Uncategorized
ASX Small Caps and IPO Weekly Wrap: How bad was it? I’m honestly afraid to look…
The ASX200 benchmark heads into the weekend with a -1.9% bootprint on its arse, with every sector losing ground since … Read More
The post ASX Small…
- ASX 200 benchmark heads into the weekend with a -1.9% bootprint on its arse
- Every sector lost ground since Monday morning, especially Real Estate and Health Care
- OzAurum (ASX:OZM) thumps out a contrarian +289% whopper to a round of happy applause
It was a week that felt like an utter grind for a number of reasons – not least of which was the daily Parade of Ill-Feeling at 4pm when the shouting stopped, the dust settled and no matter how much I poked them with a stick, the numbers stubbornly refused to lie.
The ASX shed 1.9% this week… and that’s one of the band-aids torn off.
But wait, there’s more.
The sectors for the week are universally redder than the rear end of an amorous baboon, and while Utilities did its darndest to make headway through the week, it’s gotten to Friday arvo 0.4% on the wrong side of good.
The woes start to kick in almost immediately after that, with Staples and Materials close enough to -1.0% that it’s pretty much academic that they didn’t quite hit the milestone.
The rest of the sectors did, though. Energy and InfoTech broke the -3.0% barrier, and both Health Care and Real Estate lost more than 4.2% apiece.
The more granular ASX indices just tell us the same story, but with a few more of the juicier, salacious parts left in for the Adults Only, post-9:30pm crowd who don’t mind a bit of gore with their loss porn.
The best of them look like this:
And the worst of them look like someone drove a road accident into the back of another road accident.
That’s not say there weren’t any winners – I’ll get to them in a minute – but I feel compelled to mention that at least one company reporting in today has managed an amazing numerical feat.
Aquis Entertainment – a market minnow by any measure – hit a 52-week high today after someone spent $2. Incredible stuff.
ASX SMALL CAP LEADERS
Here are the best performing ASX small cap stocks from 18-22 September:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % Week | Market Cap |
|---|---|---|---|---|
| OZM | Ozaurum Resources | 0.125 | 291% | $17,780,000 |
| AVW | Avira Resources Ltd | 0.002 | 100% | $4,267,580 |
| BTC | BTC Health Ltd | 0.0415 | 73% | $12,964,932 |
| WC8 | Wildcat Resources | 0.4075 | 70% | $269,575,113 |
| BUS | Bubalusresources | 0.235 | 62% | $6,975,438 |
| AL8 | Alderan Resource Ltd | 0.012 | 50% | $7,400,336 |
| AMD | Arrow Minerals | 0.003 | 50% | $9,071,295 |
| EMU | EMU NL | 0.003 | 50% | $4,350,064 |
| PRX | Prodigy Gold NL | 0.009 | 50% | $14,008,863 |
| WCN | White Cliff Min Ltd | 0.012 | 50% | $12,570,186 |
| E25 | Element 25 Ltd | 0.445 | 44% | $89,187,437 |
| OKR | Okapi Resources | 0.15 | 43% | $31,512,902 |
| 1AE | Aurora Energy Metals | 0.115 | 40% | $16,716,728 |
| AUN | Aurumin | 0.028 | 40% | $7,759,520 |
| DES | Desoto Resources | 0.14 | 40% | $9,588,240 |
| RDS | Redstone Resources | 0.007 | 40% | $6,099,649 |
| SGC | Sacgasco Ltd | 0.007 | 40% | $5,415,079 |
| PKD | Parkd Ltd | 0.029 | 38% | $2,850,913 |
| AAR | Astral Resources NL | 0.098 | 38% | $64,772,679 |
