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ASX Small Cap Lunch Wrap: Who got four more years this morning?

Jerome Powell, Chair of the Federal Reserve, is set to serve another four year term. Overnight President Joe Biden announced … Read More
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Jerome Powell, Chair of the Federal Reserve, is set to serve another four year term.

Overnight President Joe Biden announced that Powell would be renominated for another term.

While he now has to face a hearing before the senate, it appears a fait accompli with most Republicans and Democrats in support.

In renominating Powell, Biden said the Federal Reserve needed stability and independence at a time of great uncertainty as well as to address and mitigate the risk that climate change poses to the financial system.

Biden did not confirm that the money printer does indeed go brrrrr. But we’ve still taken the liberty to throw in this gif accompanying Powell’s renomination:

In March 2020, US interest rates were reduced to zero and have stayed there ever since.

The Federal Reserve has also provided emergency stimulus but there are signs it may begin to be pared back next year – particularly inflation levels not seen in three decades.

His reappointment initially sent US markets higher before the major indexes lost ground into the close.

Local stocks have posted a small rebound from yesterday’s fall , with the ASX 200 up 0.63% as at 11.30am (AEDT).

While energy rebounded from yesterday, gaining 2.56%, tech fell again by 3.29%.

Other positive sectors were materials, financials and utilities which all gained over 1%.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for November 23 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

Code Name Price % Change Volume
IDZ Indoor Skydive Aust 0.081 35 23244806
BRU Buru Energy 0.175 25 8228415
CCE Carnegie Cln Energy 0.0025 25 1800916
AKO Akora Resources 0.275 22 242264
4DX 4Dmedical Limited 1.425 19 574573
IBG Ironbark Zinc Ltd 0.045 18 6158816
KNB Koonenberrygold 0.17 17 18814
CV1 Cv Check Ltd 0.15 15 253342
PGY Pilot Energy Ltd 0.079 14 13015741
KNM Kneomedia Limited 0.016 14 56987
BCT Bluechiip Limited 0.057 14 1535641
MNS Magnis Energy Tech 0.575 14 31885572
GL1 Globallith 0.68 13 1445868
TPD Talon Energy Ltd 0.009 13 7862392
XST Xstate Resources 0.0045 13 3246212
LEL Lithenergy 1.095 12 491879
RTH Ras Tech 1.68 12 1822430
IPT Impact Minerals 0.0145 12 613667
CF1 Complii Fintech Ltd 0.07 11 1796309
RIM Rimfire Pacific 0.01 11 355555
KLR Kaili Resources Ltd 0.031 11 62000
ICI Icandy Interactive 0.16 10 5838255
SPN Sparc Tech Ltd 1.5 10 261368

Debuting today was racing industry solutions provider Ras Technology (ASX:RTH) which gained 13% on its ASX listing.

Buru Energy (ASX:BRU), a WA focused gas explorer, rose after an operational update.

Ironbark Zinc (ASX:IBG), an explorer with a zinc project in Greenland, revealed its project qualified for privileged 402(A) support status under the USA’s recently introduced China and Transformational Export Program. The company says this is the first funding application of any kind to receive standalone designation.

And 4D Medical (ASX:4DX) told shareholders its XV lung monitoring software would be rolled out commercially with I-MED, Australia’s largest diagnostic imaging provider.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for November 23 [intraday]:

Swipe or scroll to reveal full table. Click headings to sort:

Code Name Price % Change Volume
AIV Activex Limited 0.087 -42 1116303
VIC Victory Mines Ltd 0.001 -33 992525
CR1 Constellation Res 0.25 -32 572244
SAN Sagalio Energy Ltd 0.014 -22 2
IQ3 Iq3Corp Limited 0.1 -20 20800
DLT Delta Drone Intl Ltd 0.017 -19 1191496
VAR Variscan Mines Ltd 0.048 -16 2803846
AMS Atomos 1.11 -14 3372357
BTR Brightstar Resources 0.055 -13 1358047
CAV Carnavale Resources 0.007 -13 963571
LCT Living Cell Tech. 0.007 -13 1500000
RNX Renegade Exploration 0.007 -13 1000000
ERW Errawarra Resources 0.285 -12 692107
RVR Red River Resources 0.19 -12 2038952
BOA Boadicea Resources 0.195 -11 256000
GLV Global Oil & Gas 0.024 -11 17410644
CLE Cyclone Metals 0.004 -11 154275
DEV Devex Resources Ltd 0.605 -11 1954120
CAE Cannindah Resources 0.21 -11 759747
NZS New Zealand Coastal 0.009 -10 5625787
BNR Bulletin Res Ltd 0.086 -9 449863
TTM Titan Minerals 0.1 -9 51977

Constellation Resources (ASX:CR1) fell after an exploration update.

