Winners and Losers: Woomera Mining sinks on disappointing drilling results

Shares in lithium prospector Woomera Mining fell after a drilling campaign failed to discover any “significant” lithium in Western Australia.

Feb 19, 2024, updated Feb 19, 2024
Photo: Woomera Mining.

Photo: Woomera Mining.

The company kicked off last week with disappointing results from a drilling programme at its Ravensthorpe project in south-eastern Western Australia.

Five words – “no significant lithium results recorded” – were enough to send the company’s share price down by a third, where it stayed throughout the week to close out at $0.0045.

It adds to the company’s woes, with Woomera Mining down 72 per cent over the year-to-date on low lithium prices.

Internationally, lithium suppliers have been pulling back on spending and production of the metal, with the world’s largest producer Albemarle Corp saying last week that current prices are “unsustainable” according to

Woomera did not include any commentary on its drilling results in its letter to shareholders.

Copper Search Limited and Argonaut Resources were two other miners in this week’s Losers list, the latter last Monday reporting encouraging drill results from two copper prospects at its Peake Project in SA.

“We are pleased to have encouraging drilling results from two copper prospects from the 2023 season at our Peake Project in South Australia and look forward to drilling results from 2024,” Copper Search CEO Duncan Chessell said.

“We look forward to 2024 as we drill testing multiple large-footprint copper targets.”

Nova Eye Medical landed in the second spot on the Losers list after announcing a capital raise that would take its cash on hand to $10 million.

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Funds will be used for near-term growth opportunities across its glaucoma treatment business, including by expanding sales across the US and Europe.

There was no news of note from any of the top five Winners this week, with the list topped by strong gains from Resolution Minerals (up 33.33 per cent over the five days).

Jade Gas Holdings was hot on Resolution’s heels and is up 85.29 per cent this quarter.

The Winners list was rounded out by NASDAQ-listed Bionomics, Renascor Resources and Mighty Kingdom.

Baker Young Limited analysts this week made a special mention of Beach Energy, which staged a big intraday reversal closing more than 5 per cent higher on Friday to finish the week up 8 per cent and clinching 12-month-highs.

The full list of Winners and Losers for the week ending 16 February:

Data compiled by Baker Young Limited.

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