ASX Runners of the Week: Eclipse, Bryah, Bastion & Codeifai
The company last year laid its hands on 23 drill core samples from six diamond holes hammered into the site in 1950. The holes were drilled to a maximum depth of about 200m by cryolite miner Kryolitselskabet Oresund to test for a potential iron ore deposit.
Laboratory analysis from the core samples returned the impressive numbers, resulting in a gargantuan leap in the mineral resource.
Sitting in geopolitically stable Greenland with deep-water access, Gronnedal sits on a sliver of a massive carbonatite complex, with mineralisation open in all directions expected to stretch well past 500m deep.
Eclipse is gearing up to drill deeper and wider, chasing what could be a globally critical supply of rare earths. That could be particularly significant given the US is chasing new rare earth supplies and Trump's latest musings about snapping up Greenland for its critical mineral deposits.
With clean energy demand surging and only six historic drill holes underpinning the resource, Eclipse's Gronnedal could be the kind of blockbuster that sends shareholders to the moon.
BRYAH RESOURCES (ASX: BYH)
up 240% (0.5c – 1.7c)
Gold explorer Bryah Resources had a tremendous week to come in second on the ASX Runners list. The company stormed the bourse with a cheeky 240 per cent surge in its share price, thanks to a shareholder mutiny to send the boardroom brass walking and bring in new directors to get working on its shiny new Canadian gold project.
The drama kicked off with a section 249D notice from heavyweight shareholder Yu Yonglu, who holds an 11.8 per cent stake or 102 million shares in the company. Yu launched a strike to oust directors Leslie Ingraham and Ian Stuart on Monday, proposing seasoned minerals veterans Nicholas Katris and Bishoy Habib steer the ship.
Katris and Habib are the golden boys behind Trigg Minerals, an ASX antimony darling whose shares ran from 0.5c to 10.25c in under a year.
Surprisingly, Bryah's share price leapt a massive 200 per cent at the start of the week, on an impressive 72.8M shares traded, to close at 1.5c by Tuesday afternoon. A massive 85.3M shares were traded on Wednesday, pushing the share price to a peak for the week of 1.7c and a tremendous 240 per cent gain over two days.
Fuel was added to the fire in the form of Bryah's acquisition last month of the Golden Pike project in New Brunswick, Canada, which has a foreign resource of 214,800 tonnes at an impressive 9.6 grams per tonne (g/t) for 66,300 ounces gold. The project features some stonking historic bonanza intercepts, such as 13 metres at 43.07g/t and 10m grading a little over an ounce per tonne gold.
The company says plenty of upside remains at the project with untested boulders assaying up to 244g/t gold. Golden Pike now looks like a priority target for a first drilling campaign.
As gold prices continue to push all-time highs, Golden Pike looks ready for the shovel in a mining-friendly region with top-notch infrastructure, potentially positioning Bryah for a company-making discovery.
Yu's boardroom coup appears to have been popular, with shareholders sipping champagne on the thought the two Trigg poster boys might soon be in their corner.
Up 167% (0.15c to 0.4c)
Bastion Minerals burst from the blocks as a late runner this morning to secure third place in this week's list.
After closing at 0.15c on Thursday, the company's shares opened at 0.2c and sprinted to 0.4c on massive volumes, exceeding 200M shares traded by noon.
Bastion has seen its daily share volumes swing wildly during the year, ranging from one share up to 55.7M shares traded in a day. Friday's volumes appear to surpass any previous frenzied trading levels in the stock.
The company recently appointed a new leadership team to review all its existing projects. It also plans to acquire some early-stage Australian gold projects.
All the new non-executive directors will assume hands-on roles in the absence of a management team and look to immediately kick goals for shareholders by focusing on projects with a traditional exploration earn-in model.
Bastion previously reported on a non-JORC resource at its ICE copper-gold project within Canada's Yukon Territory. The resource stands at 4.56Mt grading 1.48 per cent copper and has significant gold credits, estimated at 0.15g/t to 0.85g/t.
Late last month, the company said it anticipated receipt of a commissioned report for a JORC mineral resource estimate for ICE, which could have been a catalyst for today's price action.
The company went into a trading halt mid-afternoon Friday, which will last until a response to an ASX price query and an announcement on the release date for the company's maiden JORC resource for the ICE project.
CODEIFAI LIMITED (ASX: CDE)
Up 120% (1c – 2.2c)
Coming in fourth place for the week is brand solutions technology group Codeifai Ltd, which on Tuesday morning revealed news of a $570,000 share placement to professional and sophisticated investors.
