Week ended 25 September 2020

Triple Energy announced that two directors of the company had been replaced by two Hong Kong investment professionals. The company holds oil development interests in China. Project progress appears to have stalled although the explanation offered by directors in the company�s latest quarterly activities report leaves the source of the development failure and its potential resolution unclear. At the end of June 2020, the company held cash assets of $184,000 after having borrowed $181,000. Verdict: Sizzle.

Tao Commodities announced that it had acquired an option to purchase exploration properties prospective for titanium and zircon mineralisation in Tennessee. The company also said it had received commitments for a $2 million capital raising. The targeted area had been explored by BHP and Du Pont between 1960 and 1990 during which time a resource was defined. Previously, the company was engaged in base metal exploration in Utah. At the end of June 2020, Tao had cash assets of $1.6 million with which to undertake its activities. Verdict: Sizzle.

Andromeda Metals did not make any formal disclosure which might explain the further share price improvement. The price move is a continuation of a consistent upward surge since the beginning of September. The company is developing a halloysite kaolin deposit in South Australia. During the week, the company recorded the exercise of further outstanding options which had had been ongoing since earlier in the month. Verdict: Sizzle.

Sovereign Metals announced the results of a drilling program in Malawi in an area prospective for rutile. The company referred to its inference that it had discovered a 16 x 6 kilometre mineralised zone. The latest results have resulted in a tripling in the size of the exploration footprint.  At the end of July, the company reported having cash assets of $3.6 million. Verdict: Steak.

Jindalee Resources sought to jump aboard the Tesla battery day hype by drawing attention via an announcement through the ASX platform to the car company�s strategy to localise lithium production in the USA.  Jindalee holds lithium exploration interests in Oregon. Subsequently queried by ASX about the reason for the share price action, the company referred again to the Tesla strategy. The company reported having cash assets of $908,000 at the end of June 2020. Verdict: Sizzle.

Week ended 18 September 2020

Sagalio Energy did not make any formal disclosure which might explain the extraordinary share price action. Investor interest had picked up a fortnight earlier (see 4 September 2020) in the very sparsely traded stock. Again, there was no explanation for the jump from 0.8 cents to 8.6 cents. Did someone simply miss a decimal point in placing an order? By midday, trading had been closed down by ASX pending an explanation. The company remained suspended at the close of the week. Verdict: Sizzle.

East Energy Resources did not make any formal disclosure which might explain the extraordinary share price surge. The price of the usually lightly traded stock moved from 0.3 cents to 3.6 cents on the same day as the Sagalio Energy move. By midday, trading had been put on hold and remained suspended at the end of the week. The company whose major shareholder has a 93% stake holds coal exploration tenements in Queensland. Verdict: Sizzle.

Redbank Copper which had not traded since August 2019 was reinstated on 15 September after a recapitalisation via new share issues, leaving the company with cash assets of $3.6 million.  The company intends using its newfound financial capacity to pursue exploration and development of a copper resource in the Northern Territory near the Queensland border. Verdict: Sizzle.

Jupiter Energy announced that the Kazakh government had approved a status upgrade for the company�s Akkar East oilfield from an exploration licence to commercial production. The company followed up during the week to clarify the full implications of the change since the government had provided a conditional production permit more than 10 years earlier. Verdict: Sizzle.

Coppermoly did not make any formal disclosure which might explain the unusual share price surge. When queried by ASX, the directors said they had no information to disclose. Nor did they have any suggestions about why the price action had occurred. The company is engaged in copper-gold exploration at the Mt Nakru prospect in Papua New Guinea. It held cash assets of $4.6 million at the end of June 2020. Aside of from the required proforma quarterly reports, the company had not previously updated investors about exploration progress since April.  Verdict: Sizzle.

Week ended 11 September 2020

Victory Mines did not disclose anything which might explain the share price movement. Queried by ASX about the reason for the price action, the company said it did not have any undisclosed information which might be relevant. Directors pointed to announcements in late August relating to completion of a joint venture interest in a Western Australian gold property and a drilling program scheduled for a mid-September start. At the end of the month, the company also referred to completion of an acquisition involving copper-gold prospecting tenements in the Pilbara region of Western Australia. The company did not spend anything on exploration or evaluation during 2019/20. The company finished the year with cash assets of $836,000.  Verdict: Sizzle.

Los Cerros announced gold intercepts from drilling at the company�s Tesorito property in Colombia. Directors held out the prospect of a deep copper-gold porphyry deposit as well as new surface epithermal gold. The company reported having cash assets of $946,000 at the end of June suggesting that it was insufficiently well-funded for the sort of drilling program required for investigation of a complex and deep mineralisation system.  Verdict: Sizzle.

Manas Resources did not make any formal disclosure which might explain the heightened investor interest and share price reaction.  The company is exploring for gold in Cote d�Ivoire.  It held cash assets of $6.4 million at the end of June 2020.  Verdict: Sizzle.

Gladiator Resources did not make any formal disclosure which might explain the heightened investor interest and improved investment return. Queried by ASX, directors said they had no information to disclose.  Nor did they have any explanation for the market action. A week earlier, the company had reported having encountered gold mineralisation at its Plutonic greenstone belt property in Western Australia, although directors said they would have to evaluate the data against the backdrop of historical drilling results. Directors also said that, despite the results, the company would concentrate its efforts on gold exploration interests at Rutherglen in Victoria. The company had cash assets of $232,000 at the end of June 2020. The company subsequently raised $407,500 via the issue of new shares.  Verdict: Sizzle.

Rimfire Pacific Mining did not make any formal disclosure which might explain the share price action or the moderately higher turnover.  Queried by ASX about the reasons for the price action, directors said they did not have any information to disclose or any explanation. In doing so, they did refer to a recent corporate presentation. Rimfire has farmed out a 50.1% interest in its Sorpresa gold property in New South Wales. The company which had cash assets of $0.3 million at the end of June has said it will undertake its own exploration effort over the remaining 90% of its land interests. The company has made several failed attempts to bring in partners as funds run low.  Verdict: Sizzle.

Week ended 4 September 2020

Oakdale Resources announced that it had exercised an option to purchase properties in Nevada prospective for gold mineralisation. Drilling has already been approved for selected targets.  Earlier in the month, the company had announced that it had completed acquisition of a company with exploration interests in Western Australia adjacent to the tenements covering the Julimar discovery of Chalice Gold Mines. Prior to its new ventures, the company�s primary focus had been on advancing gold production in Peru. The company had cash assets of $1.3 million at the end of June 2020. Verdict: Sizzle.

Sagalio Energy did not make any formal disclosure which might explain the investor interest. Prior to the last week, the company had traded on only three occasions during 2020. The Hong Kong-based company reported having cash assets of US$350,000 at the end of June 2020 having suspended sales from its Kyrgyzstan oil production due to weak market conditions. Verdict: Sizzle.

Sabre Resources made a further announcement about an airborne magnetic survey of its Bonanza gold project (see 21 August 2020). No results or interpretations were released.  Directors said that the received data had been handed to the company�s geophysical consultants for review. Verdict: Sizzle.

Activex did not make any formal disclosure which might explain the improved investment outcome. The company has gold and copper exploration interests in Queensland. Properties with active exploration programs are under the management of joint venture partners. The company reported having cash assets of $209,000 at the end of June 2020 after drawing down $2.6 million of a $5.0 million loan facility on which interest accrues at 12%. Verdict: Sizzle.

Carpentaria Resources, which lays claim to having the �world�s best iron ore product� in the by-line to its corporate presentation materials, announced a buy out of its joint venture partner to boost its stake in the Hawsons iron ore project in South Australia to 94%. Consideration was in the form of scrip.  The company also attracted a new 6% joint venture participant. Additionally, the company announced that a new director with a historical involvement in Chinese Steel corporations had agreed to join the board. The company had cash assets of $716,000 at the end of June 2020. Verdict: Sizzle.

Month ended August 2020

The following companies have not made any subsequent disclosures which may have impacted their investment performance since being commented upon previously.:

• Magnetite Mines                         Verdict: Sizzle.

• Stone Resources Australia         Verdict: Steak.

• Mount Burgess Mining                Verdict: Sizzle.

Energex announced that it had added to its South West Terrane tenement holdings. The company has referred to the ground as containing mineralisation similar to the Julimar discovery of Chalice Gold Mines.  The company had been among the strongest performers in the sector in late July (see 24 July 2020) as speculators linked the company to the Chalice discovery. By the end of June, according to a subsequent disclosure, the company had whittled its cash position down to $50,000. In mid-August, the company placed new shares to raise $440,000. Verdict: Sizzle.

Inca Minerals made the majority of its gains for the month in the first week (see 7 August 2020). Subsequently, the company made additional statements about its intended drilling program without disclosing any material results. The gain in the latter part of the month amounted to only 16% although market turnover was substantially higher. Verdict: Sizzle.

Week ended 28 August 2020

Six Sigma Metals announced its acquisition of a gold project in the Laverton region of Western Australia. Finalisation of the transaction is subject to due diligence. While the rate of share price increase accelerated considerably in the past week, the price had been on a rising trend since April. The overall gain has been 650%. Prior to this deal, the company�s primary exploration interests had been in Botswana where nickel, copper and cobalt mineralisation had been targeted. The company had previously indicated that it had been on the look out for acquisition opportunities. It had ended June with cash assets of $800,000. It subsequently raised $1.4 million through a share purchase plan. In announcing the moves, directors cited diversification and the desire to have an asset complementary to its Botswana interests as objectives. Verdict: Sizzle.

GWR Group announced that it had received the relevant government approvals for mining iron ore at its Wiluna West deposit in Western Australia. The 131 million tonne high grade deposit will allow extraction of direct shipping ore. The company had cash assets of $1.4 million at the end of June 2020. Verdict: Steak.

Adavale Resources had announced earlier in August that it had renewed existing uranium exploration licences in South Australia. The company also holds exploration interests in Tanzania.  In the past week, it announced an overhaul of its board membership and a focus on the company�s nickel sulphide exploration interests in Tanzania. The new directors have all emphasised experience with African development opportunities in outlining their backgrounds for shareholders. On the last day of the week, the new directors announced that they had cancelled a previously foreshadowed rights issue aimed at raising $1.7 million. The company had cash assets of $80,000 at the end of June 2020 and $250,000 in credit standby arrangements. Verdict: Sizzle.

Kasbah Resources had previously announced that it would delist from ASX after directors concluded that investors were insufficiently supportive of the company�s development efforts. The company did not make any formal disclosure which might account for the stronger investor interest. Presumably, some investors had decided that holding unlisted shares may prove an attractive investment. The company had scheduled its delisting for the latter part of September. Verdict: Sizzle.

Tungsten Mining did not make any formal disclosure which might account for the rapid end-of-week rise in share price. Queried by ASX about the reason for the increase, director said, after the market had closed, that they were unaware of the reasons for the price surge and had no new information to impart about the company�s activities. The company has identified a large tungsten resource, with associated gold, silver and copper, in Western Australia.  It had previously foreshadowed completion of a pre-feasibility study by the end of September. It had $23.0 million in cash at the end of June 2020. Verdict: Sizzle.

