Australian market futures are suggesting the ASX will trade in the red today, with reads down 1.4 per cent at 7:00 am AEST.
US bond yields continued to rise overnight, the Dow Jones slid (but the NASDAQ and S&P 500 ended up) and all eyes were on big tech companies Alphabet, Amazon and Apple testifying to the US government in yet another hearing.
It was the first day of trading in the US for Q4 of CY23, with results overall mixed. Traders warmed to better-than-expected US factory data, though, it still remains contractionary.
Here’s what’s happening on the ASX this morning:
Invictus Energy (IVZ) has issued an update on its Mukuyu-2 well in Zimbabwe, informing the market of ongoing progress towards a full-fledged spud and probe for gas.
An Exalo Rig 202 is drilling the surface hole section that will later perforate target reservoirs and a blowout preventer has been installed on-site.
The energy explorer is one of the favoured stocks in the microcap circuit with much attention regularly paid to its updates. Shares last traded at 14.5 cents.
Brainchip Holdings (BRN) has announced the release of a neural network AI training product it is developing.
The company’s 2nd generation Akida platform is designed to be energy efficient and ultra-low-power.
“We are excited to accelerate the market towards the promise of Edge AI,” Brainchip CEO Sean Hehir said.
Brainchip is often one of the most shorted stocks on the ASX. Shares last traded at 14.5 cents.
Meanwhile, Delta Lithium (DLI) has announced three-fold news: it is expecting WA state government approvals to commence lithium mining at Mt. Ida; the company has boosted its lithium resource, and, the company will post a maiden gold resource in the coming days.
The company’s dual focus on lithium gold is enhanced by its recent appointment of Chris Ellison as Non-Executive Director.
Ellison is the founder of WA mining gem Mineral Resources (MIN) and a legend of the industry in his own right.
The company has rigs active on-site at Mt Ida and a Scoping Study is also slated to kick off in the near future. Shares last traded at 77.5 cents.
Athena Resources (AHN) has revealed that preliminary findings from its scoping study on “expected long-term iron ore prices” do not support a 5 million tonnes per annum operation at the company’s Byro South play.
Athena is now paying its attention to the Coal Wash market, given that its analysis supports a $300/tn outlook “in the medium term.”
The company is now working on a 1.5 million tonnes a year model yielding 450,000 tonnes per annum of concentrate. An existing mineral estimate supports a 10-year LOM.
Shares last traded at 0.6 cents.
Finally, Elixir Energy (EXR) has revealed its pending receipt of a $400,000 research and development tax rebate for FY23 “to be received soon.”
The company has also inked a term sheet with Radium Capital for an FY24 R&D debt facility.
“We are pleased to work with Radium Capital to provide us with a very simple and effective debt facility to optimally manage our cash flows in 2024,” Elixir Energy Managing Director Neil Young said.
The company explores for gas on Australia’s east coast, and, Mongolia’s Gobi Desert.
Shares last traded at 6.5 cents.