The ASX 200 went backwards again this week, down -1.4pc
\nHealth Care fared best, \u201conly\u201d down -0.42pc
\nWho won the Small Caps race? Read on to find out\u2026<\/p>\n
\u00a0<\/p>\n
Aussie stocks went backwards again this week, with the benchmark down more than -1.0% for the second week running.<\/p>\n
Broadly speaking, the reasons why the market lost ground are largely the same as they were last week \u2013 with the added bonus of looking fresher than they are, thanks to new data that spooked investors over a number of days.<\/p>\n
The big banner figure was a bit of a shock from the month\u2019s CPI data, when the ABS revealed the index is still growing, month to month, despite all the \u201clever pulling\u201d and \u201chand wringing\u201d the RBA Board says it\u2019s been doing for the past nine months.<\/p>\n
CPI was 3.4% in February, 3.5% in March and now it\u2019s at 3.6% in April \u2013 clearly going the wrong way, and clearly not adding fuel to the fire underneath hopes of a rate cut any time soon.<\/p>\n
That came on the heels of the nation\u2019s monthly retail spending report, which clearly showed that we, as a nation, are getting worse at shopping.<\/p>\n
Australian retail turnover rose by a pathetic 0.1% in April, and from the looks of things, that doesn\u2019t seem to have made investors very happy at all.<\/p>\n
It\u2019s far too small to make up for the shellacking retail spending took in March (it fell -0.4% that month), and the failure to recover is yet another symptom of just how rocky the terrain that the Australian economy is trying to navigate really is.<\/p>\n
It was also a bit of a dud week for the Big Australian this week, as BHP\u2019s quest to get Even Bigger finally ground to a halt when the third (or was it fourth) offer it made to Anglo American was laughed out of the boardroom.<\/p>\n
It was a bit of an embarrassment for BHP, which is now locked out of making any further plays for Anglo for six long months, thanks to UK laws designed to curtail unwanted corporate attention and harassment in the workplace.<\/p>\n
And finally, it\u2019s worth mentioning that the Amazing Metals-Go-Round has continued to spin like Torville and Dean, and the results for the week are once again all over the place.<\/p>\n
\u00a0<\/p>\n
Weekly % change<\/p>\n
Gold US$2,343.40 +0.44%<\/p>\n
Silver US$30.95 +2.03%<\/p>\n
Nickel US$20,63\/t -0.10%<\/p>\n
Copper US$10,207\/t -2.51%<\/p>\n
Zinc US$3,042\/t -0.43%<\/p>\n
Iron 62pc Fe US$117.62\/t +0.08%<\/p>\n
\u00a0<\/p>\n
It was a resounding defeat across the board, with Consumer Discretionary, InfoTech, Materials and Utilities all giving up more than -2.0% as the week wore on, and even the best performing sector \u2013 Health Care \u2013 was below par on -0.42% since this time last Friday.<\/p>\n
Chart via Marketindex.com.au<\/p>\n
\u00a0<\/p>\n
Tellingly, the one slice of the market that can usually be relied upon in times of trouble was also flailing about wildly all week. The safe-haven of gold turned out to be a bit of a false promise, as even the XGD All Ords Gold index was pointing to a loss by the end of play on Friday.<\/p>\n
\u00a0<\/p>\n
Chart via Marketindex.com.au<\/p>\n
\u00a0<\/p>\n
But\u2026 there were a couple of Small Caps that banked some bangin\u2019 results since Monday\u2026 and here they are\u2026<\/p>\n
\u00a0<\/p>\n
SMALL CAP WINNERS THIS WEEK<\/p>\n