Week ended 21 August 2020

Mount Burgess Mines disclosed a reinterpretation of previously released drilling data for its zinc-lead-vanadium deposit in Botswana. The re-presented data show more clearly the continuity of mineralisation and location of principal areas of interest. The share price gain in what is usually a lightly traded stock occurred with unprecedentedly high market turnover. A week earlier, unusually strong turnover had also been a feature of the Mount Burgess share price performance (see 14 August 2020). Verdict: Sizzle.

Astro Resources posted a tenfold share price rise on the last trading day of the week before settling 74% off the high. In response to a query from ASX, the company said it was unaware of any reasons for the unusual trading activity and had no information to disclose about its activities. Prior to the market opening, the company did release an updated corporate presentation. The company has been building a mineral sands resource in the south west of Western Australia. Verdict: Sizzle.

Xstate Resources announced that a new director had been appointed to the board of the company and an existing director had stepped down due to executive work commitments elsewhere. The company, which holds gas exploration and production interests in California, did not make any formal disclosure which might explain the share price activity. The usually lightly traded stock experienced consistently stronger investor interest throughout the week. Verdict: Sizzle.

Mount Ridley Mines did not make any formal disclosure which might explain the share price action, all of which occurred on the last trading day of the week.  In presenting the company�s activities report for the three months ended June 2020, directors said �there was no substantive mining and production activities during the quarter�. They said that they continue to evaluate future opportunities. The company holds tenements in the Fraser Range region of Western Australia potentially prospective for nickel and other non-ferrous metals. Verdict: Sizzle.

Sabre Resources announced early in the week that an airborne magnetic survey of the Bonanza gold project northwest of Kalgoorlie in Western Australia had commenced. Later in the week, the company announced that the survey had been completed. The focus of the survey was an area near the recent discovery by Spectrum Metals. Verdict: Sizzle.

Week ended 14 August 2020

Stone Resources Australia announced that it had agreed to sell its Ben Hur gold property to Regis Resources in exchange for Regis shares valued at $10 million and an ongoing royalty. The transaction is a part of a recapitalisation plan involving repayment of HK$6 million to the company�s major shareholder. The company intends retaining $4 million with which to facilitate development of an existing gold property in the Western Australian goldfields region. The company had ended June with cash assets of $83,000. Verdict: Steak.

Magnetite Mines did not make any formal disclosure which might explain the stronger investor interest. Queried by ASX, the company was unable to throw any light on the market activity. In mid-June, the company did confirm that it had commenced a pre-feasibility study covering development of the Razorback iron ore project in South Australia. The study would be funded by a $1.3 million April capital raising via a rights issue. The company held cash assets of $831,000 at the end of June 2020. Stronger iron ore market conditions, with forecasts of continuing high steel production rates in China, will have improved sentiment about the company�s prospects. Verdict: Sizzle.

Mount Burgess Mining did not make any formal disclosure which might explain the improved share price performance. In any event, with a market value of just $1.5 million, the company remains highly prone to disproportionate share price movements in response to even very limited improvements in investor interest. The company has zinc exploration interests in Botswana. It reported having cash assets of $21,000 at the end of June 2020 after not spending anything on exploration or evaluation in the previous year. Verdict: Sizzle.

Pilot Energy announced that the Australian government offshore gas exploration regulator had renewed an exploration licence over areas of the North Perth Basin in which the company retains a 60% interest. The renewal comes with a commitment to spend $5.75 million and to have completed one exploration well by the end of the five year renewal period. Trading in shares of the company was halted following the announcement on the final day of trading in the week. The company had previously outlined a change in strategic direction to embrace energy storage and renewables as well as an involvement in gas supply. The company reported having cash assets of $31,000 at the end of June 2020. Verdict: Sizzle.

Calima Energy did not make any formal disclosure which might explain the uptick in investment performance. The company holds gas exploration interests in British Columbia. During the June quarter, it received an updated resource estimate prepared by an independent consultant. It held cash assets of $3.3 million at the end of June 2020. Verdict: Sizzle.

Week ended 7 August 2020

Inca Minerals announced that it had identified additional drill targets at its Requiza gold-copper porphyry exploration property in Peru. The share price rise, which occurred from historically low levels, happened on the day before the company�s announcement to ASX about its exploration progress. The company had previously reported having cash assets of $733,000 at the end of June 2020. Verdict: Sizzle.

Pacifico Minerals did not make any formal disclosure which might explain the strong investment return in the past week. Since the beginning of May, the company has experienced a fourfold share price rise from historically low levels. The overall movement higher has occurred with a rising number of shares being traded. At the end of July, the company had advised investors that it expected to release an optimised pre-feasibility study for the Sorby Hills lead-silver project in the north of Western Australia during August. Verdict: Sizzle.

Poseidon Nickel announced that the company had intersected nickel sulphide mineralisation while drilling at its Golden Swan deposit in the goldfields region of Western Australia. The company had cash assets of $45.2 million at the end of June 2020 with outstanding loans of US$17.5 million. The loan facility is due to mature at the end of September. Verdict: Steak.

Caprice Resources announced that it had agreed to purchase a privately held company with rights to an exploration property in the Cue goldfield in Western Australia. The region has attracted strong interest recently after fresh discoveries in an area of largely historical mining activity. The transaction involves the issue of fresh Caprice shares and a commitment to spend $1 million during the 12 months following the transaction. A milestone payment relating to resource definition and a royalty for the largest shareholder in the target company are also involved. The company held cash assets of $3.3 million at the end of June 2020. Prior to the proposed transaction, the company was involved in a copper-lead exploration project in Western Australia. Northern Territory exploration interests were being reviewed after drilling results indicated a need to reappraise the existing approach. Verdict: Sizzle.

Equus Mining announced that drilling would commence later in August at a property in Chile prospective for gold and silver mineralisation. A 1500 metre diamond drilling program is planned. Late 2020 is the anticipated time for a resource estimate. The company had previously reported having cash assets of $1.3 million at the end of June 2020. The investment performance reflected a significant increase in the value of stock turnover through the week. Verdict: Sizzle.

Month ended July 2020

The five highest returning companies during July 2020 have been commented upon previously:

• Pursuit  Minerals                           Verdict: Sizzle.

• Traka Resources                          Verdict: Sizzle.

• Mayur Resources                         Verdict: Sizzle.

• Australian Mines                           Verdict: Sizzle.

• Citigold Corporation                      Verdict: Sizzle.

Week ended 31 July 2020

Citigold Corporation released its quarterly activities report in which it disclosed the progress being made in planning for development of a gold mine within the town of Charters Tower in Queensland. Likening the company to Amazon and Tesla, directors said they had canvassed the world for low cost and innovative ore extraction methods. Directors also said that they expected to have funding in place by the end of 2020.  The company also reported that it had cash assets of only $16,000 at the end of June 2020 with undrawn loan facilities of $868,000. Verdict: Sizzle.

Accent Resources lodged its quarterly activities report. It had not made any formal disclosures about its activities for three months. The company advised progress in its initial steps toward a mining lease application for a magnetite project in the midwest region of Western Australia. The company also has a gold project near Norseman where rock chip sampling has continued. The company report showed no exploration or evaluation expenses in the past year. The company ended June with cash assets of $1.1 million after having borrowed an additional $0.5 million, taking loans outstanding to $7.5 million. The company�s major shareholder, a Hong Kong based company, has provided the loan facilities. Verdict: Sizzle.

Chesser Resources disclosed drilling results from its Diamba Sud gold project in Senegal. The company reported high-grade intersections at shallow depths in five holes. The company recently raised $6 million in equity funding, putting it in a strong position to continue planning and executing an ongoing exploration program. The company held cash assets of $1.3 million at the end of June. Verdict: Steak.

Australian Pacific Coal released its quarterly activities report in which directors confirmed an intention to appeal a New South Wales government decision to block development approvals at the company�s Dartbrook mine. The company generated revenue of $464,000 in the 12 months to June 2020. It reported having cash assets of $711,000 at the end of June. Verdict: Sizzle.

Great Western Exploration released a summary of its gold exploration efforts adjacent to the Wiluna mining centre. The company said that it is in the process of arranging heritage clearance prior to a planned drilling program over an area previously untested but identified through geophysical surveys as being prospective for gold mineralisation. The company has consolidated tenements previously held by Glencore. The company subsequently disclosed that it had cash assets of $133,000 at the end of June 2020 suggesting an imminent need for a capital injection if it is to pursue a meaningful exploration program. Verdict: Sizzle.

Week ended 24 July 2020

Traka Resources announced that it had acquired rights to 100% of gold and other non-pegmatite minerals covered by the Galaxy Resources Mt Caitlin tenement area. The acquired rights were in exchange for the 20% free carried interest held by Traka in the Mt Caitlin project. Prior to the focus on lithium, the area had a long history as a gold production centre. Without a source of fresh funding, inadequate capital resources will constrain the extent of future exploration activity. The company held cash assets of $265,000 at the end of March 2020. Verdict: Sizzle.

Talon Petroleum announced that it had a non-binding term sheet covering the company�s right to earn a 45% interest in a Perth Basin exploration tenement. Talon will contribute $6 million to an exploration budget managed by Strike Energy. Subsequently, the company announced that it had received commitments from investors for $5 million, in exchange for an issue of new shares, to fund the proposed exploration activity. At the end of March 2020, Talon held cash assets of $1.6 million. Verdict: Sizzle.

Magnis Energy Technologies announced that a research partner had developed a lithium-ion battery enabling shortened charging times. Previously, at the end of June, the company had completed a transaction raising its interest in a New York battery plant. The company has experienced a rising share price trend since the end of June. Verdict: Sizzle.

Enegex did not make any formal disclosure which might explain the unusually strong investor interest. Queried by ASX, the company said it did not have any explanation for the share price action. The company had previously announced it had applied for exploration licences over land north of Perth where Chalice Gold Mines had discovered palladium and nickel mineralisation. The company has also applied for Kimberley Basin licences over an area prospective for vanadium and cobalt-nickel mineralisation. The company has said that it wishes to pursue a wide range of mineral and energy opportunities, belying a balance sheet with only $64,000 in cash assets at the end of March 2020. Verdict: Sizzle.

Legacy Iron Ore disclosed drilling results from gold exploration areas in Western Australia. Twenty seven out of 29 holes encountered significant mineralisation. The company held cash assets of $9.2 million at the end of March 2020 with which to pursue its exploration and development efforts. Verdict: Steak.

Week ended 17 July 2020

Pursuit Minerals announced that it had acquired an option to purchase a 100% interest in a 244,000 ounce Arizona gold resource. The company has until the end of September 2020 to decide whether to purchase the property for in exchange for $75,000, deferred amounts and a royalty. Pursuit immediately announced a $600,000 capital raising. The company reported having cash assets of $593,000 at the end of March 2020.  At the time, Pursuit recently taken up options over areas in Norway prospective for nickel sulphide mineralisation. It already held exploration interests in Sweden and Finland prospective for vanadium. Verdict: Sizzle.

Malachite Resources announced that it had agreed terms to acquire the 85% of a Solomon Islands private company it did not already own. The company holds interests in areas containing nickel laterite mineralisation. The terms envisage the issue of shares with a deemed value of $2.3 million. The company reported having cash assets of $29,000 at the end of March 2020. The company also held a 55% joint venture interest in a gold development property near Cloncurry in Queensland. It has reported a series of commercial disputes with its partners which have led to unsatisfactory operational performance. The joint venture sold 1,436 ozs of gold in the March quarter but the company did not receive any revenues. Verdict: Sizzle.

Australian Mines announced that the Queensland government had offered to support the company�s Sconi nickel-cobalt project in northern Queensland.  The nature of the offer, which is subject to the company making substantial progress toward its development goals, was not disclosed. The company, which is targeting a production start in 2023, has been seeking to complete off-take arrangements for battery grade nickel sulfate and cobalt sulphate. It held cash assets of $3.2 million at the end of March 2020. It subsequently made a share placement to raise $1.45 million.  The $58 million company has estimated the capital commitment for the Sconi project at US$974 million. Verdict: Sizzle.

Jupiter Energy did not make any formal disclosure which might explain the rising share price during the week. The rise leaves the share price still heavily depressed and 86% below the level achieved in April when unusually strong buying by a large number of individual investors appeared to be driven by recommendations conveyed through social media (see 24 April 2020). The company holds oil production interests in Kazakhstan. Verdict: Sizzle.

First Au has benefited from a rising share price trend since mid-May 2020. During this period, the company had initiated an exploration survey over ground in Western Australia near Kalgoorlie and acquired a gold exploration property in East Gippsland in Victoria where historical mine activity has occurred. In July, the company announced a further acquisition in the same region of Victoria. The company finished March 2020 with cash assets of $535,000 before raising a further $1.2 million through the issue of new shares. The company has been benefiting from stronger gold market conditions. Verdict: Sizzle.

Week ended 10 July 2020

Mayur Resources issued a statement to ASX in which it drew attention to �a disconnect between the company�s market capitalisation and the value created from the cash invested to develop and de-risk our projects�. The company said that a sum of the parts valuation would exceed the market capitalisation of $29 million, hinting at the possibility of value being created through a corporate reorganisation. The company retains holdings in a range of projects covering mineral sands, cement and lime, copper-gold mineral resources and power generation in Papua New Guinea. The normally very lightly traded company experienced a strong relative uptick in turnover which, in any event, amounted to a value of only $15,100 in the week. Verdict: Sizzle.

 Intra Energy Corp did not make any formal disclosure which might explain the share price action. Nor did the company identify any source of heightened investor interest in response to a query from ASX about the reasons for the share price rise. The company is pivoting from its Tanzanian coal mining operations, which reported revenue of $30.3 million in the nine months to March 2020, towards gold exploration in Mozambique where it has discovered two examples of visible gold in quartz veining. Verdict: Sizzle.

Marquee Resources announced that it had entered into an option agreement to acquire exploration rights over land in the Kambalda district of Western Australia. The region contains numerous historical gold workings as well as current production. The company has up to 18 months in which to conduct due diligence and decide whether to proceed with a transaction. The company also announced a $1.6 million capital raising through the issue of new shares. It had finished March 2020 with cash assets of $856,000. Verdict: Sizzle.

Prospect Resources announced that it had appointed Renaissance Capital to advise directors about the sale of its Arcadia lithium project or, possibly, the entire company to Uranium One.  Ore from the Arcadia project, located near Harare in Zimbabwe, is suitable for use by glass-ceramic manufacturers. The company had cash assets at the end of March 2020 of $564,000. Subsequently, the company completed a rights issue through which it raised $2.0 million. Verdict: Sizzle.

Cyprium Metals disclosed results from regional surface sampling around its Cue copper project in the Murchison region of Western Australia where it is seeking to identify opportunities to expand the resource base to permit development planning to proceed. Multiple instances of copper grades in excess of 10% at surface were reported. The company, which held cash assets of $2.4 million at the end of March 2020, has an agreement with Musgrave Minerals under which it can earn an 80% interest in the non-gold rights within the exploration tenement. Verdict: Sizzle.

Week ended 3 July 2020

Ardiden did not make any formal disclosure of new information which might explain the surge in investor interest. In mid-June, the company did provide a summary of historical data from its land holdings in Ontario where it is following up historical activity to develop new gold mining opportunities. Resource drilling has been scheduled to commence at the start of July. The company held cash assets of $1.9 million at the end of March 2020, leaving it with sufficient funding for three to four quarters of activity without a need for additional capital. Verdict: Sizzle.

Carnavale Resources did not make any formal disclosure which might explain the pick-up in investor interest in the past week. It had previously announced, in early June, that a geophysical survey had identified several targets prospective for nickel mineralisation east of Kalgoorlie in Western Australia. The company had previously reported holding cash assets of $1.5 million at the end of March 2020 after having failed to spend anything on exploration or evaluation in the previous nine months. Verdict: Sizzle.

Cygnus Gold announced that it had received firm commitments covering the issue of new shares valued at $1.37 million. The company had finished March 2020 with cash assets of $1.6 million. The company had previously announced, in early June, that drilling had commenced on land in the wheatbelt region of Western Australia where the company manages two joint ventures with Gold Road Resources. The drilling is targeting gold mineralisation. Verdict: Sizzle.

Mako Gold announced that it had commenced drilling within exploration areas in Cote d�Ivoire prospective for gold mineralisation. The company said that results will begin to flow in the second half of July as it pursues a goal of defining a multi-million ounce gold deposit. The company had cash assets of $626,000 at the end of March 2020 before completion of a $3.25 million capital raising in May and an agreement to sell a property in Burkina Faso for a cash consideration of US$700,000 and a 1% net smelter royalty. Verdict: Sizzle.

 Australia United Mining, a rarely traded stock, did not make any formal disclosure which might explain fresh interest by investors. The company has gold exploration tenements in New South Wales and Queensland. No drilling has yet been conducted on the properties by the company. The company reported having spent $56,000 on exploration and evaluation in the nine months to the end of March. An exploration application has been submitted to the New South Wales government covering proposed work in one area.  The company had cash assets of just $90,000 at the end of March 2020 and access to an undrawn loan facility of $246,000 under an agreement with two directors of the company. Verdict: Sizzle.

Year ended June 2020

Of the highest returning companies during the 12 months ended June, the following have been commented upon previously:

• Auteco Minerals                         Verdict: Sizzle.

• Magmatic Resources                 Verdict: Sizzle.

• De Grey Mining                          Verdict: Steak.

• Nex Metals Exploration               Verdict: Steak.

Scorpion Minerals had finished March 2020 with cash assets of $41,000 and borrowings of $1.7 million with gold exploration tenements in the Murchison region of Western Australia. It raised an additional $275,000 in a May equity placement and a further $137,000 in June. In the last week of June, the company said that exploration drilling would commence after receipt of heritage clearance. Otherwise, there have been no formal disclosures which might explain the 105% share price rise through the month. Through the first 11 months of the year ended June, the company had been benefiting from a gradual re-rating after the company�s market capitalisation had slumped to a historic low of $0.7 million. The extent of the earlier share price fall is a partial explanation for the extraordinary share price leverage to improved market conditions. Verdict: Sizzle.

Year to date ended June 2020

The five highest returning companies during the six months ended June 2020 have been commented upon previously:

• Auteco Minerals                         Verdict: Sizzle.

• De Grey Mining                          Verdict: Steak.

• Nex Metals Exploration               Verdict: Steak.

• Predictive Discovery                  Verdict: Steak.

• Metalicity                                    Verdict: Steak.

Quarter ended June 2020

Of the highest returning companies during the three months ended June, the following have been commented upon previously:

• Predictive Discovery         Verdict: Steak.

• Metalicity                           Verdict: Steak.

• Riversgold                         Verdict: Sizzle.

Auteco Minerals, which began its upward share price move in April, experienced an accelerating share price rise during June. At the end of May, the company announced that diamond drilling had commenced at its Pickle Crow gold project in Ontario. The company raised expectations that results would be released before the end of June. On the second last day of trading, the company announced an 830,000 ounce inferred gold resource with drilling to expand the resource continuing with the aim of having a further resource upgrade by the end of 2020. Verdict: Sizzle.

Kairos Minerals announced in June that it had commenced fieldwork within tenements in the Pilbara region of Western Australia prospective for gold mineralisation. The planned work was to include mapping, sampling and geophysics. It subsequently disclosed that it had increased the size of its landholding in the region. The majority of the quarterly share price action occurred during June 2020. Earlier, more modest gains dating from April had followed an upgrade to the company�s resource and evidence from other companies about the prospectivity of the region. The gains also came against the backdrop of a rising gold price. The company supplemented a $644,000 cash position at the end of March 2020 with a $2.5 million capital raising in late May with plans for a $1.7 million raising through a non-renounceable rights issue. Verdict: Sizzle.

Month ended June 2020

Nex Metals Exploration benefitted from a series of announcements from Metalicity, its joint-venture partner at the Kookynie gold exploration project in Western Australia (see 26 June and 12 June 2020). Verdict: Steak.

Metalicity has been commented upon during the month (see 26 June 2020).  Verdict: Steak.

Rox Resources disclosed further high-grade gold intersections in addition to those which had already caused the share price to rise strongly a week earlier (see 19 June 2020). Further drilling was underway at the end of the month. Verdict: Steak.

Ausgold announced, near the beginning of the month, that it had commenced drilling at its Katanning exploration area. Completion of the program, the company said, would occur in June. The company did not formally release any results during the month. When queried by ASX about the stronger investment interest, the company said it did not have any additional information to disclose. Directors did refer, in their response, to a webinar presentation by the company in the middle of the month as a source of potentially fresh investor interest. The share price rises did occur following the webinar. Verdict: Sizzle.

Musgrave Minerals disclosed high-grade gold intercepts in a succession of reports at the end of May, in early June and late in the month (see 12 June 2020). Verdict: Steak.

Week ended 26 June 2020

Chase Mining Corporation disclosed that Quebec regulatory authorities had approved a drilling program at the Alotta and Lorraine project areas where copper-palladium-platinum-nickel mineralisation is targeted. Within a day, the company announced that drilling had intersected mineralisation in a 99 metre deep hole. Verdict: Steak.

Metalicity released results from the first 11 of 44 holes drilled at the Kookynie gold property in Western Australia, describing the results as �spectacular�. The Kookynie project is a joint venture between Metalicity and Nex Metals Exploration (see 5 June 2020). Verdict: Steak.

Caeneus Metals did not make any formal disclosure which might explain the strong increase in investor interest.   In May, the company had reported results from soil sampling over ground near Port Hedland in Western Australia prospective for gold, platinum-group metals and base metals. Directors said that no anomalous readings which may prompt further activity were returned. The company held just $27,000 in cash assets at the end of March 2020. Verdict: Sizzle.

Riversgold announced that it had signed a success based contract with an external group to drive exploration activity over tenements in the eastern goldfields of Western Australia and near Olympic Dam in South Australia.  The areas are prospective for gold and copper-gold mineralisation.  Company board membership has been altered to accommodate representation for the consulting firm�s principals. Verdict: Sizzle.

Kopore Metals did not make any formal disclosure which might explain the heightened investor interest over the last two days of the week.  The company did not have any explanation for the share price rise when queried by the ASX about its causes. Earlier in June, the company had completed the sale of its assets in Namibia to Sandfire Resources for a cash return of $2.0 million. The company had finished March 2020 with cash assets of $89,000.  Directors also said that they would conduct a strategic review of assets held in Botswana. The company is opening itself up to deals from project promoters in need of cash. Verdict: Sizzle.

