in China saw an uptick as major state banks revealed their intentions to invest a total of 114 billion yuan (US$15.7 billion) in a semiconductor fund.<\/p>\n

And\u2026 there\u2019s a bit of a change coming to Wall Street.<\/p>\n

Trading in US stocks markets will speed up big time, and starting tonight, trades in New York will settle in just one day, instead of two, cutting the time for each transaction in half.<\/p>\n

Called T+1<\/strong>, this system was ditched before because things got too hectic.\u00a0<\/span>Now, it\u2019s back but there are concerns.\u00a0<\/span><\/p>\n

\u201cWe know there are going to be some issues with a transition like this, so it\u2019s about having the right resources to fix them quickly,\u201d Christos Ekonomidis of BNY Mellon told Bloomberg<\/em>.<\/p>\n

\u00a0<\/p>\n

ASX SMALL CAP LEADERS<\/h2>\n

Today\u2019s best performing small cap stocks:<\/strong><\/p>\n

Swipe or scroll to reveal full table. Click headings to sort:<\/em><\/p>\n

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Code Name Price % Change Volume Market Cap FRS Forrestania Resources 0.050 163% 73,404,356 $3,073,929 CAQ CAQ Holdings Ltd 0.070 133% 301,157 $21,533,588 KCC Kincora Copper 0.054 50% 551,470 $7,378,901 1MC Morella Corporation 0.003 50% 4,132,464 $12,357,599 VPR Volt Power Group 0.002 50% 601,419 $10,716,208 PPY Papyrus Australia 0.016 45% 2,667,824 $5,419,619 FAL Falconmetalsltd 0.230 44% 2,515,451 $28,320,000 VN8 Vonex Limited. 0.022 38% 5,042,069 $5,789,258 NAE New Age Exploration 0.004 33% 10,000 $5,381,697 SIS Simble Solutions 0.004 33% 2,499,417 $2,097,117 AQD Ausquest Limited 0.017 31% 4,421,673 $10,726,940 BGE Bridgesaaslimited 0.026 30% 34,139 $2,387,941 HFY Hubify Ltd 0.013 30% 5,002,549 $4,961,363 CR1 Constellation Res 0.210 27% 134,195 $9,781,270 RBX Resource B 0.038 27% 96,790 $2,480,535 PNT Panthermetalsltd 0.060 25% 111,229 $4,183,976 88E 88 Energy Ltd 0.003 25% 5,873,842 $57,785,344 ADG Adelong Gold Limited 0.005 25% 136,592 $4,471,956 EDE Eden Inv Ltd 0.003 25% 16,901,652 $7,356,542 IVX Invion Ltd 0.005 25% 100,000 $25,698,129 NRZ Neurizer Ltd 0.003 25% 947,232 $3,804,841 TAS Tasman Resources Ltd 0.005 25% 648,654 $2,850,677 BCC Beam Communications 0.155 24% 247,532 $10,802,740 MQR Marquee Resource Ltd 0.016 23% 6,221,597 $5,373,997 GBZ GBM Rsources Ltd 0.011 22% 2,140,187 $10,410,200 <\/p>\n

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WordPress Table Plugin<\/a><\/p>\n

Gold, lithium and nickel hunter, Forrestania Resources (ASX:FRS)<\/a>, surged today on news related to iron ore, in the Yilgarn region, sending it triple-bagging upwards, about 200%.<\/p>\n

The company has announced it\u2019s entered into an option agreement with shareholders of Netley Minerals to acquire 100% of issued shares in Netley, which is the holder of highly prospective iron ore tenements right next to Mineral Resources\u2019 (ASX:MIN)<\/a> Koolyanobbing operations.<\/p>\n

It\u2019s potentially big for FRS, that, which enters into a three-month option period, in which the company will drill test several iron ore targets identified by Netley and its advisors. The potential is there, with surveys and rock chip sampling correlating with the geophysical trends, indicating mineralisation potential. All else, including infrastructure \u2013 road, rail, port and service centres \u2013 lines up well.<\/p>\n

Falcon Metals (ASX:FAL)<\/a> soared after\u00a0 <\/span>receiving high-grade results for its 91-hole aircore (AC) drilling program at its Farrelly mineral sands prospect in Victoria, which is a follow-up on high-grade reconnaissance drilling results announced in early March.<\/p>\n

The new results confirm Farrelly as a high-grade mineral sands discovery with a thick zone of mineralisation (Main Zone) now defined covering an area of about 1,200 metres by 600 metres and remaining open in several directions.<\/p>\n

