Closing Bell: Resources weigh heavy on ASX, down 0.16pc as tech rally fizzles
Materials sector undercuts market, down 2.57pc
Info tech rally not enough to push ASX into positive territory
Tech rally fails to lift resources
The ASX staged a steady recovery through the day to finish down just 0.16%, regaining ground on strength in the info tech and discretionary sectors.
But, even with eight sectors scraping into the green the malaise in resources stocks was just too strong to lift.
Between copper's dramatic plunge and another slide in gold prices last night, the ASX 200 Resources lost an eyewatering 2.26% today, and the ASX All Ords Gold 2.61%.
Our tech movers and shakers for the day include Weebit Nano (ASX:WBT), up a very respectable 19% on some solid quarterly results.
The semiconductor firm's ReRAM technology is on track to finish the qualification process with South Korean semiconductor manufacturer DB HiTek before the end of the year, which could lead to some lucrative contracts.
Counter-drone technology company Droneshield (ASX:DRO) is also back in the good books, climbing 17% after taking a sharp hit to its share price just over a week ago. The company has now recovered to just 15c off its all-time high.
Organisation technology specialist Atturra (ASX:ATA) added 6.8%, while cybersafety group Qoria (ASX:QOR) lifted 5.2%.
On the other side of the balance sheet were our struggling resources stocks, joined by some equally out-of-favour energy companies.
Champion Iron (ASX:CIA) slid 12%, Beach Energy (ASX:BPT) fell 9%, Mineral Resources (ASX:MIN) minimised by 7.9% and Pilbara Minerals (ASX:PLS) slumped 7.5%.
ASX SMALL CAP LEADERS
Today's best performing small cap stocks:
Code Name Last % Change Volume Market Cap
ASR Asra Minerals Ltd 0.002 100% 1647649 $4,000,198
WEL Winchester Energy 0.002 100% 6816666 $1,363,019
DMG Dragon Mountain Gold 0.006 50% 1331226 $1,578,687
PAB Patrys Limited 0.002 41% 845577 $3,358,031
I88 Infini Resources Ltd 0.17 36% 706766 $6,546,252
CR9 Corellares 0.004 33% 2793904 $3,021,809
EAT Entertainment 0.004 33% 100000 $3,926,358
MSG Mcs Services Limited 0.008 33% 10439676 $1,188,598
ALM Alma Metals Ltd 0.006 33% 1352499 $8,328,317
TOU Tlou Energy Ltd 0.024 33% 1826395 $23,374,518
1AD Adalta Limited 0.0025 25% 75962 $2,225,966
BIT Biotron Limited 0.0025 25% 200000 $2,654,492
BUY Bounty Oil & Gas NL 0.0025 25% 34611 $3,122,944
CZN Corazon Ltd 0.0025 25% 29873 $2,369,145
DDT DataDot Technology 0.005 25% 2368338 $4,843,811
DTM Dart Mining NL 0.0025 25% 886063 $2,396,111
GGE Grand Gulf Energy 0.0025 25% 539559 $5,640,850
MTB Mount Burgess Mining 0.005 25% 351392 $1,702,553
PKO Peako Limited 0.0025 25% 871167 $2,975,484
RAN Range International 0.0025 25% 2380188 $1,878,581
TMK TMK Energy Limited 0.0025 25% 1300000 $20,444,766
BDG Black Dragon Gold 0.086 23% 2374086 $22,257,624
IS3 I Synergy Group Ltd 0.011 22% 5454999 $15,356,699
SBR Sabre Resources 0.011 22% 38800 $3,550,157
IAM Income Asset 0.035 21% 9596256 $26,995,254
In the news…
Winchester Energy (ASX:WEL) has been reinstated to the ASX after clearing a regulatory hurdle by appointing two more non-executive directors and filling out the required three-person roster.
WEL is welcoming Jason Peterson, founder of CPS Capital Group, and David Wheeler, director and partner at boutique corporate advisory firm Pathways Corporate, to the board. The company is now seeking advice over a general meeting requirement.
Alma Metals (ASX:ALM) upgraded its Briggs copper JV project resource this quarter, lifting it to 2Mt of copper, 73Mlb of molybdenum and 16.5Moz of silver.
ALM has also had some metallurgical success, obtaining high copper recoveries of 95% from Briggs ore and refining high-grade concentrates of up to 29% copper with locked-cycle froth flotation methods, a technology with fairly low power consumption requirements.
Patrys (ASX:PAB) had a solid quarter of corporate strategising, restructuring its board and actively pursuing partnering and licensing opportunities for both of its oncological cell therapy deoxymab assets.
The biotech also raised just over $300k, continued the hunt for new assets to diversify its risk profile, and raked in an R&D rebate of $790k to bring its cash balance to $742k.