Video equipment specialist Atomos (ASX:AMS) fell after a financial update despite confirming its FY22 guidance forecast albeit based on the assumption supply chain issues would improve.

The post ASX Small Cap Lunch Wrap: Who got four more years this morning? appeared first on Stockhead.


Author: Nick Sundich

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Ground Breakers: Costs rise for ASX gold miners as inflation bites

Gold miners have endured an arduous 2021 in equity markets. While cash has been easy to come by and deals … Read More
The post Ground Breakers: Costs…

Gold miners have endured an arduous 2021 in equity markets.

While cash has been easy to come by and deals are being done, most gold producers have been hit by poor sentiment as prices have struggled to break out.

Over the past year the All Ordinaries Gold Index has sagged around 20%.

Although most are still making good money, rising costs and the impact of inflation and labour challenges are also hitting miners in the hip pocket.

Metals Focus says the global average all in sustaining cost for gold miners hit its highest level since 2013 in the September quarter, rising 3.6% quarter on quarter to US$1123/oz.

Costs are on the rise for gold producers
Pic: Metals Focus

Australian miners were the worst off when it came to cost pressures, with costs in Australia climbing by an average of 13.1%.

Global AISC margins fell by 9% QoQ to US$667/oz, with Australia’s sliding 18%, Canada’s dropping 5% and Russia’s falling 7%.

Margins remain high historically speaking, and 94% of gold operations tracked by Metals Focus remain profitable.

“As might be expected, increasing costs and a lower gold price have squeezed margins in the September quarter,” they said.

“However it is worth noting that their margins are still substantially higher than in previous years.”

“Despite the relatively healthy margins, the lower gold price and rising costs are putting pressure on higher cost operators,” Metals Focus said.

“While the proportion of output that is profitable remains high at 94%, it has fallen from 98% in Q2.21. A number of operations and projects are already under strategic review with regards to increasing costs.”

Costs are up for goldies for the fourth straight quarter
A few more gold miners are touching the margins. Pic: Metals Focus

“If cost inflation persists and margins diminish even further it is likely that development project approvals will be delayed and also possible that the highest cost production of more marginal producers could potentially be closed.”

Although global average head grades rose 0.5% (5% in Australia), inflationary pressures including crude oil prices, rising salaries amid Covid restrictions, labour shortages and turnover, and the cost of equipment due to supply chain issues drove up operating costs for the fourth straight quarter.

Markets reacted badly this morning to news of the spread of the omicron coronavirus variant around the world, with materials sliding 1.19% this morning.

Chalice soars on new Julimar discovery

Market darling is a phrase that doesn’t quite cut it with Chalice Mining (ASX:CHN), which is up 60 times over since making the Gonneville nickel-copper-PGE discovery 70km north of Perth early last year.

Shares jumped more than 4% this morning after Chalice announced another discovery at Julimar, where last month it declared Gonneville the world’s biggest nickel sulphide discovery in 20 years and Australia’s first major platinum group elements resource.

The new mineralised intrusion is an ultramafic unit to the west of Gonneville, separated by around 70m of metasediments.

Located immediately south of the 6.5km Hartog anomaly, Chalice struck 3m at 2g/t palladium, 0.3g/t platinum, 0.6% nickel, 0.5% copper and 0.05% cobalt for a 1.7% nickel equivalent from 68m in one hole.

The second mineralised intercept struck 2m at 1.8g/t Pd, 0.2g/t Pt, 0.6% Ni, 0.5% Cu and 0.06% Co for a 1.9%NiEq from 139.2m.

The discovery did not show up on EM, “highlighting the potential for further blind discoveries” according to Chalice.

While Chalice has already drilled around 180,000m at Julimar, part of its value proposition is the idea that more will be found with the Gonneville resource accounting for just 7% of the 26km strike of the Julimar complex.

It has submitted a conservation management plan to get at the Hartog target, which will be a bit more thorny because unlike previous drilling which has been located on private farmland, Hartog lies beneath the Julimar State Forest.

Chalice says its CMP for drilling the Hartog-Baudin targets is sitting with the WA Government and it expects approvals shortly.

Chalice Mining share price today:

 

The post Ground Breakers: Costs rise for ASX gold miners as inflation bites appeared first on Stockhead.




