Lunch Wrap: ASX creeps lower as IperionX lands Pentagon payday

The ASX has dipped a tad after inching toward record highs earlier. Lynas is riding a rare earths tailwind, while IperionX has scored a major Pentagon deal.

Lynas rides a rare earths tailwind, and IperionX scores a major Pentagon deal. Picture via Getty Images

• ASX creeps lower despite miners lifting

• Lynas pops 8pc on China rare earths squeeze

• IperionX lands $152m Pentagon titanium deal

The ASX inched lower by 0.1% at lunch time AEST on Thursday.

Miners such as Fortescue (ASX:FMG), which was up by 1%, did the heavy lifting. And Lynas (ASX:LYC) went ballistic, up 10%, after a bit of good news for the rare earths space.

Turns out some of Europe’s biggest carmakers are starting to feel the pinch from China’s rare earths export controls, and Lynas is quickly shaping up as a reliable alternative in a tightening market.

In the US overnight, bond yields sank as traders piled into bets that the Fed might deliver not just one, but two rate cuts this year.

September is looking like a sure thing now, and you could almost hear the doves cooing from Capitol Hill.

Tech sentiment, meanwhile took a wobble after Apple was downgraded by Needham, who reckons it’s falling behind in the AI race.

Tesla dropped over 3% after Elon Musk went on a full-tilt political offensive, blasting Trump’s new tax plan as a “disgusting abomination” and telling Americans to “kill the bill.”

Back home to the ASX, where just five of 11 sectors were flashing green.

Source: Market Index

The headline of the morning came from $1.4bn market-capped IperionX (ASX:IPX), the titanium player that just scored a golden ticket from the Pentagon.

Shares in IperionX rocketed 21% after the company locked in a contract worth up to US$99 million with the US Department of Defense.

It’s a Phase III SBIR deal, what it really means is IPX has graduated from R&D to full-blown production. The first orders will focus on titanium fasteners for defence agencies, with all the kit built at its plant in Virginia.

It’s a big nod of confidence for Iperion X, and a win for the US as it tries to wean itself off foreign suppliers.

Meanwhile, Magellan Financial Group (ASX:MFG) kept bleeding, but at least it’s not gushing anymore.

The fundie has just posted $400 million in outflows for May, down from $1 billion the month before. Assets under management inched higher across most of its strategies, with infrastructure holding steady. Total AUM now sits at $39.3 billion.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for June 5 :

Security	Description	Last	%	Volume	MktCap
EV1	Evolutionenergy	0.014	75%	2,147,660	$2,901,204
ADD	Adavale Resource Ltd	0.002	50%	400,066	$2,287,279
AUH	Austchina Holdings	0.002	50%	27,230	$3,025,384
AOA	Ausmon Resorces	0.002	33%	375,000	$1,966,820
EEL	Enrg Elements Ltd	0.002	33%	1,000,000	$4,880,668
ZEU	Zeus Resources Ltd	0.012	33%	12,469,218	$5,766,058
GTR	Gti Energy Ltd	0.005	29%	33,710,486	$10,496,324
EDE	Eden Inv Ltd	0.003	25%	2,498,367	$8,219,762
ENT	Enterprise Metals	0.003	25%	100,108	$2,356,635
ENV	Enova Mining Limited	0.010	25%	44,085,113	$11,308,006
OLI	Oliver'S Real Food	0.005	25%	30,000	$2,162,928
TMX	Terrain Minerals	0.003	25%	22,788	$4,497,113
ION	Iondrive Limited	0.027	23%	5,953,328	$26,022,399
LAM	Laramide Res Ltd	0.875	22%	580	$14,828,157
CDE	Codeifai Limited	0.017	21%	992,179	$4,564,445
IRX	Inhalerx Limited	0.040	21%	1,221,477	$7,043,791
HWK	Hawk Resources.	0.018	20%	2,008,040	$4,063,942
ATX	Amplia Therapeutics	0.060	20%	5,836,140	$19,397,633
ALY	Alchemy Resource Ltd	0.006	20%	871,491	$5,890,381
OMG	OMG Group Limited	0.006	20%	966,720	$3,641,474
PER	Percheron	0.012	20%	3,787,762	$10,874,376
TEG	Triangle Energy Ltd	0.003	20%	2,550,000	$5,223,085

GTI Energy (ASX:GTR) says early numbers from its Lo Herma uranium project in Wyoming look promising, pointing to a potential low-cost in-situ recovery (ISR) operation producing around 800,000 pounds of uranium a year. The scoping study was run by Wyoming-based experts BRS Engineering and outlines a seven-year plan with a total production target of nearly 6 million pounds.