Like a footballer crumbling to the turf one hour after receiving a bone-jarring bump, the share price and trading volumes initially showed little response. A delayed reaction kicked in on Wednesday with volumes jumping to 7.5M shares traded for the day, accompanied by a 100 per cent surge in Codeifai's share price.
The shares ran again on Thursday, driven by almost 6M traded shares, touching a weekly high of 2.2c a share for a tasty 120 per cent gain for the week.
Codeifai recently pivoted to become a brand solutions specialist that develops and sells digital solutions using QR code technology through its software-as-a-service (SaaS) offerings ConnectQR and ProtectCode.
The company says its Connect QR with AI-generated QR codes can produce revenue 24/7 and its ProtectCode solution, integrated with its own cloud-based platform, provides unique QR codes for each product to ensure authenticity. It has already generated millions of codes.
QR codes are used for payment gateways, and the beauty of its SaaS offering is its ability to generate 24/7 customer signups.
Codeifai was also hit with a speeding ticket from the ASX constabulary late Thursday and went into a trading halt, pending its response to the price and volume surge.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
AU Financial Review
19 minutes ago
- AU Financial Review
$A's ‘spectacular' iron ore-led rally could extend on Trump-China deal
The Australian dollar will continue its surprise rise against the greenback if Trump administration officials extend a trade truce with China early next week, supported by an unlikely resurgence in the iron ore price. That is the view of Commonwealth Bank strategists, who say a meeting between Chinese officials and US Treasury secretary Scott Bessent in Stockholm could be 'a catalyst for more Aussie dollar gains'.
ABC News
an hour ago
- ABC News
Donald Trump fact-checked by Federal Reserve boss Jerome Powell in exchange over renovations
After months of criticising US Federal Reserve chair Jerome Powell, President Donald Trump took the fight to his front door, publicly scorning the central bank chief over the ballooning costs of a long-planned building project. Mr Powell pushed back, challenging the president's latest price tag as incorrect. Wearing hard hats and grim faces, standing in the middle of the construction project, Mr Trump and Mr Powell addressed the TV cameras. Mr Trump charged that the renovation would cost $US3.1 billion ($4.7 billion), much higher than the Fed's $US2.5 billion figure. Mr Powell, standing next to him, shook his head. The Fed chair, after looking at a paper presented to him by Mr Trump, said the president was including the cost of renovating a separate Fed building, known as the Martin building, that was finished five years ago. The rare presidential visit represented a significant ratcheting up of the president's pressure on Mr Powell to lower borrowing costs, which Mr Trump says would accelerate economic growth and reduce the government's interest payments. "We have to get the interest rates down," Mr Trump told reporters away from Mr Powell. However, Mr Powell and other officials have signalled they will likely keep their key rate unchanged at about 4.3 per cent, but may start cutting rates in September. The Federal Reserve sets a short-term interest rate that influences other borrowing costs, but it does not directly control those other rates. Asked if the rising costs of the Fed's renovation, estimated in 2022 to cost $US1.9 billion ($2.89 billion), were a "fireable offence," Mr Trump said: "I don't want to put this in that category." "To do that is a big move, and I don't think that's necessary," Mr Trump added. "I just want to see one thing happen, very simple: Interest rates come down." On Truth Social, Mr Trump said: "The cost overruns are substantial but, on the positive side, our Country is doing very well and can afford just about anything — Even the cost of this building!" Live updates: Trump clashes with US Fed Chair Mr Trump may be able to remove Mr Powell by accusing him of mismanaging the bank's renovation project. The push comes after a months-long campaign by Mr Trump to try to rid himself of the politically independent central banker, who has resisted the Republican president's calls to slash interest rates out of concerns about the administration's tariffs sparking higher levels of inflation. The Supreme Court recently signalled that Mr Trump could not fire Mr Powell simply because the president disagreed with him on interest rates. But legally, he could do so "for cause", such as misconduct or dereliction of duty. Mr Trump has seized on that provision, indicating that Mr Powell's handling of an extensive renovation project on two buildings in Washington could be grounds to take the unprecedented and possibly legally dubious step of firing him. The project has been underway for years, going back to Mr Trump's first term. But it only recently caught the White House's attention. The Fed chair has been an obstacle in Mr Trump's efforts to gain total control over the executive branch. Mr Powell and his board have the dual mandate of maximising employment and keeping prices stable, a task that can require them to make politically unpopular moves such as raising interest rates to hold inflation in check. The general theory is that keeping the Fed free from the influence of the White House — other than for nominations of Fed officials — allows it to fulfil its mission based on what the economy needs, instead of what a politician wants. An attempt to remove Mr Powell from his job before his term ends would undercut