Latest news with #MinRes
News.com.au
5 days ago
- Business
- News.com.au
Closing Bell: ASX hangs in there thanks to strength in tech stocks
Despite a strong start, the ASX has paired back gains to finish down 2.9 points or 0.03pc Weakness came from the Health Care sector and gold stocks Info Tech sector rides semiconductor fever higher, up 0.71pc Despite a strong start to the day, the ASX had fallen below yesterday's levels by about lunch time, dipping about a dozen points. Bullish sentiment in tech stocks kept the damage to a minimum – the ASX managed to claw back losses to fall just 2.9 points by the end of the day. Healthcare stocks were the main drivers of weakness, shedding 0.77%. The sector is down about 6.94% for the year to date, marking it as the worst-performing sector on the ASX for the year so far. In fact, only the Energy sector has suffered anywhere near as much, having fallen 6.72% in the first six months of the 2025 calendar year. A 0.28% dip in gold prices weighed on our Aussie precious metal stocks, driving the ASX All Ords Gold index lower by more than 1%. Despite our usually upbeat gold miners dragging, the Materials sector put in a solid performance, lifting 0.52% as a handful of lithium and rare earth miners powered higher. Min Res (ASX:MIN) surged 14%, Lynas Rare Earths (ASX:LYC) and Pilbara Minerals (ASX:PLS) 11%. Arafura Rare Earths (ASX:ARU) jumped 9% and Iluka Resources (ASX:ILU) 7%. While the Aussie bourse didn't make any progress toward new highs today, it's still sitting just 0.89% off those levels, having gained 1.54% over the last five trading days. Three ASX companies make EU's strategic project list The shares of three Australian mining companies are on the up after their projects made it onto the European Union's first list of 13 Strategic Projects outside the trading block's geographical borders. While mining giant Rio Tinto (ASX:RIO) is only up about 0.30% on the news, its Jadar lithium project made the cut, Evion Group (ASX:EVG) and Sarytogan Graphite (ASX:SGA) have surged 25% and 17% each. The two small cap resource companies are graphite-focused, with EVG at the permitting stage for its Maniry graphite project in Madagascar and SGA holding the highest-grade graphite resource of any ASX-listed company. It's also the second largest contained graphite resource on the ASX, at 60Mt of contained graphite. The EU's latest initiative complements the list of 47 Strategic Projects selected within the EU in March. The goal is to secure supplies of minerals critical to national security and continued economic prosperity, with a particular focus on electro mobility, renewable energy, defence and aerospace sectors. 'Securing reliable supplies of critical raw materials is a strategic priority for Europe's resilience and competitiveness as it is essential for the modernisation of our economy,' EU Commissioner for International Partnerships Jozef Síkela said. 'The EU offer is to link cooperation in this area with skills, quality jobs, access to clean energy and essential services, and with good practices and high standards. 