Uranium Global ETF springs back 1.52% overnight, which bodes well for both our latest portfolio company addition Adavale Resources and, our Gascoyne holding; Odessa Minerals which announced strong Uranium potential on its Lyndon Project yesterday.
See the announcement below.
Market highlights
ASX futures up 23 points or 0.3% to 7565 near 7am AEDT
- AUD +0.5% to 66.09 US cents
- Bitcoin +3.2% to $US43,094 at 7.13am AEDT
- On Wall St at 3.15pm: Dow +0.3% S&P +0.5% Nasdaq +0.9%
- In New York: BHP -0.6% Rio -0.1% Atlassian +3%
- Tesla +3.7% Microsoft +1.3% Apple -0.4% Amazon +1%
- VIX +2.7% QQQ +0.9% TLT +1.4%
- Stoxx 50 +0.1% FTSE -0.03% DAX -0.1% CAC +0.1%
- Spot gold +0.3% to $US2025.27/oz near 2.01pm in New York
- Brent crude -1.2% to $US82.53 a barrel
- Iron ore +1.3% to $US135.60 a tonne
- 10-year yield: US 4.06% Australia 4.21% Germany 2.23%
- US prices as of 3.16pm in New York
Australian shares are poised to open higher, in line with a late surge in New York after the US Treasury unexpectedly reduced its estimate for federal borrowing for the current quarter.
In a statement, the US Treasury said it expects to borrow $US760 billion in privately-held net marketable debt, assuming an end-of-March cash balance of $US750 billion. “The borrowing estimate is $US55 billion lower than announced in October 2023, largely due to projections of higher net fiscal flows and a higher beginning of quarter cash balance.”
The Nasdaq was pacing gains on Wall Street at 3.15pm with buying gathering steam. The S&P 500 reset its record high near 4925.
Oil eased with brent trading below $US83 a barrel and US oil below $US77 a barrel with a focus on how the US will respond to an attack on a military base in Jordan by Iran-linked militants.
“The Fed commentary could set the table for the remainder of the year and potentially change the trajectory of rate cuts through 2024,” said Paul Nolte, market strategist at Murphy & Sylvest Wealth Management.
Source: AFR
- Pilbara Minerals keeps faith in growth plans as lithium prices fall
- Benchmark Mineral Intelligence analyst Cameron Perks says soft lithium prices will cause deficits sooner as investment in new supply wanes
- Project developers are reviewing studies to bring down costs in response to market conditions
The head of one of Australia’s biggest lithium companies is looking through the gloom, saying it will keep up the pace of its investments in the hope of capturing the ‘perfect storm’ of higher production when prices of the battery metal recover.
Speaking at the opening leg of the Benchmark Mineral Intelligence World Tour yesterday in Perth, Pilbara Minerals (ASX:PLS) managing director Dale Henderson said the lithium giant responsible for 7% of global supply would stay the course on a $560 million expansion to a million tonnes per annum at its Pilgangoora mine in the Pilbara.
Australia’s battery metals sector has suffered a month from hell, with so far 40,000t of nickel supply set to be suspended for the loss of hundreds of jobs and at least four lithium projects subject to austerity measures, with prices for the EV metals sliding 42% and 88% respectively last year.
It was so severe the spate of mine closures prompted crisis talks with the Federal and WA Governments last week which saw royalty relief and production tax credits for refining operations put on the table to soothe the industry’s woes.
And yesterday even the world’s largest, highest grade and lowest cost lithium mine was revealed to be cutting back production, with part-owner IGO (ASX:IGO) reducing guidance from the Greenbushes mine in WA’s South West from 1.4-1.5Mt to 1.3-1.4Mt for this year due to lower demand from its co-owners and offtakers.
It came after Core Lithium (ASX:CXO) announced it would only process stockpiles at its struggling Finniss mine in the NT, Liontown Resources (ASX:LTR) cut plans to expand its mining capacity by 33% at its new Kathleen Valley mine after losing a debt package and Albemarle paused plans to build a fourth processing train at its Kemerton lithium refinery.
But Henderson sees the opportunity to expand production and reduce costs in preparation for the next lithium boom, with its ‘P1000’ project to be complete late next year.
Instead PLS announced last week the company would likely defer its dividend and lightly trim capex but keep its growth projects intact.
“Who knows where pricing goes, but I like the idea of a perfect storm where pricing improves in combination with the new capacity that we’ve built out. Time will tell,” he said yesterday.
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: $0.004 Unchanged
Company: Terra Uranium (ASX:T92)
Sector: Uranium
Deal Type: IPO
Raise Amount: $7.5M
Latest Entry Price: $0.13 with 1:1 T92O
Today’s Price Change: $0.17 +3.03%
Company: Patagonia Lithium (ASX:PL3)
Sector: Lithium
Deal Type: IPO
Raise Amount: $8.6M
Latest Entry Price: $0.20
Today’s Price Change: $0.12 +4.35%
Company: Gold Mountain Limited (ASX:GMN)
Sector: Lithium
Deal Type: Placement
Raise Amount: $2.25M
Latest Entry Price: $0.0075
Today’s Price Change: $0.003 -25.00%
Company: Volt Resources Ltd. (ASX:VRC)
Sector: Battery Metals
Deal Type: Placement
Raise Amount: $5.75M
Latest Entry Price: $0.007 with 1:2 VRCOB
Today’s Price Change: $0.006 -14.29%
Company: Castle Minerals Ltd. (ASX:CDT)
Sector: Battery Metals/Base Metals
Deal Type: Placement
Raise Amount: $1.52M
Latest Entry Price: $0.01 with 1:2 CDTOA
Today’s Price Change: $0.007 -12.50%
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: $0.057 +5.56%
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: $0.125 -7.41%
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: $0.009 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: $0.006 +20.00%
Company: Paradigm Biopharma (ASX:PAR)
Sector: Biopharma
Deal Type: IPO Cornerstone
Raise Amount: $1M+
Latest Entry Price: $0.35
Today’s Price Change: $0.405 +17.39%
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: $0.027 Unchanged
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: $0.014 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: $0.022 Unchanged
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Peak on 1300 304 460
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