Code Company Price % Week Market Cap CAQ CAQ Holdings Ltd 0.065 333% $46,656,108 DY6 DY6 Metals 0.12 216% $4,445,192 FRS Forrestania Resources 0.048 153% $8,089,287 EDE Eden Innovations 0.0025 150% $9,195,678 GES Genesis Resources 0.008 100% $5,479,889 FAL Falcon Metals 0.31 100% $47,790,000 KP2 Kore Potash PLC 0.037 85% $28,305,374 MGA Metals Grove Mining 0.081 76% $5,394,630 IS3 I Synergy Group Ltd 0.014 75% $3,540,804 NVU Nanoveu Limited 0.031 63% $13,816,564 CR1 Constellation Res 0.24 60% $13,533,027 MHI Merchant House 0.056 60% $5,278,924 BDX Bcal Diagnostics 0.175 59% $44,151,575 KED Keypath Education 0.84 57% $179,270,063 KCC Kincora Copper 0.056 51% $10,043,504 1MC Morella Corporation 0.003 50% $15,446,999 8IH 8I Holdings Ltd 0.015 50% $5,360,340 CNJ Conico Ltd 0.0015 50% $2,707,643 MRQ MRG Metals Limited 0.0015 50% $3,787,678 VPR Volt Power Group 0.0015 50% $16,074,312 DXB Dimerix Ltd 0.495 46% $250,101,958 HHR Hartshead Resources 0.01 43% $28,086,821 TTM Titan Minerals 0.034 42% $56,348,090 COV Cleo Diagnostics 0.24 41% $17,043,000 VTI Vision Tech Inc 0.155 41% $7,705,105 T88 Taitonresources 0.1 39% $5,108,582 VN8 Vonex Limited 0.018 38% $6,874,744 NKL Nickelx 0.029 38% $2,546,640 HAL Halo Technologies 0.105 35% $13,506,821 FTZ Fertoz Ltd 0.044 33% $11,010,950 HCD Hydrocarbon Dynamic 0.004 33% $2,425,747 NRZ Neurizer Ltd 0.004 33% $5,707,292 RIL Redivium Limited 0.004 33% $10,923,419 SRY Story-I Limited 0.004 33% $1,505,619 TX3 Trinex Minerals Ltd 0.004 33% $6,400,283 TIG Tigers Realm Coal 0.004 33% $52,266,809 MDX Mindax Limited 0.041 32% $84,000,135 DES Desoto Resources 0.1 32% $5,573,165 SER Strategic Energy 0.021 31% $12,557,936 SRT Strata Investment 0.26 30% $42,355,894 CAT Catapult Grp Int Ltd 1.885 30% $443,882,675 SGQ St George Mining 0.022 29% $21,747,890 GUL Gullewa Limited 0.071 29% $14,538,890 SP8 Streamplay Studio 0.009 29% $9,204,990 LTP LTR Pharma Limited 0.61 28% $41,891,265 HYD Hydrix Limited 0.014 27% $3,559,064 TSL Titanium Sands Ltd 0.007 27% $15,482,230 AIV Activex Limited 0.005 25% $1,077,513 AL8 Alderan Resource Ltd 0.005 25% $5,534,307 ENT Enterprise Metals 0.005 25% $4,423,605 <\/p>\n
WordPress Table Plugin<\/a><\/p>\n \u00a0<\/p>\n SMALL CAP LAGGARDS THIS WEEK<\/p>\n Code Company Price % Week Market Cap HCT Holista CollTech Ltd 0.005 -50% $1,394,000 TKL Traka Resources 0.001 -50% $1,750,659 ICU Investor Centre Ltd 0.007 -46% $2,131,579 FTC Fintech Chain Ltd 0.01 -41% $7,809,235 BEL Bentley Capital Ltd 0.023 -41% $2,207,710 RBR RBR Group Ltd 0.0015 -40% $3,268,809 CTO Citigold Corp Ltd 0.005 -38% $15,000,000 AUG Augustus Minerals 0.045 -36% $4,268,500 1AG Alterra Limited 0.004 -33% $5,172,879 AUH Austchina Holdings 0.002 -33% $6,301,151 CLZ Classic Minerals 0.004 -33% $1,634,340 GCR Golden Cross 0.002 -33% $2,194,512 RIE Riedel Resources Ltd 0.002 -33% $4,447,671 RML Resolution Minerals 0.002 -33% $3,220,044 WEL Winchester Energy 0.002 -33% $2,040,844 YPB YPB Group Ltd 0.002 -33% $1,615,923 NIS Nickelsearch 0.024 -31% $5,125,019 EMS Eastern Metals 0.033 -31% $3,360,092 TSI Top Shelf 0.0985 -30% $30,914,276 ADY Admiralty Resources 0.007 -30% $14,665,265 REM Remsense Technologies 0.017 -29% $2,802,615 AMO Ambertech Limited 0.2275 -29% $21,704,588 G11 G11 Resources Ltd 0.03 -29% $22,473,663 SHP South Harz Potash 0.01 -29% $9,099,035 MTH Mithril Resources 0.215 -27% $19,875,412 TEE Topend Energy 0.115 -26% $11,314,063 ODA Orcoda Limited 0.16 -26% $33,831,414 AMD Arrow Minerals 0.003 -25% $30,418,095 BFC Beston Global Ltd 0.003 -25% $7,988,188 CTN Catalina Resources 0.003 -25% $3,715,461 ECT Environmental Clean Technologies 0.003 -25% $12,687,242 EFE Eastern Resources 0.006 -25% $7,451,679 IRX Inhalerx Limited 0.03 -25% $5,693,009 JAV Javelin Minerals Ltd 0.0015 -25% $3,264,346 MCL Mighty Craft Ltd 0.006 -25% $2,213,456 NGS NGS Ltd 0.003 -25% $753,682 RFT Rectifier Technolog 0.009 -25% $13,819,839 SI6 SI6 Metals Limited 0.003 -25% $7,106,578 WFL Wellfully Limited 0.003 -25% $1,478,832 CAZ Cazaly Resources 0.022 -24% $9,547,363 BCK Brockman Mining Ltd 0.019 -24% $232,005,803 FRE Firebrick Pharma 0.055 -24% $10,937,177 COD Coda Minerals Ltd 0.13 -24% $23,600,030 PHO Phosco Ltd 0.046 -23% $12,868,416 NXM Nexus Minerals Ltd 0.047 -23% $18,285,826 ATV Activeport Group 0.054 -23% $17,443,133 GHY Gold Hydrogen 1.52 -23% $117,677,740 AAU Antilles Gold Ltd 0.007 -22% $6,975,745 ASO Aston Minerals Ltd 0.014 -22% $16,835,835 MPR Mpower Group Limited 0.014 -22% $5,327,401 <\/p>\n WordPress Table Plugin<\/a><\/p>\n \u00a0<\/p>\n Monday 27 May, 2024<\/p>\n Explorer DY6 Metals (ASX:DY6)<\/a> was soaring on Monday morning, after revealing that the company has taken a closer look at historic drill samples from the Tundulu project in southern Malawi, and found that the project is \u2013 apparently \u2013 absolutely riddled with Rare Earths.<\/p>\n This is worth explaining because it\u2019s kind of an awesome story\u2026 like buying a second-hand wallet in an op-shop, and finding a winning lottery ticket tucked away inside when you brought it home.The project was initially explored in 1988 by Japanese International Cooperation Agency (JCIA), with the drill cores examined, catalogued and stuffed a in drawer somewhere \u2013 presumably because back in 1988, JCIA went to Malawi looking for something other than REEs.<\/p>\n There was some follow-up exploration work done at the site, which continued sporadically until 2014 \u2013 leaving a juicy tranche of samples to go over with a fresh set of eyes, which were focussed on finding the kind of Rare Earths that are super-fashionable at the moment. In steps DY6, and they\u2019ve taken that historical data and some far more recent\u00a0 boots-on-the-ground exploration work \u2013 and the news there is good.<\/p>\n Drilling intercepts including 101m @ 1.02% TREO from surface, 109m @ 1.06% TREO from 53m and 97m @ 1.35% TREO from surface tell the story \u2013 there\u2019s probably a lot of valuable stuff there, close to the surface \u2013 which DY6 says compares favourably to Lynas\u2019 (ASX:LYC)<\/a> Mt Weld deposit.<\/p>\n Anyway \u2013 DY6 was up more over +300% today, and that\u2019s the reason why, according to our own Moon Landing, Gregor Stronach.<\/p>\n Also doing well was Armada Metals (ASX:AMM)<\/a>, on news that a binding agreement has been signed to acquire 100% of the issued capital of Midwest Lithium, an Australian company that currently holds, or has the right to acquire, a 100% interest in 1,098 unpatented lode mining claims covering approximately 93km2, located in the Black Hills of South Dakota, USA. On completion, Midwest shareholders will hold 50% of the enlarged post capital raising, issued share capital of Armada. The transaction is subject to various conditions, of course, \u201cincluding execution of long form agreements and the completion of satisfactory legal, financial, tax and technical due diligence by Armada\u201d<\/p>\n Hydrix (ASX:HYD)<\/a> was also moving well on Monday morning, on news that its wholly-owned subsidiary Hydrix Services has entered into a $2.3m contract with leading European medical company Paul Hartmann, to provide a second round of services to assist with product development.<\/p>\n And Australasian Metals (ASX:A8G)<\/a> was on the rise, after it announced it has entered into an Option Agreement with Verdant Minerals regarding the Dingo Hole high pure quartz project in the Northern Territory and Queensland.\u00a0 That operation is known as the Dingo Hole high pure quartz project and A8G has entered an agreement with Verdant Minerals regarding it.<\/p>\n High Pure Quartz HPQ is a rapidly growing minerals sector, and that\u2019s largely due to the material\u2019s high industrial usage in the tech and electronics industry (yes, AI), including for semiconductors, solar panels, optical glass, optical fibres and more.<\/p>\n Clinical-stage biopharmaceutical company Dimerix (ASX:DXB)<\/a> soared almost +20% after saying Taiba has acquired the exclusive rights to register and commercialise DMX-200 for the treatment of focal segmental glomerulosclerosis (FSGS) kidney disease in the United Arab Emirates (UAE), Saudi Arabia, Oman,\u00a0 Kuwait,\u00a0 Qatar,\u00a0 Bahrain\u00a0 and\u00a0 Iraq. Under the deal DXB will receive up to US$80.4m (~A$120.5m) from Taiba in upfront and milestone payments on certain development and sales milestones being achieved.<\/p>\n The company will also receive tiered royalties starting at 30% on net sales.