'This is what the Global Gateway is about, and our projects prove it in action. With this approach, we contribute to prosperity and stability in both Europe and our partner countries, strengthening economic security and diversifying supply chains.' ASX SMALL CAP LEADERS Today's best performing small cap stocks: Security Name Last % Change Volume Market Cap EV1 Evolutionenergy 0.015 88% 4831423 $2,901,204 ADD Adavale Resource Ltd 0.0015 50% 400066 $2,287,279 AUH Austchina Holdings 0.0015 50% 27230 $3,025,384 AXP AXP Energy Ltd 0.0015 50% 5558647 $6,684,681 OB1 Orbminco Limited 0.0015 50% 10000000 $2,897,568 CDE Codeifai Limited 0.02 43% 5730545 $4,564,445 IS3 I Synergy Group Ltd 0.007 40% 157336 $2,503,651 AOA Ausmon Resorces 0.002 33% 375000 $1,966,820 EEL Enrg Elements Ltd 0.002 33% 21903039 $4,880,668 FGH Foresta Group 0.008 33% 1118453 $15,917,439 HLX Helix Resources 0.002 33% 393336 $5,046,291 ZEU Zeus Resources Ltd 0.012 33% 20152873 $5,766,058 EVEDA EVE Health Group Ltd 0.03 30% 2108010 $3,032,828 GTR Gti Energy Ltd 0.0045 29% 38969586 $10,496,324 AMS Atomos 0.005 25% 117868 $4,860,074 CHM Chimeric Therapeutic 0.005 25% 5634619 $8,060,777 ENT Enterprise Metals 0.0025 25% 100108 $2,356,635 EVG Evion Group NL 0.02 25% 3182621 $6,958,720 OLI Oliver'S Real Food 0.005 25% 50000 $2,162,928 TMX Terrain Minerals 0.0025 25% 22788 $4,497,113 LOC Locatetechnologies 0.11 25% 700761 $19,908,829 TEE Topendenergylimited 0.054 23% 596361 $12,288,375 ATX Amplia Therapeutics 0.061 22% 8552116 $19,397,633 VMM Viridismining 0.35 21% 429693 $25,003,897 HWK Hawk Resources. 0.018 20% 2009615 $4,063,942 Making news… GTI Energy (ASX:GTR) says early numbers from its Lo Herma uranium project in Wyoming look promising, pointing to a potential low-cost in-situ recovery (ISR) operation producing around 800,000 pounds of uranium a year. The scoping study was run by Wyoming-based experts BRS Engineering and outlines a seven-year plan with a total production target of nearly 6 million pounds. It's still early days, though – most of the resource is in the lower-confidence 'Inferred' category, so there's no guarantee the uranium's all there or that it'll stack up economically just yet. AXP Energy (ASX:AXP) has achieved what it described as 'reliable system uptime' for its gas-to-Bitcoin mining operation, using an oil and gas well in the Pathfinder field of Colorado to power a bitcoin mining site. With the off-grid gas-to-power site now operational, the company is looking to roll out its technology in additional locations to support the bitcoin mining sector. As mentioned above, the EU has recognised Evion Group's (ASX:EVG) Maniry graphite project in Madagascar as a strategic future supplier of critical minerals. The EU's recognition provides pathways to funding, grants and preferred offtake partners for the company. EVG's executive team will meet with EU officials in the near term to outline a development plan. ASX SMALL CAP LAGGARDS Today's worst performing small cap stocks: Security Name Last % Change Volume Market Cap AXI Axiom Properties 0.018 -40% 15000 $12,981,410 HCD Hydrocarbon Dynamics 0.002 -33% 1444004 $3,234,328 PIL Peppermint Inv Ltd 0.002 -33% 2830000 $6,828,269 GMN Gold Mountain Ltd 0.0015 -25% 1347106 $11,239,518 SFG Seafarms Group Ltd 0.0015 -25% 294907 $9,673,198 AVE Avecho Biotech Ltd 0.004 -20% 655257 $15,867,318 DAF Discovery Alaska Ltd 0.008 -20% 977000 $2,342,347 EM2 Eagle Mountain 0.004 -20% 537797 $5,675,186 EVR Ev Resources Ltd 0.004 -20% 200001 $9,929,183 SAN Sagalio Energy Ltd 0.004 -20% 160000 $1,023,301 1AD Adalta Limited 0.0025 -17% 6146114 $3,020,120 BIT Biotron Limited 0.0025 -17% 330026 $3,981,738 FRX Flexiroam Limited 0.005 -17% 612700 $9,104,392 JAV Javelin Minerals Ltd 0.0025 -17% 629358 $18,378,447 OVT Ovanti Limited 0.0025 -17% 3982026 $8,380,545 PRX Prodigy