With ASX closing 1 percent higher in the morning session despite weak signs, the markets are dragged again by banks and oil producers to close below the 5600 levels. However, defying the markets are three stocks which are gaining momentum on the ASX as follows.
MINREX RESOURCES LIMITED (ASX: MRR) – At its Deflector Extended Gold Project at Gullewa in Western Australia, the company provides the following update regarding the latest exploration program. The company is actively exploring the Deflector Extended Gold Project utilizing auger, surface soil, and rock sampling and geological mapping to improve buried mineralized structures and favorable settings for mineralization. The increase in the loss of 149% to $1,550,702 is primarily due to the increased exploration expenditure incurred as a result of the acquisition of the East Pilbara tenements during the year. The stock has gone up by 20% to trade at $0.024 which is trading close to a low of 52-week and is gaining momentum which is sector driven.
METALICITY LIMITED (ASX: MCT) – Covering a total area of 2,166 km of Exploration License Applications in the Paterson province of the Pilbara region WA, targets are identified by the company from a first pass review of its recently secured copper exploration projects, which is adjoining Rio Tinto’s Exploration Licenses and has produced targets for future exploration. Currently, Metalicity owns a 99.99% interest in Kimberly Mining. As of September 30, 2018, the company has approximately A$ 1.6 million of cash reserves with $0 as debt provisions which represent a healthy balance sheet. The stock traded flat at $0.016 which is trading close to a low of 52-week and is gaining momentum which is mainly sector driven.
DONACO INTERNATIONAL LIMITED (ASX: DNA) – Despite the challenging conditions in the major market, the casinos continued to produce positive cash flows of $34.6 million, and through the repayment of debt, this has been used to strengthen the company’s financial position further. Also, the company had reduced the debt to equity ratio during FY18 to 6.3% from 8.7% in FY17 and intended to reduce it further. With the win rate running at 4.41%, total rolling turnover is on track to reach a level of around THB 5.5 Bn. At Aristo, total gaming turnover is on track for an increase of almost 60% from the October month. The stock traded flat at $0.054 which is trading close to a low of 52-week and is gaining momentum which is driven by performance and financials.
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