ASX Market Close: Mixed day for the ASX | 10 July 2024

ASX News Market Summary
10 Jul 2024 17:01 (AEST)

The ASX200 partially recovered from earlier losses but closed the day down a quarter of a percent.

The telecommunications sector has been the top performer for two consecutive days, up one and a quarter per cent. Utilities and Materials saw the largest declines, both dropping by 1.3%. Energy also fell by three quarters of a per cent.

In the Green

Catalyst Metal (ASX:CYL) surged by 23% following its announcement of achieving annual production of 110 thousand ounces of gold at the Plutonic mine in Western Australia.

In FY2024, the mine produced 85 thousand ounces, compared to 60koz in FY2023, representing a 41% increase.

At the end of the year, the company reported $37 million in cash and bullion on hand, with $45 million in available liquidity.

CYL closed the day at $1.41.

Infini Resources (ASX:I88) gained 49% following the release of soil assay results from its inaugural field sampling campaign at the Portland Creek Uranium Project in Newfoundland, Canada.

Re-assaying of 17 soil samples revealed promising surface geochemistry, with soil grades of up to 7.5% uranium.

I88 closed the day at 73 cents.

Legacy Minerals Holdings (ASX:LGM) is up 13.2% after intersecting multiple new epithermal veins at the Bauloora Project in New South Wales.

The potential of these targets is supported by gold and silver in surface rock chips and soil samples.

Drill assays are expected by September 2024.

LGM closed the day at 30 cents.

In the Red

Burgundy Diamond Mines (ASX:BDM) fell as much as 5% despite commencing mine life extension drilling at its Misery underground mine.

Historically the mine has produced 1.1 million tonnes of ore annually, valued at US$235 million. A 30,000-tonne bulk sample will be collected in Q4 for grade and pricing assessment.

Results from the Main ore body drilling are expected later this year.

BDM closed the day at 19.5 cents.

Summit Minerals (ASX:SUM) saw a 6.8% decline following the completion of a highly subscribed equity placement of $2.5 million at an offer price of $0.25 per share.

The funds raised will be used to accelerate exploration and drilling programs at the company’s Tantalum Equador project in Brazil.

Despite the placement, the market did not react positively to the news.

SUM closed the day at 27.5 cents.

Kali Metals (ASX:KM1) reported assay results from its Phase 1 RC drill program at the Spargoville Project, confirming the presence of Spodumene in several shallow dipping pegmatite dykes.

The company plans to commence its Phase 2 RC drill program in Q3 CY24.

Despite this update, the market responded negatively, causing the stock to fall by 2%.

KM1 closed the day at 23.5 cents.

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