Juniors on Radar: Explorers on the Move Today

The ASX materials sector opened 0.98% higher today, outperforming the S&P/ASX 200.

Commodities

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#1: Natural Gas

Natural Gas is up 0.9%, buoyed by expectations of increased demand after the US signed a deal with the European Union to reduce Europe’s reliance on Russian energy. Natural gas futures were trading at a 4-month high on Friday in the wake of this deal. 

• Bounty Oil & Gas (ASX: BUY) is up 8.33% at the open. Along with rising gas prices, the company has benefited from a 23 March announcement that upgraded the prospectivity of several drilling targets at the Cerberus project in WA.  

#2: Zinc

Zinc 1-year price chart. Source: Trading Economics.

Zinc spot prices have edged 0.68% higher today, continuing a strong bullish run. Zinc prices have risen 15.07% since the start of 2022, driven by increasing demand for renewable energy products (zinc is a key battery material).   

• Greenland Minerals (ASX: GGG) is up 13.85% at the open. The company’s Kvanefjeld rare earth project is expected to produce a zinc concentrate, although 80% of the project’s revenue will come from rare earth products.

• Metals Australia (ASX: MLS) has opened 10.53% higher. The company’s Manindi zinc project, located in WA, has a mineral resource estimate of 1.08Mt at 6.52% zinc, along with other base metal mineralisation. 

Company announcements

Tempest Minerals

Tempest Minerals (ASX: TEM) has skyrocketed 134.78% (not a typo) after reporting a “significant discovery” at the Meleya project. The company’s first drill hole has intersected visible copper and semi-massive sulphides. 

Ora Gold

Ora Gold (ASX: OAU) has climbed 21.43% after announcing air core drilling results at the Kingswood and Transylvania prospects. 

“We are very encouraged by these results as the majority of the gold intercepts are at shallow depth and mineralisation remains open with strong potential for open pit development,” says Chairman Rick Crabb. 

Wildcat Resources

Wildcat Resources (ASX: WC8) has opened 15.15% higher after defining a large lithium soil anomaly at the Bolt Cutter project.

CEO Sameul Ekins notes that the scale of the anomaly “exceeded our expectations.”