The Aussie market looks set to end the week on a high with the ASX 200 up 0.52%, or 36 points, this afternoon, trimming its weekly loss to -0.07%.
Materials are outperforming (+1.44%) led by strength from miners BHP (ASX:BHP), Rio Tinto (ASX:RIO), and MinRes. The major miners gained inline with a higher iron ore price with Singapore futures up 1.5% to US$117.20 a tonne on the November contract.
Lithium miners are also looking solid with IGO up 3.3%, Allkem up 2.17% and Pilbara Minerals up 1.66% this afternoon.
Australia’s newest lithium miner, Core Lithium, is trading 28.7% higher after reporting its maiden full-year results. The miner recorded its revenue at $50.6 million, underpinned by the sale of first lithium products in the second half of the 2023 financial year. Net profit was recorded at $10.8 million.
Liontown Resources (ASX:LTR), however, is down 1.34% after raising its estimated Kathleen Valley lithium project capital cost to $951 million. That’s a 6% increase from the $895 million cost estimate announced in January.
Energy stocks are trading lower, with the sector 0.61% lower at 2:20pm. Yancoal is down 1.9% and Whitehaven Coal (ASX:WHC) has lost 2.93%.
Five at Five
Nova Minerals hits more large, near surface gold intervals at Estelle’s RPM South deposit
Assay results from infill and extensional drilling at Nova Minerals Ltd (ASX:NVA, OTCQB:NVAAF)’s RPM South deposit at the Estelle Gold Project in Alaska continue to show large intervals of near surface gold. Importantly, the company expects the drill results to prove up the RPM South inferred resource to the higher confidence “indicated” category within the RPM starter pit.
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Lindian Resources “well capitalised” to advance Kangankunde REE Project in Malawi
Lindian Resources Ltd (ASX:LIN, OTC:LINIF) is well-funded with existing cash reserves of A$24 million as it advances the development and commissioning of the Stage-1 mine and processing plant at the Kangankunde Rare Earth Project in Malawi.
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Fenix Resources to sell Extension Hill assets in “logical consolidation” deal
Fenix Resources Ltd (ASX:FEX) has agreed to transfer all of its assets, liabilities, rights and obligations under the decommissioned Extension Hill Iron Ore Mine to Terra Mining Pty Ltd and Extension Hill Pty Ltd (EHPL) in a deal described as a “logical consolidation”.
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Queensland Pacific Metals’ QPM Energy granted Northern Hub development approval
Queensland Pacific Metals Ltd (ASX:QPM) wholly owned subsidiary, QPM Energy (QPME), has now received all major approvals and native title requirements for development of the Northern Hub — a carbon abatement hub that will utilise the vast amounts of gas emitted during the coal extraction process.
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Silver Mines wraps up 96-kilometre 2D seismic survey at Bowdens Silver and surrounds
Silver Mines Ltd (ASX:SVL, OTC:SLVMF) has completed nearly 96 kilometres of 2D seismic reflection data covering its Bowdens Silver and Barabolar projects as well as regional Bara Creek and Coomber prospects in New South Wales.
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On your six
China's Evergrande (HK:3333) effect on Australia: analysing risks and rewards for investors
Smart investors will be watching China closely because if the worst is almost over, this could be a time when opportunity knocks says Wealth Within's Dale Gillham.
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One to watch
American Rare Earths announces Leadership Transition and New Appointments for U.S. Team
American Rare Earths CEO Donald Swartz joined Steve Darling from Proactive to share important updates as the company has made significant changes to its United States management team to enhance its leadership and capabilities.
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