Week ended 19 June 2020

Rox Resources disclosed results from drilling at its Youanmi joint-venture with Venus Metals (30%).   The company said that it would respond to discovery of the high gold grades with an expanded drilling program.  Earlier in June, the company raised $12.74 million in an institutional placement and small shareholder purchase plan. The company had ended March 2020 with cash assets of $1.9 million. Verdict: Steak.

Cannindah Resources did not make any formal disclosure which might explain the stronger investment interest and share price appreciation. The company had previously reported that it is negotiating to purchase a property prospective for gold mineralisation in the Charters Tower region of Queensland. The company did not spend anything on exploration or evaluation during the nine months to March 2020. It reported having cash assets of $15,000 at the end of March after having borrowed $4.8 million. The company reported unused lines of credit at the end of March of $250,000. Verdict: Sizzle.

Berkeley Energia did not make any formal disclosure which might explain the stronger investor interest which occurred predominantly on a single day in the week. The company is seeking to develop Spanish uranium deposits for which it has submitted permitting applications. The company has not made any comment about the likely timing of approvals since submitting documents at the end of March. The share price improvement follows an increase in spot uranium prices. Verdict: Sizzle.

Infinity Lithium Corporation announced that funding of up to �800,000 had been approved by a European Commission private-public partnership for the company�s proposed hard rock lithium mining project in Spain. The funding, which will go toward developing a pilot plant, is expected to facilitate a broader funding strategy. The company reported having cash assets of $168,000 at the end of March 2020. Verdict: Steak.

Cullen Resources did not make any formal disclosure which might explain the improved share price outcomes. The company holds a tenement package adjacent to the Youanmi holdings of Rox Resources (see above). At the end of the week, and after the share price had partially retreated, the company released a summary of its exploration activities in which it disclosed that it had submitted an application for a program of work. Directors did not disclose any exploration results. Verdict: Sizzle.

Week ended 12 June 2020

Gullewa is a 36.7% shareholder in Toronto-listed Central Iron Ore. The latter company announced that it had encountered high-grade gold mineralisation from drilling ground northwest of Kalgoorlie. The exploration activity is in a joint venture with ASX-listed Red 5. The Canadian company is earning a 70% interest but is in the midst of a dispute with Red 5 over its entitlement. The company reported having cash assets of $2.7 million at the end of March 2020, an increase from $1.7 million from the previous quarter.  The company receives income from Silver Lake via a royalty stream. Other than the royalty stream, the company does not have any significant direct development or exploration interests. Verdict: Sizzle.

Superior Lake Resources announced that it had struck an agreement with Aurora Uranium to conduct due diligence on a uranium resource in Oregon. The Aurora prospect includes a JORC consistent resource estimate. The company said that it is looking at other uranium investment opportunities. The company has outlined indicative terms for a scrip-based potential transaction. Until now, the company had presented itself as a zinc mine developer in Ontario. The company has not disclosed its intentions with respect to the zinc assets nor the rationale for the switch in strategy. At the end of March 2020, the company held cash assets of $0.24 million. Verdict: Sizzle.

Musgrave Minerals had already reported high-grade, shallow intercepts from drilling in the Murchison district of Western Australia.  During the week, the company reported the results of further assays consistent with the earlier results. Verdict: Steak.

Nex Metals Exploration is a joint venture partner with Metalicity (5 June 2020) in the Kookynie gold project in Western Australia. Metalicity released details of channel sampling at historical mine workings within the project area indicating more significant mineralisation than had been anticipated. The reinterpretation of the deposit was based on analysis of publicly available historical information.  Verdict: Steak.

Resource Mining Corporation did not make any formal disclosure which might explain the stronger investor interest and resulting share price rise. In any event, the share price increase occurred with turnover valued at less than $4,000. The company holds exploration interests in Papua New Guinea prospective for nickel-cobalt mineralisation. Although the company has submitted a renewal application, its exploration licence expired in February and it has yet to receive an extension.  The company held cash assets of $51,000 at the end of March 2020 and remains funded by the company�s major shareholder. Verdict: Sizzle.

Week ended 5 June 2020

Alderan Resources announced that it had raised $2.1 million to fund its Utah copper-gold exploration activities. The company had previously reported having cash assets of just $76,000 at the end of March 2020. The company can earn a 70% interest in the Utah properties. It also holds an exploration property in which Kennecott Exploration can earn a 70% interest by spending US$30 million. Verdict: Sizzle.

Nex Metals Exploration has a farm-in agreement with ASX-listed Metalicity covering the Kookynie gold project in Western Australia. Metalicity, the project manager, announced 8 kilometres of strike extensions to the known mineralisation using mapping and reprocessing of regional geophysics. Metalicity may acquire a 51% interest in the project by spending $5 million before May 2024. Verdict: Steak.

European Cobalt announced that it had entered into an agreement to acquire 100% of a gold exploration property in Ontario. The transaction is subject to due diligence, a C$650,000 cash consideration and the issue of 100 million shares with a post-announcement value of $3.8 million. Prior owners will retain a 2% net smelter royalty. Activity at the company�s Slovak and Finnish cobalt properties had been wound back prior to company directors initiating a search for acceptable Canadian gold exploration properties. The company reported having cash assets of $9.8 million at the end of March 2020. Verdict: Sizzle.

Great Western Exploration had been trading near historically low share prices before the company completed a share consolidation, a $200,000 capital raising and a change in board personnel.  At the end of March 2020, the company held cash assets of $41,000. The company has a joint venture with Sandfire Resources in Western Australia, south of the DeGrussa mine, in which Sandfire can earn a 70% interest. As well as its copper-gold exploration exposure through the joint venture, the company has potash and lithium brine and gold exploration interests in the state. Verdict: Sizzle.

Auris Minerals did not make any formal disclosure which might explain the improved investment performance which came with substantially stronger market turnover. When queried by ASX, the company confirmed curtly that it had nothing to disclose.  Nor did it have any comment about the source of the unusual trading activity. The company holds exploration interests in the Bryah Basin of Western Australia in which Sandfire Resources is earning a 70% interest. The company reported having no direct spending on exploration or evaluation over the nine months to March 2020. It held cash assets of $739,000 at the end of March. Verdict: Sizzle.

Month ended May 2020

Of the highest returning companies during May, the following have been commented upon previously:

• Archer Materials      Verdict: Sizzle.

• TNT Mines              Verdict: Sizzle.

• Riversgold              Verdict: Sizzle.

GTI Resources reported the results of downhole testing of historical drilling at a property in Utah prospective for uranium and vanadium. After being queried in mid-May about reasons for the preceding price action, the company referred to improved uranium prices and the recently released strategic report on the competitive position of the US nuclear industry. Later in May, the company announced that a proposed drill program at the Jeffrey site in Utah would be fast tracked so as to begin in June. The company also raised new funds of $1.2 million to supplement the $1.2 million in cash held at the end of March 2020. Verdict: Steak.

Volt Resources announced that the company had acquired exploration permits over ground prospective for gold mineralisation in Guinea. The permit areas border those of Predictive Discovery which has recently reported a significant find (see 17 April 2020). The company had previously been primarily interested in a Tanzanian graphite property. Subsequently, the company announced the acquisition of an 85% interest in an advanced gold development property in Zambia through a predominantly scrip based transaction. Later in the month, the company announced that it had commenced exploration in Guinea with a newly formed team. The company had previously reported having cash assets of just $27,000 at the end of March 2020. The Guinea transaction, through an issue of shares, was with an entity associated with the company chairman. The company has raised $800,000 to commence its new Guinean exploration efforts. Verdict: Sizzle.

Week ended 29 May 2020

Enegex did not make any formal disclosure which might explain the improved market value. At the end of April, in its latest quarterly activities report, directors advised shareholders that they had applied for two exploration licences over areas in the eastern edge of the Kimberley Basin in Western Australia.  Both are prospective for vanadium and nickel-cobalt mineralisation. Since then, no further information has been disclosed. At the end of March 2020, the company held cash assets of $64,000 after not having spent anything on exploration or evaluation in the preceding three months. Verdict: Sizzle.

Ansila Energy did not make any formal disclosure which might explain the improved share price performance. After being queried by ASX, directors said that the company had an interest in a UK company which has applied for North Sea blocks containing undeveloped gas resources. The directors also said that they were looking at corporate and oil and gas project opportunities. The company also has exploration interests in Poland and Madagascar. It had cash assets of $2.4 million at the end of March 2020. Verdict: Sizzle.

Metalicity announced in mid-May that drilling was about to commence at the company�s Kookynie gold project, south of Leonora in Western Australia. After being queried by ASX in the last week about the reasons for the recent price action, directors disclosed that drilling had not yet commenced. The company had since completed a $1.3 million capital raising. Later in the week, the company disclosed that drilling had started. Verdict: Sizzle.

RTG Mining, an ASX and TSX listed stock, disclosed that it had received an approval from the Philippines government covering its proposed Mabilo gold project. The company is also seeking to negotiate a role in the development of the Mt Kare gold deposit in Papua New Guinea and the Panguna copper mine in Bouganville. Verdict: Steak.

Aurora Minerals did not make any formal disclosure which might explain the share price action. Queried by ASX about the price movement, the company drew attention to its investments which have risen in value recently. The company holds interests in Western Australian gold explorer Xanitippe Resources and West African gold explorer Predictive Discovery (see 17 April 2020). At the end of March 2020, the investments had a market value of $0.64 million. Their current value would be approximately $5.65 million. Verdict: Steak.

Week ended 22 May 2020

Avira Resources did not make any formal disclosure which might explain the improved share price outcome. The normally very lightly traded stock did attract an unusually large volume of trading but, from a historically low starting point, remained within the share price range which has prevailed for the past year. The company is awaiting the grant of exploration licences covering ground in the Paterson range in Western Australia, prospective for gold. Approval has been delayed by the onset of the COVID-19 virus. The company had cash assets at the end of March 2020 of $427,000. Verdict: Sizzle.

Rarex announced that its joint venture partner, Kincora Copper, had completed a diamond drill hole at Trundle Park in New South Wales which confirmed near-surface porphyry mineralisation. Rarex has a free carried 35% interest in the exploration project. Later in the week, the company said it intended to re-commence exploration at its Cummins Range property in the Kimberley region of Western Australia in July after activities had been disrupted by restrictions caused by the coronavirus pandemic. The company had cash assets of $1.8 million at the end of March 2020. Verdict: Steak.

Blue Energy did not make any formal disclosure which might explain the improved share price and markedly higher trading volumes. The company holds tenements in the central Queensland coal mining region from which it is looking to extract gas for distribution domestically in support of regional development. The company held cash assets of $4.6 million at the end of March 2020. Verdict: Sizzle.

Traka Resources did not make any formal disclosure which might explain the heightened investor interest at the end of the week. The company has base metal exploration interests in Queensland as well as a majority interest in lithium exploration being conducted by Galaxy Resources around the Mt Caitlin mine in Western Australia. The company, which had cash assets of $265,000 at the end of March 2020, is investigating ways of funding its exploration efforts. Verdict: Sizzle.

