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News.com.au
2 days ago
- Business
- News.com.au
Precision Points: When it comes to biotechs' messaging, a lingering KISS goes a long way
In Precision Points, Precision Funds Management executive directors Dermot Woods and Andy Clayton draw on insights from two decades on the front lines of equity markets to share their expertise with Stockhead readers. Today, Dermot Woods outlines the Perth based fund's approach to investing in the biotech space, which has parallels with its more familiar ground of the resources sector. As with its more familiar bailiwick of resources, the Precision Funds Management deploys the KISS acronym when investing in the biotech sector. Keep It Simple Stupid. 'The information has to be presented simply enough so that we semi understand it,' Precision executive director Dermot Woods says. 'It helps if can pronounce the name of a disease, or it has an action we can remember.' Woods deploys plenty of rock-kicking analogies to describe the entity's nascent interest in the biotech sector. For a start, the risk and reward parameters are strikingly similar. As with each new 'Olympic Dam-style' copper play, the chances are that the latest in-vogue drug program won't be the next Neuren Pharmaceuticals (ASX:NEU). (Neuren and its partner Acadia famously commercialised the Rett syndrome drug Daybue and the achievement is a rare exemplar of ultimate achievement). But who says investors can't have fun along the way? Have a crack Along the convoluted drug development path, it's a case of getting that risk-reward equation down pat. 'Investing in West African gold stocks is risky, but everyone knows they are risky, so the risk is priced in,' Woods says. In contrast, the biotech sector is still emerging from its post-pandemic nuclear winter that descended in late 2022. Despite notable capital raisings such as Clarity Pharmaceuticals' (ASX:CU6) $200 million whip-'round, local biotechs still are starved of capital. The upside? There's plenty of 'mispriced risk' and now is the time to 'have a crack'. More than a punt As with an iron ore explorer that chanced on lithium, Precision tentatively embraced biotech for the wrong reason. 'Like most fund managers, we had a 'zero biotech' rule for about 20 years,' he says. 'We then thought the aggregation of big data would mean that drug discoveries became quicker. 'It hasn't happened yet – but it will.' (Big data aggregation refers to collecting, combining, and summarising large labs of data into more manageable and useful formats). In the mining sector, Precision likes to see a certified resource, 'rather than punting on a piece of ground'. Precision's life sciences ethos is similar: avoid the whimsical preclinical and phase I stuff in favour of the mid-to-late pointy end. If that means writing a bigger cheque, then so be it. To date, Precision has weighed in on four ASX drug developers. The biggest, Dimerix (ASX:DXB), accounts for 4% of the fund's circa $100 million of assets. Stroke drug developer Argenica Therapeutics (ASX:AGN) comprises around 1%. Dimerix goes from 'really cheap to cheap' Precision's centrepiece biotech exposure is Dimerix, which is in phase III with its drug candidate for the kidney disease focal segmental glomerulosclerosis. The fund initially took part in the company's $20 million placement in March 2024 at 30 cents a share, after its successful interim readout. After that, Dimerix inked four global partnership deals that raked in $65 million, with up to $1.4 billion in potential milestones. Woods says Dimerix's funding position substantially derisks the company. Dimerix won't need money until the 'moment of truth': the outcome of the phase III study. Woods admits the fund could have got in cheaper, with Dimerix stock trading at a paltry six cents two years ago. He says it's a case of a stock going from 'really cheap' to cheap – with significantly less risk. Argenica was a stroke of luck The Perth-based Argenica is testing its stroke drug candidate in a local phase II trial. Having enrolled 92 patients across eight hospitals, investors should expect a data readout in early September. Ultimately, Argenica eyes a phase III trial, but the US Food & Drug Administration has asked for more safety data before it can approve the study. Given the company needs to wait for its phase II trial anyway, time is on its side. Woods says the fund weighed into Argenica three years ago, at about 40% below current levels. He says the fund was drawn to Argenica partly because of CEO Dr Liz Dallimore's 'clear vision' on the company's strategy. 