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With more than 600k average monthly 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 stock movers through each trading day.
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Sultan Resources (ASX: SLZ) was a big mover after reporting it had lodged an exploration licence application covering 171.2 sq. km of highly prospective copper-gold ground within Namibia’s Central Damara Orogen.
The Kaalkop project is located approximately five km south of Kalkfeld and provides Sultan with a substantial strategic landholding within an established gold province.
Following grant of the licence, which is expected during the next quarter, Sultan intends to compile and review historical data, undertake reconnaissance mapping and rock-chip sampling.
The province hosts major gold deposits including the Navachab and Ondundu mines as well as the Kososeb, Twin Hills and Eureka prospects.
SLZ jumped 37.5% to 1.1c.
Iron Bear Resources (ASX: IBR) was up on news that it had received the final notice from Vale SA in relation to the development agreement for the Iron Bear project.
The company reported earlier this week that there had been a successful deployment of a US$18 million investment from Vale to de-risk the project and present a compelling PFS, without shareholder dilution. However, Vale confirmed it was not going to be a part of stage 2.
“We are grateful for the technical and financial contributions that Vale made to the Iron Bear project,” MD, Paul Berend, said.
“The insights and expertise shared by Vale’s top engineers have allowed Iron Bear to achieve spectacular results at pilot plant scale for the production of high-quality direct reduction pellets. The PFS was also materially improved by the inputs of Vale’s experts which resulted in an economically compelling PFS, with many optimisation opportunities ahead.
“We are sad that this productive relationship with Vale is at an end.”
IBR rose by 9.52% to 2.3c.
Forrestania Resources (ASX: FRS) was popular on HotCopper after it released a pre-feasibility study (PFS) for the Johnson Range project in Western Australia.
The results of the PFS demonstrated a near-term high-grade gold production opportunity, strategically located to leverage Forrestania’s Edna May processing infrastructure.
The PFS confirmed a short-life, near-term development opportunity, with the production target fully underpinned by a probable ore reserves of 308,000 tonnes at 2.88 grams per tonne (g/t) for 28.5k ounces.
“The Johnson Range ore reserve advances Forrestania’s strategy of building near-term gold production opportunities around the Edna May processing hub,” chairman, David Geraghty, said.
FRS was up 2.08% to 36.8c.
Looking wider, the S&P/ASX 200 was down just 2.90 points this morning to 8,729.50. The index is virtually unchanged over the last five days and year to date.
Elsewhere, routine indexation to income support payments is not enough and the Federal government must deliver a substantial real increase to working-age payments, the Australian Council of Social Service (ACOSS) said today.
From 20 September, JobSeeker Payment, Parenting Payment, pensions and Commonwealth Rent Assistance will rise in line with the twice-yearly indexation cycle.
“People receiving JobSeeker are going without meals and struggling to keep a roof over their heads,” said ACOSS CEO, Cassandra Goldie.
“While every extra dollar counts, routine indexation does not lift people out of poverty and deprivation.”
A recent ACOSS survey of 1,560 people receiving working-age income support found 95% are struggling to cover grocery costs, with three in four (74%) cutting back on food, skipping meals, or eating smaller portions.
That’s Friday’s HotCopper Market Trends, I’m Colin Sandell-Hay - see you for close.
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