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The ASX200 is down just over a quarter of a per cent with energy the only sector to be in the green – up 0.30 per cent so far today.
IT stocks are continuing last week’s downhill slide, losing another half a per cent this morning.
One of the top trending stories today on HotCopper is about lithium assay results released by Trinex Minerals (ASX:TX3). The strongest result from surface sampling at its Ross Lake and MAC lithium projects in Canada was 3.31 per cent lithium oxide.
But the lithium industry is struggling with low commodity pricing, and the company’s share price dropped 12.5 per cent this morning to point-seven of a cent.
Despite the mood on lithium, today’s ASX debutant Kali Metals (ASX:KM1) has gained 74 per cent in its first hours of trade. That’s probably thanks partly to the top five shareholders including Chris Ellison of Mineral Resources and Perth billionaire Tim Roberts. It also has JV funding for two projects with Chilean giant SQM.
Kali Metals is a spin-out of lithium projects from Kalamazoo Resources (ASX:KZR) and TSX-listed Karora Resources (TSX:KRR) which are in WA and New South Wales.
It raised $15 million with 25-cent shares during the IPO process.
Kali Metals has been trading at 43.5 cents.
And lithium explorer, Chariot Corporation (ASX:CC9) has stopped drilling at its Black Mountain project in the US after completing six diamond drill holes.
The program has taken longer than expected due to harsh weather conditions, with winds up to 60 km/hr and temperatures as low as minus 15 degrees. Drilling will start again later in the month.
Chariot Corporation has been trading at around 52.5 cents.
Meanwhile, mineral sands miner, Sheffield Resources (ASX:SFX), is up 1.74 per per cent after sending its first shipment of non-magnetic zircon concentrate from its Kimberley Mineral Sands joint venture to China.
Sheffield and JV partner, Yansteel, are developing the Thunderbird Minerals Sands project in Western Australia. The first shipment from Port Hedland contained 300 metric tonnes of bagged zircon.
Sheffield has been trading at 58.5 cents today.
And probiotics company, Biome Australia (ASX:BIO) has dropped 10 per cent despite boosting its revenue guidance for this financial year by $1 million dollars to $12.5 million – 8.7 per cent above target.
Biome has grown its revenue significantly in recent years, in 2020 it reported just over $860,000 in revenue.
The company has been trading at around 22.5 cents.