Admiralty Resources did not make any formal disclosure which might explain the improved share price late in the week. The company holds iron ore exploration interests in Chile. It is seeking to clarify ownership of surface rights through a court ruling. Admiralty did not spend anything on exploration or evaluation over the nine months to March 2020. It finished the period with cash assets of $212,000. After trading at historically low share prices during April, the recent recovery has returned the price to within the range in which it had traded during 2016-19. Verdict: Sizzle.

Week ended 15 May 2020

TNT Mines announced that it had acquired the right to a 100% interest in the East Canyon uranium-vanadium project in Utah. The 200 unpatented claims covered by the agreement include sites of historical mining and exploration activity. The company has a 14 day period in which to complete due diligence. Consideration for the transaction involves transfer of 5.25 million shares and performance rights. The company had 31 million shares on issue trading at $0.20 each at the end of the week. Prior to the Utah deal, the company had been seeking to develop a zinc mine in Montana although activity had been suspended due to the COVID-19 pandemic. It also had exploration interests in Tasmania which it is seeking to sell. It had recently moved to acquire gold exploration tenements in Western Australia.  At the end of March 2020, TNT had cash assets of $1.7 million.  Australian companies which have sought to restore historical mining sites in North America have not had an impressive track record as they have frequently underestimated the degree of difficulty after having thought an old mine reopening might be easier than counting on their exploration abilities. Verdict: Sizzle. 

Alderan Resources did not make any formal statement which might explain the higher share price. The company was queried by ASX about the reason for the rising share price trend which had begun a week earlier with an unusual build-up in turnover. Alderan has a portfolio of copper-gold properties in Utah, including areas over which Rio Tinto is earning an interest by funding exploration. The price action may be in anticipation of Rio Tinto commencing a program of drilling. The company held cash assets at the end of March 2020 of just $76,000 after having failed to spend anything on exploration and evaluation over the prior nine months. It subsequently announced a share issue to raise $461,000. Verdict: Sizzle.

Aruma Resources announced that it had applied for exploration licences covering areas prospective for gold in the Pilbara region of Western Australia. The company had previously announced an intention to reduce its land holdings in the eastern goldfields and to divest assets not considered core holdings. It had also flagged a search for prospective assets. At the end of March 2020, the company held cash assets of $741,000. Verdict: Sizzle.

Riversgold did not make any formal disclosure which might explain the share price performance. In response to a query from ASX about the reason for the price action, company directors said they did not have any information to disclose. Directors did, however, volunteer that they had considered but rejected a transaction and continued to look at divestment opportunities. The company had cash assets of $599,000 at the end of March 2020, enough funding for one or two quarters. The company has gold exploration interests in Western Australia. Significantly higher share turnover in the latter part of the week suggested expectations on the part of some investors, at least, that something of significance is likely to occur in the near future. Verdict: Sizzle.

Pilot Energy share prices had been hovering around historically low levels before the company announced the appointment of a new chairman and the resignation of the chief executive.  The company has a portfolio of offshore and onshore Western Australian oil and gas exploration interests.  Company disclosures have referred to the newly installed chairman as having developed a fresh strategic approach which involves storage and renewables. The company had cash assets of $66,000 at the end of March 2020. Verdict: Sizzle.

Week ended 8 May 2020

Parkway Minerals announced that it had signed an agreement with a technology partner. Under the agreed arrangement, the two would co-operate to commercialise technology under development within Parkway designed to process aqueous solutions containing minerals. The agreement does not come with any sales. It combines complementary skills which might facilitate joint approaches to potential users seeking engineering solutions to their development projects. For many years, Parkway had been seeking to develop a large phosphate-potash project in Western Australia for which the company was unable to attract the necessary funding. Plan B saw the company diversify its asset base with entries into Europe and the USA, including a lithium venture. With a new chief executive, Parkway is looking to dispose of its exploration interests and set on a new path as an engineering implementation company, potentially taking an interest in buyers� projects. The strategy is making a virtue of necessity but attracting investors may prove just as difficult without a track record and the burden of disappointed investors. Verdict: Sizzle.

Genesis Resources did not make any formal disclosure which might explain the heightened interest by investors in what is typically a very lightly traded security. The company had previously reported that work was continuing in preparation for a mining study for submission to the North Macedonian government. The contemplated mining project involves processing gold oxide ores. The company also holds exploration interests in Queensland and the Northern Territory covering gold, copper and manganese opportunities. The company held cash assets of $407,000 at the end of March 2020, leaving it with sufficient funding until the end of June 2020. Verdict: Sizzle.

Golden Deeps made its gains after touching historically weak prices in late April. In response to a query from ASX, the company said it did not have any information which might explain the share price move which came with markedly higher share turnover. Subsequently, at the end of the week, the company announced that its joint-venture partner in a Namibian vanadium project had decided not to proceed with its earn-in due to macroeconomic changes associated with the COVID-19 pandemic. The decision to quit the project meant return of a 100% interest to the company. For the remainder of the last trading day of the week, the company remained in a trading halt. The company had cash assets of $367,000 at the end of March 2020, enough funding for little more than one quarter of activity. Verdict: Sizzle.

Melbana Energy made its share price gain after touching historically low levels. The company did not make any disclosure which might explain the heightened investor interest. It had previously issued an activities report covering the three month period to the end of March 2020 in which it updated investors about oil and gas exploration activities in Cuba and Western Australia. In Australia, Santos had dropped out of a joint venture with the company. Melbana also completed its takeover of Metgasco. The company finished March with cash assets of $1.5 million. Verdict: Sizzle.

Archer Materials is a hybrid technology-mineral producer with interests in graphite and halloysite mining and processing as well as development of a quantum computing processing chip. The latest share price move followed an announcement by the company that it has signed an agreement with IBM under which it would join the IBM network to promote adoption of quantum computing technology. The collaboration agreement does not bring any immediate sales gains. The company had previously reported having cash assets of $2.2 million at the end of March 2020, enough to fund activities for another year. Verdict: Sizzle.

Month ended April 2020

Of the highest returning companies during April, the following have been commented upon previously:

• Jupiter Energy                       Verdict: Sizzle.

• Predictive Discovery              Verdict: Steak.

• Kalnorth Gold Mines              Verdict: Sizzle.

• MetalsTech                            Verdict: Steak.

Jupiter Energy remained suspended from trading at the end of April while it was in discussion with regulators about the extraordinary share price rise which occurred earlier in the month (see 24 April 2020).    

Discovery Africa experienced a rising share price throughout April although trading volumes were very light until the last week of the month. The company had not made any formal disclosure during the month which might explain the improving investor interest. Despite its name, the company�s primary interest is an exploration property about 400 kilometres north of Perth where it is seeking to define a gold resource. Directors of the company have also said that they are looking for other opportunities. The company reported having spent $1,000 on exploration and evaluation activities over the three months ended March 2020, leaving it with $2.1 million in cash assets at the end of the month. Verdict: Sizzle.

Week ended 1 May 2020

Kalnorth Gold Mines experienced a 567% share price rise before the price subsequently more than halved. The company, which holds two gold exploration interests in the Kalgoorlie region of Western Australia, was queried by ASX about why the usually very lightly traded stock had attracted so much attention.  It said it had no explanation.  Following the share price rise, the company confirmed in its quarterly activities report that both properties remained on care and maintenance and that it held cash assets at the end of March of only $54,000 with loans outstanding of $658,000.  Directors have been seeking ways to fund the company�s future activities.  An announcement of their intentions should have been very near given the financial condition of the company. Verdict: Sizzle.

Kore Potash released its activities report for the three months to ended March 2020 before the company attracted unusually strong levels of investor interest. Directors confirmed that they were nearing completion of a pre-feasibility study for a potash project in the Republic of Congo. They foreshadowed publication in May 2020. The information in the quarterly report was consistent with the company�s prior disclosures about its activities. It reported having US$4.7 million in cash at the end of March 2020. Subsequent to the major part of the share price rise and higher stock turnover, the company released drilling results associated with preparation of the project study. Verdict: Sizzle.

Pensana Rare Earths had been experiencing a rising share price since late March. The latest phase in the share price rise occurred after the company disclosed that it had received approval for its Angolan rare earth element project from the country�s president. The company also disclosed the fiscal arrangements which will apply to the newly granted mine title. Subsequently, the company disclosed it had cash assets of $2.0 million at the end of March, leaving it with sufficient funding for around four months of activity. Verdict: Steak.

Technology Metals Australia announced that it had executed a binding off-take agreement for the sale of vanadium pentoxide from its Gabanintha project in Western Australia. The proposed purchaser is a Chinese metal processor. The company subsequently released details of drilling on its property and metallurgical test results with the potential to enhance its resource estimate. Later in the week, the company also disclosed that it held cash assets of $2.0 million, sufficient to cover its needs for up to 12 months. Verdict: Steak.

Barra Resources announced that it had struck a deal with FMR Investments under which Barra would retain a 20% free carried interest in its Burbanks gold property, with the possibility of raising its holding to 50%. The Burbanks property, near Coolgardie in Western Australia, is prospective for gold. The company also announced that its cash assets of $637,000 at the end of March 2020 would be sufficient to cover its needs for less than two quarters. The transaction with FMR is effectively a dilutive asset sale forced on the company by inadequate financial resources. Verdict: Sizzle.

Week ended 24 April 2020

Jupiter Energy remained in a trading halt at the end of the week after an extraordinary two day rise in its share price. There was no apparent news or disclosure which might have justified the share price appreciation or heightened investor interest in the company. Jupiter directors told ASX they were unaware of why the price move occurred and that they were in compliance with their disclosure obligations.  Within the two days, the company share price had risen by more than twice as much as it had by the end of the week. The company has oil development properties in Kazakhstan for which it is awaiting production approval. It is currently operating a low capacity trial. It generated revenue over a 21 day period in March at an annualised rate of $2.0 million. The company reported having cash assets of $123,000 at the end of March 2020 and will have been exploring alternative funding opportunities so as to carry on its business. Oil and gas exploration and development stocks have recently experienced dramatic share price rises but those changes began at the end of March with only a relatively modest further rise in the past week. Verdict: Sizzle.

Calima Energy announced that its acquisition of infrastructure to connect its Tommy Lakes oil wells in British Columbia to transmission pipelines had been completed.  The transaction, costing approximately $750,000 with holding costs of $500,000 a year, will allow the company to commence production in 6-9 months. At the end of December 2019, the company held cash assets of $3.7 million. Following its rise from historically low levels, the share price remains within the trading range which has prevailed since the beginning of 2020. Conclusion of the deal has occurred at a time of far weaker oil prices than had been anticipated when originally flagged. Verdict: Sizzle.

Coppermoly reported that electromagnetic ground geophysical surveys at its Mt Nakru exploration site in Papua New Guinea had been completed. Previously, trenching had encountered high grade copper-zinc mineralisation. The company had previously reported having cash assets of $5.8 million at the end of December 2019. Verdict: Steak.

Lithium Consolidated reported that it had defined a large gold related anomaly within its exploration area in the Murchison region of Western Australia. The anomaly was identified from sampling in the region to assist understanding of the geology. The company also has exploration interests in Zimbabwe and Mozambique. It held cash assets at the end of December 2019 of $927,000. Verdict: Sizzle.

