Happy hump day! A beautiful morning here in Melbourne
Market highlights
ASX futures down 4 points or 0.1% to 7100 near 8am AEDT
- AUD -0.03% to 65.55 US cents
- Bitcoin -0.9% to $US36,980 at 8.10am AEDT
- On Wall St at 4pm: Dow -0.2% S&P -0.2% Nasdaq -0.6%
- In New York: BHP +1.5% Rio +1.6% Atlassian -0.6%
- Tesla +2.4% Apple -0.4% Amazon -1.5% Nvidia -0.9%
- VIX -0.9% QQQ -0.6% TLT -0.04%
- Stoxx 50 -0.2% FTSE -0.2% DAX +0.04% CAC -0.3%
- Spot gold +1% to $US1997.73/oz at 2.16pm in New York
- Brent crude +0.1% to $US82.43 a barrel
- Iron ore +1.9% to $US133.55 a tonne
- 10-year yield: US 4.41% Australia 4.44% Germany 2.56%
- US prices as of 4.05pm in New York
Across markets
Australian shares are poised to slip, with US markets mostly in a holding pattern before Nvidia releases its quarterly results after Wall Street’s closing bell at 8am AEDT.
“Even with the Magnificent Seven going in hard on AI, Nvidia is still leading the pack when it comes to converting hype into profit,” eToro’s Josh Gilbert said. November’s rally could turn on whether expectations are met or not.
Wall Street strategists continue to lift their S&P 500 targets. Bank of America sees the index reaching 5000 in 2024. Yardeni said a move to 4796.56, the record high set on January 3, “is conceivable either by yearend or sometime early next year”. The index was at 4538 at 4pm in New York.
For local investors, the focus is squarely on the RBA though Wednesday’s commentary won’t arrive until this evening when governor Michele Bullock speaks about monetary policy the ABE Annual Dinner at 7.35pm in Sydney.
Source: AFR
ASX listed Argentina explorers
Galan Lithium (ASX:GLN) has led the charge, recently making great technical and commercial strides at its Hombre Muerto West (HMW) lithium project on Argentina.
In a substantial advance, the company secured cooperation from global diversified natural resources giant, Glencore, which has signed a binding offtake agreement for HMW chloride or carbonate lithium product from Phase 1 as well as giving support for a US$70 to US$100 million financing, pre-payment funding facility.
Galan commenced construction at the HMW salar in September ’23 and will begin operation from a Resource containing 6.6Mt of lithium carbonate equivalent (LCE) in Q1 ’24 with first product expected in H1 2025.
In full production, Galan estimates an operating cost of US$3,510/t of LCE, and feasibility work estimates an NPV of US$2 billion for the $238 million company.
Pursuit Minerals (ASX:PUR) has delivered an initial Inferred Resource containing 251kt of LCE at a grade of 351mg/L of Li a its Rio Grande Sur brine project in Argentina.
The company has embarked on a series of research pilot plant production process projects using recently purchased equipment, while continuing surveys and drilling to locate potential resource extensions.
At its Solaroz project, at the northern end of the Salar de Olaroz, which it shares with Allkem (ASX:AKE), Lithium Energy (ASX:LEL) is planning to produce lithium products from an Indicated Resource containing 2.4Mt of LCE by the traditional evaporation method or by applying Direct Lithium Extraction technology once test work has been completed.
Scoping Study and approval work will proceed through 2024 at the 90% held project, with engineering studies to follow, leading to construction by late 2025, aiming to produce 40ktpa of LCE by late 2027.
LEL’s recent presentation reveals that at the current lithium carbonate price of ~US$18,700 per tonne, about 25% of global lithium battery chemical supply capacity (mostly in China) will be substantially underwater, which may put a floor under prices that have retreated from highs around US80,000 per tonne in November 2022.
Source: Stockhead
Company: Alderan Resources (ASX:AL8)
Sector: Lithium
Deal Type: Placement
Raise Amount: $1.75M
Latest Entry Price: $0.006 with a 1:2 AL8OA
Today’s Price Change: $0.008 Unchanged
Company: Terra Uranium (ASX:T92)
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.13 with a 1:1 T92O
Today’s Price Change: $0.14 + 3.7%
Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.20
Today’s Price Change: $0.13 – 7.14%
Company: Gold Mountain Limited (ASX:GMN)
Sector: Lithium
Deal Type: Placement
Raise Amount: $2.25M
Latest Entry Price: $0.0075
Today’s Price Change: $0.005 -16.67%
Company: Unith Ltd. (ASX:UNT)
Sector: AI/ChatGPT
Deal Type: Placement
Raise Amount: $4.5M
Latest Entry Price: $0.033 with a 1:1 UNTO
Today’s Price Change: $0.022 Unchanged
Company: Volt Resources Ltd. (ASX:VRC)
Sector: Battery Metals
Deal Type: Placement
Raise Amount: $5.75M
Latest Entry Price: $0.007 with a 1:2 VRCOB
Today’s Price Change: $0.007 Unchanged
Company: Castle Minerals Ltd. (ASX:CDT)
Sector: Battery Metals/Base Metals
Deal Type: Placement
Raise Amount: $1.52M
Latest Entry Price: $0.02 with a 2:3 CDTOA
Today’s Price Change: $0.010 Unchanged
Company: Avenira Ltd. (ASX:AEV)
Sector: Phosphate
Deal Type: Placement
Raise Amount: $2.1M
Latest Entry Price: $0.01 with a 1:2 AEVO
Today’s Price Change: $0.012 Unchanged
Company: Latrobe Magnesium Ltd. (ASX:LMG)
Sector: Magnesium
Deal Type: Placement
Raise Amount: $3M & $11.5M
Latest Entry Price: $0.04
Today’s Price Change: $0.069 +4.55%
Company: Askari Metals Ltd (ASX:AS2)
Sector: Mining
Deal Type: IPO
Raise Amount: $5.7M
Latest Entry Price: $0.35 with a 1:3 AS2O
Today’s Price Change: $0.19 Unchanged
Company: iCandy (ASX:ICI)
Sector: Gaming & Digital Advertising
Deal Type: Placement
Raise Amount: $1.25M
Latest Entry Price: $0.02 with a 1:1 ICIOB
Today’s Price Change: $0.028 -3.45%
Company: Fatfish Group (ASX:FFG)
Sector: Fintech
Deal Type: Placement
Raise Amount: $1.5M
Latest Entry Price: $0.015 with a 1:2 FFGOA
Today’s Price Change: $0.013 Unchanged
Company: Paradigm Biopharma (ASX:PAR)
Sector: Biopharma
Deal Type: IPO Cornerstone
Raise Amount: $1M+
Latest Entry Price: $0.35
Today’s Price Change: $0.395 -2.53%
Company: Carly Holdings Ltd (ASX:CL8)
Sector: AI and Car subscription
Deal Type: Placement
Raise Amount: $1.25M
Latest Entry Price: $0.025 with a 1:2 CL8O
Today’s Price Change: $0.017 +6.25%
Company: Avecho Biotechnology (ASX:AVE)
Sector: CBD
Deal Type: Placement
Raise Amount: $5M
Latest Entry Price: $0.006 with a 3:2 AVEOA
Today’s Price Change: $0.004 Unchanged
Company: ECS Botanics Holdings Ltd (ASX:ECS)
Sector: Medicinal Cannabis
Deal Type: Placement
Raise Amount: $6.6M
Latest Entry Price: $0.033 with 1:2 ECSO
Today’s Price Change: $0.023 Unchanged
If you would like more information on future Peak deals, please don’t hesitate to get in touch.
Peak on 1300 304 460
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