Two ASX penny stocks that defied market weakness to surge over 20% today - Kalkine Media

July 06, 2023 06:47 PM AEST | By Sonal Goyal
Follow us on Google News:

Highlights

  • The S&P/ASX 200 index ended sharply lower on Thursday, but few ASX-listed stocks defied the overall market weakness and closed higher
  • Regener8 Resources (ASX: R8R) has signed two option agreements to acquire the Grasshopper and Seven Sisters prospects
  • Tambourah Metals (ASX: TMB) has entered into a earn-in lithium agreement with Sociedad Quimica y Minera de Chile S.A

The Australian equity benchmark index, S&P/ASX 200 ended in red on Thursday (6 July 2022), falling 1.24% to close at 7,163.40 points. However, few stocks outperformed the benchmark index by a wide margin and ended sharply higher. Two such stocks are Regener8 Resources NL (ASX: R8R) and Tambourah Metals Ltd (ASX: TMB).

Shares of Regener8 closed at AU$0.210 apiece, 31.25% higher than its previous closing price and shares of Tambourah Metals closed at AU$0.145 apiece, 36.36% higher than the closing price of Wednesday. Whereas the materials sector index, S&P/ASX 200 Materials (INDEXASX: XMJ)  dropped by  1.86% to close at 17,884.40.

Let’s find out the reason behind the surge in the share price of Regener8 Resources and Tambourah Metals.

Regener8 Resources (ASX: R8R)

Australian gold miner, Regener8 Resources shared via an ASX update that it has inked two option agreements with Beau Resources Pty Ltd. As part of this agreement, the company has gained an option to acquire East Ponton Future Metals Project. It consists of Grasshopper and Seven Sisters prospects. The ‘potentially transformative exploration tenements’ are situated around 220km east of Kalgoorlie.

The prospects are located near the known Rare Earth Elements (REE) -bearing carbonatites which include the Ponton Dyke and the Cundeelee Intrusion.

In a statement, the company said that it considers both tenements to have high prospects of rare earth elements along with prospectivity of gold and lithium. Experienced prospectors - Ross Chandler and Drew Money identified these opportunities.

Ross Chandler carries expertise in REE deposits and was part of the early discovery stages of Dreadnought Resources Ltd (ASX: DRE) Yin REE deposit.

Source: Company update

Tambourah Metals Ltd (ASX: TMB)

Western Australian-based exploration company, Tambourah announced that it has signed a lithium earn-in agreement with Sociedad Quimica y Minera de Chile S.A. (SQM) for Tambourah’s Julimar Nth projects. SQM is a chemical ad mining company with operations in Western Australia and Chile. According to the ASX announcement, SQM is amongst the largest lithium producer globally. In addition to this, SQM is a global leader in potassium nitrate, thermos-solar salts and iodine markets.

Under the agreement, SQM gets the right to earn an interest of 50% initially, and up to 70% in all mineral rights at the project, by sole funding the expenditure of AU$ 1.5 million, up to AU$ 3 million. As stated in the ASX update, SQM would take control of exploration and report plans, exploration and results expenditure.

Source: Company update


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.



Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK