The ASX 200 resisted the pull higher from Asia as it eased 2.7 points to 5,762.40 with the rise of the Aussie dollar to a two-year high holding back the big export-led stocks.
Rubies group on the up…
Shares in the Mozambican ruby miner Mustang Resources Ltd (ASX:MUS) surged 12% after it attracted broker attention from Hartleys, which assigned a Speculative Buy with a price target of $0.085 per share.
The target is more than 50% higher than the A$0.055 last traded price. The following is an extract from the report.
Mustang expects to sell its first rubies by auction and tender in October 2017.
It anticipates offering 200,000 carats at the auction, a large proportion of which will be inventory acquired for US$2-10/ct from contracted local prospectors.
Hartleys estimates MUS could receive about US$10 million in revenue from the auction.
— Mustang Resources (@Mustang_Res) July 17, 2017
Shares in Race Oncology higher…
There was strong demand from investors for the placement which was heavily oversubscribed.
The proceeds raised will be used to fund the planned launch of Bisantrene and support Race’s operations through the remainder of the 2017/18 year.
Bisantrene is a cancer chemotherapy drug related to anthracyclines, a class of drugs used as the first line of treatment for acute myeloid leukemia and many other cancers. At 3pm Race shares were changing hands for A$0.255 each.
There has been plenty of interest in Sayona Mining Ltd (ASX:SYA), which has begun a downstream processing concept study following the successful completion of hydrometallurgical testing on lithium concentrates from its Authier lithium project located in Canada.
The study will assess the alternative processing options, process flow sheet selection, operating and capital cost estimates, financial analysis, and recommendations for the next phase of development.
Dashboards specialist making headway…
It now has 9,000 businesses signed up to its platform for business analytics dashboards and expects to hit 10,000 towards the end of the month. The shares were up 7%.
Gold stock doubles
Outstanding trench and pit samples from the Winston area of the Hanang Project, Tanzania, saw shares in Tanga Resources Ltd (ASX: TRL) rocket 75%. The highlight was a grab sample that weighed in at a bonanza 81 grams per tonne of gold.
“These latest results reinforce the high-grade nature of mineralisation at the Winston target and highlight the potential for further discoveries, both within the immediate Winston area and regionally within the Hanang Project area,” said John Stockley, technical director.
— Link FS (@Link_Financial) July 17, 2017
Profit-taking hits HearMeOut….
After doubling in value last week, the social media group HearMeOut Ltd (ASX:HMO) succumbed to a bout of profit-taking with the shares down 22%.
On Friday the company finally broke its silence – but only to tell investors it knew of no reason for the recent upward trajectory of the stock.
It did, however, point out the HearMeOut app, which allows users to record 42-second voice clips, has been consistently ranked in the top 10 most downloaded social media apps in the US over the last three days.
Electric performance by Volt...
Shares in Volt Resources Ltd (ASX:VRC) rose 15% after it said it had signed its fifth offtake agreement this year filling 100% of proposed Stage 1 capacity at its flagship Namangale graphite project in Tanzania.
The company signed a non-binding offtake term sheet with Qingdao Tianshengda Graphite for 10,000 tonnes per annum of flake graphite product from Stage 1 production.
This is the fourth agreement that Volt has signed with a Chinese graphite group since management completed a successful product marketing trip in May 2017.
Sky & Space making stellar progress….
Sky & Space Global Ltd (ASX:SAS), a favourite with bulletin board warriors, weighed in with an encouraging progress report. It said its three nano-satellites are on track for commercial demonstrations and immediate revenue generation “within a few weeks”. Communication between the satellites has been carried out (a first for technology of this size), and the trio – known as Diamonds Red, Green and Blue – are now pointing at the earth. Read the full announcement here.
It was a big day for Prima BioMed Ltd (ASX:PRR, NASDAQ:PBMD); although how big exactly we don’t know. Here’s the thing: it has received a second clinical milestone payment from Novartis (VTX:NOVN). The size of the payment, however, hasn’t been disclosed. The Swiss giant is currently assessing the potential to use Prima’s LAG-3 antibody alongside a Novartis-developed PD1 inhibitor to treat cancer. The shares rose 8% in the first half hour of trade.
Galaxy a star performer….
Galaxy Resources Ltd’s (ASX:GXY) quarterly report for the period to June 30 sparked a lot of chatter early on. It revealed the Mt Cattlin operations boosted production by a year-on-year 41% to almost 33,000 dry metric tonnes. This generated cash flow of $13.2 million, while the company is well capitalised with $40.4 million on the balance sheet. Click here for the presentation.