Gold NL 0.0025 -17% 2113333 $9,525,167 VAR Variscan Mines Ltd 0.005 -17% 987350 $4,697,146 GCM Green Critical Min 0.0185 -16% 47106388 $43,189,923 EPM Eclipse Metals 0.016 -16% 22225074 $54,450,562 OLY Olympio Metals Ltd 0.033 -15% 637320 $3,434,625 QEM QEM Limited 0.051 -15% 57568 $11,450,021 AON Apollo Minerals Ltd 0.006 -14% 8368133 $6,499,198 ICR Intelicare Holdings 0.006 -14% 3390374 $3,403,317 SRJ SRJ Technologies 0.012 -14% 1200956 $8,478,093 PEB Pacific Edge 0.091 -13% 4482 $85,251,177 Making news… Eagle Mountain Mining (ASX:EM2) managing director Charlie Bass has stepped down from the role, effective end of business June 6. Bass is stepping down to pursue private interests, but says he remains a 'strong believer in Eagle Mountain's future' and will continue to support EM2 as its largest shareholder. IN CASE YOU MISSED IT Albion Resources (ASX:ALB) has locked in heritage for a maiden campaign over an underexplored end of the Yandal Greenstone Belt. TG Metals (ASX:TG6) has defined a resource of 227,140oz contained gold at its Van Uden project after updating it to JORC 2012 compliance. Trek Metals (ASX:TKM) is preparing to start drilling at its Christmas Creek gold project in Western Australia. Taruga Minerals (ASX:TAR) is narrowing down potential lead and silver drill targets at the Thowagee polymetallic project in WA. Asra Resources (ASX: ASR) has welcomed a highly experienced geological consultant to its technical team as CEO Paul Stephen transitions to MD. Elevate Uranium (ASX:EL8) zone measuring 11km by 7.5km. Investors have demonstrated their confidence in Caprice Resources' (ASX:CRS) and its plans to advance gold exploration at its Murchison gold projects by providing firm commitments for a $7m placement. EMVision Medical Devices (ASX:EMV) has appointed Ramsay Health Care Australia CEO Carmel Monaghan as a non-executive director of the board. Binding commitments to raise $4m in a placement have furnished Brazilian Critical Minerals (ASX:BCM) with funds for pre-development work at its Ema rare earth project Nimy (ASX:NIM) has hit sizeable intervals of gallium host rock at the Block 3 gallium project in WA, reinforcing the company's geological model. QX Resources (ASX:QXR) has executed a binding term sheet to farm-out a 75% stake in the iron ore rights of its Western Shaw project in WA's Pilbara region. TRADING HALTS At Stockhead, we tell it like it is. While GTI Energy is a Stockhead advertiser, it did not sponsor this article.
AU Financial Review
19-05-2025
- Business
- AU Financial Review
New MinRes chairman shows delulu is infectious
So it was Malcolm Bundey who Perth-based MinRes plucked from obscurity to become non-executive chairman on Monday. This was the result of an 'extensive international search'. Eye roll. Bundey has never been an ASX chairman before (he is the deputy chair of the $4 billion Brickworks). He's based in Melbourne. He also hasn't worked a single day in the mining industry. The 'extensive global search' nonsense is becoming a real bugbear. Frivolous window dressing to justify the fees paid to recruitment firms. Nine Entertainment (publisher of this masthead) spruiked its 'comprehensive international search' for its new CEO, to then name the interim chief Matt Stanton in March. Last year, the AFL concluded a 13-month 'incredibly competitive' search to find Gil McLachlan 's replacement, to end up with Andrew Dillon, the guy down the hall. A Richard Goyder succession special.
