Winners and Losers: Emerging minerals firm spikes
Shares in a minerals exploration firm with a focus on the Eyre Peninsula and the Northern Territory have spiked in the last week on the back of an antimony discovery.
Shares in iTech Minerals nearly doubled in the trading week after the company announced the discovery of two new antimony zones in the Northern Territory.
Antimony is increasingly being used in the semiconductor industry, with iTech noting the zones “appear to have been overlooked by previous explorers due to a focus on gold mineralisation”.
The company has received heritage approval to drill test these targets and is currently obtaining approvals for drilling later this year.
Shares in the firm rose 93.10 per cent in the week, and are up 69.70 per cent for the year.
Other miners made up the winners for the week, continuing the trend seen throughout the financial year so far.
Andromeda Metals rose by 27.27 per cent, Magnetite Mines by 26.76 per cent, and Power Minerals by 18.33 per cent.
Of the losers, Axiom Properties fell the furthest – 20 per cent over the five days – and was followed by metal 3D printing company AML3D, which released its annual report last Monday.
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AML3D revenue rose by just 1 per cent, while losses worsened by $3 million to $6.5 million.
The full list of Winners and Losers for the week ended 22 August:
