{"id":6997,"date":"2024-03-11T23:53:12","date_gmt":"2024-03-11T23:53:12","guid":{"rendered":"https:\/\/economicherald.net\/?p=6997"},"modified":"2024-03-11T23:53:12","modified_gmt":"2024-03-11T23:53:12","slug":"top-10-at-10-copper-finds-ma-and-a-sinking-lake-resources","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=6997","title":{"rendered":"Top 10 at 10: Copper finds, M&A \u2026 and a sinking Lake Resources"},"content":{"rendered":"

Stockhead\u2019s Top 10 at 10, published at ~10.40am each trading day, highlights the best (and worst) performing ASX stocks in morning trade using live data.<\/p>\n

It\u2019s a short, sharp update to help frame the trading day by showing the biggest movers in percentage terms.<\/p>\n

The market opens at 10am (eastern time) and the data is taken at 10:15am, once every\u00a0ASX\u00a0stock has started trading.<\/p>\n

\u00a0<\/p>\n

WINNERS<\/strong><\/h2>\n

Stocks highlighted in yellow made market-moving announcements\u00a0(click\u00a0headings to sort).<\/em><\/p>\n

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Security Description Last % Volume MktCap JAV Javelin Minerals Ltd 0.002 100% 250,000 $2,176,231 RMI Resource Mining Corp 0.028 75% 1,278,298 $9,477,565 GCR Golden Cross 0.003 50% 20,152 $2,194,512 CDT Castle Minerals 0.009 38% 8,863,779 $7,959,204 MTL Mantle Minerals Ltd 0.002 33% 3,000,000 $9,296,169 CAV Carnavale Resources 0.005 25% 1,500,000 $13,694,207 CCO The Calmer Co Int 0.005 25% 10,245 $4,730,787 GMN Gold Mountain Ltd 0.005 25% 900 $9,111,514 IVX Invion Ltd 0.006 20% 510,242 $32,122,661 MHC Manhattan Corp Ltd 0.003 20% 100,000 $7,342,449 <\/p>\n

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

Small cap battler Resource Mining Corp (ASX:RMI)<\/a> says soil sampling has defined nine distinct copper anomalies at the Mpanda copper-gold project in Tanzania.<\/p>\n

\u201cThese initial results from the Mpanda copper-gold project grading up to 13.6% copper and 3.2gpt gold are extremely exciting and opening a valuable new opportunity for RMC within the Tanzanian project portfolio,\u201d says exec chair Asimwe Kabunga.<\/p>\n

Tests have confirmed that graphite from Castle Minerals\u2019 (ASX:CDT)<\/a> Kambale project in Ghana is \u201cvery attractive\u201d for the manufacture of lithium-ion electric vehicle battery anodes \u201cand a range of other high-value primary and secondary applications\u201d.<\/p>\n

At the larger end of the bourse, Alcoa has inked a deal to buy Alumina Limited (ASX:AWC)<\/a> in an all share deal valued at 0.02854 shares of Alcoa common stock.<\/p>\n

That\u2019s a 19.5% premium to the average exchange ratio over the last 12 months says AWC, which is up 7.6% in early trade.<\/p>\n

On implementation of the transaction, AWC shareholders will own ~31.6% of the combined group.<\/p>\n

And Australia\u2019s newest mid tier gold producer, Bellevue Gold (ASX:BGL)<\/a> says ramp up at its namesake mine is on schedule with 13,364oz produced in the month of February.<\/p>\n

\u00a0<\/p>\n

LOSERS<\/h2>\n

Stocks highlighted in yellow made market-moving announcements\u00a0(click headings to sort).<\/em><\/strong><\/p>\n

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Security Description Last % Volume MktCap MRQ MRG Metals Limited 0.001 -50% 25,000 $4,942,682 1MC Morella Corporation 0.003 -25% 571,874 $24,715,198 NES Nelson Resources. 0.003 -25% 1,300,000 $2,454,377 SLZ Sultan Resources Ltd 0.021 -22% 1,082,983 $4,001,131 LKE Lake Resources 0.092 -20% 12,847,352 $163,768,108 BNL Blue Star Helium Ltd 0.008 -20% 10,309,198 $19,422,653 DOU Douugh Limited 0.004 -20% 115,950 $5,410,345 ESR Estrella Res Ltd 0.004 -20% 125,000 $8,796,859 GCM Green Critical Minerals 0.004 -20% 7,275 $5,682,925 MCT Metalicity Limited 0.002 -20% 155,000 $11,212,634 <\/p>\n

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The precipitous fall of once great lithium developer Lake Resources (ASX:LKE)<\/a> is something to behold.<\/p>\n

Worth ~$2.7bn at $2.11\/sh in April 2022, the struggling stock has now announced a $20m raise at just 7c per share.<\/p>\n

The issue price represents a massive 39.1% discount to the last closing price of A$0.115 on 8 March 2024 and a 42.3% discount to the 5-day VWAP of A$0.121.<\/p>\n

Blue Star (ASX:BNL)<\/a> will pause development at the Voyager project after being \u201cdisappointed\u201d with the performance from the first two helium development wells.<\/p>\n

\u201cThe Voyager project was chosen as the first development for our Las Animas helium acreage due to the interpreted high-concentration of helium in its discovery exploration well, BBB #1 (8.8% He), as well as the proven high-concentration (average 8% He) and robust flow rates (up to 2,000 mcf\/d) from the historic Model Dome production field analogue wells located only 6 miles from Voyager,\u201d BNL boss Trent Spry says.<\/p>\n

\u201cAs a result, we are naturally disappointed with the unexpected initial outcomes from the first two helium development wells at Voyager.<\/p>\n

\u201cWhile we continue to work through economic evaluation based on positive flow and helium concentration under vacuum conditions and the associated adjusted development and operational parameters and cost estimates \u2013 we have elected to pause the development of the Voyager project.\u201d<\/p>\n

<\/span><\/p>\n

The post Top 10 at 10: Copper finds, M&A \u2026 and a sinking Lake Resources<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Stockhead\u2019s Top 10 at 10, published at ~10.40am each trading day, highlights the best (and worst) performing ASX stocks in morning trade using live data. 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