Lunch Wrap: ASX plunges but Broken Hill Mines makes stunning debut, up over 100pc
Copper shines, Regis Resources slips
Broken Hill Mines makes stunning ASX debut
If you were hoping for a quiet Monday, this wasn't it.
The ASX burst out and ran headfirst into a brick wall today, down 1% by lunch as it logged its worst day since April.
On Friday, Wall Street ended the week a bit all over the shop. The Dow dipped 0.3%, the S&P was flat, and the Nasdaq eked out a tiny gain.
Copper and aluminium rallied, with hopes of a US-China trade deal breathing a bit of life into base metals.
Gold also climbed as geopolitical jitters and a soft US dollar sparked a bit of safe-haven buying.
But back to the ASX where 9 out of 11 sectors were in the red this morning. And if you squinted just right, you could almost see the June quarter gains evaporating in real time.
Leading the charge down were the banks and healthcare sectors.
CSL (ASX:CSL), fresh off its best run since late 2021 on no real updates, dropped 1.5%.
Wesfarmers (ASX:WES) wasn't feeling too flash either, falling 1.4% and dragging consumer stocks with it.
But it was the big banks that really got belted.
Westpac (ASX:WBC), National Australia Bank (ASX:NAB), Australia and New Zealand Banking Group (ASX:ANZ) and Commonwealth Bank (ASX:CBA) shed around 2% each.
Morningstar reckons ASX shares are still trading about 4% above fair value, and judging by today's action, it looks like the market finally realised it might be time for a little trim and tuck.
Amid the wreckage, AMP (ASX:AMP) shares surged nearly 9% to a five-month high after the company posted its first positive net inflows in super since 2017.
South32 (ASX:S32) was another bright spot amongst the large caps this morning, jumping about 3% after nailing 102% of its full-year production guidance.
Copper production was up 20%, aluminium rose 6%, and the company returned US$350 million to shareholders while pocketing another US$176 million from its Sierra Gorda copper JV.
Regis Resources (ASX:RRL), meanwhile, is snapping up the Southern Star gold prospect from Great Southern Mining (ASX:GSN) for up to $9 million – $4 million now and the rest if gold prices pop or more gold turns up.
The site is just a stone's throw from Regis' Ben Hur pit, and GSN boss Matt Keane says the deal juices GSN's coffers for serious exploration, while giving Regis a clear shot at near-term upside.
ASX SMALL CAP WINNERS
Here are the best performing ASX small cap stocks for July 21 :
Security Description Last % Volume MktCap
AIV Activex Limited 0.024 243% 9,463,201 $1,508,518
BHM Broken Hill Mines 0.480 129% 5,832,133 $22,594,508
IS3 I Synergy Group Ltd 0.004 100% 7,834,701 $3,412,600
RBR RBR Group Ltd 0.002 100% 500,000 $3,120,285
PGD Peregrine Gold 0.250 35% 1,164,189 $15,696,832
AUH Austchina Holdings 0.002 33% 250,000 $4,538,075
BLZ Blaze Minerals Ltd 0.004 33% 21,591,132 $5,335,392
CT1 Constellation Tech 0.002 33% 33,333 $2,212,101
EEL Enrg Elements Ltd 0.002 33% 73,603 $4,880,668
CUS Coppersearchlimited 0.022 29% 2,688,033 $2,728,358
TVN Tivan Limited 0.108 28% 4,450,847 $174,746,910
CRS Caprice Resources 0.061 27% 28,004,762 $32,016,302
ANO Advance Zinctek Ltd 1.040 25% 4,008 $51,996,269
AOK Australian Oil. 0.003 25% 21,000 $2,075,566
QXR Qx Resources Limited 0.005 25% 400,000 $5,241,315
IG6 Internationalgraphit 0.067 24% 370,270 $10,452,150
JAL Jameson Resources 0.070 23% 100,000 $40,419,003
LIN Lindian Resources 0.105 22% 5,562,640 $100,054,312
DES Desoto Resources 0.140 22% 1,716,103 $21,473,312
OEC Orbital Corp Limited 0.145 21% 710,425 $19,773,566
RTH Ras Tech 1.135 21% 41,317 $43,922,171
IRD Iron Road Ltd 0.030 20% 191,937 $20,767,319
DTI DTI Group Ltd 0.006 20% 650,000 $4,485,514
FBR FBR Ltd 0.006 20% 2,474,626 $28,447,261
ActivEX (ASX:AIV) has delivered a maiden gold resource at the historic Mt Hogan mine, confirming 310,000 ounces at 1.13g/t gold across 8.5 million tonnes. The resource sits on just a sliver of an 8km mineralised trend, with more upside likely across the broader Gilberton project, which also includes the Josephine and Comstock historic gold centres. MD Mark Derriman said the milestone caps off years of drilling, and marks a key step in the company's focus on Mt Hogan's potential.