'If this trial , we can buy a decent return for a very decent price," Woods says. Not PYC-ing out on a punt Despite being mining focused, Perth-based drug maker PYC Therapeutics (ASX:PYC) once was Precision's biggest holding, before the fund flipped the stock at a profit. By combining existing ribonucleic acid (RNA) drug design with its proprietary delivery platform, PYC is developing precision therapies for patients with genetic diseases that have no treatment options. PYC's lead program covers the rare eye disease retinitis pigmentosa. It is also targeting autosomal dominant optic atrophy, Phelan-McDermid syndrome and autosomal dominant polycystic kidney disease. The company's once-muddled story is gaining traction, with the stock more than doubling over the last years and pushing its market valuation over $700 million. 'They have done a really good job,' Woods says. 'But for us it's probably a bit too early stage.' Precision also took a profitable punt on a fourth non-WA drug developer, which Woods declines to name. KISS and take up Woods' overriding message to biotech management is to go for the big KISS – and enjoy the investor passion. He says KISS is especially relevant when presenting to fund managers who might look at thousands of stocks. Beyond the dense Powerpoints, Precision seeks an unequivocal answer to a precise question. It's not number 42 and the meaning of the universe, but 'are they asking for more money?'
News.com.au
29-07-2025
- Business
- News.com.au
ASX Health Quarterly Wrap: Dimerix inks fourth licensing deal, Audeara nails record revenue year
As the quarterly reporting season kicks into gear, investors are again tuning in to see how ASX-listed companies fared over the final stretch of FY25 and what clues they're offering for the financial year ahead. It's a key moment for investors to assess how businesses are tracking and what lies ahead, especially for the long-suffering healthcare sector, which has lagged in recent years despite strong fundamentals. After falling 4% over FY25 – while the broader market climbed 10% – there are signs the tide may finally be starting to turn. The S&P/ASX 200 Health Care index (ASX:XHJ) jumped 5.4% last week following a 5% gain the week before, sparking talk of a rotation back into the sector. Throughout FY25 and during the last quarter many ASX healthcare names have taken steps to improve efficiency, reduce costs, advance trials or establish key partnerships in a bid for long-term growth. Here's how a selection of ASX health stocks performed in the June quarter and what they're signalling for FY26. Dimerix (ASX:DXB) Late-stage clinical biotech Dimerix continued to progress its lead program ACTION3 phase III clinical trial of DMX-200 in focal segmental glomerulosclerosis (FSGS) during the quarter, including a positive Type C meeting with the US Food and Drug Administration (FDA). The meeting confirmed acceptability of proteinuria as an appropriate endpoint for full marketing approval in the US for DMX-200 in FSGS. During the quarter Dimerix announced a licensing agreement for DMX-200 with Amicus Therapeutics for DMX-200 in the US, its fourth for the drug across multiple territories. The company banked an upfront payment of US$30 million (~A$48m) in May. Collectively the licensing deals provide up to ~$1.4 billion in total upfront payments and potential milestone payments, plus royalties on net sales with more than $65m in total payments received to date. During the quarter Dimerix received its first development milestone payment of ¥400 million (~A$4.2m) from FUSO Pharmaceutical Industries Ltd, its exclusive licensee of DMX-200 for FSGS in Japan after the first trial site opened. Additionally, during the quarter, Dimerix received ~$6m from the exercise of listed options which expired on June 30. The sixth Independent Data Monitoring Committee (IDMC) review of ACTION3 has been completed, with 219 patients currently randomised/dosed in the trial. Dimerix ended the quarter with $68.3m. The company said it continued to focus on patient recruitment into ACTION3 trial, as well as licensing opportunities with potential partners in territories not already licensed. Audeara (ASX:AUA) Personalised audio technology provider Audeara achieved record full-year cash receipts of $4.9m, up 38.4% on FY24, driven by the expanding global sales profile for the AUA Technology division. Audeara achieved quarterly