Significant drill intercepts include: 26m at 8.9% THM (total heavy mineral concentrate) from 6m, with 15m at 12.9% THM from 13m; and 22m at 9.2% THM from 8m, including 12m at 15.1% THM from 16m as well as 3m at 20.3% THM from 21m.<\/p>\n

Papyrus Australia (ASX:PPY)<\/a>, which makes fibre, fertiliser and food packaging out of banana waste, made tidy gains on news that it has signed two contracts worth US$1.7m with the Egyptian Government\u2019s National Authority for Military Production (MP).<\/p>\n

Kincora Copper (ASX:KCC)<\/a>\u00a0 <\/span>has signed itself a $50m earn-in and joint venture agreement with a unit of the NYSE-listed AngloGold Ashanti for KCC\u2019s Northern Junee-Narromine Belt (NJNB) copper and gold project in New South Wales. This is located in the near-unexplored undercover extension of a porphyry-related, rich gold and copper mineralised zone known as the Macquarie Arc. The company notes that a \u201cwide range of virgin, large intrusive-related copper-gold targets will be drill tested\u201d under the new agreement.<\/p>\n

AngloGold will have the right to spend up to $50 million to earn a 80% interest through:<\/p>\n

\u2022 $25 million of exploration expenditure to earn a 70% joint venture interest (Phase I) including a minimum A$2 million expenditure obligation, with Kincora the initial operator for a 10% management fee.<\/p>\n

\u2022 Completion of a Pre-Feasibility Study (PFS) or funding of a further $25 million of expenditure to earn a 80% joint venture interest (Phase II).<\/p>\n

Battery metals and precious metals hunter, Marquee Resources (ASX:MQR)<\/a>,\u00a0 <\/span>has inked an option agreement with two parties to buy a gold and silver project in Sardinia, Italy, called Sa Pedra Bianca. Shareholders are enjoying the 30% rise in MQR that\u2019s come on the back of the news today.<\/p>\n

The Sa Pedra Bianca project covers a large portion of the old Osilo project, which contained a non-JORC resource of 1.65Mt at 7.06g\/t gold and 29.7g\/t silver for a total of 376,140oz gold and 1.58Moz silver. Timothy Spencer is named as one of the two parties and is the ex-MD of Essential Metals, which was acquired by Develop Global (ASX:DVP) in November last year.<\/p>\n

Spencer will be appointed as a consultant of the company and will join the Marquee board on exercise of the option agreement.<\/p>\n

Based on its due diligence so far, Marquee believes the Sardinian project to have \u201cexceptional upside with real potential to become a 1Moz+ gold district\u201d.<\/p>\n

AusQuest (ASX:AQD)<\/a> has news today from its Peruvian operations \u2013 it\u2019s now begun drilling at its new copper-gold target at the Cerro de Fierro project.<\/p>\n

The company believes their \u201cis room for a sizeable deposit to be found\u201d, affirmed by historic drilling returning multiple copper-gold intersections at the prospect.<\/p>\n

The RC drilling program will test a structural target close to a drill hole that intersected multiple zones of copper-gold mineralisation, including 30m at 0.43% Cu, 0.16g\/t Au; 43m at 0.43% Cu, 0.35g\/t Au; 28m at 0.42% Cu, 0.15g\/t Au and 33m at 0.24% Cu, 0.13g\/t Au.<\/p>\n

The project is located at the southern end of a recognised IOCG metallogenic belt in southern Peru and is within ~150km of the Mina Justa deposit (~337Mt @ 0.76% Cu) \u2013 being developed by the Marcobre JV. Assay results are expected within four weeks of this drilling program.<\/p>\n

Matador Mining (ASX:MZZ)<\/a> reported assay results from the final 110 drillholes of the 157 hole reverse circulation (RC) drill program at the Malachite Project in Newfoundland, Canada. New gold-in-bedrock anomalism has been identified, including drillhole CRC0142 which graded 127 parts per billion gold from 6 to 7m.<\/p>\n

Playside Studios (ASX:PLY)<\/a>, the games maker, provided an update to its FY24 revenue and earnings guidance announced in February. Based on year-to-date trading, PLY now expects FY24 revenue to come in between $63m-$65m (previously $60-$65m). FY24 EBITDA is to come in between $16-$18m (previous guidance $11-$13m).<\/p>\n