Yahoo
13-05-2025
- Business
- Yahoo
Australian pension fund HESTA sells stake in MinRes amid governance concerns
Australian pension fund HESTA has divested its remaining shareholding in mining services provider Mineral Resources (MinRes), citing unresolved governance concerns and a lack of confidence in the company's ability to implement necessary changes. HESTA's stake in MinRes is valued at approximately A$14m, reported Reuters. The decision follows the abrupt resignations of three directors in April, who were part of the ethics and governance committee established in November 2024. These departures have intensified scrutiny over MinRes, particularly regarding allegations against the company's founder and managing director, Chris Ellison. Accusations include tax evasion and the misuse of company resources for personal endeavours. HESTA stated that a potential future reinclusion of MinRes shares in the fund's portfolio would require a clear plan to address governance issues. The company added that the establishment of effective safeguards to prevent future incidents and a well-managed succession for the managing director are prerequisites for any reconsideration of investment. HESTA initially placed MinRes on its watch-list in October 2024, reflecting concerns over inadequate measures to tackle governance problems. This divestment follows a prior reduction in the fund's holdings of MinRes last year. Despite the sale, HESTA will maintain a watching brief on the company. HESTA CEO Debby Blakey said: 'Last year we outlined our concerns that the managing director's succession time frame did not reflect the seriousness of the issues, and the issues indicated a systemic failure of governance. We have since regularly engaged with senior leaders and directors at the business to encourage action we believe necessary to restore investor confidence. 'The departures of the directors on the ethics and governance committee last month in our view represented a significant step backwards in seeking to address the serious governance concerns. Given these departures and the forthcoming succession of the Chair, we don't currently see a path to our concerns being addressed. 'We are focused on the delivery of strong long-term returns to our members, and believe selling our remaining holdings was in their best interests at this time. We may reconsider our position if circumstances change.' In November 2024, MinRes cut 570 jobs and slowed down the underground construction at its Mt Marion lithium project in Western Australia, amid Chris Ellison's tax evasion probe. "Australian pension fund HESTA sells stake in MinRes amid governance concerns" was originally created and published by Mining Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
AU Financial Review
01-05-2025
- Business
- AU Financial Review
Bishop stares down critics: ‘I turn down many more roles than I take on'
About three years ago, Julie Bishop starred in a YouTube video to spruik Mineral Resources, the iron ore business founded by Chris Ellison. MinRes had new digs in Perth and to show them off, Ellison turned to Bishop who, in a pink pantsuit and gold Louboutins, glides from the office spa to the restaurant to the conference suite. Along the way she bumps into Kate Walsh, a star of Grey's Anatomy, and Russell James, a photographer for Victoria's Secret. At the time, all three were grounded in Perth due to COVID restrictions and had formed a posse, appearing together at the ballet and other society events. The video marked the peak of Mineral Resources' cachet. And, it turns out, the company's share price. It later transpired Ellison was secretly engaged in an offshore tax avoidance scheme using company resources, and profiting from multiple undisclosed related-party transactions while company staff worked on his private properties and yacht. Ellison is now being investigated by the corporate regulator, the subject of a class action lawsuit and is in the process of being forced out of the company. Yet Bishop remains on the payroll as a 'strategic adviser', primarily for the company's women's leadership programs. None of Ellison's liberties can or should be blamed on her – she is, as she says, a mere contractor.
News.com.au
29-04-2025
- Business
- News.com.au
Lunch Wrap: MinRes rallies; DY6 goes ballistic, up 300pc after monster gallium hit
