ASX Lunch Wrap: ASX rallies as Bitcoin soars past US$100k

ASX opens higher as Rio Tinto shifts focus to copper, and Bitcoin surges past US$100K.

ASX opens higher, Tech leads, Energy lags, Bitcoin surges. Picture via Getty Images

• ASX opens higher, Tech leads, Energy lags

• Rio Tinto shifts focus to copper

• Bitcoin surges past US$100k on US SEC crypto-friendly pick

The ASX kicked off Thursday on a bullish note, echoing the Wall Street rally overnight where US tech giants, led by Atlassian's strategic Amazon tie-up, were the market's darlings.

Bitcoin, buoyed by Trump's crypto-friendly US SEC pick, Paul Atkins, also surged past the $US100,000 mark for the first time.

Atkins, a former SEC commissioner and experienced Washington insider, is expected to have a softer approach to crypto, including a more favourable stance on digital assets.

Also giving the price of BTC a boost, Federal Reserve chair Jerome Powell likened the leading digital asset to gold while speaking at the New York Times DealBook Summit midweek, describing it as a competitor to the precious metal.

"People use Bitcoin as a speculative asset. It's like gold, it's just like gold – only it's digital," said Powell, adding:

"People are not using it as a form of payment or a store of value. It's highly volatile. It's not a competitor for the dollar; it's really a competitor for gold. That's really how I think about it."

On the ASX today, the benchmark S&P/ASX 200 index was up by 0.3% at around 12.50pm AEDT.

Tech led, Energy lagged, and the Mining sector was a mixed bag.

Source: Market Index

Source: Market Index

Iron ore behemoth Rio Tinto (ASX:RIO) has signalled a strategic shift towards copper in an investor presentation, after saying that it eyes a 40% growth in copper production by 2030. Shares were down 1%.

In a separate development, HMC Capital (ASX:HMC) made a significant move in the renewable energy sector, acquiring Neoen's Victorian assets for $950 million. HMC’s shares jumped 2%.

ASX SMALL CAP WINNERS

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

Code	Name	Price	% Change	Volume	Market Cap
GMN	Gold Mountain Ltd	0.003	50%	730,489	$7,814,946
NVO	Novo Resources Corp	0.115	37%	1,425,309	$9,396,804
CAV	Carnavale Resources	0.004	33%	21,250	$12,270,655
YAR	Yari Minerals Ltd	0.004	33%	26,865	$1,447,073
BLU	Blue Energy Limited	0.009	29%	3,065,643	$12,956,815
NPM	Newpeak Metals	0.014	27%	361,836	$3,359,456
CYM	Cyprium Metals Ltd	0.024	26%	5,789,080	$28,993,284
ATH	Alterity Therap Ltd	0.005	25%	39,353,443	$21,281,344
AYT	Austin Metals Ltd	0.005	25%	20,000	$5,296,765
ERA	Energy Resources	0.003	25%	288,400	$810,792,482
INP	Incentiapay Ltd	0.005	25%	323,753	$5,169,360
M2R	Miramar	0.005	25%	1,200,953	$1,587,293
CC5	Clever Culture	0.021	24%	10,849,356	$29,889,622
LDX	Lumos Diagnostics	0.038	23%	18,111,421	$23,118,561
ADD	Adavale Resource Ltd	0.003	20%	250,510	$3,087,330
EGR	Ecograf Limited	0.095	19%	671,798	$36,330,546
YRL	Yandal Resources	0.285	19%	482,821	$72,024,873
WNX	Wellnex Life Ltd	0.820	17%	36,757	$20,997,124
ESR	Estrella Res Ltd	0.021	17%	12,248,260	$34,218,694
RGL	Riversgold	0.004	17%	813,390	$4,882,388
ARD	Argent Minerals	0.023	15%	9,696,777	$28,912,810
CCO	The Calmer Co Int	0.008	14%	60	$15,465,705
WSR	Westar Resources	0.008	14%	1,245,000	$2,791,074

Novo Resources (ASX:NVO) has raised $11.5 million from the sale of 38% of its stake in privately owned San Cristobal Mining. The proceeds will support ongoing exploration projects in Western Australia and Victoria, and contribute to a $3 million payment due to IMC Holdings in December. After the sale, Novo holds $16.7 million in cash and values its remaining San Cristobal stake at $19 million. The company plans to use the funds to advance exploration and identify new opportunities.