Octanex did not make any formal disclosure which might explain the improved investment return. In any event, the higher share price in the very lightly traded stock reflected turnover with a value of just $1,800 in a single day after the market value had fallen to a historically low level. The company holds oil and gas exploration interests in the Bonaparte Basin off the northern coast of Western Australia. The company has also diversified its interests to include gold exploration in Western Australia where it is evaluating potential targets in several areas. The company reported having cash assets of $886,000 at the end of December 2019 with anticipated spending in the recently completed March quarter of $270,000 of which $50,000 was to be on exploration and evaluation. Verdict: Sizzle.

Week ended 17 April 2020

Predictive Discovery claimed to have made a significant gold find at a property in Guinea. Further drilling is to be completed. Predictive holds a portfolio of properties in the country as well as joint ventures in Ivory Coast and Burkina Faso prospective for gold. At the end of December 2019, the company held cash assets of $2.0 million before anticipated spending in the recently completed March quarter of $1.2 million. It raised an additional $0.6 million in April through an issue of new shares. The company has sufficient cash to meet its immediate needs but has a potentially large financial commitment with the large number of properties on which spending would have to occur to fulfill their potential. Further capital will be needed in the next few months. Verdict: Steak.

Aurora Minerals had released a statement a week earlier in which it outlined plans for exploration activity over an area near Ravensthorpe in Western Australia prospective for base metals and gold. The company is still at the stage of reviewing historically assembled data for interpretation. The company is seeking to identify targets not previously inferred from the available information. At the end of December 2019, the company held cash assets of $1.9 million with which to pursue its work programme which the company had expected to cost $0.4 million in the recently completed three months to March 2020. Verdict: Sizzle.

Chalice Gold Mines disclosed further information about a palladium-nickel-copper discovery north east of Perth in Western Australia. All recently completed drill holes have encountered palladium mineralisation. The company has stated that it could draw on $25 million to continue its exploration efforts. Additional assays to those included in the company�s last disclosure are pending. Verdict: Steak.     

African Gold did not make any formal disclosure which might explain the pick-up in investor interest. At the beginning of April, the company had announced replacement of its senior executives who had been fulfilling dual roles with Bellevue Gold. The company holds gold exploration interests in Mali and Ivory Coast. It had cash assets of $1.6 million at the end of December 2019. In February, the company had reported high-grade gold intersections in Mali from a first round of drilling. Verdict: Sizzle.

Global Petroleum announced that it had reached an agreement to licence 3D seismic data which had been accumulated in 2010 over an area which is now part of the company�s offshore Namibia exploration tenement. The government owned entity providing the data and which already holds a 10% interest in the block will be entitled to a further 7% under the terms of the agreement. The transaction will enable the company to conserve cash. Cash assets stood at $1.8 million at the end of 2019, enough for up to four quarters of anticipated spending. The value of the little traded company did not budge immediately after the announcement and rose from a historically low share price in the latest week with transactions valued at just $1,700. Verdict: Sizzle.

Week ended 10 April 2020

Sihayo Gold had not traded for ten days before the heightened investor interest in the past week. The company did not make any formal statement which might explain the stronger investment outcome. The company holds a 75% interest in an Indonesian company with a contract for work covering an area prospective for gold-silver-copper mineralisation in northern Sumatra. Directors have stated previously that they will have a completed feasibility study early in the second quarter of 2020.  They reported having cash assets of $1.3 million at the end of December 2019. Directors had said that they expected to spend $2.4 million during the three months ended March 2020. The company is accessing a working capital facility through its largest shareholder.  Verdict: Sizzle.

MetalsTech had recently announced that the company had received an extension to an existing mining permit covering potential underground activities at a historically active gold mining property in Slovakia. During of the week, the company also disclosed a newly estimated 1.026 million ounce gold resource at the site. The company reported having cash assets of $961,000 at the end of December 2019. Verdict: Steak.

Thomson Resources did not make any formal disclosure which might explain the improved investment return. In any event, the gain came via a single trade valued at $6,540. The company holds tin and gold exploration interests in New South Wales. It reported having cash assets of $76,000 at the end of December 2019 after incurring exploration spending of $6,000 in the prior three months. Verdict: Sizzle.

Carnaby Resources did not make any formal disclosure which might explain the improved share demand and investment return. In any event, the gain left the share price still below where it had been at any time prior to the beginning of March 2020. In mid-March, the company had released details of a scoping study for a gold mine in the Mount Isa region of Queensland requiring a capital outlay of $295 million. It reported having cash assets of $1.95 million at the end of December 2019. Verdict: Sizzle.

Tlou Energy announced that it had entered into an agreement with a Botswana electricity provider under which it would convert gas to power via a pilot plant. The interim deal will facilitate agreements with financiers to fund the plant development and help demonstrate the viability of a larger plant for which the company has been seeking approval. The company finished December 2019 with cash assets of $3.0 million after having spent $506,000 in the prior three months. Directors had anticipated, at the time, having enough finance to sustain the business for three quarters.  The company has outlined a range of cost saving measures in reaction to the COVID-19 outbreak. Verdict: Steak.

Week ended 3 April 2020

Australis Oil And Gas did not make any formal disclosure which might explain the investment return. The company holds oil and gas production and development interests in the USA and Portugal. Prior to last week, the company�s share price had been trading at its lowest level since an initial listing in 2016. The share price rise occurred after previously depressed oil prices rose by 32% (WTI). Even then, the share price remains lower than at any time prior to the start of March. Verdict: Sizzle.

Legend Mining reported significant nickel-copper sulphide mineralisation at its Fraser Range exploration property in Western Australia. Five mineralised intervals totalling 41.6 metres were encountered in one diamond drill hole. Assays are expected by the end of April. The results will guide decisions about future exploration activity. The company is relatively well-financed for the work ahead. It reported having cash assets of $10.2 million at the end of December 2019. Verdict: Steak.

Sipa Resources disclosed that it had pegged ground in the east Pilbara prospective for gold. The company likened the area to the setting for the recent De Grey Mining discovery in the region. As well as having other Western Australian exploration interests, Sipa has a nickel-copper sulphide exploration joint venture with Rio Tinto in Uganda. The company reported having cash assets of $2.0 million at the end of December 2019 with plans to spend $557,000 during the recently completed March quarter. Verdict: Sizzle.

Minrex Resources disclosed that new rock and soil samples had been collected from its Deflector exploration area in Western Australia (see month ended March 2019). No results were reported. The investment gain occurred after the company had been trading at historically low share prices in late March.  Subsequently, and despite the rise, the share price remained within a trading range it had occupied over the past year. Verdict: Sizzle.

Twenty Seven Co. disclosed that drilling had commenced within the company�s exploration area west of Leonora. No results were reported in the company�s attempts to expand a gold discovery at the Western Australian exploration property. The company also has exploration interests in New South Wales. After finishing December 2019 with cash assets of $478,000, the company disclosed that it had raised $1.6 million from the issue of new shares.  The company�s higher share price follows an earlier retreat to the lowest price level since July 2019.  The investment return keeps the share price at the lower end of prices which prevailed through the first two months of 2020. Verdict: Sizzle.

Quarter ended March 2020

Of the highest returning companies during the three months ended March, the following have been commented upon previously:

• De Grey Mining                  Verdict: Steak.

• Titanium Sands                  Verdict: Sizzle.

• Kasbah Resources             Verdict: Sizzle.

• Chalice Gold Mines            Verdict: Steak.

• Sky Metals                          Verdict: Steak.

Month ended March 2020

Of the highest returning companies during March, the following have been commented upon previously:

• Kasbah Resources               Verdict: Sizzle.

• Chalice Gold Mines              Verdict: Steak.

• Titanium Sands                    Verdict: Sizzle.

Minrex Resources disclosed that rock and soil samples had been collected within its east Pilbara tenements where the company is beginning to explore for gold. No results have been reported with assays due in the second half of April. Directors said they are preparing for an active field season. The stronger investor interest with monthly turnover valued at $27,451 indicating the prospective leverage to even modest items of news after companies have traded at historically low prices following a prolonged and deep cyclical downturn. The company reported having cash assets of $585,000 at the end of December 2019 with plans to spend $265,000 during the just completed March quarter, of which only $35,000 was on exploration and evaluation. Verdict: Sizzle.

De Grey Mining did not show any net share price gain since mid February (see 14 February 2019). Although the company made several announcements during the month with a potential impact on valuation, the relatively stable share price occurred during a time of conspicuous market weakness. The company continued to report on its gold exploration efforts in Western Australia. The company also raised $4.75 million through exercise of options over new shares by the company�s largest shareholder. Verdict: Steak.

Week ended 27 March 2020

Thompson Resources did not make any formal disclosure which might account for the investment return.  The $1.2 million company has gold exploration interests in New South Wales. In any event, the outcome is an example of the unusually strong leverage evident near the bottom of a prolonged and deep cycle when a company has been trading at or near historically low levels.  The improved return occurred with trades valued at just $940.  After spending just $6,000 on exploration in the December quarter, the company held cash assets of $76,000. Verdict: Sizzle.

Chalice Gold Mines reported preliminary drilling results from a nickel-copper target north-east of Perth in Western Australia.  Drilling encountered sulphides but no significant nickel or copper mineralisation. A week earlier, the company had reported more encouraging results from a first hole with significant nickel, copper and palladium. The company also holds gold exploration interests in Victoria.  At the end of December 2019, the company held cash assets of $9.7 million with which to fund its ongoing efforts. Verdict: Steak.

Kasbah Resources did not make any formal disclosure which might explain the stronger investor interest in the Moroccan tin mine developer. Earlier in the month, company directors had said that deteriorating market conditions were preventing them from securing the necessary funding to permit mine development.  The setback is a repeat of earlier instances in the past several years when promises of near term funding had failed to eventuate. The company ended December 2019 with cash assets of $912,000 which puts it in the care and maintenance category.  Only a corporate suitor now makes sense if investors are to salvage any meaningful near term value. Verdict: Sizzle.

Lion One Metals did not make any formal disclosure which might explain the stronger investment outcome.  The company is engaged in gold exploration in Fiji with a stated aim of finding a resource of 10-20 million ounces of gold.  The company reported having cash assets of $16.6 million at the end of December 2019. Verdict: Sizzle.

Titan Minerals disclosed that its gold ore processing and exploration activities in Peru and Ecuador had been disrupted by action taken to prevent the spread of the COVID-19 virus.  All of the company�s share price gains came inexplicably on the last trading day of the week despite the absence of any formal disclosure which might account for the heightened investor interest. Verdict: Sizzle.

Week ended 20 March 2020p

Traka Resources, which has base metal and lithium exploration interests in Western Australia, did not make any formal disclosure which might explain the abnormally high share price appreciation. Traka is an example of a company able to display strong leverage to even very minor improvements investor interest while trading at or near historically low share prices. The company held cash assets of $387,000 at the end of December 2019. Verdict: Sizzle.

Nelson Resources did not make any formal disclosure which might explain the stronger investment return. The company provides another example of the sometimes strong leverage to even minor improvements in investor interest while trading at or very near historically low share prices. The company, which held cash assets of $82,000 at the end of December 2019, has several gold exploration interests around the goldfields of western Australia. Verdict: Sizzle.

Latrobe Magnesium did not make any formal disclosure which might explain the stronger investment return. The company provides another example of the sometimes strong leverage to even minor improvements in investor interest while trading at or very near historically low share prices. The company has completed a feasibility study into commercialisation of magnesium production in Victoria using ash from a local power plant. The project requires capital of $54 million. The company held cash assets of $469,000 at the end of December 2019. Verdict: Sizzle.