| SRJ | SRJ Technologies | 0.1 | 37% | $13,073,976 |
| AXP | AXP Energy Ltd | 0.002 | 33% | $11,649,361 |
| KEY | KEY Petroleum | 0.002 | 33% | $3,935,856 |
| NZS | New Zealand Coastal | 0.002 | 33% | $3,308,020 |
| OSM | Osmond Resources | 0.12 | 33% | $5,627,525 |
| SRY | Story-I Limited | 0.004 | 33% | $1,505,619 |
| WEL | Winchester Energy | 0.004 | 33% | $4,081,688 |
| VTX | Vertexmin | 0.15 | 30% | $10,297,375 |
| VMC | Venus Metals Cor Ltd | 0.13 | 30% | $24,664,729 |
| FSG | Field Solu Holdings | 0.052 | 30% | $39,714,563 |
| ALV | Alvomin | 0.175 | 30% | $12,239,379 |
| TMR | Tempus Resources Ltd | 0.031 | 29% | $8,419,633 |
| PCK | Painchek Ltd | 0.04 | 29% | $56,117,773 |
| BUR | Burleyminerals | 0.18 | 29% | $18,739,900 |
| ICN | Icon Energy Limited | 0.009 | 29% | $6,912,123 |
| WCG | Webcentral Ltd | 0.115 | 28% | $39,495,147 |
| E33 | East 33 Limited. | 0.028 | 27% | $12,458,129 |
| ICR | Intelicare Holdings | 0.014 | 27% | $2,924,816 |
| TIG | Tigers Realm Coal | 0.007 | 27% | $78,400,214 |
| HAR | Haranga Resources | 0.17 | 26% | $8,638,383 |
| BNR | Bulletin Resources | 0.075 | 25% | $22,312,924 |
| CUF | Cufe Ltd | 0.015 | 25% | $17,191,685 |
| DCX | Discovex Res Ltd | 0.0025 | 25% | $8,256,420 |
| GTG | Genetic Technologies | 0.0025 | 25% | $23,083,316 |
| MRQ | MRG Metals Limited | 0.0025 | 25% | $5,464,797 |
| PVT | Pivotal Metals Ltd | 0.02 | 25% | $9,258,205 |
| RLG | Roolife Group Ltd | 0.015 | 25% | $10,808,372 |
| TKL | Traka Resources | 0.005 | 25% | $4,356,646 |
| TRU | Truscreen | 0.025 | 25% | $9,999,408 |
| RMY | RMA Global | 0.075 | 25% | $41,845,697 |
Not much point going into huge detail here, as the companies that did well and the reasons that happened are all covered off down below.
But for an at-a-glance of the winners, OzAurum Resources (ASX:OZM) was the clear stand-out this week, thanks to its +289% fireworks display – a mighty effort in such a depressing week on-market.
BTC Health also banked a solid week, adding 73% to its trading price, while Wildcat Resources (ASX:WC8) enjoyed the best of the previous week’s momentum and the early part of this week to add 70% to its price as well.
ASX SMALL CAP LAGGARDS
Here are the best performing ASX small cap stocks from 18-22 September:
Swipe or scroll to reveal full table. Click headings to sort:
| Code | Company | Price | % Week | Market Cap |
|---|---|---|---|---|
| CYM | Cyprium Metals Ltd | 0.033 | -67% | $48,790,794 |
| TMG | Trigg Minerals Ltd | 0.011 | -35% | $2,013,846 |
| BRN | Brainchip Ltd | 0.19 | -34% | $355,011,629 |
| CLE | Cyclone Metals | 0.001 | -33% | $10,264,505 |
| CT1 | Constellation Tech | 0.002 | -33% | $2,942,401 |
| TD1 | Tali Digital Limited | 0.001 | -33% | $3,295,156 |
| HFY | Hubify Ltd | 0.015 | -32% | $7,442,044 |
| ICG | Inca Minerals Ltd | 0.015 | -29% | $7,365,150 |
| VN8 | Vonex Limited. | 0.015 | -29% | $6,874,744 |
| PHO | Phosco Ltd | 0.049 | -28% | $15,367,148 |
| PHL | Propell Holdings Ltd | 0.016 | -27% | $1,925,688 |
| NGY | Nuenergy Gas Ltd | 0.027 | -27% | $39,985,798 |
| JBY | James Bay Minerals | 0.38 | -27% | $12,815,775 |
| AN1 | Anagenics Limited | 0.014 | -26% | $6,581,159 |
| MGU | Magnum Mining & Exp | 0.029 | -26% | $22,430,310 |
| CHR | Charger Metals | 0.135 | -25% | $11,801,730 |