NewPeak Metals (ASX:NPM) has entered into an agreement to acquire the Allaru Vanadium Project in Queensland, which holds an inferred resource of 710 million tonnes of vanadium. The acquisition will be paid with $5 million worth of NewPeak shares. NewPeak plans to raise an additional $2-3 million through a rights issue at the same share price. The project is a valuable addition to NewPeak’s portfolio of critical minerals, including vanadium, uranium and rare earth elements. In parallel, the company has sold assets in Finland, Sweden and New Zealand.

Cyprium Metals (ASX:CYM) has rejected a takeover offer from Appian Capital Advisory. The offer price of $0.035 per share was deemed too low and the conditions attached to the offer were seen as potentially detrimental to Cyprium's shareholders.

ASX SMALL CAP LOSERS

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

Code	Name	Price	% Change	Volume	Market Cap
AFA	ASF Group Limited	0.005	-75%	1,640	$15,847,951
AMD	Arrow Minerals	0.001	-50%	22,857	$26,447,256
AXP	AXP Energy Ltd	0.001	-33%	33,776	$8,737,021
NRZ	Neurizer Ltd	0.002	-33%	727,384	$8,453,582
PRX	Prodigy Gold NL	0.002	-33%	1,709,928	$9,525,167
LOM	Lucapa Diamond Ltd	0.028	-30%	2,026,268	$11,604,880
BLZ	Blaze Minerals Ltd	0.005	-29%	2,190,250	$8,774,908
ALR	Altairminerals	0.003	-25%	6,799,226	$17,186,310
VPR	Voltgroupltd	0.002	-25%	49,570	$21,432,416
BUS	Bubalusresources	0.110	-21%	27,761	$5,090,995
WEC	White Energy	0.038	-21%	10,000	$9,551,245
PPY	Papyrus Australia	0.012	-20%	356,066	$7,807,056
AAU	Antilles Gold Ltd	0.004	-20%	574,417	$9,278,714
BNL	Blue Star Helium Ltd	0.004	-20%	218,502	$13,474,426
GGE	Grand Gulf Energy	0.002	-20%	1,109,242	$6,125,968
MEL	Metgasco Ltd	0.004	-20%	100,000	$7,287,934
RDN	Raiden Resources Ltd	0.013	-19%	64,838,310	$52,193,038
CHM	Chimeric Therapeutic	0.009	-18%	1,146,195	$10,946,549
29M	29Metalslimited	0.270	-18%	6,158,651	$230,881,255
EV1	Evolutionenergy	0.023	-18%	10,000	$10,095,880
IMI	Infinitymining	0.014	-18%	236,027	$5,831,124
ALM	Alma Metals Ltd	0.005	-17%	5,011	$9,399,133
ASP	Aspermont Limited	0.005	-17%	1,000,000	$14,820,070
CR9	Corellares	0.005	-17%	54,054	$2,790,555

IN CASE YOU MISSED IT

Fresh off selling its Talga project to Global Lithium (ASX:GL1) to focus on antimony exploration, Octava Minerals (ASX: OCT) says it expects drilling results from the Discovery prospect early next year.

Drilling is progressing as planned, with the company gearing up for maiden drilling at the untested Central target, located 2km north of Discovery. Over at Octava’s Byro rare earths project, core drilling is complete, with metallurgical test work now underway at the CSIRO.

Legacy Minerals (ASX:LGM)has appointed Dr John Greenfield as its chief technical advisor.

Greenfield previously served as the director of the Geological Survey of New South Wales (GSNSW) and as Newmont Australia’s principal exploration geologist for NSW.

LGM managing director and CEO Christopher Bryne said Greenfield’s expertise and skills would be a welcomed addition to the company’s discovery-focused exploration efforts in NSW.

At Stockhead, we tell it like it is. While Octava Minerals and Legacy Minerals are Stockhead advertisers, they did not sponsor this article.

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

Originally published as ASX Lunch Wrap: ASX rallies as Bitcoin soars past US$100k