Winners and Losers: Petratherm skyrockets again
Shares in Petratherm nearly quadrupled last week after testing of drilling samples indicated high-value titanium minerals.
The results from testing historic drilling samples at Petratherm’s Rosewood titanium prospect were “outstanding and beyond our expectations” according to the company’s CEO Peter Reid.
Shareholders were excited, with the company’s share price rising by 280 per cent over the past five trading days to 19 cents.
This added nearly $40 million to the company’s market capitalisation. The last time the company was valued at 19 cents was in 2021.
According to Petratherm, a trial heavy mineral separation test, using samples from historic drilling at the Rosewood Prospect, returned “highly significant Heavy Mineral grades and mineralogy”.
Samples returned heavy mineral concentrations of 12 per cent and 12.5 per cent from shallow depths, and laboratory analysis confirmed high titanium mineral content.
You might like
The company recently completed its own drilling of the Rosewood Prospect – part of its larger Muckanippe titanium project which is just southwest of Coober Pedy in South Australia.
Results from the new drilling samples are expected within a month, and the firm’s CEO was bullish on the potential of the prospect.
“The initial metallurgical results from historic drilling at the Rosewood prospect are outstanding and beyond our expectations,” Reid said.
“As the Muckanippie project evolves, it continues to surprise with emerging potential to be a significant source of high value Titanium minerals and transformational for the company.
Stay informed, daily
“This outcome is a massive step forward for the Muckanippie Titanium Project and supports our strategy to maintain momentum on activities over the coming weeks and months to determine the full potential of the project. We now eagerly await the initial batch of heavy minerals results from Petratherm’s recent drilling at Rosewood and look forward to providing results as they come to hand.”
On the other end of the spectrum, NeuRizer topped the Losers list after shares fell by 50 per cent.
The stock was reinstated to trading after being suspended for seven weeks because NeuRizer failed to lodge its periodic financial report.
On 19 November the company responded to an ASX query letter which said the delay in the lodgement of the NeuRizer annual report was due to its auditor’s considerations regarding “the company’s ability to continue as a going concern”.
NeuRizer said it had short-term funding plans and is “working to adequately resolve its liabilities”.
“The company continues to look for ways to reduce its cash outflows and intends to raise further capital as and when required,” NeuRizer said in its response to the ASX, signed by executive chairman Justyn Peters.
“The company is in active discussions with several potential investors, and it has confidence that these will be successful shortly after the company’s securities are once again trading.
Though just missing out on a spot in the Losers list, Elders also fell by 10.89 per cent after unveiling a $236 million discounted capital raise to pay for the $475 million acquisition of its competitor Delta Agribusiness.
The full list of Winners and Losers for the week ended 22 November:
Data via Baker Young Limited analysts.
