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With more than seven million daily users on the HotCopper forums, each and every discussion can move markets. That’s why getting in front of those red-hot trends is key for every trader worth their salt. In this daily HotCopper Trends column, we break down the top Oz stocks through each trading day.
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Haranga Resources (ASX:HAR) has dominated discussion on the HotCopper forums after it confirmed the Lincoln project as a significant high-grade gold development opportunity in the renowned Mother Lode Gold Belt in California. Chairman Michael Davy even described it as a “watershed moment.”
The Australian explorer released some quite impressive numbers for a combined maiden JORC resource of 2.46 million tonnes (Mt) at 5.1 grams per tonne (g/t) for 402,000 ounces of gold for the Lincoln/Comet deposits.
HAR was up +31.8%, to 14.5c at time of writing.
Arafura Rare Earths (ASX:ARU) has again been on the tip of investors’ tongues after receiving firm commitment for a $350M placement — with those wagging chins sending ARU stock down -10% today.
Fresh off announcing a positive final investment decision for the Northern Territory project, Arafura today told the ASX it had received strong demand from high-quality investors for the two-tranche institutional placement.
The raising was well supported by institutional investors, including Arafura’s largest shareholder, Rinehart’s Hancock Prospecting, which has committed to subscribe for around $85 million in shares. With the additional funds in place, Arafura is preparing to commence construction in September.
Meeka Metals (ASX:MEK) has also been very popular as it continues expansion activity at its Andy Well project. The next cab off the rank in its staged Andy Well underground gold development, Judy North, is underway towards mining an initial 96,000 ounces at 5.4 grams per tonne resource. Meeka has now accessed the Judy North orebody from the existing decline, with ore development ramping up.
Andy Well development has until now been focused on ore development on the Wilber lode, while work was undertaken to establish access to Judy North.
MEK was up +15.2% to 13.3c; a recovery after the stock dropped -50% YTD.
Looking wider, resource stocks have boosted the ASX 200, which has bounced back after an early decline. At lunchtime, the bourse is +0.4%.
And — with further positive news coming out around the Middle East crisis front, oil prices have dropped sharply. However, there is still some caution on long-term pricing with Dhabi National Oil Co suggesting Middle East exports may not fully recover until well into CY27, even if the conflict ended immediately.
That’s Monday’s HotCopper Trends, I’m Colin Sandell-Hay — see you for close.
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