Winners and Losers: Minerals firm powers up

Power Minerals shot up into the top five Winners this week, with gains made on the back of a funding deal and the acquisition of a West Australian minerals deposit.

May 20, 2024, updated May 20, 2024
Photo: Power Minerals.

Photo: Power Minerals.

Power Minerals is trying to shake off a year-to-date downturn in its share price, with some positive announcements last week pushing the company up by nearly 24 per cent.

Though still down 75.24 per cent on a year-on-year basis, Power Minerals closed out last week with a price of 13 cents per share.

Investors were keen on the company this week thanks to two major announcements, the first being news that it had acquired a prospective mine in Western Australia.

The Kent Town-based miner said the Waterlander Project was considered prospective for niobium and rare earth elements. The company says niobium is a high-value, critical metal widely used in steelmaking as a strengthening agent and has an emerging application in lithium-ion batteries.

The Waterlander Project is currently under application, but once a licence is granted Power will commence targeted fieldwork designed to define drill targets – subject to exploration results.

Power Minerals also signed a funding agreement with investment companies last week to support its Argentinian lithium project.

The $7.5 million of strategic investments would fully fund Power’s development and construction of its Rincon Project to turn it into a “significant lithium-producing operation”.

Other winners included Neurizer which made back the prior week’s losses, putting it firmly at the top of the Winners list.

Resolution Minerals, Papyrus Australia and Itech Minerals also landed in the top five Winners of the week.

Technology company AML3D wound up in the Losers list this week, mainly due to the company raising an extra $3 million for its new US headquarters.

Minerals explorer Petratherm was the week’s biggest Loser, falling 32.26 per cent, and was followed by Axiom Properties which dipped by 29.23 per cent.

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Centrex was another loser, and Koonenberry Gold rounded out the bottom five.

The full list of Winners and Losers for the week ending 17 May 2024:

Data compiled by Baker Young Limited analysts.

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