Winners and Losers: Koonenberry strikes gold
Shares in Adelaide-based Koonenberry Gold spiked after the firm announced the planned purchase of two mining projects in New South Wales.
Koonenberry Gold also announced it would raise $4.5 million, with major shareholder Lion Selection Group and incoming backer Lowell Resources Fund supporting the placement.
The company is planning on buying two projects: the Enmore Gold Project from Global Uranium & Enrichment and the Lachlan copper and gold projects from Gilmore Metals.
The announcements saw its share price rise by 41.67 per cent over the trading week.
Koonenberry Gold described the deals as “transformational”, and will turn the firm into a NSW-focused explorer with land holdings of 4,410 square kilometres.
“The Koonenberry Gold team is extremely excited to add these highly prospective assets to our gold and copper exploration portfolio,” Koonenberry Gold managing director Dan Power said.
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“The Enmore Gold project has some existing historical high-grade gold assays in drilling, rock chips and underground workings with clear targets, a well-understood geological model and a near-term opportunity to rapidly advance with drilling.
“The Lachlan Projects include strategic landholdings in the Lachlan Ford Belt with early-stage results across multiple targets.”
Fellow miner Terramin Australia also rose by 31 per cent across the week after announcing it had completed the acquisition of all the land which covers the footprint of the Tala Hamza Mining Permit in Algeria.
“The securing of access to the land defined by the Tala Hamza Mining Permit is a significant milestone as it now allows us to officially commence works for the project,” Terramin executive chair Bruce Sheng said.
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“Terramin is highly appreciative of the hard work and continued support of our Algerian partners and the Algerian government.
“We are passionate for the future of this world-class project.”
As for the Losers, Petratherm topped the list after shares fell in line with a discounted capital raise to bag $4.2 million, significantly above a $1 million raise as planned.
Other losers included Andromeda Metals, Elixir Energy, Whitebark Energy and Australian Vintage.
The full list of Winners and Losers for the week ended 18 October:
Data compiled by Baker Young Limited analysts.