<\/p>\n Polymetals Resources (ASX:POL)<\/a> and Metals Acquisition (ASX:MAC)<\/a>\u00a0 have formed a non-exclusive strategic alliance to extract greater value from both the Endeavor and CSA copper mines in the Cobar Basin of NSW. MAC will also invest up to $5m @ $0.35\/share in POL.<\/p>\n Polymetals is surging on the news, by the way, up more than 20% at the time of writing, while Metals Acquisition\u2019s share price is also faring well, up a more modest 4% or so \u2013 but still significant considering the size of the company\u2019s market cap, which is in excess of $1.46b.<\/p>\n It\u2019s a very big deal for POL, this, and will see the joint operation treat high-grade zinc ore at Endeavor. POL will also provide MAC with excess water offtake to enhance CSA ore treatment capacity.<\/p>\n And, EMvision Medical Devices (ASX:EMV)<\/a> has shared an update from its ongoing clinical trials focusing on improving EMVision\u2019s AI algorithms for diagnosing strokes caused by bleeding or blockages in the brain. The interim results from the Stage 2 of the trial showed that the AI algorithm is working well in figuring out if a patient has ischaemia stroke or not (clot or not).<\/p>\n The algorithm was able to spot patterns and features in complex patient data, even in cases of early-onset severe ischaemic stroke, which can be hard to detect on standard brain scans.<\/p>\n This analysis builds on previous positive findings that showed EMV\u2019s AI model performs strongly in identifying if there\u2019s bleeding in the brain (haemorrhage).<\/p>\n \u00a0<\/p>\n Tuesday 28 May, 2024<\/p>\n Gold, lithium and nickel hunter, Forrestania Resources (ASX:FRS)<\/strong><\/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)<\/strong><\/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)<\/strong><\/a> soared after\u00a0 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><\/strong>, 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><\/strong> 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 $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. Battery metals and precious metals hunter,\u00a0Marquee Resources (ASX:MQR<\/strong>)<\/a>,\u00a0 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<\/strong>)<\/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><\/strong> 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<\/strong>)<\/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 Wednesday 29 May, 2024<\/p>\n Winning on Wednesday was Desoto Resources (ASX:DES)<\/a>, soaring early on news that the company is all set to buy a rare earths project in the Northern Territory called Spectrum, where previous drilling pulled up a highlight 6m @ 6.55% total rare earths (TREO) from 248m.<\/p>\n The details are as follows: DeSoto has signed a binding term sheet to acquire 70% of Copperoz\u2019 Spectrum REE project via a two stage minimum exploration spend of $5m over the next 39 months, with a right to acquire up to 100% of the project.<\/p>\n During the first 15 months, DeSoto agrees to spend a minimum of $2m, including a minimum 3500m worth of RC\/DD drilling, while Stage 2 requires a minimum $3m expenditure during the following 24 months, and upon completion of a positive feasibility study, DeSoto has an option to buy out the remaining 30%.<\/p>\n Oar Resources (ASX:OAR)<\/a> has announced the expansion of its Brazilian assets by the pegging of an additional 650km2 of prospective ground in the states of Rio Grande Do Sul and Goi\u00e1s. This is an increase of 283% and brings the total Brazilian landholding to 880km2.<\/p>\n The acquired tenements are considered prospective for sandstone and sedimentary hosted uranium mineralisation. Both projects are located within 10km of historic uranium occurrences identified by the Industrias Nucleares do Brasil (INB), which is a Brazilian state-run company engaged in the prospection, exploration and extraction of uranium and other heavy metals.