Stellar Resources did not make any formal disclosure which might explain the improved investment return. The company provides another example of the sometimes strong leverage to even minor improvements in investor interest while trading at or very near historically low share prices. The company completed a scoping study into commercialisation of tin production at the Heemskirk project near Zeehan in Tasmania in October 2019. The project would require capital spending of $57 million. The company, which now has a market capitalisation of $4.4 million, had cash assets of $749,000 at the end of December 2019. Verdict: Sizzle.

Marenica Energy, with uranium exploration interests in Namibia and Australia, had previously announced that it had extended is land holding in Namibia. The strength of the share price reaction is an example of the sometimes strong leverage available to investors from relatively unimportant information while shares are trading at or very near historically low prices. Verdict: Sizzle.

Week ended 13 March 2020

Superior Lake Resources is an example of a stock anchored near historically low prices.  Its apparently strong performance still left its share price lower than at any point prior to late February. The company, which is seeking to develop historical zinc mining properties in Ontario, did not make any formal announcement which might explain the improved investment return. At the end of December 2019, the company held cash assets of $782,000. Verdict: Sizzle.

GME Resources is another example of a stock anchored near historically low prices. Its apparently strong performance still left its share price trading within the range prevailing since April 2019. The company, which is seeking to develop a nickel-cobalt project in Western Australia, did not make any formal announcement which may explain why the share price movement occurred. The company has said that it is seeking off-take or funding partners to facilitate development of a small open-pit. It reported having cash assets of $568,000 at the end of December 2019. Verdict: Sizzle.

Alara Resources is another example of a stock anchored near historically low prices. Its apparently strong performance came after the share price touched the lowest level in nearly three years.  The rise still resulted in a price lower than at any point between November 2017 and November 2019. The company is a participant in a joint venture attempting development of an Oman copper mine. The joint venture disclosed it had accepted a finance offer valued at approximately $80 million from two regional banks. The company had previously reported having cash assets of $5.9 million at the end of December 2019. Verdict: Steak.

Nex Metals Exploration is another example of a stock anchored near historically low prices. Its apparently strong performance still left its share price toward the lower end of a trading range which has prevailed for over two years.  Nex Metals holds a tenement in which Metalicity can earn a 51% interest by spending $5 million over five years. Metalicity announced a revised exploration target using historical resource and production data for the Kookynie gold project in the eastern goldfields of Western Australia. Metalicity had previously reported having cash assets of $255,000 at the end of December 2019. Metalicity�s limited financial capacity at a time of detrirrating capitla markets and an inauspicious development track record will pose a challenge for Nex Metals itself. Verdict: Sizzle.

Carnaby Resources is an example of a stock anchored near historically low prices. Its apparently strong performance still left its share price lower than at any time prior to the start of the week. The company announced the results of a scoping study into potential commercialisation of its Tick Hill gold property in the Mount Isa region of Queensland. The study concludes that the company could profitably recover 25,000 ounces of gold over 12 months through toll treating mined ore. The company reported having cash assets of $1.95 million at the end of December 2019. The Tick Hill property, acquired a year ago, was added to nickel and cobalt exploration assets in Norway and Sweden. The company also holds gold related property in Western Australia. Verdict: Sizzle.

Week ended 6 March 2020

Titanium Sands disclosed that all aircore drilling results to test the depth extensions of surface mineral sands occurrences within Sri Lankan tenements held by the company and completed in December had been received.  The majority of the share price appreciation during the week occurred prior to the company's announcement. Directors said that an updated resource estimate will be finalised after current studies are completed. Verdict: Sizzle.

Pure Alumina did not make any formal disclosure which might explain the improved share price action. In any event, the share price rise started near a historically low level to which the price had returned following a mid-February rise (see 21 February 2020). Verdict: Sizzle.

Pensana Rare Earths did not make any formal disclosure which might explain the improved share price action. In February, the company said that it was investigating the possibility of downstream processing of its planned neodymium-praseodymium concentrate production in Angola. Before the market opened on the last day of the week, and after the share price uplift, the company sought a halt in the trading of its securities. Verdict: Sizzle.

Raiden Resources announced that the company had won a licence tender in Bulgaria to access exploration properties prospective for copper-molybdenum-gold mineralisation. The company has yet to formalise an agreement with the relevant government agency. The company has flagged that it is seeking joint venturers to participate in exploration over properties held by it within the region. The company has said that it held cash assets of $960,000 at the end of December 2019. Verdict: Sizzle.

Quantum Graphite did not make any formal disclosure which might explain the improved investor return which, in any event, simply raised the share price from a historically low level to the bottom end of a trading range which had existed prior to mid-February. The company is seeking to develop a graphite deposit on the Eyre Peninsula in South Australia based on a 2012 feasibility study. It held cash assets of $297,000 at the end of December 2019. Verdict: Sizzle.

Month ended February 2020

Of the highest returning companies during February, the following have been commented upon previously:

• De Grey Mining            Verdict: Steak.

• Sky Metals                    Verdict: Steak.

• DGO Gold                    Verdict: Steak.

 Freehill Mining commenced a strong move higher at the end of January after the company reported assays from drilling over magnetite mineralisation in Chile. The company has also reported gold and copper mineralisation at the same property. In late February, the company reported more high-grade intersections of magnetite in holes for which assays have been completed. The company raised $750,000 in early February after finishing December 2019 with cash assets of $157,000 while seeking to spend $400,000 in the current March quarter. Verdict: Sizzle.

Middle Island Resources did not make any specific disclosure which might explain the stronger investor interest. Directors did, however, take advantage of the bid for Alto Metals which holds interests adjacent to those of Middle Island in the Sandstone region, to highlight their proximity to one another. More generally, the company will have benefited from the stronger Australian dollar gold price. In mid-February, the company completed a $2.3 million fully underwritten entitlement offer of shares and options. In mid-February, the company also disclosed that the Northern Territory government had granted exploration licences over areas prospective for iron oxide-copper-gold mineralisation. Verdict: Sizzle.

Week ended 28 February 2020

Alto Metals received notice of an unsolicited cash takeover bid from a Chinese conglomerate with interests in gold mining. The Alto directors have recommended that shareholders take no action in response to the offer which values Alto at $20.7 million. Alto has exploration interests over the Sandstone region of Western Australia. Later in the week, the company released results from a recently completed round of drilling over its tenements in this area. This is the second bid for the company in the past year. Verdict: Steak.

Krakatoa Resources disclosed that drilling had commenced at one of six targets within its Belgravia porphyry exploration project in New South Wales. Later in the week, the company announced that it had been granted an exploration licence over a nearby area prospective for gold. The company reported having cash assets of $406,000 at the end of December 2019 with the intention to spend $630,000 during the current March quarter. Subsequent to the end of the December quarter, the company announced that it had received commitments from investors to subscribe for shares to raise $1.3 million. Verdict: Sizzle.

Caravel Minerals did not make any for disclosures which might explain any improved investor interest in the normally very lightly traded stock. The value of shares traded during the week amounted to only $1,068. The company has estimated a copper resource in the wheatbelt region of Western Australia for which a scoping study has been completed. Company directors have said they are looking at financing alternatives to facilitate development. The company, which has a market value of $7.1 million, reported having cash asste at the end of December 2019 of $571,000. It expected to spend $185,000 in the current March quarter. Verdict: Sizzle.

Lucapa Diamond Company released results of sales from its Lulo alluvial diamond mine in Angola. A week earlier, the company had reported recent finds of high quality diamonds and attempts to find their sources within the company�s licence areas. Trading in Lucapa shares was halted before the end of the week and after its sales report. Verdict: Sizzle.

Rex Minerals announced that directors had agreed to let the company borrow $4.4 million at 12% for 12 months. The lenders include current directors of the company who account for one half of the value of the facility. The company has gold exploration interests in Nevada and a copper development opportunity in South Australia for which it is awaiting delayed approvals before work can proceed. The company had finished December 2019 with cash assets of $701,000. It would have benefited from the recent rise in the US dollar gold price. Verdict: Sizzle.

Week ended 21 February 2020

Metals Tech announced an arrangement with Clean Earth Technologies under which it would be able to use the cyanide-free gold recovery technology of the latter to improve environmental outcomes at the Sturec gold project in Slovakia where cyanide based processing is not allowed. While the technology has been employed in other projects, the company has not yet demonstrated its efficacy in the specific conditions prevailing in Slovakia. Verdict: Sizzle.

Big River Gold disclosed progress in tests to determine the commercial potential of mica extraction from its Borborema gold resource in Brazil. The company was subsequently required to withdraw a reference in its announcement about the size of the mica resource highlighting that the value proposition behind the potential exploitation of the mineral remains obscure. Verdict: Sizzle.

Austral Gold did not make any formal disclosure which might explain the improved investment return. The company is engaged in gold production in Chile. It had previously reported gold and silver production of 16,578 ounces and 116,380 ounces, respectively, in the three months ended December 2019. The company had also foreshadowed gold production in 2020 of 55-60,000 ounces with all-in costs of US$900-1000 per ounce. The sharp rise in the gold price, including its response to the spread of the COVID-19 virus, will benefit the earnings of the company. Verdict: Steak.

Calima Energy reported that it had acquired infrastructure operating rights within the region in which it drills for oil in British Columbia. The apparent size of the appreciation in the market value of the company has been exaggerated by having previously been trading at historically low prices. Subsequent to the share price rise, the company�s market  value sat at $17 million. The acquisition price of the capital assets of approximately $825,000 is well below the company�s $85 million estimate of their replacement costs. Verdict: Steak.

Pure Alumina did not make any formal disclosure which might explain the improved investment return. The company had previously disclosed that it intended to abandon its aspiration to produce high purity alumina in favour of becoming a gold producer. The company holds exploration interests in the Hill End region of New South Wales. It has said that it will look for other gold related opportunities. The company held cash assets of $535,000 at the end of December 2019. Verdict: Sizzle.

Week ended 14 February 2020

Sky Metals reported results from its drilling over exploration areas west of Goulburn in New South Wales. The company is seeking to define gold mineralisation in an area in which historical drilling had been targeting base metal finds. The two completed diamond drill holes supplement soil sampling used to identify a target zone. The company had cash assets of $2.2 million at the end of December 2019. A new chief executive joined of the company at the end of January 2020. Verdict: Steak.

Moho Resources reported assay results from a program of drilling over exploration areas north of Kalgoorlie in Western Australia. The drill results will enable the company to proceed to estimating a JORC compliant gold resource. After spending $559,000 on exploration and development in the three months ended December 2019 (and $270,000 on staff and administration), the company ended 2019 with cash assets of $268,000. The company had foreshadowed, in late January, that it would receive an R&D rebate which would provide adequate financial backing for its proposed activities in the three months to March 2020. In any event, an additional near-term injection of capital will be needed, perhaps following disclosure of a resource estimate. Verdict: Steak.

Pursuit Minerals was placed in a trading halt early in the week pending an announcement and then suspended. The company, which is engaged in vanadium exploration in Sweden, had not made any formal disclosure by the end of the week which might have explained the share price move from historically low levels. In the latter part of January, the company had announced the completion of a ground magnetic survey suggestive of new targets to supplement historical drilling. The $2 million company has reported having $953,000 in cash assets at the end of December 2019. Verdict: Sizzle.

