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Australasian Metals (ASX: A8G) share price took off on news it had entered into a binding option agreement with Firering Strategic Minerals to acquire majority interests in the highly-prospective Atex lithium-tantalum project and the Alliance lithium project in Côte d’Ivoire.
The transaction provides Australasian with a low-cost entry into one of West Africa’s most prospective lithium regions within the Baoulé-Mossi domain of the West African Craton.
“Following initial due diligence, the Board is excited to secure this strategic position in Côte d’Ivoire’s emerging lithium sector a frontier for critical minerals,” Qingtao Zeng, said.
“Historical drilling at Atex Project has delivered exceptional drill results, and we see significant upside through systematic exploration and resource definition.”
A8G was up 50.0% to 15.0¢.
Iondrive (ASX: ION) was popular on HotCopper on positive results received from an updated technical and economic evaluation of its IONSolv process applied to the recovery of rare earth elements from end-of-life permanent magnets.
The study estimated US$62 million annual EBITDA on US$122 million of revenue and US$11.9 million of development capital.
CEO, Dr Grant Caffery, said the updated work puts economics around a single commercial module using modelled overall flowsheet recoveries of approximately 89%.
“These assumptions sit below the independently validated single-pass leach results and allow for element-specific losses through the downstream flowsheet. Integrated testwork still needs to validate overall recovery through to final product.
“The number that matters most in this study is not the rate of return. It is the feedstock. The economics assume material at 30.66% REO, and confirming grade and availability at commercial scale is the work in front of us. That is where the qualification campaign and the supply arrangements are directed.”
ION jumped 35.3% to 11.5¢.
Synertec Corporation (ASX: SOP) was up after it was awarded a significant engineering services contract by an un-named Australian Government agency.
Contract value is $45.5 million over an eight year program, with a majority of works over the first 26 months.
The contract encompasses the delivery of engineering services from design development through to detailed design and the preparation of Issued for Construction (IFC) documentation, supporting the Agency’s program of critical infrastructure works.
“This award is testament to the skill, ingenuity and professionalism of our engineering team, and reflects the confidence our government sector clients continue to place in Synertec to deliver mission critical, complex, infrastructure projects that will benefit all Australians for generations to come,” MD, Michael Carroll, said.
SOP was up 20.0% to 9.0¢.
Looking wider, the S&P/ASX 200 was up just 7.10 points this morning to 9,013.00.
The index has lost 0.69% for the last five days but sits 3.05% below its 52-week high.
Meanwhile, Timor Leste has added to its interest in the offshore Greater Sunrise gas project sitting between the young nation and Australia.
State-owned TIMOR GAP EO, has agreed to acquire Osaka Gas Australia’s 10 per cent interest in the long stalled gas project.
The acquisition encompasses Osaka Gas Australia’s interests in the two existing Joint Petroleum Development Area Production Sharing Contracts and the two existing Australian retention leases pending the finalisation of the new single Production Sharing Contract under the Maritime Boundaries Treaty between Timor-Leste and Australia.
That’s Monday’s HotCopper Market Trends, I’m Colin Sandell-Hay - see you for close.
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