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    27 November, 2023

How was your weekend? 

Seems the Black Friday sales extended into small caps today…

Across Markets…

  • ASX closes lower despite a positive open
  • Miners drop, while QBE and NRW rose on updates
  • IGO confirmed the hiring of Ivan Vella as CEO after investigation

The ASX200 closed -0.65% lower on Monday despite opening higher at the opening bell. On Friday, Wall Street closed mixed on a shortened trading day due to the Thanksgiving holiday season.

Commodity stocks led the ASX selloff today, followed closely by Utility stocks, while Tech shares  were the best performers.

Amongst losers today were heavyweights BHP (ASX:BHP) and Fortescue Metals (ASX:FMG), which lost over 1% each as iron ore futures dipped in Singapore.

Oil prices meanwhile steadied in Asian hours today after a 3-day drop, signalling market’s belief that OPEC+ may deepen its production cuts when the cartel meets online this Thursday.

Traders’s eyes were also on the ongoing Black Friday and Cyber Monday for any signs of a pullback in consumer demand.

On the geopolitical front, there’s a growing call to extend the temporary truce between Israel and Hamas as hostages continue to get released.

Across the region, Asian stocks rose slightly today after profits at China’s big industrial companies continued to improve in October, by 2.7% from a year earlier, thanks to Beijing’s efforts to stimulate domestic demand.

Meanwhile, most experts believe the US dollar will “remain heavy” this week.

“The backdrop of low volatility and expectations for a soft landing in the US economy supports portfolio capital flows into emerging markets,” said Joseph Capurso, a Commonwealth Bank of Australia strategist.

The Aussie dollar has appreciated beyond ~US65.70c and is now trading at ~US65.77c.

Looking ahead to the rest of the week, Tuesday’s Australian October retail sales and Wednesday’s CPI report will be the focus for local investors.

Source: Stockhead

Pic of the day

Local Equity News

  • Summit Minerals is positioning itself to capitalise on the opportunity presented
  • by growing demand for EVs
  • Company has assets covering critical minerals such as lithium, REEs, and antimony
  • Drilling on the radar for the Castor lithium project in Quebec’s James Bay region
  • Further acquisitions will be considered if they are the right fit for the company

Special Report: Summit Minerals’ chief executive officer Gower He expects critical minerals associated with EV to ‘break the typical supply and demand cycle for commodities and is positioning the company to best capitalise on the opportunity.

Speaking at a recent investor webinar, He – who took the lead role in mid-October – said that while supply of the minerals used in electric vehicles (EV) were previously dominated by China, the looming supply shortage brought about by increasing global demand for transport electrification had brought Western countries on board the train.

“This is very different from your typical commodity cycle supply and demand,” he said.
“This is more of a government-driven mandate, which means that demand for lithium will not go away, and it is up to everybody in the value chain to make sure that there is enough supply to meet that demand in China, Europe, Asia,  North America and Australia.”

As such, he believes that lithium, copper, REEs, nickel and cobalt are core for the portfolio of any forward-facing explorer.
He pointed out that lithium usage in EV batteries is remarkably consistent and that the increasingly popular lithium-iron-phosphate (LFP) chemistry, which are safer and have a longer life than the common nickel-cobalt-manganese chemistry, has the greatest lithium content at about 11%.

Meanwhile, between 45-60kg of copper is required for each EV depending on their size, which three times the amount required for a traditional Internal Combustion Engine (ICE).
“REEs are very important for the magnets in the motors of these EVs, and of course nickel in the NCMs, which increase the range, while the cobalt is the stabiliser,” he added.

Source: Stockhead

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Recent Peak Deals

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: $0.006 -14.29%

Company: Terra Uranium (ASX:T92)
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Raise Amount: $7.5M
Latest Entry Price: $0.13
Today’s Price Change: $0.155 Unchanged

Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
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Raise Amount: $8.6M
Latest Entry Price: $0.20
Today’s Price Change: $
0.14 Unchanged

Company: Gold Mountain Limited (ASX:GMN)
Sector: Lithium
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Raise Amount: $2.25M
Latest Entry Price: $0.0075
Today’s Price Change: $0.005 -16.67%

Company: Unith Ltd. (ASX:UNT)
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Today’s Price Change: $0.021 Unchanged

Company: Volt Resources Ltd. (ASX:VRC)
Sector: Battery Metals
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Today’s Price Change: $0.006 -14.28%

Company: Castle Minerals Ltd. (ASX:CDT)
Sector: Battery Metals/Base Metals
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Raise Amount: $1.52M
Latest Entry Price: $0.01 with 1:2 CDTOA
Today’s Price Change: $0.010 -9.09%

Company: Avenira Ltd. (ASX:AEV)
Sector: Phosphate
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Today’s Price Change: $0.012 Unchanged

Company: Latrobe Magnesium Ltd. (ASX:LMG)
Sector: Magnesium
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Today’s Price Change: $0.056 -6.67%

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 +2.70%

Company: Excite Technology Services (ASX:EXT)
Sector: Cloud
Deal Type: Placement
Latest Entry Price: $0.005 with a 1:2 EXTOD
Today’s Price Change: $0.008 Unchanged

Company: Estrella Resources (ASX:ESR)
Sector: Mining
Deal Type: Placement
Raise Amount: $1.65M
Latest Entry Price: $0.006 with a 1:1 ESRO
Today’s Price Change: $0.005 -16.67%

Company: Paradigm Biopharma (ASX:PAR)
Sector: Biopharma
Deal Type: IPO Cornerstone
Raise Amount: $1M+
Latest Entry Price: $0.35
Today’s Price Change: $0.385 +1.32%

Company: Sabre Resources (ASX:SBR)
Sector: Energy
Deal Type: Placement
Raise Amount: $2.6M + $700k strategic
Latest Entry Price: $0.04 with a 1:1 SBROB
Today’s Price Change: $0.038 -9.52%

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 +13.33%

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: $0.025 +4.17%

If you would like more information on future Peak deals, please don’t hesitate to get in touch.

The trustee for Peak Asset Management Unit Trust (“Peak”) is a corporate authorised representative (#1295491) of Brava Capital Pty Ltd (AFSL #382585).
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