Two ASX penny stocks that surged over 40% on Monday

July 10, 2023 09:32 PM AEST | By Sonal Goyal

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Two ASX penny stocks that surged over 40% on Monday — Image source: @Gerd Altmann/Pixabay

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Highlights

S&P/ ASX 200 closed 0.54% lower on Monday (10 July 2023)

Heavy Minerals’ shares closed 100% up after the company shared a Mineral Resource estimate for its 100% owned, Port Gregory Garnet Project

Australasian Metals shared an update regarding its May Queen South Bauxite Project, and shares closed 42.86% higher

Australian equity market benchmark index, S&P/ ASX 200, closed 0.54% lower at 7,004.00 points on Monday (10 July 2023). Defying the benchmark index were two penny stocks - Heavy Minerals Limited (ASX:HVY) and Australasian Metals Limited, which closed 100% and 42.86% higher, respectively.

Let’s find out why these ASX penny stocks were on the rise today.

Heavy Minerals Limited (ASX:HVY)

The shares of Heavy Minerals closed 100% higher at AU$0.220 apiece on Monday. With a market capitalisation of AU$5.92 per share, HVY stock price has increased by 120% in a month, and it has increased by 69.23% over the past six months. The 52-week high of Heavy Minerals is AU$0.390, and the 52-week low is AU$0.090.

The announcement regarding the Mineral Resource estimate for its Port Gregory Garnet Project triggered buying in the stock. According to the ASX filing, the Port Gregory Mineral Resources estimate is recorded above the cut-off grade of 2.0% Total Heavy Mineral (THM). This deposit contains a total Mineral Resources of 166 Mt (megaton) @ 4.0% THM, 10% SLIMES and 9% OS.

The completed mineral resource estimate comprises 5.9 Mt of contained garnet, representing almost five years of existing global demand. Reportedly, the 5.4 Mt of the THM is within the measured and indicated JORC category.

Heavy Minerals is a Western Australian industrial minerals organisation.

Australasian Metals Limited (ASX:A8G)

The shares of Australasian Metals closed 42.86% higher at AU$0.20 per share on Monday. With a market capitalisation of AU$7.29 per share A8G share price is almost flat in the last one month and in last six months, the share price has dropped by 4.76%. The 52-week high of Australasian Metals is AU$0.325 and 52-week low is AU$0.110.

The increase in share price of A8G was possibly triggered by its latest update about May Queen South Bauxite Project. According to the release, the company identified high grades of TiO2 of up to 17.55%, after the completion of the field investigation and surface rock chip sampling at the project.

Australasian Metals is a mineral exploration company focused on gold, lithium and precious metals, primarily in Australia.

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