unaudited revenues of $722,000 with record-high unaudited annual revenues of ~$3.79m, up 21.9% on FY24. Cash receipts of $957,000 in Q4 FY25 were consistent with pcp of $982,000 and contributed to the record annual cash receipts. Quarterly group cash receipts were underpinned by accelerating momentum for Audeara's core domestic wholesale channel, which rose by 34.9% QoQ and 115% YoY. Net operating cash outflows of $757,000 were largely driven by strategic focus on R&D and stock purchasing. The company had $1.42m cash at bank as at June 30, 2025. Strategic inventory build is expected to flow through to increased net operating cash flows next quarter, with the start of product delivery for a follow-up purchase order by Avedis Zildjian. In its outlook Audera noted renewed momentum in its core wholesale markets was being supported by continued growth opportunities for AUA Technology across global markets. The Zildjian purchase order is expected to contribute to a significant increase in cash receipts for the September quarter, reflecting timing of payments. LTR Pharma (ASX:LTP) LTR Pharma kicked off a distribution partnership deal for its Spontan intranasal spray for erectile dysfunction (ED) with Symbion in May with initial pharmacy orders and prescriber feedback "encouraging, supporting broader market uptake in future quarters". Patients can now have Spontan prescriptions filled at Symbion's 3900 pharmacies Australia-wide. A pharmacy training program was delivered to Sympbion's pharmacists nationwide on Spontan's unique benefits and patient counselling. In May urologist associate professor Darren Katz was appointed to LTR Pharma's scientific advisory board, bringing extensive ED treatment expertise as medical director of Men's Health Melbourne and immediate past leader of USANZ Andrology Special Advisory Group. During the quarter LTR Pharma advanced its new ED product Roxus. As Spontan moves through the formal FDA process, Roxus offers a fast-track pathway to serve patients through personalised care channels. The company said development of a scalable, GMP-compliant manufacturing process for Roxus was being progressed in collaboration with its Australian pharmaceutical partner. Key formulation milestones have been achieved bringing Roxus closer to market readiness ahead of its planned US launch in H1 CY26 with manufacturing optimisation underway. In May LTR signed a collaborative development agreement with Strategic Drug Solutions (SDS) to develop Oroflow for oesophageal motility disorders, a debilitating group of conditions affecting swallowing function. The program leverages LTP's proven intranasal delivery platform and patent rights from Spontan and Roxus. LTR Pharma had a cash balance of $31.8m as at June 30, 2025, which it said provided substantial runway to execute strategic objectives across multiple markets. EZZ Life Science (ASX:EZZ) EZZ achieved a major strategic milestone during the quarter with the official launch of EZZDAY, a US-focused brand, with the initial product range including four FDA-registered health supplements. All four products are manufactured in the United States to align with consumer preferences, reduce tariffs and freight costs, and enhance supply chain efficiency. In June, EZZ entered a three-year distribution agreement with ROFA Enterprises, securing a minimum purchase value of A$21 million over the contract term. ROFA will distribute EZZ-branded products across Thailand, Vietnam and Singapore, managing local logistics and marketing, while ensuring compliance with EZZ's brand and operational standards. During the quarter EZZ expanded its domestic retail footprint via a new partnership with Australian pharmacy chain Direct Chemist Outlet. Under the agreement, EZZ's flagship products will be stocked in a selection of DCO's 130 stores nationwide. The company launched a new consumer health product EZZ Liquid Calcium Soft Gel for key international and domestic markets to further capitalise on its strong performance in the calcium supplement category. During the quarter EZZ engaged the University of Sydney to undertake a two-year in vitro research project into the effects of a novel multi-ingredient nutritional supplement on bone growth. Receipts from customers totalled $21.3m, representing a 46% increase from the previous quarter with a positive cash inflow of $1.4m. Cash reserves reached $20.8m as at 30 June 2025 after paying $900,000 in dividends during the quarter. EZZ remains debt-free, excluding lease liabilities.
