In a week already dominated by obscure names staging massive one-day gains (read: Kaili Resources), another left-of-field microcap has hit triple digits on Wednesday.
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This time, junior antimony explore – wait, no. It isn’t a mining company at all. It’s none other than Papyrus Australia (ASX:PPY), a producer of biodegradable paper-based products.
Sure, why not? (In the first hour of trade, the stock actually jumped +350% to 4.5cps, but had pared back heading into lunchtime trades.)
Exciting the market: A deal with a subsidiary of Aquirian Ltd (ASX:AQN), a mining services firm that produces the ‘Collar Keeper,’ an insertable structure that goes down drillholes and blastholes in a way to better ‘aim’ drilling operations.
Key to an ESG theme, then, is that PPY has agreed to make biodegradable versions of AQN’s Collar Keepers, presumably having the dual benefit of minimising decommissioning costs.
All in all, PPY reported a contract value of $4.2M working with AQN subsid TBS Mining Solutions.
“Using Papyrus’s patented technology for the conversion of plantation waste into paper and board products, coupled with the technical specification and knowledge from TBS, the parties have completed the required laboratory and field-testing trials to progress to commercialisation of the Biodegradable Collar Keeper,” PPY wrote on Wednesday.
The contract has a life of three years; management spoke of an eight-month pipeline ‘validating’ the degradable Collar Keeper.
PPY last traded at 3.2cps.
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