Mining companies were fluctuating on the Australian Securities Exchange (ASX) yesterday (3 July), with Santa Fe Minerals (ASX:SFM) leading the charge with a 351.61% jump in value.
Santa Fe Minerals, which saw its shares hit $0.145 by 1pm, closed trade at $0.140, in a spike after announcing its intention to divest Turaco Gold’s (ASX:TCG) interest in the Eburnea Gold Project through a cornerstone shareholding.
Santa Fe will issue Turaco 12 million shares and 4 million performance rights, which will convert into ordinary shares upon hitting listed milestones, while also raising a minimum of $1 million in a capital raise.
Though focusing on the exploration of gold and base metals in Western Australia, Santa Fe will take over an exploration permit of Satama, as well as the exploration permit application for Bouake North in central Cote d’Ivoire.
On the tail of no news, Oakajee (ASX:OKJ) skyrocketed 65% to close trade at $0.033 per share.
The company is a mineral explorer focused on the development of the Paynes Find Gold Project in Western Australia, which spans 112km2 of the Paynes Find Greenstone Belt that has produced 72,000 ounces of gold.
Similarly, Argosy Minerals (ASX:AGY) had an unprompted bolster, jumping 78.95% to $0.034 on what was a stellar Thursday for some minnows.
Argosy is an Australian explorer with assets spread across the globe, including the Rincon Lithium Project in Salta Province, Argentina, and the Tonopah Lithium Project in Nevada, US. The company is focused on providing a sustainable shift away from fossil fuels to promote the lithium-ion battery sector in times of a global transition to clean energy and decarbonisation.
S&P/ASX 200
Broadly, the S&P/ASX 200 closed down 1.90 points on Thursday to 8,595.80 and over the past five days has gained 0.53%. The index is currently 0.50% off of its 52-week high.
On the downfall, Boss Energy (ASX:BOE) was one of the bottom performing stocks in this index closing down 5.86% yesterday.
Meanwhile, junior Admiralty Resources (ASX:ADY), dropped 28.57% to $0.005. No news was released to the market, as Admirality continues progressing its flagship Mariposa Project in the iron ore district of Chile, and its Pyke Hill Project in Australia.
DGR Global (ASX:DGR) was down as much as 27.27% on Thursday afternoon with its most recent news released on 1 July, however it clawed gains to close trade 9% higher to $0.006.
The Supreme Court of Queensland allotted DGR the security for costs applications and the appeal in relation to legal proceedings surrounding the administration and receivership of the Armour Group. The proceeding is now lifted without the need to pay the ordered security fee of $3.46 million, leaving DGR to just cover the defendants costs.
Bryah Resources’ (ASX:BYH) subsidiary West Coast Minerals purchased mineral royalty of two mining leases and four exploration licences from the company, which saw it decreasing its value by 41.67% to $0.007 a share.
West Coast Minerals will gain four exploration licences and 100 million shares, in exchange for a 0.75% net smelter return royalty on the tenure for Bryah.
Located 100km north of Meekatharra in Western Australia, the Bryah Basic Project is a manganese producer that is being developed by OM Holdings’ (ASX:OMH) subsidiary, OM Manganese.
Write to Maddison Elliott at Mining.com.au
Images: ASX & Admiralty Resources