News.com.au
01-07-2025
- Business
- News.com.au
Biocurious: Dimerix could be riding big and beautiful kidney drug success earlier than expected
With the FDA's blessing, Dimerix will use phase III trial endpoints that could lead to accelerated approval for its kidney disease drug Dimerix is confident of phase III success because an expert 'peek' at the blinded data shows it's on the right track The company is well cashed up, courtesy of four global distribution deals When it comes to clinical trials, the choice of primary endpoints can mean the difference between a trial failing and a billion-dollar blockbuster drug emerging. Plenty of drug candidates have looked successful at mid stage, but then floundered because a later stage trial has failed to meet strictly defined goals. This appears to be the case with Opthea (ASX:OPT) and the recent failure of its two phase III eye disease trials. In other cases, strictly enforced endpoints mean that a trial is too long and too expensive. But regulatory attitudes are changing. In the case of Dimerix (ASX:DXB), the US Food & Drug Administration (FDA) has delivered the kidney disease drug developer a concession on endpoints for its ongoing phase III trial. The FDA's stance not only means that the endpoints are more likely to be achieved, reducing risk. It also means the company could win accelerated FDA marketing approval before the study has completed. 'That sparked a lot of interest in the sector because suddenly the trials are more manageable,' says Dimerix chief Dr Nina Webster. The 286-patient study is testing Dimerix's candidate DMX-200 for the regressive focal segmental glomerulosclerosis (FSGS). A rare – but not ultra rare – disease, FSGS usually results in end-stage kidney failure. Endpoints have delayed the endgame Previously, the FDA had set an endpoint of how well a drug preserves kidney function. But this meant a trial had to track the patient to kidney failure or death, which could take years. This makes a trial too long and too costly. 'In rare diseases, no-one is going to do these studies,' Webster says. About five years ago the FDA became more amenable to the use of 'surrogate' endpoints These are measures that substitute a true clinical endpoint to expedite drug development. The FDA allowed the use of the kidney function biomarker, called estimated global filtration rate (eGFR). Under the dainty banner of 'Parasol' – and, no it's not an umbrella group – experts advised the use of proteinuria as a further alternative endpoint for FSGS. Proteinuria is kidney proteins seeping into the urine, while eGFR is the rate at which the spuds can cleanse blood. If proteinuria is present and the eGFR is not up to scratch, they are sure signs the kidneys are not working as they should. Conversely, if a drug reduces proteinuria or the eGFR 'slope rate' – the rate of decline – it is accepted as being effective. Parasol promises faster Action Dubbed Action 3, the Dimerix trial involves two years' treatment, as measured against placebo. The study is due to complete in 2027 when the last patients have been treated. But Dimerix now is working with Parasol to establish the exact surrogate endpoints required to front the FDA for accelerated marketing approval. Expedited approval is as allowed for some orphan drugs, such as DMX-200. 'The full study is for two years and that doesn't change,' Webster says. 'Th question is whether we can get interim approval and go to market earlier.' One possibility is that proteinuria alone could be the accepted endpoint, given proteinuria and eGFR appear to point to the same thing. That is: deteriorating kidneys. Dr Webster says an accelerated endpoint must reasonably predict the outcome of the trial. 'The question is, what do we need to see at point X to prove the end at point Y? Parasol is working with us on that. 'We're collecting all of our data on eGFR and proteinuria anyway, so it gives us a lot of flexibility in the program.' (Other geographies such as Japan and Europe still require an eGFR endpoint). Surrogate change spurs others … The FDA's stance on surrogate endpoints could be a double-edged sword for Dimerix, as it also provides succour to potential rivals. In this vein, a drug called sparsentan (brand name Filspari ) won FDA approval for a kidney condition called IgA nephropathy. The drug failed its Phase III endpoint for eGFR. But now its owner Travere Therapeutics is having a crack at FDA marketing approval for FSGS using a proteinuria endpoint. The data from the supportive trial was unblinded, which means the study custodians can't change the endpoints retrospectively. 'But the FDA is in a hard spot with this one because is an area of such high unmet need,' Webster says. 