What’s Hot, Not & Doing
Brought to you by TSN Contributor & Wealth Advisor Nick Kelso
What’s Hot – BSE, LNR, ORN, RCR, L1M, IMU, QPM, AW1 & MZZ
What’s Not – DRO
What’s hot
BSE – Base Resources Limited today closed up 124% to finish at 23.5c on $12m stock traded. The reason they were up today was because they announced a binding agreement was executed with Energy Fuels to be acquired in scrip.
BSE shareholders will receive 0.026 Energy Fuel shares for every BSE share held plus an unfranked special dividend of 6.5c, equating to 30.2c per share.
LNR – Lanthanein Resources Limited today closed up 43% to finish at 0.5c on $720k stock traded. The reason they were up today was because they announced a new large lithium soil anomaly with a strike of ~4km was identified at its Lady Grey Project located in WA.
ORN – Orion Minerals Limited today closed up 38% to finish at 1.8c on $480k stock traded. The reason they were up today was because they announced assay results from the Flat Mine East (FME) within its Okiep Copper Project (OCP) located in South Africa.
Drilling returned the highest-grade intercept ever reported at Flat Mines with assay results of up to 49m @ 4.89% Cu from 231m down hole including 10.23m @ 12.47% Cu.
The OCP ground holdings of 641km² cover the majority of the area where a total of 105Mt is reported to have been mined in the district over the past 100 years.
On completion of the drilling program, the geological and mineralisation envelope interpretations will be reviewed and adjusted where necessary, followed by an update of the mineral resource estimate.
RCR – Rincon Resorces Limited today closed up 22% to finish at 3.3c on $600k stock traded. The reason they were up today was because they announced exploration results from its West Arunta Project located in WA.
The new ground gravity survey has defined a significant new gravity anomaly high in the Passel survey area named Avalon and is defined by a 3km east-west elongated gravity anomaly.
L1M – Lightning Minerals Limited today closed up 22% to finish at 0.9c on $280k stock traded. The reason they were up today was because they announced the acquisition of an options agreement over two lithium projects located in Brazil’s Lithium Valley district in the state of Minas Gerais.
The Projects cover 3,372 hectares located approximately 20km south of Latin Resources’ (LRS.asx) Colina lithium project and 60km north-west of Signa Lithium’s Grota do Cirilo project.
Aeromagnetic data shows the tenements are located along regional structures and shear zones which are similar to the trends present at the Colina deposit.
Early-stage reconnaissance works indicate the presence of lithium bearing minerals (lepidolite) with the immediate strategy to now confirm potential and then test via drilling.
IMU – Imugene Limited today closed up 20% to finish at 8.5c on $5m stock traded. There was no news out today but last week they announced a strategic manufacturing and process development partnership with Kincell Bio.
Kincell Bio engineers cells into therapies, it is a technology-forward contract development and manufacturing organization (CDMO) formed to streamline analytical development, process development, CMC consulting and early-stage GMP cell therapy manufacturing.
Kincell will acquire Imugene’s North Carolina manufacturing facility for up to US$6m in upfront and milestone-driven payments over three years.
Both parties have entered into a manufacturing supply agreement whereby Kincell will manufacture Imugene’s Azer-cel to support ongoing clinical trials.
The acquisition comes at a huge cost relief for Imugene, who will recognise US$32M in staff cost reductions, manufacturing efficiencies and overhead savings over the next three years.
QPM – Queensland Pacific Metals Limited today closed up 19% to finish at 4.4c on $680k stock traded. The reason they were up today was because they announced an update on its strategic direction.
The Board has resolved that its core focus will be to immediately switch to accelerating the growth and development of its gas and energy assets.
The board believes there is strong potential to deliver exceptional shareholder returns by accelerating growth of the QPM Energy business, particularly in light of recent published forecasts by AEMO which highlight supply gaps in East Coast Australia gas.
AW1 – American West Metals Limited today closed up 15% to finish at 15c on $540k stock traded. The reason they were up today was because they announced exploration had commenced at its Storm Copper Project located on Somerset Island, Nunavut, Canada.
RC drilling is underway with an initial focus on testing new, high-priority exploration targets proximal to the known Storm deposits with the aim of discovering new zones of near-surface high-grade copper mineralisation.
Phase 1 of the exploration drilling will target existing EM and IP anomalies that are ranked highly due to nearby copper sulphides in drilling and areas of strong copper geochemical anomalism at surface.
Resource drilling will also be undertaken at the Thunder prospect which previously returned intercepts of 76m @ 2% Cu from 32.4m including 48.6m @ 3% Cu from 32.4m.
MZZ – Matador Mining Limited today closed up 13% to finish at 8.6c on $250k stock traded. The reason they were up today was because they released its quarterly report which highlighted the ongoing drilling at the Malachite Prospect within the Cape Ray Gold Project located in Newfoundland, Canada.
Approximately 80% of the designed program was completed, including the entire drill program for the high priority O-2 target.
What’s Not
DRO – Droneshield Limited today closed down 16% to finish at 94c on $24m stock traded. The reason they were down today was because they announced a placement to raise $100m @ 80c through the boys and girls at Bell Potter & Shaw and Partners.
DRO is also undertaking a share purchase plan (SPP) to raise $5m under the same terms of the placement.
The funds raised will be used towards a build-up of inventory to support the strong pipeline of high-quality customer opportunities.
The funds will also be used for scaling of the engineering team to accelerate development of in-house artificial intelligence (AI) and machine learning (ML) engines and capabilities.
This follows an announcement made last week that the NATO Support and Procurement Agency (NSPA) has approved the first Counter-small UAS (C-UAS) procurement framework agreement in NATO history.
DRO has a sales pipeline of over $500m with over 90 qualified projects at different stages with high quality government customers; $27 million in contracted sales orders are currently being fulfilled.