\u00a0<\/p>\n

ASX SMALL CAP LAGGARDS<\/h2>\n

Today\u2019s best performing small cap stocks:<\/strong><\/p>\n

Swipe or scroll to reveal full table. Click headings to sort<\/em><\/p>\n

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Code Name Price % Change Volume Market Cap HCT Holista CollTech Ltd 0.006 -40% 2,577,068.00 $2,788,001 APC Aust Potash Ltd 0.001 -33% 5,860,966.00 $6,030,284 GCR Golden Cross 0.002 -33% 32,000.00 $3,291,768 MCT Metalicity Limited 0.002 -33% 1,832,578.00 $13,455,285 RIE Riedel Resources Ltd 0.002 -33% 1,600,000.00 $6,671,507 SIH Sihayo Gold Limited 0.002 -33% 250,000.00 $36,612,769 WEL Winchester Energy 0.002 -33% 15,125.00 $3,061,266 DY6 Dy6Metalsltd 0.115 -30% 2,906,805.00 $6,667,787 CTN Catalina Resources 0.003 -25% 113,009.00 $4,953,948 SKN Skin Elements Ltd 0.003 -25% 558,468.00 $2,357,944 VML Vital Metals Limited 0.003 -25% 2,995,444.00 $23,580,268 SBW Shekel Brainweigh 0.040 -23% 207,467.00 $10,960,859 ADY Admiralty Resources. 0.008 -20% 1,909,585.00 $16,294,739 AUK Aumake Limited 0.002 -20% 1,515,000.00 $4,786,017 ICU Investor Centre Ltd 0.008 -20% 424,553.00 $3,045,113 ROG Red Sky Energy. 0.004 -20% 20,383.00 $27,111,136 YAR Yari Minerals Ltd 0.004 -20% 3,518,210.00 $2,411,789 FRE Firebrickpharma 0.058 -17% 324,137.00 $12,551,472 LVH Livehire Limited 0.015 -17% 310,499.00 $6,652,762 BCT Bluechiip Limited 0.005 -17% 16,619.00 $6,604,601 BPP Babylon Pump 0.005 -17% 800,000.00 $14,997,294 CTO Citigold Corp Ltd 0.005 -17% 675,591.00 $18,000,000 VRX VRX Silica Ltd 0.047 -16% 996,328.00 $32,669,199 AAU Antilles Gold Ltd 0.006 -14% 29,431,658.00 $6,975,745 <\/p>\n

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Peter Warren (ASX:PWR)<\/a><\/strong> plunged over -11% today after warning about earnings as new car sales slow down and profit margins shrink.<\/p>\n

PWR expects its underlying profit before tax for the FY24 to be between $52 million and $57 million \u2013 approximately 30% less than the $81.9 million it earned in FY23.<\/p>\n

This comes after a smaller drop in profits in the first half of the financial year ending December 31, when underlying profit before tax fell from $43.2 million to $34.4 million.<\/p>\n

\u00a0<\/p>\n

IN CASE YOU MISSED IT<\/h2>\n

Alma Metals (ASX:ALM)<\/a> has appointed a drill contractor for the upcoming core drilling program<\/a> at its large-scale Briggs copper project in central Queensland to upgrade resources and collect material for metallurgical testing.<\/p>\n

Basin Energy\u2019s (ASX:BSN)<\/a> Phase 2 drilling at the Geikie project in the prolific Athabasca Basin in Canada has identified a 1.5km-long alteration zone<\/a>, typical of basement-hosted uranium mineralisation.<\/p>\n

Everest Metals Corporation (ASX:EMC)<\/a> could be looking at a significant maiden rubidium resource for its Mt Edon project in WA\u2019s Mid-West after resource drilling intersected multiple pegmatites<\/a> and expanded the existing target area.<\/p>\n

NickelX (ASX:NKL)<\/a> has appointed<\/a> Uvre (ASX:UVA) founder Peter Woods as its new managing director as it transitions away from nickel towards uranium and gold exploration.<\/p>\n

White Cliff Minerals (ASX:WCN)<\/a> is gearing up for its first field operation<\/a> at the pre-discovery Nunavut project in northern Canada, where historical drilling results point to potential sedimentary-hosted copper deposits.<\/p>\n

