It was difficult to avoid cryptocurrency to end the week, helped along by the world’s richest man simply changing his bio on Twitter to “Bitcoin”. The result of this was a rise of up to 20% overnight for Bitcoin, and just as importantly for some, a 20% rise for crypto miner Argo Blockchain (ARB). Almost as an aside, Argo announced that 1,295 new mining machines went onstream this week, to “create long term value for shareholders.”
Indeed, with Argo continuing to soar, some in the market were looking to a more ground floor opportunity in the crypto space, with Mode Global (MODE) fitting the bill. Its shares rose 15% as the Bitcoin account app and business payments group returned to form. This was especially the case given the way the stock is trading close to its recent float price at 50p.
Also feeling the resurgence in the digital assets space was tech investor Pires (PIRI), in the wake if its recent investment in digital platform YOP. Here, there was an additional boost provided by the announcement that YOP intends to seek a stock market listing, the run up to which tends to squeeze valuations higher. Indeed, Pires was dragged 8% higher as it felt some of the positive glow from the Musk effect, and the way that the Reddit revolution is likely to push traders towards the digital trading area given the moving of the goalposts by stock market platforms and the voiding of (successful) trades.
Recent IPO Tirupati Graphite (TGR) remained a company which continues to flourish, a point underlined by the latest newsflow. Here its Tirupati Graphene and Mintech Research Centre = secured its first commercial contract. It will provide mineral processing technology development services to Optiva Resources, developing mineral processing technology solutions for the Vanadium, Titanium, and Magnetite deposits on its Marela Project in Guinea, West Africa. Shares of Tirupati rose 3%.
Another day, another update from Xtract Resources (XTR), with reference to its Bushranger Copper / Gold Project drilling programme. Indeed, to be precise, it was an update provide a further update regarding progress of the second hole in the Phase One diamond drilling programme at the Racecourse Mineral Resource on the Bushranger porphyry. What has been of note hear is the way that over the course of this month there has been increasingly positive investor engagement, a point underlined by the latest 14% rise for the share price.
Sticking with the Australia angle, and Oracle Power (ORCP), the natural resources and power project developer, said it has commenced a field-based exploration programme at the Jundee East Gold Project located in the Eastern Goldfields region of Western Australia. Oracle added that the Jundee East Project represents a previously unrecognised greenstone belt covering an area of 80km2, proximal to the Jundee Gold Mine, host to previous production and resource of more than 7Moz gold.
Wishbone Gold (WSBN) continued its rebound with another 1.8p rise to 15.8p. This came in the wake of the revelation that 98.54% of its warrants have been exercised, which the company said demonstrated the level of support for its new target strategy on developing shareholder value by advancing exploration on its Australian high-grade gold properties. It was also providing additional funding over and above that already announced, allowing for potential new expansion opportunities to exploration and projects.
Shares of “sister” company to Xtract Resources, Galileo Resources (GLR) announced its half year report. In particular, it reiterated the merits of this week’s Sandfire subscription at a price of 2.68p per share, being a 25% premium to the 10 day VWAP of the Company’s recent share price raising £1.1 million.
Another company with a very solid update was Rockfire Resources (ROCK), the gold and base metal exploration company. It announced that its 100% owned Plateau Gold Deposit, in Queensland Australia, had surpassed a JORC (2012) Mineral Resource of 200,000 ounces of gold. Indeed, given that this represented a 515% increase in gold ounces since the Company’s maiden JORC (2012) Mineral Resource reported previously in July 2019, the 26% rise in the Rockfire share price was perhaps a little stingy on the part of investors.
Clean energy SPAC Pineapple Power (PNPL) was on the rebound with a 22% share price rise, clearly helped out by the company’s intention to hit the market with aggressive investor relations. The rebound was all the more impressive on a dull end to the week for the London market, and after the authorities moved to puncture the balloon of the Reddit brigade. Nevertheless, with a tight free float and being in the zeitgeist in terms of its sector focus, Pineapple appeared to attracting professional investors looking at the bigger picture in terms of environmentally sound projects.
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