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Mount Hope Mining (ASX: MHM) was up after it revealed it had received firm commitments for a $1.82 million placement to the fund of respected WA gold discovery specialist Simon Lawson and former Spartan executives Craig Jones and David Coyne.
The fund has become a new major shareholder of the company.
The raising will accelerate regional exploration of the multi-million-ounce potential of the broader Mt Hope project.
“Completing this financing as we commence our Phase 3 drilling program significantly strengthens our balance sheet and gives us the flexibility to pursue the broader Mt Hope project more aggressively,” MD and CEO, Fergus Kiley, said.
MHM jumped 25.0% to 20.0c.
Meeka Metals (ASX:MEK) was popular on HotCopper after it confirmed it had completed the acquisition of the Blue Vein, Bushpig and Razorback gold deposits and surrounding tenure near Mt Holland in Western Australia.
MD, Tim Davidson, said the acquisition adds a quality gold growth pipeline comprising three known gold deposits , granted mining leases and a largely under-explored tenement package in the Forrestania greenstone belt.
“Having historically produced 1.2 million ounces of gold, this fertile Archaean greenstone belt is a compelling growth opportunity for us,” Mr Davidson said.
“The belt has received very little modern exploration for gold over the past 15 years despite significant past production and strong evidence there is more gold to be found. W e intend to systematically drill test the ~24km of north-south striking, gold-hosting BIF units within the acquired tenure over the next 12-18 months.”
MEK was up 17.5% to 11.8c.
Hamelin Gold (ASX:HMG) is set to accelerate exploration programs across a range of assets after it received total firm commitments from sophisticated, professional, and experienced investors for a placement to raise $8 million.
The company’s two largest shareholders Gold Fields and Vault Minerals subscribed for approximately $1.5m and $600,000 in the placement respectively.
“We greatly appreciate the ongoing support from our existing shareholders and welcome new shareholders at an exciting time for the company,” MD, Peter Bewick, said.
“Drilling activities are in progress at our Day Dawn gold project and plans are well advanced to complete programs at the Venus project near Cue and in the West Tanami.”
HMG was strong at 21c up 16.2% at the time of going to press.
Looking wider, the S&P/ASX 200 opened lower today, dropping 28.40 points or 0.31% to 9,086.80. The bottom performing stocks in this index were JB Hi-Fi and Aurizon Holdings, down 11.57% and 9.62% respectively. The index has lost 1.58% for the last five days but sits 2.26% below its 52-week high.
Elsewhere, Goldman Sachs Research believes the global investment in AI is actually being under reported.
The American multinational investment bank has adjusted the widely used measures of US hyperscaler capex to produce a more comprehensive estimate.
That projection points to US$1.019 trillion of AI-related investment around the globe in 2026, including US$581 billion in the US, writes Joseph Briggs, who co-leads the company’s Global Economics team, in a report.
The most common estimate for investment in artificial intelligence (AI) is the projection for capital expenditures by US hyperscalers. These tech companies are forecast to spend about $800 billion this year, according to the consensus of analyst estimates.
But those estimates have several drawbacks, according to Goldman Sachs Research. They do not include investment in AI by private companies and by companies outside the US. Not all capex by hyperscalers is necessarily related to AI. And the major US tech companies operate globally, indicating some of their investment takes place outside the US.
That’s Monday’s HotCopper Market Trends, I’m Colin Sandell-Hay - see you for close.
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