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Mount Ridley Mines (ASX:MRD) has obtained positive initial results from its ongoing metallurgical testwork program conducted on historical drill samples from the Grass Patch Complex, located in Western Australia.
MD and CEO, Allister Caird, said the initial results represent a pivotal technical milestone for the company, demonstrating the ability of its wholly owned Selectro Process to recover HREE, LREE, scandium and gallium from un-beneficiated Grass Patch material through a single proprietary leach process.
“These are the first metallurgical testwork results the company has produced since the definition of our HREE, scandium and gallium mineral resources and the establishment of the current management team and corporate strategy,” Mr Caird, said.
“The Selectro process results validate what we believed to be true about Grass Patch, that we have a genuinely polymetallic system where all three critical minerals can be recovered from a single leach process. We look forward to providing further updates in due course.”
MRD was up 32.0% to 3.3¢.
Pathkey.AI (ASX:PKY) is up on news it has appointed Sam Weiss as a strategic advisor to the CEO and Chipforge team.
Mr Weiss served as non-executive chairman of ASX-listed Altium from 2007 to 2024, overseeing the company’s growth from a small, Sydney- based software company to a global leader in printed circuit board design software. His chairmanship culminated in the acquisition of Altium by Japanese semiconductor firm Renesas Electronics for approximately $9.1 billion in cash.
The company also advised the receipt of firm commitments to raise $2,800,000 through a strategic placement to institutional and sophisticated investors. The placement was cornerstoned by Mr Weiss.
PKY jumped 22.6% to 3.8¢ at the time of going to press.
Taroom Trough gas explorer Elixir Energy (ASX:EXR) has received firm commitments for the placement of new shares to existing and new investors to raise $5 million to back its significant Queensland gas drilling program.
The funds will support the downhole pressure monitoring, technical works and observation of the Lorelle-3H well during the 60-day soak period and then the subsequent costs to recommence flowing the well.
It will also, costs associated with the data gathering and evaluation of the well, post flow performance and engagement of the independent reserve certifiers.
MD and CEO, Stuart Nicholls said the raising strengthens the company’s balance sheet at a pivotal time for the Taroom Trough, where industry interest in the play has never been higher and the collective work is advancing quickly towards commercial development.
“Elixir holds the largest land position across every known and tested play in the Trough, and that position is attracting significant external attention. Now is the right time to assess the full range of paths available to convert this into shareholder value.
“Over the coming period, we’ll be evaluating those options while continuing our planned well testing across our Taroom portfolio.”
EXR was down 10.0% to 4.5¢.
Looking wider, the S&P/ASX 200 was lower this morning, dropping 54.30 points or 0.59% to 9,196.30. The bottom performing stocks in this index were Seek (ASX:SEK) and Premier Investments (ASC:PMV) which were down 13.81% and 8.63% respectively. The index has lost 0.34% for the last five days but sits 1.08% below its 52-week high.
Meanwhile, the ABS has reported that as of midnight last night, it had received more than eight million household Census forms – online and on paper with well over two thirds of households having responded.
“The Census is an incredibly important exercise for our nation,” Australian statistician, Dr David Gruen, stated.
“The data we collect through the Census is used to plan and deliver vital services, help businesses grow, and support local communities.
“Each person’s response contributes to building a snapshot of modern Australia, who we are and where we are going.”
That’s Wednesday’s HotCopper Market Trends, I’m Colin Sandell-Hay - see you for close.
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