Author: Josh Chiat

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QMines tops the class with second resource update just a few months after listing

Special Report: In just the six short months since making its debut on the ASX, QMines has delivered its second … Read More
The post QMines tops the…

In just the six short months since making its debut on the ASX, QMines has delivered its second resource estimate for the Mt Chalmers copper-gold project, which is 38% higher than the previous estimate and largely in the higher confidence measured and indicated categories.

QMines (ASX:QML) has delivered an updated resource for its flagship Mt Chalmers project in Queensland of 5.8 million tonnes at 1.7% for 101,000 tonnes of contained copper equivalent, which includes for the first time measured and indicated resources.

Significantly, 78% of the updated resource falls into the higher confidence measured and indicated categories. This is important because it gives an explorer sufficient information on geology and grade continuity to support mine planning and allows the definition of a reserve.

The updated resource is not far off the 120,000 tonnes that respected Australian investment firm Shaw and Partners forecast for the latest resource upgrade in a research note in early October.

Shaw and Partners, however, anticipated the updated resource would still be 100% inferred. This attracted an increased 72c price target from the investment firm which is a nearly 90% premium to the 38c share price QMines is trading at currently.

QMines share price chart (ASX:QML)


 

So the fact that such a large chunk of the resource is in the measured and indicated categories is a big leap in terms of confidence in the resource and should be a positive signal to the market of QMines’ ability to over-deliver against the target.

“As the company only listed in May 2021, it is a fantastic achievement to be delivering a resource upgrade for our shareholders in such a short period of time,” executive chairman Andrew Sparke said.

“It is very pleasing to see that the upgraded resource has substantially grown in both size and confidence level, with the measured and indicated categories now comprising 78% of the overall resource.”

Offering further exploration upside, Sparke says QMines has identified several volcanic-hosted massive sulphide (VHMS) prospects outside the known resource, which bodes well for further resource upgrades and the potential for future development.

A world class mine in the making

Mt Chalmers is already considered one of the world’s highest-grade gold-rich VHMS systems.

QMines has previously demonstrated the significant size potential and high-grade nature of the deposit, with recent peak grades of from a 15-hole, 2,182m diamond drilling program including 5.3% copper, 11.75 grams per tonne (g/t) gold, 243g/t silver, 33% zinc and 19% lead.

Those results, which were reported just last week, follow close on the heels of ‘bonanza’ grade copper, gold, silver, lead and zinc intercepts announced in October.

A major 30,000m drilling program continues unabated, with a third resource upgrade planned for the first half of 2022.

QMines

 

This article was developed in collaboration with QMines, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post QMines tops the class with second resource update just a few months after listing appeared first on Stockhead.






Author: Special Report

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Miramar finds ‘very large’ gold footprint at Glandore project

Special Report: Miramar has outlined shallow supergene gold anomalism over almost 5 kilometres of strike and across multiple targets at … Read More
The…

Miramar has outlined shallow supergene gold anomalism over almost 5 kilometres of strike and across multiple targets at its Glandore project in WA.

Multiple holes from the lake aircore drilling across the expanded Glandore East footprint returned and/or ended in results >0.25 g/t gold including hole GDAC037 which intersected 6m at 0.62 g/t from 12m and ended in 2m at 1.04 g/t.

Hole GDAC061 intersected 4m at 0.46 g/t and 4m at 0.61 g/t – and is approximately 400m south of historical aircore holes which intersected 6m at 1.33 g/t and 9m at 1.10 g/t (EOH).

The Glandore East footprint now extends for over 3km towards historic gold workings and remains open.

Follow up drilling planned in the new year

Miramar Resources’ (ASX:M2R) executive chairman Allan Kelly, said the recent lake drilling had identified a very substantial gold system at Glandore and greatly increased the potential for the discovery of gold mineralisation including that like the nearby Majestic and Trojan deposits.

“Our first pass lake drilling has outlined coherent supergene gold anomalism within multiple targets over almost five kilometres of strike which is a considerable proportion of the entire project area,” he said.

Miramar Resources
Glandore Project showing recent drilling and historical holes.

“Today’s results indicate the presence for multiple NE-trending mineralised structures within the granodiorite pluton extending over a significant strike length, along with coherent gold mineralisation across several other targets which will need to be followed up early in the new year.

“Gold mineralisation at Majestic and Trojan is also hosted in NE-striking structures within granitic intrusions, so our recent results indicate significant potential for a similar discovery at Glandore.”

The company will now plan for follow-up aircore drilling in the new year, and then plan for diamond drilling.

 


 

 

This article was developed in collaboration with Miramar Resources Limited, a Stockhead advertiser at the time of publishing.

 

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

The post Miramar finds ‘very large’ gold footprint at Glandore project appeared first on Stockhead.



Author: Special Report

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