Winners and Losers: Orbminco slides as it chases funds
Mineral explorer Orbminco will find it hard to fall much further than it has already, with a capital raise pushing its shares down even further.
Orbminco, which is exploring for copper and gold in Mongolia and battery metals and gold in Western Australia, fell to $0.001 per share this week.
Its slide was driven by a capital raise of $1.08 million issued at that price to existing shareholders.
The cash injection is worth approximately half of the firm’s total market capitalisation of $2.2 million.
Proceeds from the raise will fund the company’s exploration work in Mongolia.
When announced on 11 March, the offer price was a 48 per cent discount to the company’s 15-day volume weighted average trading price. Now, the share price has fallen to the same level as the offer price.
Other Losers for the week included Australian Vintage (which is nearing another 2025 low), Resolution Minerals (down more than 62 per cent in a year), Space Talk (which remains up 80 per cent this quarter) and Mayfield Group (also up 35.81 per cent this quarter).
Winners included Koonenberry Gold, which identified more prospective gold zones at its Enmore Gold Project in New South Wales.
The company announced it had intersected visible gold in the third and fourth drill holes of its inaugural drilling program at the site in northeast NSW.
“It is often said the best pathfinder for gold, is gold itself and we are extremely encouraged to have hit visible gold in our first four drillholes at Sunnyside,” KNB managing director Dan Power said.
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“Furthermore, extensive alteration, sulphides, veining and an improved structural understanding point to this system having significant size potential.”
The full list of Winners and Losers for the week ending 21 March, 2025:
Data via Baker Young Limited analysts.
