Winners and Losers: Marmota spikes on ‘spectacular’ gold discovery
Amid a gold rally, SA miner Marmota spiked after announcing its maiden program yielded shiny results.
Final assay results of Marmota’s maiden program at its Greenewood site in the central South Australian geological province of the Gawler Craton were well-received by shareholders last week, sending the company to the top of the Winners list.
The group’s shares rose by 71.43 per cent to 12 cents per share after it announced a maiden assay program delivered “spectacular” grades.
“The results are some of the best seen in the Gawler Craton since… 1995,” Marmota said.
It came amid a commodities rally more broadly, led by gold, while copper and silver hit new all-time highs. This benefited the South Australian miners, including Hillgrove Resources, which rose by 8.82 per cent over the week.
On the other end of the spectrum, Power Minerals fell by 13.33 per cent to be the week’s biggest Loser.
This was despite announcing it was looking to expand its Rincon Lithium project in Argentina.
The company will assess the full depth of lithium at the site, which would support future modelling for production scenarios and environmental permitting.
“Our goal is to unlock the full potential of the basin and establish a strong foundation for future lithium carbonate development,” Power Minerals managing director Mena Habib said.
Other Losers during the week included Maggie Beer Holdings, Resolution Minerals and Alligator Energy.
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Alligator Energy is now down 35 per cent on the year, while this week was not a great one, Maggie Beer is still up nearly 90 per cent over the same period.
The full list of Winners and Losers for the week ended December 12:
Data via Baker Young Limited analysts.