It’s still early days, though – most of the resource is in the lower-confidence “Inferred” category, so there’s no guarantee the uranium’s all there or that it’ll stack up economically just yet.

FireFly Metals (ASX:FFM) has locked in a C$25.8 million (~A$28.8m) funding deal with BMO in Canada and another $46 million from Aussie investors through placements and a share purchase plan.

The funds will go towards advancing its Green Bay copper-gold project in Canada, including underground development, drilling, and pre-construction work. It’s a big step forward as it looks to push Green Bay closer to production.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for June 5 :

Code	Name	Price	% Change	Volume	Market Cap
OVT	Ovanti Limited	0.002	-33%	3,711,682	$8,380,545
PIL	Peppermint Inv Ltd	0.002	-33%	2,830,000	$6,828,269
GMN	Gold Mountain Ltd	0.002	-25%	1,347,106	$11,239,518
AVE	Avecho Biotech Ltd	0.004	-20%	655,257	$15,867,318
MEM	Memphasys Ltd	0.004	-20%	30,805	$9,917,991
1AD	Adalta Limited	0.003	-17%	5,146,114	$3,020,120
AJL	AJ Lucas Group	0.005	-17%	624,546	$8,254,378
IFG	Infocusgroup Hldltd	0.005	-17%	2,989	$1,655,771
JAV	Javelin Minerals Ltd	0.003	-17%	537,500	$18,378,447
RFT	Rectifier Technolog	0.005	-17%	20,000	$8,291,904
EPM	Eclipse Metals	0.016	-16%	18,423,152	$54,450,562
QEM	QEM Limited	0.051	-15%	57,568	$11,450,021
RDN	Raiden Resources Ltd	0.006	-14%	2,515,475	$24,156,240
SRJ	SRJ Technologies	0.012	-14%	769,489	$8,478,093
PEB	Pacific Edge	0.091	-13%	2,752	$85,251,177
OLY	Olympio Metals Ltd	0.034	-13%	579,499	$3,434,625
AVW	Avira Resources Ltd	0.007	-13%	17,217	$1,754,286
KLI	Killiresources	0.028	-13%	97,087	$4,487,160
PNT	Panthermetalsltd	0.014	-13%	798,024	$4,814,473
WCE	Westcoastsilver Ltd	0.080	-11%	1,807,262	$23,410,888
WWG	Wisewaygroupltd	0.160	-11%	12,954	$30,123,575
ANX	Anax Metals Ltd	0.008	-11%	1,596,673	$7,945,268
LCY	Legacy Iron Ore	0.008	-11%	25,000	$87,858,383

Tyro Payments (ASX:TYR) crashed 11% after announcing that CEO Jon Davey is stepping down. He’s been offered a new private equity gig, based in Melbourne. Davey’s been with Tyro since 2021, arriving via the Medipass acquisition and moving into the top job the following year. He’ll hang around for up to six months to help with the handover.

IN CASE YOU MISSED IT

Two collaborative drilling grants totalling $400,000 have been awarded to Red Metal (ASX:RDM) to test targets across the Gulf and Three Ways copper-gold assets.

Challenger Gold (ASX:CEL) has rolled out a toll treatment PFS that reveals a low-cost, near-term production path at Hualilán in Argentina.

Challenger also raised $34.5 million to advance its Hualilan gold project into production, with first cash flows expected soon.

Nordic Resources (ASX:NNL)  has some intriguing projects with close to 1Moz gold in its portfolio after completing its Finnish acquisitions. 

Locksley Resources (ASX:LKY) is progressing tenders for upcoming drilling at its El Campo rare earths prospect in California after being awarded drill permits.

Assays from White Cliff Minerals’ (ASX:WCN) maiden RC drilling at the Rae project in Canada have returned 105m at 2.25% copper with higher-grade intervals up to 3.93%.

DY6 Metals (ASX:DY6) has got first boots on the ground at its rutile projects in Cameroon in preparation of a maiden campaign.

Future Battery Minerals (ASX:FBM) is increasing its gold footprint near Coolgardie by applying for seven new contiguous tenement applications at Burbanks East.

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

Originally published as Lunch Wrap: ASX creeps lower as IperionX lands Pentagon payday