Top 10 at 11: ASX slides on tech weakness; RCM prepares to snap up silver projects

The ASX dipped marginally in early trade on sharp declines in the info tech sector. Over in resources, RCM is preparing to snap up two silver projects in NSW.

While the ASX is lagging on info tech weakness, RCM is finding silver linings with two new project acquisitions on the cards. 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 dips as info tech slumps

The ASX 200 opened with a bit of whimper this morning, down 0.10% as of about 10:30 am AEST.

The info tech sector has already shed 2.65%, cutting the market’s momentum before it even crosses the starting line.

Of the 11 sectors, eight are in the red. Only health care (+0.35%) materials (+0.31%) and consumer discretionary (+0.13%) are showing any signs of life at present.

Oil recovered marginally overnight, lifting 0.9% to about US$67.75 a barrel of Brent while gold added 0.3%, touching US$3,343.10 an ounce.

The ASX 200 Resources is moving higher, up 0.24%. A handful of our small cap winners are contributing to that momentum this morning, so let’s dive in…

WINNERS

Code	Name	Last	% Change	Volume	Market Cap
VML	Vital Metals Limited	0.002	100%	1051000	$5,895,067
ALR	Altairminerals	0.003	50%	168333	$8,593,488
JAV	Javelin Minerals Ltd	0.003	50%	332333	$12,252,298
PAB	Patrys Limited	0.0015	50%	513085	$2,365,810
RCM	Rapid Critical	0.003	50%	4733333	$2,831,556
BP8	Bph Global Ltd	0.002	33%	100000	$1,576,477
OPL	Opyl Limited	0.024	26%	1515675	$4,464,398
OVT	Ovanti Limited	0.01	25%	1.01E+08	$24,044,120
TEG	Triangle Energy Ltd	0.0025	25%	2243226	$4,178,468
VRX	VRX Silica Ltd	0.086	23%	945524	$52,311,230

In the news...

Rapid Critical Metals (ASX:RCM) has its eyes set on the Conrad and Webbs silver projects in New South Wales after securing firm commitments to raise $10.5m in a share placement at $0.024 a share.

Webbs hosts a JORC mineral resource of 14.2Moz of contained silver equivalent, while Conrad is home to 20.72Moz.

There’s been no modern exploration on either project for a decade, offering an opportunity to expand and upgrade existing resource estimates. RCM will begin with the Webbs project, employing targeted geophysics, drilling and metallurgical studies.

Opyl (ASX:OPL) is building a strategic cryptocurrency holding, leveraging the expertise of non-executive director Antanas Guoga, better known as Tony G.

A former member of the European Parliament, Tony is chair of SOL Strategies, a publicly traded Canadian company that operates in the Solana ecosystem of cryptocurrency with a market cap of CAD$375M.

Tony is offering access to $2m in a finance facility with an initial term of 2 years at an annual interest rate of 6.5%, secured against OPL’s bitcoin holdings.

OPL reckons with the recent adoption of bitcoin and similar cryptocurrencies by major financial institutions and governments, the asset class is gaining momentum and offers high levels of liquidity.

VRX Silica (ASX:VRX) has received the green light from the WA Minister for Environment for its environmental protection proposal at the Arrowsmith North silica sand project.

VRX had already received a tick of approval from the Environmental Protection Authority for its development proposal, but an appeal from the Conservation Council of WA prompted an investigation by the Minister’s office.

The minister allowed the appeal in part and accepted recommendations to amend conditions addressing vegetation dieback, which VRX has previously accepted as an amendment.

LAGGARDS

Code	Name	Last	% Change	Volume	Market Cap
SFG	Seafarms Group Ltd	0.001	-50%	700000	$9,673,198
CZN	Corazon Ltd	0.001	-33%	400000	$1,776,858
QXR	Qx Resources Limited	0.002	-33%	7692	$3,930,987
TML	Timah Resources Ltd	0.024	-31%	10000	$3,106,592
C7A	Clara Resources	0.003	-25%	5297657	$2,353,084
TGH	Terragen	0.018	-18%	16000	$11,110,378
ALY	Alchemy Resource Ltd	0.005	-17%	35000	$7,068,458
FBR	FBR Ltd	0.005	-17%	1056929	$34,136,713
PIL	Peppermint Inv Ltd	0.0025	-17%	177	$6,903,269
PGY	Pilot Energy Ltd	0.006	-14%	1471428	$15,110,620

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: ASX slides on tech weakness; RCM prepares to snap up silver projects