Top 10 at 11: Gallium in spotlight as ASX climbs toward new record high

The ASX is nearing a record high after climbing 0.43pc, as Blaze Minerals’ gallium hits drawing the market’s eye.

Eyewatering price hikes for critical minerals like gallium have placed mining stocks chasing the metal firmly in the spotlight. Pic: Getty Images.

Morning, and welcome to Stockhead’s Top 10 (at 11… ish), highlighting the movers and shakers on the ASX in early-doors trading.

With the market opening at 10am sharp eastern time, the data is taken at 10.15am, once trading kicks off in earnest.

In brief, this is what the market has been up to this morning.

ASX reaches for new highs

Climbing 0.43% in the first hour of trade, the ASX is within spitting distance of a new all-time high, just 0.13% away.

Nine of 11 sectors are driving the bourse’s momentum, led by energy (+1.18%). Info tech (-0.23%) and health care (-0.33%) are dragging alongside the All Ords Gold index (-1.78%), down for a second day in a row.

The ASX 200 Resources is pushing in the other direction (+0.78%), as evidenced by the glut of resources stocks on our Top 10 winners list for the morning.

WINNERS

Code	Name	Last	% Change	Volume	Market Cap
JAV	Javelin Minerals Ltd	0.003	50%	60002	$12,252,298
VML	Vital Metals Limited	0.003	50%	3000000	$11,790,134
KP2	Kore Potash PLC	0.06	36%	971577	$28,764,401
AYT	Austin Metals Ltd	0.005	25%	2071330	$6,296,765
PV1	Provaris Energy Ltd	0.011	22%	450000	$6,282,012
ADG	Adelong Gold Limited	0.006	20%	802466	$10,343,383
ALY	Alchemy Resource Ltd	0.006	20%	200000	$5,890,381
BLZ	Blaze Minerals Ltd	0.003	20%	6294900	$3,917,370
MGU	Magnum Mining & Exp	0.006	20%	85000	$5,608,254
PLC	Premier1 Lithium Ltd	0.012	20%	583333	$3,680,606

In the news...

Blaze Minerals (ASX:BLZ) is turning heads after hitting gallium and rubidium mineralisation at its Ntungamo project in Uganda.

While the mineralisation isn’t particularly high grade in this first pass of drilling, the price of gallium has surged 23% since January last year, marking the critical mineral as a lucrative exploration target.

BLZ’s drilling also encountered scandium mineralisation, but no neodymium or praseodymium of any economic significance.

LAGGARDS

Code	Name	Last	% Change	Volume	Market Cap
PAB	Patrys Limited	0.001	-33%	9426236	$3,086,171
G50	G50Corp Ltd	0.14	-26%	225759	$30,513,555
CRR	Critical Resources	0.003	-25%	2829838	$10,456,885
CHM	Chimeric Therapeutic	0.004	-20%	100000	$10,075,971
CZN	Corazon Ltd	0.002	-20%	45143	$2,961,431
TMX	Terrain Minerals	0.002	-20%	71000	$5,621,392
VRC	Volt Resources Ltd	0.004	-20%	1250000	$23,423,890
CF1	Complii Fintech Ltd	0.018	-18%	60481	$12,570,660
CCO	The Calmer Co Int	0.0025	-17%	28571	$9,034,060
IFG	Infocusgroup Hldltd	0.005	-17%	21500	$1,655,771

In the news...

G50 Corp’s (ASX:G50) has also released a gallium-based announcement, although the market wasn’t quite as impressed with the results as in BLZ’s case.

While G50’s mineralogy study has confirmed the presence of gallium in three types of mineral samples at its Golconda gold-silver-zinc project, the content is fairly low, represented in just 38% of the host rock.

The mineral type with the best gallium content of 55 parts per million accounts for just 7% of the rock content, meaning G50 will need to extract and concentrate the critical mineral before it can be sold on to off takers.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as Top 10 at 11: Gallium in spotlight as ASX climbs toward new record high