Market Close: ASX resurfaces with a brighter smile on its dial

The ASX200 closed the day up more than a per cent (1.08%).

All sectors bar one finished in the green. Energy fell 1.5 per cent, but Healthcare lead gains, nearly two per cent (1.97%). Telecommunications followed, up 1.7 per cent.

In the green

Australian mineral sands producer, Base Resources (ASX:BSE) surged 124 per cent on a forged alliance with Energy Fuels, a leading uranium mining company in the United States.

Energy Fuels is set to acquire all issued shares of Base Resources under Australia’s Corporations Act.

This merger aims to advance the company into a global leadership position in the critical minerals sector, enhancing market capitalisation, liquidity, and funding.

BSE closed the day at 23.5 cents

Small cap, mineral exploration company, Lightning Minerals (ASX:L1M) gained 21.6 per cent after it finalised a definitive agreement to acquire Bengal Mining (Bengal).

Bengal will operate through its wholly owned subsidiary Tigre Mineracao, possessing option agreements for two lithium projects, Caraibas and Sidronio, located in Brazil’s renowned Lithium Valley district in Minas Gerais.

Field work is set to commence upon deal completion and approval.

L1M closed the day at 9 cents.

Recce Pharmaceuticals (ASX:RCE) is up nearly 7.5 per cent, upon posting its latest quarterly results.

The company ended March with $8.5M in cash, an increase of around 100% Quarter on Quarter.

RCE closed the day at 57 cents.

In the red

Galan Lithium (ASX:GLN) shares fell 13 per cent, despite the Catamarca Governor in Argentina signing a commercial agreement to support permit grants for the commercialisation of lithium chloride concentrate from the Hombre Muerto West lithium brine project (HMW).

The permits will allow for the domestic sale or export of lithium chloride concentrate;

Galan commits to pursuing further downstream processing routes after 4 years, in a location outside the Hombre Muerto salar.

GLN closed the day at 33.5 cents.

Biotech company PYC Therapeutics (ASX:PYC) fell more than a per cent, despite revealing its drug, PYC-003 – designed to address Polycystic Kidney Disease- has now progressed to human trials.

The drug has shown promising safety and tolerability profiles in preclinical studies.

PYC closed the day at 9 cents.

DroneShield (ASX:DRO) dropped 16 per cent after it announced a $100 million capital raise through a two-tranche placement.

The first tranche of $70 million is fully committed, while the second $30 million tranche awaits shareholder approval.

The investor response indicates an attitude of wariness following the news.

DRO closed the day at 94 cents.