<\/p>\n OD6 Metals (ASX:OD6)<\/a> has doubled the resource at its rare earths Splinter Rock project \u2013 to 682Mt at 1,338ppm TREO.<\/p>\n \u201cThis mineral resource estimate sets OD6 apart from any other clay-hosted rare earth project in Australia, and highlights Splinter Rock to be one of the largest and highest-grade projects globally,\u201d MD Brett Hazelden says.<\/p>\n Splinter Rock is located in the Esperance-Goldfields region of Western Australia \u2013 about 30 to 150km northeast of the major port and town of Esperance.<\/p>\n Cleo Diagnostic\u2019s (ASX:COV)<\/a> made gains after revealing that its ovarian cancer blood test outperforms the current clinical benchmark, correctly detecting 90% of early-stage cancers compared to only 50% using standard workflows.<\/p>\n Pursuit Minerals (ASX:PUR)<\/a> was celebrating some early success, with results from Drill Hole 1 at its Maria Magdelena tenement in the Rio Grande Sur project delivering \u201csignificant high grade intercepts of lithium brine at shallow depths of ~131m\u201d.<\/p>\n Milk company Fonterra (ASX:FSF)<\/a>\u00a0 provided its Q3 business update, announcing profit after tax from continuing operations of $1,013 million, up $20 million on pcp or equivalent to 61c per share. CEO Miles Hurrell says the Foodservice and Consumer channels in particular had a strong third quarter with a lift in earnings compared to the same time last year.<\/p>\n DY6 Metals (ASX:DY6)<\/a> is still trading nicely off Monday\u2019s news that saw it burst up more than 300% at one stage earlier this week. There\u2019s nothing fresh to report, but in case you missed it: \u201cExceptional\u201d high grade historical drill hits confirm the Tundulu rare earths project in Malawi as a significant asset, says the company.<\/p>\n And, Critical Resources (ASX:CRR<\/a> said 31 new LCT pegmatites were discovered to the east of the Mavis Lake Main Zone, including multiple spodumene-bearing pegmatites. The discoveries were confirmed by the discovery of several new exposed rock formations, extending the known area of spodumene-containing rocks up to 250m in length.<\/p>\n \u00a0<\/p>\n Thursday 30 May, 2024<\/p>\n Nanoveu (ASX:NVU)<\/a> climbed on news that the company has signed a binding deal giving Rahum Nanotech exclusive distribution rights in South Korea for the EyeFly3D product, which \u201callows users to experience 3D without the need for glasses on everyday handheld devices\u201d. NVU says Rahum must receive orders of ~$30 million by the end of 2026 to maintain exclusivity.<\/p>\n Big news for Ora Gold (ASX:OAU)<\/a>, after the explorer revealed that it is set to team up with miner Westgold (ASX:WGX)<\/a> to bring OAU\u2019s high grade 240,000oz Crown Prince deposit into production, with WGX signing on to snap up $6 million worth of shares in the junior for a cornerstone stake of around 15%.<\/p>\n Merchant House (ASX:MHI)<\/a>\u00a0 announced that it\u2019s set to sell off its 33% shareholding in Tianjin Tianxing Kesheng Leather Products Company to Tianjin Wuxi International Trading Company, for the equivalent of a cool $8.3 million Aussie dollars.<\/p>\n Sports data and analytics company, Catapult Group (ASX:CAT)<\/a> was up +9% after the company hit a milestone revenue mark of US$100m for FY24, up 20% on pcp.<\/p>\n Ark Mines (ASX:AHK)<\/a> surged due to a significant increase in mineral estimates at its Sandy Mitchell rare earth and heavy mineral project in northern Queensland. The company has announced a Maiden Indicated Mineral Resource Estimate (MRE) of 21.7 million tonnes, surpassing expectations.<\/p>\n This includes a variety of valuable heavy minerals such as monazite, zircon, rutile, xenotime, and ilmenite. The company anticipates strong project economics from these findings, as they can be processed at a low cost. Additionally, this places Sandy Mitchell as the first surface-expressed Placer Rare Earth deposit with a JORC resource on the ASX.