'These patients currently have limited treatment options and Filspari looks like it is doing something for them. 'We are waiting with bated breath in the hope that Filspari is approved and gives hope to these patients.' Travere has licensed the European and local sparsentan rights to our own CSL (ASX:CSL). … but we're friends, not rivals Webster says rather than rivalling DMX-200, sparsentan could be used in unison. An angiotensin receptor, sparsentan targets high blood pressure – a key cause of kidney disease in the first place. (High blood pressure causes inflammation which causes scarring and cell death). Thus, sparsentan needs to be better than the current blood pressure medication. But DMX-200 works on the secondary inflammatory pathway, with the patients already on blood pressure meds. 'It's not apples for apples with study design, which is why we are compared against the placebo and not a comparator,' Webster says. In effect, DMX-200 faces a lower comparative hurdle. 'Our drug is complementary, not competitive,' Webster says. Data 'peek' hints at trial success While a trial result is never certain, Dimerix is confident it won't meet the fate of Opthea or Percheron Therapeutics (ASX:PER). (The latter's neurological disease trial also failed to meet primary endpoints). One reason is that the Action 3 trial already has been subject to a blinded interim analysis by an arm's length expert committee, which peeked at the data. 'Blinded' means that Dimerix, the trial investigators and the patients don't know the results. In March last year the 72-patient analysis reported that DMX-200 worked better than placebo. As per protocol, the experts did not disclose the extent of this efficacy. But it was enough for the company to know that it's on the right track. 'We just know at that point in time, we were doing better and that if we carry on that trajectory, we have a shot at the endpoint,' Webster says. 'That was a big moment for us, because we wanted to confirm something similar to our smaller phase II study in a larger cohort of patients.' FDA approval could come sooner rather than later Dimerix has received over $65 million of cash, courtesy of four distribution deals that may deliver up to $1.4 billion of milestone payments plus royalties. While a further capital raising is a case of 'never say never', it's unlikely. Naturally, most of the milestones are back ended to achievements such as phase III success and FDA approval. But with accelerated approval possible after the interim analysis, the latter might be sooner than investors think. Many drug developers view the Trump Ascendancy Mark Two with trepidation. In contrast, Webster notes Trump nominated kidney disease as a key health priority in his first stab at POTUS. The financial motive alone is compelling, in that dialysis costs the US health system around US$125 billion annually. 'We are in the sweet spot of being a rare disease (with pricing benefits) and having the potential to reduce US healthcare costs,' Webster says.
News.com.au
30-06-2025
- Business
- News.com.au
Health Check: Tetratherix breaks biotech IPO drought with 13pc gain on debut
Tetratherix's listed life starts on a solid note Dimerix pockets a $4.2 million milestone – with close to $1.4 billion to come Orthocell chalks up first commercial US procedure for its Remplir device Today's ASX debut of wound management house Tetratherix (TTX) has raised the hopes of other life-science plays that have eyed an IPO but have relegated the idea to the too-hard basket. Having downsized its offer from $35 million $25 million to banish the fast money, Tetratherix traded up to 13% above their $2.88 a share offer price. The company has developed an injected liquid polymer that hardens at body temperature and then biodegrades after the job is done. Yet to be approved, the platform-based tech targets novel applications including tissue healing, bone regeneration and surgical spacing (such as in prostate radiation therapy). CEO Will Knox dubs the platform as 'medical Lego', in that the products are built from the same polymer structure. 'That means you can use the same underlying biological performance and safety data in all regulatory applications. 