ASX grinds higher as Wall Street wobbles MinRes rockets despite weak update as punters bet worst is over DY6 explodes 300pc on hot gallium strike in Malawi The ASX put on a decent show Tuesday morning, lifting for the fourth session in a row despite a jittery Wall Street session last night. The benchmark ASX 200 index crept up around 0.7% by lunch time, AEST. Last night, Wall Street wobbled early on, but found its feet late in the session. The S&P 500 managed to scratch into positive territory, while the Nasdaq dipped 0.1%. Big Tech was front and centre of investors' minds, with Apple, Amazon, Meta and Microsoft all due to report their quarterlies over the next couple of days. Investors are also eyeing US inflation and GDP figures, both of which will help shape the Fed's next move. But what got investors really buzzing was a bit of trade news. Treasury Secretary Scott Bessent gave markets a sliver of hope, saying the US will soften the blow of automotive tariffs by pulling back some of the duties slapped on foreign-made parts. The timing of the announcement, of course, is no accident. Trump is about to visit Michigan, ground zero for auto makers. But over in China, officials rejected the idea that any talks are happening and accusing the US of trade bullying. The People's Daily, the Communist Party's mouthpiece, ran a full-page piece saying if other nations keep backing down, the bullies will only keep pushing. Back home, it was energy and tech stocks doing the heavy lifting this morning, riding on optimism that inflation might finally be crawling back down. That will be tested when the local quarterly CPI report lands on Wednesday. In large caps news, Northern Star Resources (ASX:NST) took a beating, down 6% after cutting its gold output guidance. Access issues at its Golden Pike North mine, rising costs, and heavier royalties also left investors unimpressed. Over in the coal patch, Whitehaven Coal (ASX:WHC) rallied 5% despite a soggy quarterly result. Production and sales took a hit from wet-season disruption in Queensland, and slower-than-hoped progress at Narrabri in NSW. Still, WHC reckons it will hit the upper end of its annual output guidance, which seemed enough to keep the market happy. Meanwhile, Woodside Energy Group (ASX:WDS) is going all-in after locking in a massive $27 billion bet on its Louisiana LNG project, with first gas set for 2029. WDS said it's aiming to pump out 16.5 million tonnes a year from this site alone, enough to make it one of the biggest players in global LNG by the 2030s. Shares were up 0.5%. But the real fireworks this morning were over at Mineral Resources (ASX:MIN). MinRes shares exploded 12.5%, which, on the face of it, seems odd given the miner had just slashed output guidance from its Onslow Iron Project and warned that costs and debt were both climbing. It now sees annual output as low as 8.5 million tonnes, an 8% trim, while net debt jumped another $400 million in the March quarter. So why the surge? Maybe it's investors betting that the worst is already baked in. ASX SMALL CAP WINNERS Here are the best performing ASX small cap stocks for April 29 : Security Description Last % Volume MktCap DY6 Dy6Metalsltd 0.165 293% 5,842,597 $2,117,255 EAT Entertainment 0.008 60% 18,622 $6,543,930 EEL Enrg Elements Ltd 0.002 50% 2,598,009 $3,253,779 RAN Range International 0.003 50% 270,606 $1,878,581 MVP Medical Developments 0.650 40% 516,841 $52,386,121 NYM Narryermetalslimited 0.042 35% 2,813 $5,457,699 ADD Adavale Resource Ltd 0.002 33% 53,068 $3,430,919 ERA Energy Resources 0.002 33% 22,141,755 $608,094,361 MMR Mec Resources 0.004 33% 280,000 $5,549,298 SIS Simble Solutions 0.004 33% 429,710 $2,628,991 ADN Andromeda Metals Ltd 0.013 30% 25,878,389 $34,287,277 ICR Intelicare Holdings 0.009 29% 12,703,913 $3,403,317 ID8 Identitii Limited 0.009 29% 618,000 $5,446,095 PHL Propell Holdings Ltd 0.009 29% 120,000 $1,948,367 PVT Pivotal Metals Ltd 0.009 29% 1,860,001 $6,350,581 WYX Western Yilgarn NL 0.034 26% 3,215 $3,714,149 UVA Uvrelimited 0.094 25% 1,305 $4,515,000 ASR Asra Minerals Ltd 0.003 25% 21,606,559 $4,746,254 BUY Bounty Oil & Gas NL 0.003 25% 349,559 $3,122,944 CR9 Corellares 0.003 25% 2,267,609 $1,269,815 DTM Dart Mining NL 0.005 25% 1,100,000 $2,751,056 HLX Helix Resources 0.003 25% 1,055,064 $6,728,387 YAR Yari Minerals Ltd 0.005 