2 days ago
ASX gains as gallium miners turn heads
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Morning, and welcome to Stockhead's Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.
With the market opening at 10am sharp eastern time, the data is taken at 10.15am, once trading kicks off in earnest.
In brief, this is what the market has been up to this morning.
ASX reaches for new highs
Climbing 0.43% in the first hour of trade, the ASX is within spitting distance of a new all-time high, just 0.13% away.
Nine of 11 sectors are driving the bourse's momentum, led by energy (+1.18%). Info tech (-0.23%) and health care (-0.33%) are dragging alongside the All Ords Gold index (-1.78%), down for a second day in a row.
The ASX 200 Resources is pushing in the other direction (+0.78%), as evidenced by the glut of resources stocks on our Top 10 winners list for the morning.
WINNERS
Code Name Last % Change Volume Market Cap JAV Javelin Minerals Ltd 0.003 50% 60002 $12,252,298 VML Vital Metals Limited 0.003 50% 3000000 $11,790,134 KP2 Kore Potash PLC 0.06 36% 971577 $28,764,401 AYT Austin Metals Ltd 0.005 25% 2071330 $6,296,765 PV1 Provaris Energy Ltd 0.011 22% 450000 $6,282,012 ADG Adelong Gold Limited 0.006 20% 802466 $10,343,383 ALY Alchemy Resource Ltd 0.006 20% 200000 $5,890,381 BLZ Blaze Minerals Ltd 0.003 20% 6294900 $3,917,370 MGU Magnum Mining & Exp 0.006 20% 85000 $5,608,254 PLC Premier1 Lithium Ltd 0.012 20% 583333 $3,680,606
In the news...
Blaze Minerals (ASX:BLZ) is turning heads after hitting gallium and rubidium mineralisation at its Ntungamo project in Uganda.
While the mineralisation isn't particularly high grade in this first pass of drilling, the price of gallium has surged 23% since January last year, marking the critical mineral as a lucrative exploration target.
BLZ's drilling also encountered scandium mineralisation, but no neodymium or praseodymium of any economic significance.
LAGGARDS
Code Name Last % Change Volume Market Cap PAB Patrys Limited 0.001 -33% 9426236 $3,086,171 G50 G50Corp Ltd 0.14 -26% 225759 $30,513,555 CRR Critical Resources 0.003 -25% 2829838 $10,456,885 CHM Chimeric Therapeutic 0.004 -20% 100000 $10,075,971 CZN Corazon Ltd 0.002 -20% 45143 $2,961,431 TMX Terrain Minerals 0.002 -20% 71000 $5,621,392 VRC Volt Resources Ltd 0.004 -20% 1250000 $23,423,890 CF1 Complii Fintech Ltd 0.018 -18% 60481 $12,570,660 CCO The Calmer Co Int 0.0025 -17% 28571 $9,034,060 IFG Infocusgroup Hldltd 0.005 -17% 21500 $1,655,771
In the news...
G50 Corp's (ASX:G50) has also released a gallium-based announcement, although the market wasn't quite as impressed with the results as in BLZ's case.
While G50's mineralogy study has confirmed the presence of gallium in three types of mineral samples at its Golconda gold-silver-zinc project, the content is fairly low, represented in just 38% of the host rock.
The mineral type with the best gallium content of 55 parts per million accounts for just 7% of the rock content, meaning G50 will need to extract and concentrate the critical mineral before it can be sold on to off takers.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Originally published as Top 10 at 11: Gallium in spotlight as ASX climbs toward new record high
