Rockets and Tanks: Canadian rare earths dominate

There were plenty of moves among the small cap resources players on Friday, with many advancing or retreating on no news at all. 

Canada-focused rare earths explorer Vital Metals (ASX:VML) added 50% to its share price, climbing to an intra-day high of $0.003.

At the start of last week, the company announced that it was selling its stockpiled rare earth material from North T deposit in Canada to the Saskatchewan Research Council for C$3 million ($3.3 million). 

The sale was facilitated by Natural Resources Canada and supersedes a previous transaction announced in December 2023.

Diversified explorer Mount Burgess Mining (ASX:MTB) rose over 33% to a peak of $0.002 last Friday on no news.

This month Mount Burgess completed a $200,000 placement to go towards resource development and corporate administration costs. 

Pivotal Metals (ASX:PVT) – which owns copper, nickel and platinum group metals projects in Québec, Canada – witnessed a share price gain of 20% following its presentation at Vertical Events’ Gold Coast Investment Showcase last Wednesday. 

The company’s shares rose to a high of $0.018 before closing level with the prior day’s close of $0.015. 

Critical minerals and base metals explorer Iltani Resources (ASX:ILT) also presented at the event on Wednesday and was up 12.5% at $0.315 on Friday. 

Two days prior to its presentation, the company announced that drilling had extended the Orient silver-indium discovery in north Queensland by 550m with peak grades of up to 483 grams per tonne (g/t) silver equivalent. 

Tungsten-focused Group 6 Metals (ASX:G6M) advanced 12% to $0.028, also on no news. 

Earlier in June, the company revealed it was evaluating the integration of a 7.5 megawatt solar panel array and a 5.5 megawatt battery storage system at its Dolphin tungsten mine in Tasmania.

Tipping the scales

On the other end of the scale is Korab Resources (ASX:KOR), which dipped 30% to an intra-day low of $0.007 on no news.

Antilles Gold (ASX:AAU) fell 25% to $0.003. The small cap explorer is undertaking a $4 million capital raising to cover its 50% stake in joint venture company Minera La Victoria SA, which is advancing gold and copper projects in Cuba.

The non-renounceable entitlement offer is being done at $0.004 per share, which is a 33% discount to the closing price of shares on 14 June – the last trading day prior to the announcement of the capital raising. 

Emerging diamond producer Newfield Resources (ASX:NWF) retreated over 19% to a low of $0.105. 

Construction is underway at the company’s flagship Tongo Diamond Mine in eastern Sierra Leone. 

Newfield announced last Tuesday that it had started trading on the Frankfurt, Munich and Stuttgart stock exchanges to increase its exposure to European markets, which is where it plans to sell its diamonds. 

North and South America-focused copper explorer EV Resources (ASX:EVR) slid around 17% to $0.005, while battery metals explorer Charger Metals (ASX:CHR) dropped just under 14% to an intra-day low of $0.068 on Friday. 

Write to Angela East at Mining.com.au 

Images: Vital Metals & Group 6 Metals 
Author Image
Written By Angela East
Managing Editor Angela East is an experienced business journalist and editor with over 15 years spent covering the resources and construction sectors and more recently working as a communications specialist handling media relations for junior resources companies.