the Fed's longstanding independence from day-to-day politics and could lead to higher inflation, higher interest rates and a weaker economy. The Fed says its main headquarters, known as the Marriner S Eccles Building, was in dire need of an upgrade because its electrical, plumbing and air conditioning systems, among others, are nearly obsolete and some date back to the building's construction in the 1930s. The renovation will also remove asbestos, lead and other hazardous elements and update the building with modern electrical and communications systems. The Fed says there has been periodic maintenance to the structures but adds this is the first "comprehensive renovation". Trump administration officials have criticised the Fed over the project's expense, which has reached $US2.5 billion ($3.8 billion), about $600 million more than was originally budgeted. Russ Vought, the administration's top budget adviser, wrote Mr Powell a letter that said Mr Trump was "extremely troubled" about the Fed's "ostentatious overhaul" of its facilities. The Fed says the renovations will reduce costs "over time" because it will be able to consolidate its roughly 3,000 Washington-based employees into fewer buildings and will no longer need to rent as much extra space as it does now. The Fed's changes to its building plans have opened it up to another line of attack: White House officials have suggested the Fed violated the terms of the approval it received from a local planning commission by changing its plans. In its September 2021 approval of the project, the National Capital Planning Commission said it "Commends" the Fed for "fully engaging partner federal agencies". But because the Fed changed its plans, the administration has indicated it needed to go back to the commission for a separate approval. Essentially, White House officials are saying Mr Powell is being reckless with taxpayer money because of the cost of the renovation, but they are also accusing him of acting unethically by scaling back the project to save money. James Blair, the White House deputy chief of staff whom Mr Trump named to the commission, said in a post on X that Mr Powell's June congressional testimony "leads me to conclude the project is not in alignment with plans submitted to & approved by the National Capital Planning Commission in 2021". Mr Blair said he intended to review materials from the Fed on how the approved 2021 renovation plans had changed and circulate a letter among his colleagues on the commission that would go to Fed officials. AP
Sky News AU
an hour ago
- Sky News AU
Labor Minister Tim Ayres calls on Fortescue to repay $60m of taxpayer funds for failed green hydrogen project in Gladstone
Labor is seeking back the tens of millions of dollars of taxpayer funds it injected into Fortescue's failed green hydrogen project after the major company flipped on the beleaguered energy source. The Andrew Forrest-owned energy and mining giant on Thursday revealed it was scrapping green hydrogen projects in Queensland's Gladstone and the United States' Arizona. The Queensland plant has received about $60m in federal and Queensland government support and was opened 12 months before Fortescue canned the operation. While the company blamed the collapse of the Arizona facility on the shift in policy from the Trump administration, the Albanese government has earmarked billions of taxpayer dollars into green hydrogen in Australia. The recent shift is a blow to Labor's net-zero plans, which include a Hydrogen Production Tax Incentive as part of its Future Made in Australia Act. More than $6.5 billion will go toward the scheme, which provides $2 per kilogram of renewable hydrogen produced between 2027-28 and 2039-40. A spokesperson for Industry and Innovation Minister Tim Ayres said the government was hoping Fortescue would return the taxpayer funds it provided to fuel green hydrogen production in Australia. Labor has called on Fortescue to repay the millions of dollars it was given for a now-failed green hydrogen project. Picture: Getty Images A spokesperson for Mr Ayres said Labor would like Fortescue to repay the public funds. Picture: NCA NewsWire / Martin Ollman 'The decision not to proceed the PEM50 Hydrogen plant in Gladstone is a commercial matter for Fortescue,' the spokesperson said. 'However, if Fortescue does not proceed with the delivery of the MMI-funded Gladstone Electrolyser facility project it would be reasonable for the government to seek reimbursement for where the grant agreement hasn't been fulfilled.' Fortescue has not committed to ruling out repaying the taxpayer funds as it continues discussions with both the Queensland and federal governments. 'We are in active discussions with both governments on the future use of the land and the assets that have been invested in. As these are confidential discussions, it would be inappropriate to disclose details,' a spokesman said. The failure of the two projects will blow a US$150m ($227m) hole in the energy and mining giant's financial results. On the US project's failure, Fortescue chief executive of growth and energy Gus Pichot told analysts the shift away from green energy under US President Donald Trump hurt the project's viability. 'A shift in policy priorities away from green energy has changed the situation in the US,' Mr Pichot said. 'The lack of certainty and a step back in green ambition has stopped the emerging green energy markets, making it hard for previously feasible projects to proceed. 'As a result, we cannot proceed with our investments as they stand, and will explore future opportunities for our site in Arizona.'