25% 213,543 $1,929,431 MNC Merino and Co 0.180 24% 693 $7,696,103 DY6 Metals (ASX:DY6) surged almost 300% after striking something special at Tundulu in southern Malawi, near the border with Mozambique. A fresh look at old drill data has uncovered high-grade gallium right from surface, with some hits showing eye-popping grades over long stretches. One standout drill hole pulled 74 metres at over 93 g/t gallium, including a spike at 310 g/t. DY6 said less than half the area has been drilled, and the gallium keeps going deeper, hinting there's plenty more below. Gallium is hot property right now thanks to demand in electronics and semiconductors, and most of the global supply is stitched up by China. DY6's still running tests, but early signs point to a potentially serious play, and the market will be watching closely when results land in the coming weeks. InteliCare (ASX:ICR) is teaming up with Mecwacare to trial its smart care tech at the Trescowthick Centre in Prahran, Victoria. Mecwacare is a major aged care player in Victoria, and InteliCare's AI-powered platform is part of its push to become a tech-savvy leader in aged and disability care. The trial will run for three months once the system's fully set up, and if it goes well, mecwacare could look to expand it across all 22 of its aged care homes. The deal's worth $212k for now. Pivotal Metals (ASX:PVT) has just dropped a major upgrade at Horden Lake, and the company said it's shaping up as one of the best shallow, high-grade copper deposits on the ASX. New drilling has bumped the resource up to 407,000 tonnes of copper equivalent, with 341,000 tonnes sitting inside a single open pit shell grading 1.1%. That includes a 70% jump in copper alone, but include gold, nickel, palladium, platinum, silver and cobalt. Importantly, recent testwork confirms it can produce clean, high-grade concentrate. And it's not done yet, heaps of scale are still to be drilled, Pivotal said. ASX SMALL CAP LOSERS Here are the worst performing ASX small cap stocks for April 29 : Code Name Price % Change Volume Market Cap HCF HGH High Conviction 0.085 -76% 81,459 $6,792,267 TMX Terrain Minerals 0.002 -33% 42,342 $6,010,670 SMX Strata Minerals 0.021 -30% 7,122,088 $7,324,455 AUK Aumake Limited 0.003 -25% 166,666 $12,042,769 MCO Myeco Group Ltd 0.015 -21% 6,901 $11,335,591 AVE Avecho Biotech Ltd 0.004 -20% 1,623,827 $15,867,318 BYH Bryah Resources Ltd 0.004 -20% 2,810,980 $4,349,768 QFE Quickfee Limited 0.061 -19% 300,657 $25,638,132 PGH Pact Group Hldgs Ltd 0.900 -18% 137,331 $376,997,608 FCT Firstwave Cloud Tech 0.014 -18% 659,669 $29,129,818 PAB Patrys Limited 0.003 -17% 3,047,500 $6,172,342 SPX Spenda Limited 0.005 -17% 1,244,757 $27,691,293 VML Vital Metals Limited 0.003 -17% 250,165 $17,685,201 PNN Power Minerals Ltd 0.061 -15% 1,969,314 $8,197,551 AAU Antilles Gold Ltd 0.003 -14% 154,000 $7,442,287 FBR FBR Ltd 0.006 -14% 548,503 $39,449,423 HHR Hartshead Resources 0.006 -14% 2,000,000 $19,660,775 SRN Surefire Rescs NL 0.003 -14% 582,815 $8,457,077 TON Triton Min Ltd 0.006 -14% 357 $10,978,721 EMU EMU NL 0.020 -13% 133,334 $4,452,832 AKN Auking Mining Ltd 0.007 -13% 1,083,405 $4,598,230 AVW Avira Resources Ltd 0.007 -13% 16,005 $1,464,902 BNL Blue Star Helium Ltd 0.007 -13% 113,608 $21,559,082 LCL LCL Resources Ltd 0.007 -13% 634,963 $9,558,502 IN CASE YOU MISSED IT A listing to the OTCQB has unlocked access to US investors and global market traders for White Cliff Minerals (ASX:WCN), which has been approved to trade under the ticker WCMLF as of yesterday. The company says the listing will enhance accessibility for US investors, and increase liquidity and market visibility. Anson Resources (ASX:ASN) is preparing to re-enter the Mt Fuel-Skyline Geyser 1-25 well after submitting a proposal to the local authorities, with plans to use the results from the Bosydaba#1 well to prove-up a JORC mineral resource at the Green River project. Following-up on broad intersections of gold including 35.76m at 2.14 g/t gold from 14.27m of depth, Arika Resources (ASX:ARI) is set to begin a 6,000m RC drilling program to test extensions and investigate new prospects at the Yundamindra gold project in WA. At Stockhead, we tell it like it is. While White Cliff Minerals, Anson Resources and Arika Resources are Stockhead advertisers, they did not sponsor this article.
