What’s Hot, Not & Doing
Brought to you by TSN Contributor & Wealth Advisor Nick Kelso
What’s Hot – CLE, ICE, ILT, MM8 & ERM
What’s Not – AXP & EM2
What’s Hot
CLE – Cyclone Metals Limited today closed up 48% to finish at 3.7c on $310k stock traded. There was no news out today but last month they announced a memorandum of understanding (MOU) was signed with Vale regarding the development of its Iron Bear iron ore project located in Canada.
Vale is one of the world’s largest producers of iron ore and iron ore pellets, with an annual output exceeding 300 million tonnes.
Vale will contribute up to US$18m in phase 1 to fund development activities including a preliminary feasibility study and resource drilling.
Once phase 1 is complete, Vale can elect to commence Phase 2 and form a joint venture to initially earn a 30% interest in the Iron Bear JV.
ICE – Icetana Limited today closed up 47% to finish at 2.5c on $400k stock traded. The reason they were up today was because they announced the receipt of an order from AE Security System.
AE Security System is one of Malaysia’s most experienced and renowned security firms, having served many of the country’s largest conglomerates.
The order has an aggregate value of US$300,000 (circa A$465,000) and is for an initial contract term of 36 months.
This is the first sale in Malaysia, a region that represents a large opportunity for additional growth for icetana AI.
ILT – Iltani Resources Limited today closed up 25% to finish at 20c on $320k stock traded. The reason they were up today was because they announced assay results from its Orient Silver-Indium Project located in Herberton, North QLD.
ILT received assay results for a further four drill holes with all of them intersecting silver-lead-zinc-indium mineralisation, some of the best assays included 19m @ 378.8 g/t Ag Eq from 64m including 5m @ 427.2 g/t Ag Eq.
There is still 15 drill holes pending at Orient East, 7 drill holes at Orient West along with a hole from Orien South, assay results are expected over the next 4-8 weeks.
MM8 – Medallion Metals Limited today closed up 14% to finish at 10.5c on $220k stock traded. There was no news out today but last week they announced assay results from the Gem deposit within the Kundip Mining Centre (KMC) which is part of its flagship Ravensthorpe Gold Project (RGP) in WA.
In-fill drilling at the Gem Lode returned assays of up to 8m @ 8.1g/t Au, 0.2% Cu, 1.2g/t Ag (8.5g/t AuEq) from 144m including 3m @ 20.8g/t Au.
The Gem deposit consists of multiple parallel lodes with variable lateral extents, with 2-3 high grade lodes proximal at any one time, commonly united by a low-grade halo.
ERM – Emmerson Resources Limited today closed up 13% to finish at 6.9c on $170k stock traded. There was no news out today but last week they announced a placement to raise $5m @ 5.5c through the boys and girls at Bridge Street Capital Partners.
The funds raised will be used for exploration at its Tennant Creek and Lachlan Fold Belt projects along with metallurgical and geotechnical studies on the Hermitage Copper project in Tennant Creek.
Pan African Resources (PAN $1.3B market cap) recently completed the acquisition of ERM’s joint venture partner Tennant Consolidated Mining Group (TCMG).
What’s Not
AXP – AXP Energy Limited today closed down 50% to finish at 0.1c on $100k stock traded. There was no news out today but last month they announced the first two modular data centres (MDCs) used for Bitcoin mining activities were scheduled for connection to gas-to-power infrastructure at the Pathfinder #2 well site.
The modular data centres operated by Blackhart Technologies will host 589 Bitmain S19J Pro (104T) Antminers used for Bitcoin mining.
The Pathfinder #2 site is one of three operations being established under the joint development agreement (JDA) recently announced with US-based Blackhart.
AXP will focus on its core operations and earn revenue from gas-to-power supply infrastructure maintenance and power uptime bonuses to support Blackhart’s Bitcoin mining operations.
EM2 – Eagle Mountain Mining Limited today closed down 27% to finish at 1.1c on $100k stock traded. The reason they were down today was because they announced a renounceable entitlement offer to raise $6.4m @ 0.8c through the boys and girls at Leeuwin Wealth & Alto Capital.
The funds raised will be used to reduce debt, review new opportunities and fund exploration activities at its Wedgetail and Silver Mountain Projects located in Arizona.
Managing Director and major shareholder, Mr Charles Bass has committed to enter into a subordinated sub-underwriting agreement in the amount of $3m which will effectively offset against the $3m loan owed to him by the company.
As EM2 shifts its focus towards high-grade copper skarn exploration at Wedgetail and large porphyry style targets at Silver Mountain, various changes to the Board and management team have been made.
Rats Rant – IMPORTANT INFORMATION
The idea of this report is to be informative and hopefully point out some stocks that you wouldn’t ordinarily have seen during the day, maybe even have a laugh too.This report IS NOT personal advice. Sanlam Private Wealth Pty Ltd DOES NOT PROVIDE personal advice, Sanlam Private Wealth provides General Financial Product Advice.All advice included in The Rat’s Rant is General Advice. Please refer to the General Advice Warning. The views expressed in this report are my views and may not necessarily reflect the same views as Sanlam Private Wealth.It is very important to refer to the ASX website for information on any companies / stock that are contained in this report and as always please consult your financial adviser before acting.
Important Notice
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