| M4M | Macro Metals Limited | 0.003 | -25% | $5,961,233 |
| PVS | Pivotal Systems | 0.003 | -25% | $2,305,138 |
| WFL | Wellfully Limited | 0.003 | -25% | $1,478,832 |
| IHL | Incannex Healthcare | 0.066 | -25% | $103,155,673 |
| AKM | Aspire Mining Ltd | 0.079 | -25% | $45,179,692 |
| AGE | Alligator Energy | 0.05 | -24% | $172,022,848 |
| DAF | Discovery Alaska Ltd | 0.019 | -24% | $4,450,459 |
| DTR | Dateline Resources | 0.013 | -24% | $11,510,757 |
| OAK | Oakridge | 0.076 | -23% | $1,306,872 |
| GML | Gateway Mining | 0.03 | -23% | $7,990,006 |
| MTC | Metalstech Ltd | 0.15 | -23% | $28,290,689 |
| AXN | Alliance Nickel Ltd | 0.064 | -23% | $44,925,696 |
| G50 | Gold50 | 0.12 | -23% | $13,375,089 |
| WEC | White Energy Company | 0.062 | -23% | $4,241,183 |
| HAS | Hastings Tech Met | 0.775 | -23% | $99,612,322 |
| NAE | New Age Exploration | 0.007 | -22% | $10,051,292 |
| EMP | Emperor Energy Ltd | 0.011 | -21% | $2,957,487 |
| PPY | Papyrus Australia | 0.022 | -21% | $11,329,055 |
| KCC | Kincora Copper | 0.035 | -20% | $6,254,783 |
| AHK | Ark Mines Limited | 0.195 | -20% | $8,803,228 |
| CYQ | Cycliq Group Ltd | 0.004 | -20% | $1,430,067 |
| ERL | Empire Resources | 0.004 | -20% | $4,451,740 |
| MEM | Memphasys Ltd | 0.012 | -20% | $12,473,765 |
| MXC | MGC Pharmaceuticals | 0.002 | -20% | $8,855,936 |
| ROO | Roots Sustainable | 0.004 | -20% | $554,889 |
| SCT | Scout Security Ltd | 0.016 | -20% | $3,460,020 |
| KED | Keypath Education | 0.305 | -20% | $68,702,300 |
| CBE | Cobre | 0.058 | -19% | $16,927,749 |
| NWM | Norwest Minerals | 0.029 | -19% | $9,202,224 |
| HAL | Halo Technologies | 0.063 | -19% | $8,158,198 |
| NGS | NGS Ltd | 0.013 | -19% | $3,768,411 |
| 4DX | 4D Medical | 0.52 | -19% | $190,086,236 |
HOW THE WEEK SHOOK OUT
Monday 18 September – ASX down 0.67%
If you’d like a good read around Wildcat Resources (ASX:WC8), which was up about 85% for the day on Monday, you should read Reuben’s spot-on Nostradamian description of WC8 almost one month ago. It’s both well-written and downright creepy – a rare but most enjoyable cross-genre combo.
That Monday share price action came after drilling into a “major lithium discovery” at its Tabba Tabba prospect in WA.
It’s a litany of good-lookin’ lithium hits:
- 85m at 1.1% Li2O from surface (TARC086) (down-hole length)
- including 59m @ 1.5% Li2O from surface
- 218m at 0.8% Li2O from 16m (TARC089) (down-hole length)
- including 22m at 1.0% Li2O from 31m
- including 23m at 1.0% Li2O from 152m
- including 51m at 1.5% Li2O from 183m to end of hole
- Estimated true width is approximately 53m
That’s the results from the central cluster WC8 drilled, and the second cluster isn’t as good, but it’s still pretty decent, with highlights such as 21m at 1.1% Li2O from 42m, and 20m at 1.3% Li2O from 20m.
Just 2km east of Delta Lithium’s Malinda Prospect, Bubalus Resources (ASX:BUS) has snapped up a few tenements prospective for lithium mineralisation in the Gascoyne Region of Western Australia.
The area’s never been the subject of a serious lithium hunt before, BUS says, which is exciting in and of itself – and the location means that Bubalus can now work year-round, as its other major projects are all a lot further north in the NT, and subject to closure during The Wet.
