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Friday 21 June 2024

What’s Hot – RNX, SUM, CBY, SKO, C29, RIM & CU6

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

What’s Hot – RNX, SUM, CBY, SKO, C29, RIM & CU6
What’s Not – OVT & AAU

What’s Hot
RNX – Renegade Resouces Limited today closed up 38% to finish at 1.8c on $180k stock traded. The reason they were up today was because they released its quarterly which highlighted recent exploration results from its flagship Cloncurry Project located in north-west QLD.

Renegade has identified a large, tier-1 drill target named Mongoose Deeps which is a very large magnetic anomaly similar to the world-class Ernest Henry Cu-Au mine located 35km to the north-east.

Renegade has received a $300k Collaborative Exploration Initiative (CEI) grant from the QLD Government to fund drilling of the target which is scheduled for May.

The proposed program consists of a single diamond drilled hole to a planned depth of 1,600m, the hole is designed to intercept the breccia at depth and at an angle to penetrate all the way through the large pipe.

RNX has also recently completed a placement to raise $2.3m @ 1c which will allow Renegade to progress Mongoose Deeps drilling and other near-term targets.

SUM – Summit Minerals Limited today closed up 36% to finish at 15c on $500k stock traded. The reason they were up today was because they released its quarterly which highlighted the acquisition of a niobium, rare earth & lithium portfolio located in the Minas Gerais & Paraiba regions of Brazil.

Panned concentrates from pegmatite and sediment samples at recently acquired Juazeirinho and Equador projects have returned up to 355,400ppm or 35.54% (Nb2O5) + 14,080ppm partial rare earth oxides (PREO) or 1.408% PREO.

A restated mineral resource estimate (MRE) for the Stallion deposit located in WA also reported an inferred mineral resource of 9.5Mt @ 150 ppm (1.4 Kt U3O8) for a contained 3.2 Mlb U3O8.

The project is supported by the potential economic extraction through ISR (In Situ Recovery), which typically has a lower operating recovery of around AUD$15-25 per pound of uranium oxide.

CBY – Canterbury Resources Limited today closed up another 20% to finish at 5.4c on $100k stock traded. There was no news out today but last week they released its quarterly which highlighted preparations for a drill program was well advanced at its Bismarck Project located in Papua New Guinea.

Drilling will test high priority targets at Willie Headwaters (porphyry Cu-Au) and Ndokowai (high-grade skarn), the program is expected to commence in May.

Alma Metals (ALM.asx) is also sole-funding an earn-in joint venture agreement for its Briggs Project located in QLD, ALM can earn up to 70% through staged exploration and expenditure totaling $15.25m.

At the Briggs copper deposit an inferred mineral resource estimate (MRE) of 415Mt @ 0.25% Cu and 31ppm Mo has been estimated, plus an exploration target of 480Mt-880Mt at 0.20%-0.30% Cu and 25ppm-40ppm Mo.

SKO – Serko Limited today closed up 17% to finish at $3.36 on $110k stock traded. The reason they were up today was because they announced a five-year partnership extension was signed with Booking.com.

Founded in 1996 in Amsterdam, Booking.com has grown from a small Dutch start-up to one of the world’s leading digital travel companies, it currently has a market cap of US$119 billion.

C29 – C29 Metals Limited today closed up 14% to finish at 8.1c on $100k stock traded. There was no news out today but last week they released its quarterly report which highlighted the recent acquisition of the Ulytau Uranium Project located in Kazakhstan.

The Ulytau Uranium Project contains a non-JORC foreign estimate of 9.85M/lbs @ 2,790ppm U3O8 with multiple foreign drill intersects greater than 40m in width and above 6,000ppm U308 from 3m.

C29 will immediately commence ground geological works through its established in country network, including identification of historic drill collars, field mapping and further technical document & data translation to establish a new geological database.

The drilling approval process has progressed well and is on track to enable C29 to commence the initial drilling programs for historic data validation and testing of underexplored and unexplored areas across the tenement in Q3.

RIM – Rimfire Pacific Mining Limited today closed up 13% to finish at 2.7c on $240k stock traded. The reason they were up today was because they released its quarterly which highlighted the multiple ongoing work programs across its NSW projects.

Rimfire’s exploration activities were focused on advancing the Murga and Melrose Scandium Prospects (Fifield and Avondale Earn-in Projects) with over 4,000m of drilling conducted, assays are awaiting.

The drilling was undertaken to underpin the estimate of a JORC Resource for Melrose and to determine the extent and continuity of scandium mineralisation at Murga.

New copper, cobalt and REE targets have also been identified at the Valley and Broken Hill Projects with follow up of Broken Hill targets planned for the early June quarter.

CU6 – Clarity Pharmaceuticals Limited today closed up 9% to finish at $2.80 on $6.5m stock traded. The reason they were up today was because they announced the results of a first patient ever to be dosed with two cycles of 67Cu-SAR-bisPSMA at 8GBq.

SAR-bisPSMA derives its name from the word “bis”, which reflects a novel approach of connecting two PSMA binding motifs to Clarity’s proprietary sarcophagine (SAR) technology that securely holds copper isotopes inside a cage-like structure, called a chelator.

The patient remains with undetectable levels of Prostate Specific Antigen (PSA) for almost 6 months, following the administration of the second dose of 67Cu-SAR-bisPSMA.

The patient had no detectable lesions using positron emission tomography (PET) imaging following the treatment.

No dose limiting toxicities (DLTs) have also been reported in any of the patients treated in the trial to date.

Last month, CU6 raised a $110m @ $2.55 through the boys and girls at Bell Potter & Wilsons Financial, this time last year CU6 was trading at circa 75c.

What’s Not
OVT – Ovanti Limited (previously IOUPay Limited IOU.asx) today closed down 32% to finish at 2.8c on $310k stock traded. The reason they were down today was because they re-instated after being suspended since March last year.

Ovanti was originally suspended after the Board discovered serious financial irregularities in its Malaysian business, following the dismissal of the former CFO, Kenneth Kuan Choon Hsuing.

Following investigation of its Malaysian operations, there were strong grounds to suspect that a former senior executive had engaged in significant fraud.

AAU – Antilles Gold Limited today closed down 28% to finish at 1.3c on $510k stock traded. The reason they were down today was because they announced the results of arbitration proceedings against the Government of the Dominican Republic.

The Claims relate to the Las Lagunas Gold Tailings Project which involved EVGLL (AAU’s subsidiary) recovering approximately 5Mt of 3.5g/t gold tailings stored in a dam at Las Lagunas in the Dominican Republic, which originated from the adjacent Pueblo Viejo mine.

The main Claim was for compensation related to additional operating costs, and production losses resulting from EVGLL having to redeposit reprocessed tailings back into the Las Lagunas Dam from which they were sourced.

This was after the Government failed to meet a contractual obligation to provide a site where EVGLL could build a storage facility for the redeposition of the reprocessed tailings.

EVGLL has been awarded US$4.07m (~A$6.3m) which is much less than the proposed claim of US$15.5m.

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
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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