<\/p>\n Lord Resources (ASX:LRD)<\/a> has confirmed the presence of significant lithium-caesium-tantalum geochemical anomalies at its Jingjing lithium project in WA\u2019s Eastern Goldfields through infill soil sampling work.<\/p>\n The Jingjing project, acquired in May 2023, comprises two tenements located in an area known for lithium-caesium-tantalum deposits. This project is distinct from the company\u2019s exploration activities at Horse Rocks, where Mineral Resources (ASX:MIN) is conducting exploration under a strategic partnership.<\/p>\n Falcon Metals (ASX:FAL)<\/a> is continuing to soar after its recent announcement about a significant mineral sands discovery in Bendigo. The company\u2019s 91-hole aircore (AC) drilling program at the Farrelly mineral sands prospect in Victoria has returned high-grade results. This confirms Farrelly as a substantial mineral sands find, with a thick zone of mineralization (Main Zone) covering an area of approximately 1,200 meters by 600 meters and still open in multiple directions.<\/p>\n And, Clarity Pharmaceuticals (ASX:CU6)<\/a>\u00a0 has signed a Supply Agreement with SpectronRx for Cu-64 production. This adds a new Cu-64 manufacturer to Clarity\u2019s network, addressing supply constraints and benefiting patients, especially in the US oncology market. Cu-64\u2019s longer half-life overcomes limitations of other isotopes, providing broader access to PET imaging for cancer diagnosis.<\/p>\n \u00a0<\/p>\n Friday 31 May, 2024<\/p>\n Kula Gold (ASX:KGD)<\/a> gained nicely through the morning on news that the company has decided to acquire the historic Mt Palmer Gold Mine, last commercially mined in 1944 down to only the 6th Level (~160m) at 15.9g\/t Au. Kula says that the mine\u2019s location, just 15km from the Marvel Loch gold processing plant and infrastructure, aligns with its strategy of exploring near to existing operations to fast track any discovery to monetary success.<\/p>\n Graphite producer and natural graphite anode developer Volt Resources (ASX:VRC)<\/a> was also on the move Friday morning, after providing an update on a shipment of high purity graphite product.<\/p>\n Volt says its subsidiary, Zavalievsky Graphite, has commenced production of high purity micronized graphite for the 40-tonne customer order received in April 2024 and is targeting completion by July 2024. To-date, about 26 tonnes have been produced and shipped to the customer.<\/p>\n Papyrus Australia (ASX:PPY)<\/a> continued to enjoy investor support on Friday morning, after the company clarified some of the structural elements of the contracts it recently signed with the Egyptian government, which \u2013 in a mildly convoluted way that I have run out of time trying to comprehend \u2013 \u201crepresents potential revenue of up to $2.7m USD per year from moulded product sales by Papyrus\u201d.<\/p>\n Voltaic Strategic Resources (ASX:VSR)<\/a> says that recent rock chip sampling at the Eldinero prospect, part of its Meekatharra project in WA, has shown visible signs of copper-gold minerals in quartz veins, extending the surface strike length to 200m.<\/p>\n This is a big step forward for the company\u2019s exploration work, showing promise for more discoveries at the project.<\/p>\n The minerals seem to be connected to the Burnakura Shear Zone, which stretches over 10km and is made up of dolerites. And this zone is important because it holds several gold deposits.<\/p>\n The company notes that the Meekatharra tenement package is largely underexplored, despite its proximity to numerous historical and active open pits and underground mines, and geologically prospective structures.<\/p>\n Falcon Metals (ASX:FAL)<\/a> was still well up on Tuesday\u2019s news. Falcon is now up ~75% since announcing a high grade mineral sands discovery, called Farrelly, Tuesday this week.<\/p>\n \u201cWhile it is early days in our understanding of Farrelly, with more drilling and test work required, it is shaping up to become a significant mineral sands deposit, in proximity to other major deposits, but at far higher grades,\u201d MD Tim Markwell says.