Winners and Losers: Renascor loses charge, Boart Longyear hits top spot
Renascor Resources saw its shares fall despite a positive update on the proposed SA graphite mine it believes is the second biggest reserve of the mineral in the world.
As it moves toward becoming a vertically-integrated player in the emerging graphite space, hoping to power electric cars and solar panels, Renascor Resources received a positive update about its proposed “Siviour” mine west of Arno Bay on the Eyre Peninsula.
But shareholders jumped ship prior to Renascor announcing the expected level of graphite at its fully-owned reserve was 25 per cent more than expected.
RNU shares fell primarily in the beginning of the week, and Renascor made its announcement on Thursday. Shares rose after the announcement, but not enough to keep the company off the number one spot on this week’s Losers list.
The ASX announcement pertains to the company’s expectations for its proposed mine. It says recent resource expansion drilling resulted in a 25 per cent increase to the total estimated mineral resource to 123.6Mt
The company says the proposed mine is the “second largest Proven Graphite Reserve in the world and the largest Graphite Reserve outside of Africa”.
Renascor was followed by Mighty Kingdom, AML3D, Viva Energy and Kelsian Group which all made the top five Losers for the week.
As for the winners, mining services firm Boart Longyear hit the top spot after a single trade of 666 shares on Wednesday afternoon pushed the company’s trading price up. Two more shares moved on Thursday, giving the company an 11.11 per cent rise over the week.
BHP was the second biggest riser in the five days to 15 September, followed by Beach Energy, Elders and Core Lithium.
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Check out the top five Winners and Losers for last week below:
