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The ASX is tracking up in midday trade, with mining giants and the big four banks all in positive territory.
In the materials space, Leo Lithium (LLL) has jumped 17.6 per cent after China’s largest lithium producer, Ganfeng, committed to invest $106 million-dollars in the company.
The placement will fully fund Leo’s stage one development at its Goulamina lithium project in Mali. At placement close, Ganfeng will hold 9.9 per cent of Leo’s total shares on issue. Leo’s shares were trading at 85.3 cents.
Exploration company Augustus Minerals (AUG) has identified potential ironstone targets at its Ti-Tree project in WA’s Gascoyne region.
A survey program uncovered more than 10 kilometres worth of ironstone potential, that could host rare earth elements.
AUG was up nearly more than 3 and a half per cent trading at 21.3 cents.
Exploration company Dreadnought Resources (DRE) has produced a concentrate from its Mangaroon rare earth element project in Western Australia that returned more than 31 per cent total rare earth oxide.
The concentrate came from drill samples at its Yin Ironstone Complex, producing an 86 per cent total rare earth recovery – 12 times higher than its average recovery grade. DRE shares were unchanged at 5.6 cents.
Exploration company Arcadia Minerals (AM7) has secured more than $10.5 million from a Hong Kong construction company for its Swanson tantalum project in Namibia.
HeiBei will be responsible for constructing the plant and executing the mine’s development in exchange for an interest in the project. Arcadia was trading down 2.7 per cent at 17.5 cents a share.
Biotechnology company, Tissue Repair (TRP) has been given the tick of approval by the US Food and Drug Administration, to begin the third phase of a clinical trial testing its wound healing drug.
600 patients will soon be enrolled across Australia and the US to test TR-987. If all goes well, this could mark the first drug approved for venous leg ulcers in more than 25 years.
And drug developer, Recce Pharmaceuticals (RCE), has appointed outpatient nurses from leading healthcare provider Ascott, broadening the patient population for a trial testing its R327 drug.
The study will assess the safety and efficacy of R327 as a treatment for patients with mild skin and soft tissue diabetic foot infections.
Recce’s shares were up more than 2 and a half per cent, trading at 57.5 cents.