Also climbing in arvo trade was a third Li2O vebture, Venus Metals (ASX:VMC). Venus has informed the ASX it’s mapped two new zones with outcropping LCT pegmatites, south from Lithium-rich pegmatites (reported previously on 24 August 2023), which are reportedly replete with as much as 4.6% Li2O.
And sticking to the lithium theme, absolute Li2O minnow, Reach Resources (ASX:RR1) jumped about 29%% to 0.018 cents a pop after recent mapping at its 100% owned Morrissey Hill Lithium Project, in Yinnetharra WA, has revealed a bunch of previously unrecognised, wide and strike extensive pegmatite swarms.
“Individual pegmatites extend up to 2km in strike length and over 30 metres in width.,” the company says.
The majority are hosted within mafic volcanics (basalts/greenstones) and/or mafic sediments of the Leake Springs, also home to Delta Lithium’s (ASX:DLI) neighbouring Malinda Lithium.
Tuesday 19 September – ASX down 0.5%
Lithium play Juno Minerals (ASX:JNO), up some 45% at the close on Tuesday, still riding the waves made by last week’s positivity around news that infill soil sampling results have been full of promise for lithium prospectivity south of its Mount Ida Magnetite Project.
Copper cap, Magmatic Resources (ASX:MAG) closed Tuesday with almost 30% in the pocket afger kicking off a new diamond drilling program at its greater Corvette and Kingswood prospect within Magmatic Resources’ 100%-owned Myall Project
MAG told the ASX that the program is targeting shallow mineralisation immediately below the transported cover, with 8-10 holes expected to be completed to an average depth of 250 metres over the coming 4-6 weeks, while the processing of diamond core will start nowish too,
The current phase of exploration has the potential to rapidly expand the significant metal endowment already defined at Myall, which includes 354,000 tonnes of copper metal-equivalent.
Codrus Minerals (ASX:CDR) is ahead strongly on Tuesday as well. The REE play’s been sharing some upbeat exploration drilling results at its Karloning REE project in WA.
CDR’s best so far: 20m grading 1,554ppm TREYO from 8m, including 4m grading 2,014ppm TREYO from 18m in hole KGAC057, and 14m grading 1,423ppm TREYO from 12m, including 2m grading 1,931ppm TREYO from 16m in hole KGAC058.
Also enjoying momentum out of last week, Okapi Resources (ASX:OKR) was rising steadily throughout the day, adding 38%at the close.
And finally, Raiden Resources (ASX:RDN) is up more than 21% after notching high-grade lithium and rubidium samples and a new 50m wide mineralised pegmatite at Andover South, grading up to 2.42% Li2O.
Wednesday 20 September – ASX down 0.5%
Gaming minnow, Mighty Kingdom (ASX:MKL) hired lawyers on Monday to chase down their ex-CEO for a cool $2 million, and jumped on Wednesday on news they won’t be going bust as they hunt their man.
Circa $2.1 million which it says are owed to it by the gaming company’s largest shareholder Gamestar Studios founded by ex MKL CEO Shane Yeend.
Gamestar’s outstanding contribution to a $7mn placement last year was circa $2.3mn. Mighty Kingdom says only $200k of that has been handed over.
Mighty Kingdom chaired by former ABC boss Michelle Guthrie. says the funds “have not been forthcoming despite efforts to resolve the delays”, with the announcement released just 18 days after the Gamestar Studios founder quit MKL.
MKL said it was in a position to finance its ongoing business operations without immediate recourse to the Gamestar+ settlement monies.
Alderan Resources (ASX:AL8) jumped up 50% before lunch on happy news that the company has acquired 100% ownership of seven lithium exploration projects consisting of 24 granted exploration licences covering 472km2 in Brazil’s Eastern Lithium Belt.
The licences cover project areas all located in and immediately south of the area known as ‘Lithium Valley’ in the Eastern Lithium Belt of Eastern Brazil.
For reference, Latin Resources’ (ASX:LRS) Salinas Project is just up the road, which boasts a JORC compliant Measured, Indicated & Inferred Mineral Resource estimate of 45.2Mt grading 1.34% Li2O.
OzAurum Resources (ASX:OZM) is back in the winner’s circle again on news that the company has raised $2.4 million (before costs) via a share placement through the issue of 31,750,000 new shares.