<\/p>\n Forrestania Resources (ASX:FRS)<\/a> was also up on announcing 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 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.<\/p>\n Spacetalk (ASX:SPA)<\/a>\u00a0 has made a move back into the European market by teaming up with Elisa, a major mobile operator in Finland. This partnership means Spacetalk\u2019s Adventurer 2 and Loop products will be sold in 67 Elisa stores and online starting in June. Elisa will have exclusive rights to sell Spacetalk products in Finland for 12 months. Initially, Elisa will stock 1600 Spacetalk devices, with an estimated annual sales of 5000 units<\/p>\n Wound care medical company, AVITA Medical ASX:AVH)<\/a>, surged +13% this morning after receiving an FDA approval for its latest product, the RECELL GO System. The RECELL GO system will launch in top burn treatment centres in the US initially, with plans for broader availability in the future. CEO Jim Corbett believes this FDA approval will revolutionise wound care, making treatment more accessible and effective.<\/p>\n EZZ Life Science (ASX:EZZ)<\/a> has entered into a significant sales agreement with Pinehills (Hong Kong) Limited, spanning five years.<\/p>\n Under the terms, Pinehills has committed to procuring EZZ-branded products worth at least $15 million within the initial 12-month period. Over the duration of the agreement, the annual purchase volumes are set to escalate by a minimum of 10% each year.<\/p>\n EZZ says the deal represents a strategic move for EZZ, as it will facilitate the expansion of its product distribution into key markets such as China, Vietnam, and other Southeast Asian markets.<\/p>\n PharmAust (ASX:PAA)<\/a> has made key changes to its leadership team, reappointing Dr Michael Thurn as managing director and CEO, and welcoming Dr Nicky Wallis as chief scientific officer.<\/p>\n Dr Wallis, a neuroscientist with extensive global experience, will lead the evaluation of monepantel for potential use in treating neurodegenerative diseases.<\/p>\n These appointments mark a significant shift for the company as it aims to become a global leader in this field.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n Resouro Strategic Metals (ASX:RAU)<\/p>\n Proposed Listing: 04 June, 2024 The Australian-led Resouro Strategic Metals is currently listed on the TSXV in Canada, with a focus on Brazil-focused rare earths plays. Its flagship Tiros project has\u00a0 potential to become an industry-leading rare earths and titanium mine as western countries race to develop diversified sources of critical minerals.<\/p>\n The IPO, as listed, will be managed by Taylor Collison Limited ( Lead Managers).<\/p>\n \u00a0<\/p>\n Piche Resources (ASX:PR2)<\/p>\n Proposed Listing: 07 June, 2024 Blinklab describes itself as a mineral exploration company with multiple, drill ready uranium projects with the potential to host tier 1 mineral deposits.<\/p>\n The IPO, as listed, will be managed by Euroz Hartleys (Lead Manager).<\/p>\n \u00a0<\/p>\n Pengana Global Credit Private Trust (ASX:PCX)<\/p>\n Proposed Listing: 20 June, 2024 Pengana Global Credit Private Trust is a listed Investment Trust investing in global private debt.<\/p>\n The IPO, as listed, will be managed by Taylor Collison Limited, Morgans Financial Limited, Shaw and Partners Limited. (Joint Lead Managers).<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n <\/span><\/p>\n The post ASX Small Caps and IPO Weekly Wrap: The ASX walked backwards again this week as investors battle tough conditions<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"HOW THE WEEK SHOOK OUT<\/h2>\n
\nCompletion 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>\nIPOs that didn\u2019t happen yet<\/h2>\n
\nIPO: $8 million at $0.50 per share<\/p>\n
\nIPO: $10 million at $0.10 per share<\/p>\n
\nIPO: $250,000 at $2.00 per share<\/p>\n