Friday 21 June 2024

What’s Hot – ANX, IXU, SXE, TG1, RIM, CGR & BOT

What’s Hot, Not & Doing
Brought to you by TSN Contributor & Wealth Advisor Nick Kelso

What’s Hot – ANX, IXU, SXE, TG1, RIM, CGR & BOT
What’s Not – THL & RCR

What’s Hot
ANX – Anax Metals Limited today closed up 54% to finish at 4c on $2.1m stock traded. There was no news out today but roughly a month ago they announced an update on its 80% owned Whim Creek Project in the West Pilbara Region of WA.

Studies have commenced on a 20,000 tonne per annum Copper equivalent production hub at Whim Creek.

This follows recently released definitive feasibility study (DFS) results which demonstrated a technically and economically robust polymetallic project and strategic processing hub development in the Pilbara.

The DFS considered processing sulphide ore from the Mons Cupri, Whim Creek, Evelyn and Salt Creek deposits through a proposed new 400 kilo-tonnes per annum (ktpa) concentrator.

Anax has also received non-binding debt-funding proposals for the Project from both commodity traders and mining funds.

IXU – IXUP Limited today closed up 36% to finish at 1.5c on $140k stock traded. The reason they were up today was because they announced its core Secure Data Collaboration Platform and its 5-Safes Governance solution have entered the final phase of negotiations for a secure cloud deployment.

This deployment is expected to be the first of potentially multiple use cases, with commercial discussions now focused on an initial staged launch commencing in the September quarter.

Several of the country’s largest companies, intent on managing their environmental commitments and to assist with streamlining their environmental approval processes, have indicated a commitment to funding the initial phase of roll-out.

IXU’s Secure Data Collaboration Suite of products represent the missing key to organisations unlocking their information assets previously unable to be shared or commercialised due to concerns around privacy, cyber security, and compliance considerations.

SXE – Southern Cross Electrical Engineering Limited today closed up 21% to finish at $1.48 on $5.5m stock traded. The reason they were up today was because they announced a balance of plant (BOP) contract was awarded by Synergy valued at circa $160m.

This contract is for the 500 MW/2,000 MWh Collie Battery Energy Storage System and is scheduled for completion in the final quarter of calendar year 2025.

The battery is located near to, but independent of, the existing coal-fired Collie and Muja power stations.

It will connect to the South West Interconnected System (SWIS) through two 330kV overhead lines from site to Western Power’s 330kV Shotts Terminal.

TG1 – TechGen Metals Limited today closed up 18% to finish at 3.3c on $100k stock traded. The reason they were up today was because they announced the acquisition of new exploration projects in WA.

The Copper Springs Project is located 12km northwest to the Savannah Nickel Mine and 75km north of the Argyle Diamond Mine.

Peak rock chip results located in the project area include 4% Cu & 0.26g/t Au, initial exploration is likely to include rock chip sampling and a geophysics program consisting of heliborne EM and ground gravity surveys to rapidly identify targets for drill testing.

The Springvale Project is located 50km north of Halls Creek with mineralisation occurrences identified in the project area include chromium-platinum group elements, nickel-copper and copper-nickel.

Initial exploration is likely to include reprocessing of available geophysics data and a ground gravity survey to identify targets for drill testing.

Then there is also the Ponton Project & Myroodah Project which are both prospective for uranium.

The Ponton Project holds an untested uranium radiometric anomaly, open file airborne radiometrics clearly delineate paleochannel extensions that remain untested and appears to cover a major tributary of the Ponton paleochannel.

RIM – Rimfire Pacific Mining Limited today closed up 14% to finish at 3.2c on $250k stock traded. The reason they were up today was because they announced assay results from the Murga Scandium Prospect within its Fifield Project located in NSW.

Thick zones of strong scandium anomalism were defined from surface across multiple locations with highlights of 22m @ 232ppm Sc from surface including 12m @ 305ppm Sc.

All of the areas remain open and further drilling is required to determine the lateral extents of the scandium at each location.

Several magnetic features within the Murga Intrusive Complex that were not assessed by this phase of air core drilling have been subsequently identified as new scandium targets for drill testing.

According to Stanford Advanced Metals, 99.999% Scandium metal price is floating at $500k per kg.

CGR – CGN Resources Limited today closed up 12% to finish at 46.5c on $1m stock traded. There was no news out today but during lunchtime they were handed a speeding ticket after increasing from a low of 32c on Friday to a high of 48c today.

CGR responded that they were unaware of any unknown information, however noted drilling was advancing towards the target depth at the Surus prospect within its West Arunta Project.

CGR also stated that another factor may include today’s announcement by their neighbour Rincon Resources (RCR.asx) that they have intersected IOCG style mineralisation within their tenure adjacent to the south-western boundary of the Webb Project.

A recently completed ground-based geophysical program confirmed the presence of the regionally significant airborne gradient gravity anomalies at all four iron-oxide copper-gold targets being Surus, Snorky, Horton and Tantor.

BOT – Botanix Pharmaceuticals Limited today closed up 10% to finish at 27.5c on $3.5m stock traded. There was no news out today but last week they released its quarterly which highlighted that its resubmission of the new drug application (NDA) for Sofdra was accepted by the FDA.

The resubmission was focused on the Sofdra instructions for use, which is the paper insert in the product carton that instructs the patient how to use the product safely and effectively, so it shouldn’t be too difficult to pass.

Botanix’s resubmission was accepted as a Class 2 response with the result that approval remains on target for late June.

What’s Not
THL – Tourism Holdings Limited today closed down 37% to finish at $1.65 on $2.2m stock traded. The reason they were down today was because they announced a downgrade to its FY24 net profit after tax (NPAT) guidance.

The old NPAT, they lost me at N but anyway sure some of you are interested.

THL now expects NPAT in FY24 to be between $50m – $53m in comparison to an earlier guidance of around $75m, representing a 33%-30.5% reduction.

The weakening economy has impacted most regions and business divisions negatively and lowered expectations into Q4.

Vehicle sales have been a major factor globally, with sales volumes and margins now declining more quickly than expected in most markets.

Over 50% of the overall group EBIT decline is attributable to the Australian Retail Dealership division and in particular, a shortfall in the sales volumes of high-margin ex-fleet vehicles.

RCR – Rincon Resources Limited today closed down 32% to finish at 9.8c on $11m stock traded. The reason they were down today was because they announced drilling results from the Pokali prospect within its West Arunta Project located in WA.

The visually observed copper mineralised veinlets are so far only 1cm-2cm thick within the core, but finely disseminated copper sulphide minerals have been observed over broad intervals of core, starting from about 180m to 625m.

The diamond core is currently in transit to Perth for further inspection and laboratory analysis with results anticipated late June to early July.

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
Rat Consulting Pty Ltd (ABN 81 148 181 588 ) Authorised Representative (No 001281456) of Sanlam Private Wealth Ltd (ABN 18 136 960 775) holder of Australian Financial Services Licence (AFSL 337 927).

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