Interest in OZM went through the roof last week on news that OzAurum has also been out project shopping in Brazil, buying up the Linopolis Jaime Project that has been mined intermittently for tantalite, beryl, tourmaline, brazilianite and feldspar intermittently by the Pacheco family and other artisanal miners for over 50 years.
Besra Gold (ASX:BEZ) spiked early on news the company agreed to sell to Quantum a quantity of refined gold from the Bau Gold Project, up to 3,000,000oz or a value of US$300,000,000, whichever comes first – but has sinced settled back to a 12% gain for the morning.
Resource Base (ASX:RBX) and Megado Minerals (ASX:MEG) were up on thin volume, climbing more than 21% each.
Thursday 21 September – ASX down 1.4%
There was some movement at the top of the Small Caps list on Thursday, leaving the slightly mysterious Pearl Gull Iron (ASX:PLG) on top of the ladder on +30.7% – something I doubt anyone was expecting to see.
The company rose (apparently) on the back of its annual report, which landed after hours yesterday, showing that not much has changed in the past 12 months: PGL still has an Inferred Mineral Resource estimate of 24.5Mt at 34.3% Fe, but it still has to find an economic way of getting it off the ultra-remote Cockatoo Island.
The company says it’s been looking into a low-cost barge, but as yet nothing is set in stone.
PainChek (ASX:PCK) came out of nowhere this afternoon to post a 30% gain on no news, and that’s despite being handed a speeding ticket by the ASX for a similarly curious price move Wednesday.
Painchek told the ASX that it has no explanation for the sudden interest in the company from investors, but says that maybe “it is possible that the market may be reacting to the recent issue of shares as part of the placement that was announced on 14 September 2023”.
Rounding out the Top 3 was current market darling OzAurum Resources (ASX:OZM), up 26% today to take its run for the past week to +353.12%, with the company’s annual report landing at 4:17pm today (after the markets closed), so I’ll endeavour to bring the contents of that to your attention tomorrow.
Friday 22 September – ASX up (!!!) 0.05% (oh…)
The small cap leaders swung to and fro on very low-volumes and with some star no-news performers lurching all over the place.
Examples included”
Mithril Resources (ASX:MTH) doubled its share price to a whopping 0.002c, up 100% on nothing I could see.
Eneco Refresh (ASX:ERG) found 78% with no news to guide it and White Cliff Minerals (ASX:WCN) is up 20% on reasonable volume, despite no market-moving news for more than a week.
The hero of the dish on Friday was a surprise packet. The tech group Symbio Holdings (ASX:SYM) which said it is mulling a final takeover offer from Superloop (ASX:SLC) which dropped this morning, giving the share price a worthy circa 20% boost in early trade to around $2.69. Based on Superloop’s closing price of 69.5 cents per share on 21 September, this implies an offer price of $2.91 per share.
In addition, with Symbio sitting on 15 cents per share worth of franking credits, the offer will lift to $3.06 per share if these are released via a special dividend from the ASX tech share prior to implementation.
Following a period of exclusive due diligence which expired on 12 September, Symbio says it’s has received a revised Best and Final non-binding indicative proposal from Superloop, wherein Symbio shareholders would receive a consideration of A$1.425 in cash and 2.14 Superloop shares for each Symbio share.
Symbio shareholders would also have the ability to receive a greater portion of the consideration in scrip or shares by way of a mix and match facility, subject to scale back to achieve an overall consideration mix of up to 60% cash or up to 60% scrip, depending on the elections made by shareholders, SYM says.
The Board meanwhile says “standby” and asked shareholders not to do anything till they get back.
WERE THERE ANY IPOs THIS WEEK?
No. There was supposed to be, but.
ARE THERE ANY IPOs COMING UP?
Probably, because there was supposed to be some, but then there wasn’t.
CAN YOU TELL EVERYONE WHAT IPOs ARE COMING UP?
CGN Resources (CGR) – Due to list on September 15, $10 million at $0.20, but didn’t.
Pioneer Lithium (PLN) – Due to list on September 18, $5 million at $0.20, but didn’t.
Far Northern Resources (FNR) – Due to list on September 21, $6 million at $0.20, but didn’t.
The post ASX Small Caps and IPO Weekly Wrap: How bad was it? I’m honestly afraid to look… appeared first on Stockhead.
