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ASX SMALL CAP WINNERSHere are the best performing ASX small cap stocks for May 9 [intraday]:
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AJQ Armour Energy Ltd 0.005 25% 5,621,617 $15,050,431 APL Associate Global 0.3 20% 114,771 $12,105,222 BEZ Besra Gold 0.29 32% 14,824,020 $77,849,615 CHZ Chesser Resources 0.12 64% 29,335,077 $42,967,898 CLE Cyclone Metals 0.002 33% 1,947,500 $13,633,872 CPH Creso Pharma Ltd 0.017 31% 28,376,214 $27,781,529 ERL Empire Resources 0.006 20% 849,999 $5,564,675 FG1 Flynngold 0.074 19% 501,719 $6,378,159 GMN Gold Mountain Ltd 0.0035 17% 652,010 $5,909,798 GNM Great Northern 0.0025 25% 50,000 $3,418,102 IMC Immuron Limited 0.093 16% 1,336,212 $18,223,868 NTM Nt Minerals Limited 0.008 14% 334,120 $5,604,892 NZS New Zealand Coastal 0.0035 17% 5,044,102 $4,962,030 OAR OAR Resources Ltd 0.004 33% 750,000 $7,233,114 OAU Ora Gold Limited 0.0035 17% 46,799,916 $11,810,775 OJC The Original Juice 0.11 16% 400,149 $23,236,125 PL3 Patagonia Lithium 0.215 13% 522,344 $9,310,665 PPY Papyrus Australia 0.03 15% 23,501 $12,352,129 SPN Sparc Tech Ltd 0.33 20% 69,758 $23,552,560 TAS Tasman Resources Ltd 0.008 14% 29,000 $4,988,685 VPR Volt Power Group 0.0015 50% 32,537 $10,716,208 VSR Voltaic Strategic 0.049 81% 83,432,752 $8,297,106 WC8 Wildcat Resources 0.04 18% 1,888,308 $22,508,773 XTC Xantippe Res Ltd 0.004 14% 55,228,531 $37,030,349 ZEU Zeus Resources Ltd 0.017 21% 2,104,859 $6,136,200
There are three Big Winners among the Small Caps this morning, withVoltaic Strategic Resources (ASX:VSR)wearing the crown at lunchtime after gaining 81.5% so far today.
Just six days after it got the drills spinning at its Ti Tree project in WA, the company says it has completed its first-pass exploration and things are looking very, very nice indeed.
Several thick (up to ~60m) pegmatite bodies have been intercepted down-dip from surface, and drilling has successfully confirmed key structural trends for identified LCT pegmatites and deepened the Voltaic’s understanding of the broader geological controls within the project.
The company says that confirmation of pegmatite continuity at depth significantly bolsters the Project’s prospectivity where >300 pegmatites have been mapped and <10% of the tenure explored to date.
Voltaic chief executive Michael Walshe said he is extremely encouraged by these maiden drill results as multiple thick pegmatites have been intercepted from surface and all targets remain open at depth.
Actual assay results are due in six weeks.
In second place, but for entirely different reasons, isChesser Resources (ASX:CHZ) which has gone soaring 64.3% this morning on news that it has entered into a binding proposal from Fortuna Silver that will see Fortuna acquire 100% of the company.
Under the proposal Chesser shareholders will receive consideration of 0.0248 Fortuna shares per Chesser share, representing an implied value of $0.142 per Chesser share. At the time of writing, Chesser was sitting at $0.120 per share.
And in third place, Besra Gold (ASX:BEZ) has jumped 34% this morning on news that it has signed a binding gold purchase agreement for up to $300 million with major shareholder Quantum Metal Recovery, giving effect to the non-binding term sheet previously announced in late March this year.
The agreement provides up to a US$300m deposit, to be paid over 30 months, against future gold production ounces, enabling Besra to fully fund production at its Bau gold project and the appraisal of other deposits within the Bau goldfield corridor.
It’s an important shift in phase for Besra, which the company says necessitates a reshuffle in management structure as the company moves from exploration towards production.
Hence, Dr Ray Shaw has agreed to step down as CEO and move into the role of chief operating officer to focus on in-country development and exploration activities, while Jocelyn M. Bennett has been appointed to assume the role of Besra’s executive chair.
“This extraordinary funding deal should provide ample funding for the development of Bau and allows us to bring the project into production in a way that is uniquely non-dilutive to our shareholders and to retain exposure to gold price movements, free of hedging or other onerous covenants,” Bennett said.
“Whilst we have several Conditions Precedent yet to fulfil we expect the US$300m Facility to be fully operational by June 30, 2023.”
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