'Our path to market is a lot faster and simpler because the data is interchangeable across the different applications.' Post raising, Tetratherix has cash of circa $30 million. This factors in two US Food & Drug Administration (FDA) approval applications, one further submission and 'multiple clinical trial readouts'. Tetratherix is the first life sciences IPO since late November 2024, when cryogenics play Vitrafy Life Sciences (ASX:VFY) and nerve repair house ReNerve (ASX:RNV) listed on the same day. Their shares are down 20% and 50% to date, respectively. Aptium is on IPO foot-ing The developer of an AI-powered tool for the podiatry market, the private Aptium is eyeing an IPO after a private whip-'round. Aptium's scanner provides real-time thermal and three and four dimensional analysis of motion and the shape of the foot. This enables 3D manufacturing of patient-specific insoles 'with precision-grade firmness and softness:. The tech also may detect diabetic foot ulcers early. Co-founded by biotech greybeards Dr Mel Bridges and Carl Stubbings, Aptium is seeking to tap $5 million in a private convertible note round. The company aspires to list within the next 18 months or so. Bridges has founded six companies, including ImpediMed (ASX:IPD) and the formerly ASX-listed Panbio. Stubbings was former CEO of Sienna Cancer Diagnostics, which merged with Bard1 to become Inoviq (ASX:IIQ). Aptium could test IPO appetite in more ways than one. That's because the company is 40% owned by Greg Creed, the former CEO of US giant Yum! Brands which owns KFC, Pizza Hut and Taco Bell. Dimerix pockets first milestone from Japanese partner Kidney drug developer Dimerix (ASX:DXB) has pocketed $4.2 million as its first milestone payment from Japan's Fuso, one of the company's four global partners. Signed in January this year, the Fuso compact could deliver up to $100 million of milestone payments. This is subject to progress on Dimerix's lead phase III program, for the kidney ailment focal segmental glomerulosclerosis. In October 2023 Dimerix inked distribution deals with the London-based Advanz Pharma (covering Europe, Canada, Australia and New Zealand). The company followed up in May last year by entering a Middle East licensing agreement with the Oman-based pharma group, Taiba. In its biggest deal, Dimerix last May signed up the Nasdaq-listed rare diseases house Amicus Therapeutics for the US honours. Collectively, the deals promise $1.4 billion of potential milestones, largely contingent on eventual FDA drug approval. The Amicus deal alone involves of US$520 million of success-based payments. The Fuso milestone became payable on opening of the first Japanese site for the Action 3 trial. Investors now expect likely follow-on deals in territories including China, Latin America and South Korea. LTR Pharma is full bottle on safety study Drug development is all about getting the small stuff right, such as whether the packaging is tickety-boo. In this vein, LTR Pharma (ASX:LTP) has affirmed that the bottle and pump components for its proposed nasal mist based erectile dysfunctional treatment meet accepted standards. LTR completed the so-called extractables study with co-development partner Aptar Pharma. The study confirmed that all detected compounds met International Council for Harmonisation safety thresholds – the standard adopted by the FDA and other agencies. A 'leachables' study is now underway, to support an FDA marketing submission. As the name suggests, the leachables study evaluates the potential migration of compounds from packaging into the liquid. This takes account of 'real-world' storage conditions, such as the back of the bedside drawer. The study will run for at least 24 months, after which the company can submit its FDA entreaty. Dubbed Spontan, LTR's treatment is based on the same active ingredient as current oral treatments but is much faster acting. LTR is also developing Oroflow, a spray treatment for a group of ailments that affect swallowing function. Orthocell hits the right nerve Nerve repair play Orthocell (ASX:OCC) reports the first use of its Remplir device in a US surgical procedure, to repair a foot injury. The FDA approved Remplir in April. The company says the first use is a crucial step in its US rollout, 'building surgical experience and knowledge of the product that will be key in driving product sales'. Remplir is a collagen 'wrap' that improves regeneration of damaged nerves and requires less stitching. The surgery took place at an unnamed Ohio hospital, sourced from Orthocell's network of 14 specialist distributors. These intermediaries have 'mature, direct-to-surgeon, hospital and other customer relationships' across 25 US states. Orthocell CEO Paul Anderson said the critical first step in the US rollout was 'getting Remplir into surgeons' hands for them to gain familiarity with its key features and benefits in clinical practice'. The company promises 'material' sales growth in the December half - which of course starts tomorrow – with the financial benefits reflected in the June half 2026 accounts. Orthocell estimates that surgeons carry out two million peripheral nerve repairs annually, equating to a US$3.5 billion market. This is across its approved markets of Australia/New Zealand, Singapore, the US, Europe/UK, Canada, Brazil, Japan, Hong Kong and Thailand.