De Grey Mining released follow-up drilling results from its Hemi gold prospect in the Pilbara region of Western Australia.  The disclosure extended the strong increase in investor interest into a second week (see 7 February 2020). Verdict: Steak.

Empire Resources did not make any operational or strategic disclosure which might explain the improved investment return although the company did report share purchases by several directors of the company. The company holds gold and copper exploration interests north of Perth and near Kalgoorlie. In late January, the company had reported air core drilling results from the two exploration areas which had identified new targets. It finished December 2019 with cash assets of $1.3 million but also holds investments with a current market value of $3.7 million.  Verdict: Sizzle.

Week ended 7 February 2020

De Grey Mining reported having intersected high grade gold mineralisation in two zones within its Pilbara exploration area in Western Australia. After spending $4.5 million on exploration and evaluation in the three months ended December 2019 and raising $4.2 million, the company finished the quarter with cash assets of $7.9 million. Verdict: Steak.

Elixir Energy announced that it had intersected a coal seam of up to 51 metres wide while drilling for coal bed methane occurrences in southern Mongolia. The company reported having cash assets of $2.0 million at the end of December 2019. Verdict: Steak.

DGO Gold benefitted from the De Grey Mining announcement through its 10.7% economic interest in the company. DGO, which has other gold exploration interests in Western Australia, had cash assets at the end of December 2019 of $2.8 million.  With a market capitalisation one-third of the size of De Grey, DGO offers investors a leveraged exposure despite the relatively small shareholding in the De Grey discovery. Verdict: Steak.

Kin Mining reported assays showing high grade zones of mineralisation at its Cardinia gold prospect north east of Leonora in Western Australia. The results are consistent with a large mineralised system. The company held cash assets of $2.7 million at the end of December 2019 to fund ongoing activities after evaluating and interpreting the recent data. Verdict: Steak.

Bass Metals is ramping up graphite concentrate production in Madagascar. The company reiterated achievement of record quarterly sales in its December activities report covering the three months to the end of December 2019. The company reported on ongoing exploration efforts designed to underpin an expansion of its production and sales capacity. It has commenced a feasibility study process to meet government requirements for an approval to expand operations. The company share price had been trading near the lowest levels since 2016. The most recent rise leaves the share price below levels which had prevailed through most of 2019. The company held $1.3 million in cash assets at the end of December 2019. Verdict: Steak.

Month ended January 2020

Of the highest returning companies during January, the following have been commented upon previously:

• Auteco Minerals                            Verdict: Sizzle.

• Adavale Resources                      Verdict: Sizzle.

• East Energy Resources                Verdict: Sizzle.

• GBM Resources                           Verdict: Sizzle.

Kalamazoo Resources reported a high grade gold intersection from one of four completed diamond drill holes at an exploration site near Castlemaine in Victoria. The report was released in late December after which the ascent of the company�s share price commenced.  Adding to the upside impetus in mid-January, the company disclosed that Novo Resources and Eric Sprott had each subscribed capital for four million new shares in the company. It later reported that it had held cash assets of $825,000 at the end of December 2019. The company also holds gold exploration interests in Western Australia. Verdict: Steak.

Week ended 31 January 2020

Auteco Minerals announced that it had agreements to purchase an 80% stake in the Pickle Crow gold project in Ontario. The underground mine located within the acquired tenements was closed in 1966 after producing 1.5 million ounces of gold. The company also announced changes to its board and completion of a $1.2 million capital raising. The company had previously conducted limited gold exploration activities near Meekatharra in Western Australia. It had ended 2019 with cash assets of $354,000. Australian companies have had a mixed history in trying to take advantage of historical workings in North America which locals have not deemed worthwhile resurrecting. Verdict: Sizzle.

Global Petroleum, which has offshore oil and gas exploration interests in Namibia, did not make any formal disclosure which may explain the heightened investor interest. The company's attempts to obtain exploration licences in Italy have been stymied for several years on environmental grounds. It had cash assets of $1.8 million as the end of 2019. Namibia has been attracting increasing interest from oil exploration companies, including those with promising results near Global Petroleum activities. Verdict: Sizzle.

Titanium Sands had confirmed that a shareholder meeting to approve the acquisition of a Sri Lankan tenement package with an inferred heavy mineral sands resource had been scheduled for late February. The company had previously held exploration interests on Manna Island where the newly targeted tenements are also located. During of the week, the company announced that it had upgraded the previously disclosed resource, with 66% being included in the indicated category. The company held cash assets of $2.0 million at the end of December 2019. Verdict: Steak.

Argonaut Resources holds copper exploration interests in South Australia. The company announced that it had received an additional approval from the South Australian government needed before commencement of a drilling program. Final approval of drilling is expected by the company in April. The rise in share price follows the company having traded at record low prices in recent weeks. The market capitalisation of the company remains below $10 million after the share price rise. The company held cash assets of $874,000 at the end of December 2019. Verdict: Sizzle.

Temaska Oil and Gas completed a $510,000 capital raising foreshadowed earlier in January and which would allow it to proceed with onshore oil exploration efforts in Romania. The company has the right to earn a 50% project interest by spending US$1.5 million. At the end of December 2019, the company held cash assets of $2.8 million. The higher share price remains within the range of historically low prices which have prevailed since September 2018. Following the rise, the company retains a market capitalisation of just $8.0 million. Verdict: Sizzle.

Week ended 24 January 2020

Chesser Resources reported the results of a diamond hole drilled at its Diamba Sud property in Senegal.  The company characterised the results as confirming a high grade gold discovery. Further drilling activity is to begin in early February. The company, which reported having cash assets of $2.4 million at the end of September 2019, will be able to draw on existing financial resources to complete the next stage of activity. Verdict: Steak.

Scorpion Minerals announced that it had exercised an option over tenements prospective for gold and base metal mineralisation adjacent to existing holdings at Mt Mulcahy in the Murchison region of Western Australia. The company reported having a just $2,000 in cash assets at the end of September 2019 with $459,000 of a $2 million loan facility remaining to be drawn. The company did not spend anything on exploration in the prior three months. The higher share price reflects a return to previous levels after an unusually large sale of stock a week earlier had depressed the price. Verdict: Sizzle.

Pilot Energy benefitted from an announcement by Key Petroleum of a land access agreement covering areas in the Perth Basin which would facilitate exploration over the company's Bookara Shelf oil project. Pilot holds a 13.86% interest. At the end of September 2019, the company had cash holdings of just $89,000. Verdict: Sizzle.

Challenger Exploration disclosed that it continued to log historical drilling data from a tenement in Ecuador prospective for gold-copper mineralisation. The company announced a farm-in agreement covering the property earlier in January under which it could earn a 50% interest in exchange for funding five years of exploration activity. The improved market value for the company is a continuation of a trend dating from October when another company announced a discovery adjacent to the area of Challenger�s exploration interest. Earlier in January, the company raised $6.5 million through a share placement. The company also has gold exploration interests in Argentina. Verdict: Steak.

Key Petroleum disclosed that it had entered into a land access agreement over an oil exploration area in the Perth Basin. The company�s share price returned to levels which had prevailed after August 2019 when investor interest had been stimulated by a discovery in the Perth Basin by another company (see Steak or Sizzle? 30 August 2019). Verdict: Sizzle.

Week ended 17 January 2020

East Energy Resources is an infrequently traded stock which did not make any formal disclosure which might explain the stronger investor interest. In any event, transactions during the week amounted to a value of only $1,310. In the previous week, the company had entered into an agreement with Noble Trading under the terms of which it would borrow $500,000 for working capital. Noble owns 93% of the outstanding shares in the company whose primary development interest is in a coal project south of Blackall in Queensland. It is investigating alternative ways to get development of the thermal coal assets under way. Verdict: Sizzle.

Stone Resources Australia reported a week before that it had finished December 2019 with cash assets of just $76,000 with estimated cash outflows in January of $143,000. The company relies on its majority shareholder for funding. It holds exploration tenements over areas prospective for gold near Laverton in Western Australia. The company is fighting attempts to force forfeiture of the holdings. Verdict: Sizzle.

Adavale Resources disclosed a week earlier that it would apply for permits covering ground adjacent to the Kabanga nickel project (see 10 January 2019).  There was no further formal disclosure but investor interest remained sufficiently strong for the company to post record turnover value. Verdict: Sizzle.

GBM Resources did not make any for disclosure which might explain the pick-up in investor interest. In late December, the company had announced completion of an acquisition originally flagged in October 2019. The acquisition gives the company greater access to an existing heap leach gold project in South Australia which it is seeking to develop and to speed up access to cash flows for working capital. Verdict: Sizzle.

Copper Strike did not make any formal disclosure which might explain the stronger investor interest in the lightly traded stock. At the beginning of January, the company announced board changes which involved entry of directors with capital market and prior stock promotional experience. The $7 million market capitalisation company had previously reported that it had no exploration interests at the end of September 2019 but did own 9.14 million Syrah Resources shares which would have a current market value of $5.8 million. It held cash assets of $228,000. Verdict: Sizzle.

Week ended 10 January 2020

Magnis Energy Technologies was queried by ASX about the reasons for the heightened investor interest. Directors said they had nothing to disclose but did draw attention to share price increases among leading lithium-ion battery cell manufacturers which is the direction in which they are taking the company. The company also highlighted the appointment of one of its directors to lead a New York state electric vehicle task force after winning the 2019 Nobel prize for chemistry. In early December, the company had announced an agreement covering construction of a graphite production facility at its Nachu project in Tanzania. The company had cash assets of $257,000 at the end of September 2019 but has announced an $8 million equity funding facility to be drawn on over 12 months. Verdict: Sizzle.

Adavale Resources had announced plans for a change in strategic direction in favour of projects related to lithium-ion batteries, at the end of December. Late in the last week, the company announced that, consistent with the new strategy, it had submitted applications over an area adjoining the Kabanga nickel project in Tanzania. The initiatives follow changes in board membership and company management accompanying a $235,000 capital raising and $1 million convertible note offering. The company had reported having cash assets of just $1,000 at the end of September 2019. The company had previously been seeking to develop a uranium property in South Australia. Verdict: Sizzle.

Audalia Resources did not make any formal disclosure which might explain fresh investor interest. In any event, the share price rise occurred with a single trade valued at just $500. Low liquidity over the first days of a new calendar year often results in unusually strong share price reactions to very modest increases in investor activity. The company which reported having cash assets of $751,000 at the end of September 2019 is seeking to develop a vanadium-titanium project south east of Perth in Western Australia. Verdict: Sizzle.

Cradle Resources did not make any formal disclosure which might explain the investor interest in an only occasionally traded stock. The company holds an interest in a niobium project in Tanzania development of which has been affected adversely by changes in the country�s mining legislation. Directors of the company have said they are looking for other opportunities. it had cash assets of $1.6 million at the end of September 2019. Verdict: Sizzle.

 Ikwezi Mining did not make any formal disclosure which might explain the share price movement which, in any event, occurred with turnover valued at just $150 after market losses following a more substantial share price rise in November (see 22 November 2019). The company is developing thermal coal assets in Southern Africa. Verdict: Sizzle.