Black Dragon Gold (ASX:BDG) has made positive progress toward a strategic investment in the Salave gold project by the Principality of Asturias, following introduction of new legislation in December 2024.
A community consultation process has revealed the project is supported by about 63% of the local community, with many calling for investment in the region to generate job opportunities. BDG had CAD$1.085 million in the bank at the end of June.
ASX SMALL CAP LAGGARDS
Today's worst performing small cap stocks:
Code Name Last % Change Volume Market Cap
MHK Metalhawk. 0.175 -53% 4222178 $45,655,248
AQC Auspaccoal Ltd 0.008 -33% 14458499 $8,405,611
CYQ Cycliq Group Ltd 0.002 -33% 274297 $1,381,550
ECT Env Clean Tech Ltd. 0.002 -33% 76491887 $12,046,306
XPN Xpon Technologies 0.008 -27% 11918252 $4,556,785
CHM Chimeric Therapeutic 0.003 -25% 3775000 $12,996,494
MEL Metgasco Ltd 0.002 -20% 10000 $4,592,717
3DP Pointerra Limited 0.046 -19% 5829994 $45,889,377
AIV Activex Limited 0.013 -19% 160499 $3,448,041
GRE Greentechmetals 0.065 -19% 839637 $9,071,611
RR1 Reach Resources Ltd 0.009 -18% 739225 $9,618,745
IR1 Irismetals 0.09 -18% 2371209 $19,575,532
BNL Blue Star Helium Ltd 0.005 -17% 34852048 $16,169,312
NOX Noxopharm Limited 0.105 -16% 86455 $36,529,744
MQR Marquee Resource Ltd 0.011 -15% 8465110 $7,627,350
LM1 Leeuwin Metals Ltd 0.098 -15% 277188 $11,592,734
AUK Aumake Limited 0.003 -14% 11809835 $10,581,756
NWM Norwest Minerals 0.012 -14% 40425 $13,557,020
RDS Redstone Resources 0.003 -14% 4048334 $3,619,936
SER Strategic Energy 0.006 -14% 2187909 $4,697,233
SHP South Harz Potash 0.003 -14% 3127159 $4,490,717
IG6 Internationalgraphit 0.061 -14% 502816 $13,742,641
MAG Magmatic Resrce Ltd 0.044 -14% 611028 $22,554,786
IME Imexhs Limited 0.285 -14% 41772 $17,704,253
AKA Aureka Limited 0.091 -13% 797527 $13,235,280
IN CASE YOU MISSED IT
Ramelius Resources (ASX:RMS) has completed the acquisition of Spartan Resources (ASX:SPR), gaining access to millions of gold ounces.
Airtasker (ASX:ART) strengthened its cash and kept scaling this quarter without the need for fresh capital.
Island Pharmaceuticals (ASX:ILA) has completed the acquisition of the promising Galidesivir anti-viral drug after finalising due diligence ahead of schedule.
Perpetual Resources (ASX:PEC) is finalising plans for drilling to support a maiden JORC resource estimate at its Raptor rare earths project in Brazil.
Geopacific Resources (ASX:GPR) is building momentum at its Woodlark Gold Project in PNG thanks to a sharp focus and near-term entrance of St Barbara.
Taruga Minerals' (ASX:TAR) review of legacy datasets and airborne VTEM survey findings has confirmed the presence of a discrete conductor at Thowagee, which TAR has elevated to a priority target.
Albion Resources (ASX:ALB) has entered a deal with Capricorn Metals (ASX:CMM) for its Mongers Lake gold project in the West Australian Murchison.
Blue Star Helium (ASX:BNL) fields solid flow test results at Aloha Mula 12 ('Hello Money') helium well in Lincoln County, Colorado, as it moves toward an option exercise decision.
Orange Minerals (ASX:OMX) has successfully listed on the OTCQB Venture Market as it plans to advance exploration across African and Australian projects.
Harvest Technology Group (ASX:HTG) recorded a 135% YoY increase in quarterly revenue, reaching $1.1 million in Q4 FY25, and expects total revenue for the full year to exceed $3.5 million.
Trading halts
Activeport Group (ASX:ATV) – cap raise
Babylon Pump & Power (ASX:BPP) – potential acquisition and debt funding
Chilwa Minerals (ASX:CHW) – cap raise
Enova Mining (ASX:ENV) – cap raise
Firetail Resources (ASX:FTL) – cap raise
HeraMED (ASX:HMD) – cap raise
Imagion Biosystems (ASX:IBX) – cap raise
Nyrada (ASX:NYR) – cap raise
Papyrus Australia (ASX:PPY) – cap raise
RemSense Technologies (ASX:RMN) – cap raise
TG Metals (ASX:TGM) – cap raise
At Stockhead, we tell it like it is. While Weebit Nano is a Stockhead advertiser, it did not sponsor this article.
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