Silverâ€'leadâ€'zinc explorer Broken Hill Mines (ASX:BHM) made a cracking debut on the ASX today, with shares up more than 120% after completing its public listing under the ticker BHM. It's already stuck the drill bit in at its Pinnacles Mine, kicking off a 4000m program aimed at growing both the size and grade of its current 6Mt resource, which runs at an impressive 10.9% ZnEq. BHM's also got another 3000m of earlier drill core from Pinnacles in the queue for assays, with first results expected in the next month or so.
RBR Group (ASX:RBR) said it's right where it needs to be as Mozambique's LNG megaprojects roar back to life. It's the only ASX-listed company with direct exposure to the restart of TotalEnergies and ExxonMobil's multi-billion-dollar gas plays, with construction activity expected to ramp up from mid-2025. The company said it's got boots on the ground, offering training, labour hire and camp infrastructure.
Blaze Minerals (ASX:BLZ) has locked in its 80% stake in Congo Shining SARL, giving it control of the Loulombo Base Metals Project in the Republic of the Congo. The project covers 195km2 and includes the high-grade Mimpala Target, where early fieldwork has turned up strong results. Blaze is well into the prep work for its maiden drill campaign, with environmental and community engagement steps nearly wrapped up.
ASX SMALL CAP LOSERS
Here are the worst performing ASX small cap stocks for July 21 :
Code Name Price % Change Volume Market Cap
GGE Grand Gulf Energy 0.002 -33% 2,873,646 $8,461,275
VIG Victor Group Hldgs 0.040 -27% 115,254 $35,872,467
GTR Gti Energy Ltd 0.003 -25% 3,438,837 $14,835,762
SHP South Harz Potash 0.003 -25% 800,000 $5,132,248
ALM Alma Metals Ltd 0.004 -20% 11,411,588 $9,253,686
MEM Memphasys Ltd 0.004 -20% 181,616 $9,917,991
RGL Riversgold 0.004 -20% 289,833 $8,418,563
ROG Red Sky Energy. 0.004 -20% 561,454 $27,111,136
TMX Terrain Minerals 0.002 -20% 497,500 $6,329,536
VRC Volt Resources Ltd 0.004 -20% 4,597,254 $23,424,247
RDG Res Dev Group Ltd 0.009 -18% 824,238 $32,459,439
AUK Aumake Limited 0.003 -17% 2,055,000 $9,070,076
MSG Mcs Services Limited 0.005 -17% 122,300 $1,188,598
PRM Prominence Energy 0.003 -17% 208,662 $1,459,411
SLZ Sultan Resources Ltd 0.005 -17% 28,000 $1,388,819
DUN Dundasminerals 0.016 -16% 119,855 $2,037,149
KPO Kalina Power Limited 0.011 -15% 4,100,555 $38,128,944
REE Rarex Limited 0.023 -15% 6,167,708 $24,844,429
AJX Alexium Int Group 0.006 -14% 87,872 $11,105,001
EMT Emetals Limited 0.003 -14% 45,000 $2,975,000
HHR Hartshead Resources 0.006 -14% 269,666 $19,660,775
SPX Spenda Limited 0.006 -14% 1,415,869 $32,306,508
TMS Tennant Minerals Ltd 0.006 -14% 256,748 $7,461,233
WHK Whitehawk Limited 0.013 -13% 434,004 $11,120,196
IN CASE YOU MISSED IT
Sipa Resources (ASX:SRI) has drilled 13 holes across the newly acquired Nuckulla Hill project in the hunt for gold near the 1.6Moz Tunkillia deposit.
Norfolk Metals (ASX:NFL) has secured approval to start its maiden drilling program at the Carmen copper project in Chile.
Firetail Resources (ASX:FTL) has maiden exploration underway for a high-grade gold campaign at the Excelsior project in Nevada.
LAST ORDERS
Omega Oil and Gas (ASX:OMA) has added $7.3m to the war chest with a research and development refund from the Australian Government, strengthening OMA's balance sheet as it works to develop the Canyon oil and gas project in the Taroom Trough.
DY6 Metals (ASX:DY6) has expanded the Central rutile project in Cameroon, adding three new licences to grow the total landholding to 5901km2.
All three licences demonstrate promising geology, with rock units similar to primary sources of rutile in the region – DY6 will expand its ongoing soil sampling program to cover the new ground as well.
Red Metal (ASX:RDM) is preparing to put the drill bit to work in a proof-of-concept drilling program at the Pardoo gold project, within the fertile Pilbara Craton of WA.
The Craton is also home to the 6Moz gold Hemi gold deposit, recently acquired for A$6 billion by Northern Star Resources (ASX:NST). RDM is targeting Hemi lookalikes in the form of discrete bullseye magnetic targets with eight drill holes over about 2000m to begin in August.
At Stockhead, we tell it like it is. While Omega Oil and Gas, DY6 Metals and Red Metal are Stockhead advertisers, they did not sponsor this article.
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