Lithium Universe (ASX:LU7)<\/a> has established a \u201csame equipment, same supplier\u201d strategy for its B\u00e9cancour lithium refinery as it seeks to replicate the procurement success demonstrated by the Jiangsu lithium carbonate plant in China.\u00a0By using proven equipment and dealing with the same well-known and reliable suppliers used by the Galaxy team, it will reduce the engineering work required for the definitive feasibility study while minimising the cost and time associated with repeated detailed engineering by tapping into the original supplier\u2019s design and construction experience.\u00a0Alternative suppliers closer to Canada will be also be used if suppliers don\u2019t exist anymore.<\/p>\n

Many Peaks Minerals (ASX:MPK)<\/a> has started a 6500m reconnaissance drilling campaign to test juicy targets at its recently acquired Odienn\u00e9 project in northwest C\u00f4te d\u2019Ivoire.<\/p>\n

Miramar Resources (ASX:M2R)<\/a> has received Programme of Work approval to carry out drilling at its Trouble Bore nickel-copper-cobalt-PGE project in WA\u2019s Gascoyne region.\u00a0The approval paves the way for the company to carry out drilling, which is co-funded by the WA state government\u2019s Exploration Incentive Scheme, at the Trouble Bore and Mount Vernon projects to test Norilsk-style targets associated with Kulkatharra Dolerite sills and highlighted by airborne and ground electromagnetic surveys.\u00a0This drilling seeks to show \u201cproof of concept\u201d of its Bangemall nickel-copper-cobalt-PGE deposit model by identifying nickel-copper sulphide mineralisation.\u00a0It will now work towards obtaining heritage approvals and planning for the maiden drill program.<\/p>\n

Sun Silver (ASX:SS1)<\/a> has started investigations into project grants and alternative funding via various USA government departments including, the Department of Energy (DOE) and the Inflation Reduction Act (IRA) mechanism.<\/p>\n

Summit Minerals (ASX:SUM)<\/a>\u00a0has received overwhelming interest for a\u00a0$2m placement<\/a>\u00a0that will help to fund an aggressive exploration campaign on its Brazilian niobium and rare earth projects.<\/p>\n

\u00a0<\/p>\n

TRADING HALTS<\/h2>\n

Pointerra (ASX:3DP)<\/a> \u2013 pending an announcement regarding a capital raising.<\/p>\n

Copper Search (ASX:CUS)<\/a> \u2013 pending an announcement to ASX regarding a capital raise.<\/p>\n

Australian Gold and Copper (ASX:AGC)<\/a> \u2013 ending the release of an announcement to the market regarding a capital raising.<\/p>\n

Si6 Metals (ASX:SI6)<\/a> \u2013 pending an announcement in relation to Brazilian exploration results.<\/p>\n

Latrobe Magnesium (ASX:LMG)<\/a> \u2013 pendin an announcement to the market regarding a proposed capital raising.<\/p>\n

Gryphon Capital Income Trust (ASX:GCI) \u2013 pending an announcement by the Responsible Entity regarding a capital raising.<\/p>\n

Papyrus Australia (ASX:PPY)<\/a> \u2013 pending an announcement to be made to the market clarifying some comments in the ASX announcement made on 28 May 2024.<\/p>\n

Kula Gold (ASX:KGD)<\/a> \u2013 pending an announcement by the Company regarding an acquisi\u019fon and a capital raise.<\/p>\n

Nanoveu (ASX:NVU)<\/a> \u2013 pending an announcement regarding an exclusive distribution agreement update.<\/p>\n

Buxton Resources (ASX:BUX)<\/a> \u2013 pending an announcement of a capital raising.<\/p>\n

Merchant House (ASX:MHI)<\/a> \u2013 pending an announcement to the market regarding a material asset divestment.<\/p>\n

\u00a0<\/p>\n

At Stockhead, we tell it like it is. While Alma Metals, Basin Energy, Everest Metals Corporation, NickelX, White Cliff Minerals, Lithium Universe, Many Peaks Minerals, Miramar Resources and Sun Silver are Stockhead advertisers, they did not sponsor this article.<\/p>\n

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The post Closing Bell: ASX dips, goldies lead, and Forrestania jumps 140pc on iron ore play<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

ASX 200 dips\u00a0 amid Wall Street closure for Memorial Day Commodities bounce back; gold stocks rise, uranium falls Forrestania jumps on iron ore play \u00a0 [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":10215,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-10214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nClosing Bell: ASX dips, goldies lead, and Forrestania jumps 140pc on iron ore play - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=10214\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Closing Bell: ASX dips, goldies lead, and Forrestania jumps 140pc on iron ore play - 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