News.com.au
20-06-2025
- Business
- News.com.au
Closing Bell: ASX arrests slide to fall just 0.2pc as utilities sector leads recovery
ASX pulls back from 0.55pc slide to dip 0.21pc Utilities leads recovery, up 0.74pc ASX All Ord Gold index climbs 0.62pc ASX pulls out of tailspin to make up ground While the ASX closed lower today, down 0.21%, it was looking a lot worse around lunchtime, when the bourse was 0.55% in the red. The market managed to put the breaks on its slide, with the utilities (+0.74%) sector in particular providing support, followed by industrials, health care and info tech. Standouts in those sectors included Dimerix (ASX:DXB) up 9.8%, ZIP Co (ASX:ZIP) adding 5.9%, Droneshields (ASX:DRO) up 5.6% and Fluence Corporation (ASX:FLC) jumping 13.8%. The ASX All Ord Gold index (+0.62%) also put in some work, alongside the Small Ords (+0.19%). The ASX lost 0.49% over the last five trading days, now sitting 1.55% off its 52-week high. ASX SMALL CAP LEADERS Today's best performing small cap stocks: Security Name Last % Change Volume Market Cap PV1 Provaris Energy Ltd 0.015 50% 3831208 $6,980,013 E79 E79Goldmineslimited 0.028 40% 2009033 $3,168,253 MOH Moho Resources 0.004 33% 5000 $2,236,242 RNX Renegade Exploration 0.004 33% 521227 $3,865,090 HAW Hawthorn Resources 0.068 28% 634353 $17,755,827 BMO Bastion Minerals 0.002 27% 22379119 $1,419,960 NSB Neuroscientific 0.078 26% 991242 $8,965,502 ALM Alma Metals Ltd 0.005 25% 807408 $6,345,381 AUK Aumake Limited 0.0025 25% 176755 $6,046,718 CUL Cullen Resources 0.005 25% 183700 $2,773,607 FIN FIN Resources Ltd 0.005 25% 100000 $2,779,554 GGE Grand Gulf Energy 0.0025 25% 1458526 $5,640,850 JAV Javelin Minerals Ltd 0.0025 25% 651325 $12,252,298 MEM Memphasys Ltd 0.005 25% 1004099 $7,934,392 HCL Highcom Ltd 0.295 23% 641196 $24,643,841 HAR Harangaresources 0.065 20% 4915026 $11,585,428 MCA Murray Cod Aust Ltd 1.045 20% 124393 $92,023,850 AJL AJ Lucas Group 0.006 20% 356600 $6,878,648 TON Triton Min Ltd 0.006 20% 2099975 $7,841,944 HIQ Hitiq Limited 0.02 18% 3191499 $6,885,382 BAS Bass Oil Ltd 0.027 17% 2429874 $7,345,899 AHN Athena Resources 0.007 17% 6103136 $13,595,742 BGE Bridgesaaslimited 0.014 17% 61111 $2,398,310 NAE New Age Exploration 0.0035 17% 50877 $8,117,734 PGY Pilot Energy Ltd 0.007 17% 4218242 $12,951,960 Making news… Hydrogen compression and shipping solution company Provaris Energy (ASX:PV1) has teamed up with global shipping leader 'K' LINE. K LINE, otherwise known as Kawasaki Kisen Kaisha, will provide technical, commercial and operation support, offering its extensive global shipping expertise as PV1 develops its hydrogen transport and storage model. PV1's main focus is the proprietary H2Neo Carrier and H2Leo Barge, which offer a combination of offshore compression, storage and shipping solutions for hydrogen gas transportation. Bastion Minerals (ASX:BMO) has tapped John Ribbons as company secretary, effective immediately. The appointment follows the resignation of Justin Clyne, who exits on good terms with the board and will make himself available during the transition. Ribbons will fill dual roles, as he already holds the position of chief financial officer for BMO as well. ASX SMALL CAP LAGGARDS Today's worst performing small cap stocks: Security Name Last % Change Volume Market Cap RPG Raptis Group Limited 0.044 -73% 2637660 $56,109,577 CT1 Constellation Tech 0.001 -50% 1542725 $2,949,467 BCB Bowen Coal Limited 0.18 -49% 2933425 $37,715,145 BEL Bentley Capital Ltd 0.008 -33% 7852 $913,535 ENT Enterprise Metals 0.002 -33% 2756 $3,543,952 FTC Fintech Chain Ltd 0.002 -33% 530785 $1,952,309 PKO Peako Limited 0.002 -33% 2925298 $4,463,226 RLC Reedy Lagoon Corp. 0.001 -33% 135000 $1,165,060 SHP South Harz Potash 0.002 -33% 310000 $3,308,186 ADD Adavale Resource Ltd 0.0015 -25% 186313 $4,574,558 AFA ASF Group Limited 0.003 -25% 79842 $3,169,590 ASR Asra Minerals Ltd 0.0015 -25% 577297 $7,983,396 EEL Enrg Elements Ltd 0.0015 -25% 16582818 $6,507,557 VFX Visionflex Group Ltd 0.0015 -25% 199999 $6,735,721 HPC Thehydration 0.01 -23% 4074374 $4,982,912 WEC White Energy Company 0.035 -20% 212 $13,711,276 EXT Excite Technology 0.008 -20% 2685646 $20,726,419 MTB Mount Burgess Mining 0.004 -20% 409514 $1,758,513 OEL Otto Energy Limited 0.004 -20% 3458960 $23,975,049 SKK Stakk Limited 0.004 -20% 5016 $10,375,398 VRC Volt Resources Ltd 0.004 -20% 1463043 $23,423,890 ODY Odyssey Gold Ltd 0.019 -17% 5122049 $20,674,036 GUL Gullewa Limited 0.068 -17% 420322 $17,877,818 HMG Hamelingoldlimited 0.069 -17% 66142 $16,340,625 AMS Atomos 0.005 -17% 1700232 $7,290,111 In the news... Bowen Coking Coal (ASX:BCB) has signalled it's considering placing the Burton Mine Complex operation into a temporary pause if an effort to transition the project to an owner-operator model is unsuccessful. The company is exploring a range of options to fund the transition plan and provide immediate liquidity, but the most recent Resources and Energy Quarterly forecasts falling demand for met coal as low emissions steel production gains pace. Atomos (ASX:AMS) has launched a new employee incentive plan, with over half of the company's roll to be offered defined annual bonuses linked to share price performance. AMS says the incentives are a way to recognise the contributions of staff who worked tirelessly on minimal salaries over the last few years, and aligns employee interests with those of shareholders. IN CASE YOU MISSED IT Pure Hydrogen Corporation (ASX:PH2) has completed the handover of a Taurus hydrogen fuel cell prime mover to Barwon Water, Victoria's largest regional urban water corporation. Legacy Minerals (ASX:LGM) has wrapped up its first drilling campaign at the Thomson project, intersecting wide zones of quartz-sulphide mineralisation. Cyclone Metals' (ASX:CLE) power study has highlighted potential to power the Iron Bear project entirely with renewable energy. TRADING HALTS AIC Mines (ASX:A1M) – cap raise betr Entertainment (ASX:BBT) – off-market takeover offer for PointsBet GBM Resources (ASX:GBZ) – cap raise and board changes Great Boulder Resources (ASX:GBR) – cap raise New Murchison Gold (ASX:NMG) – Crown Prince project approvals update Victory Metals (ASX:VTM) – strategic alliance and funding facility Zenith Minerals (ASX:ZNC) – resource update for Dulcie Far North gold project LAST ORDERS Hillgrove Resources (ASX:HGO) is ahead of schedule on development efforts at the Nugent underground, hitting the orebody at the Kanmantoo copper mine earlier than expected. It's the first development ore produced at the Nugent underground operation, marking an important milestone toward formal ore production.
