Azzet reports on three ASX stocks with notable trading updates today.
Patriot Battery Metals jumps on market update
Shares in Patriot Battery Metals (PMT) were up over 6% at the open after the hard-rock lithium explorer announced commencement of work programs to explore tantalum as a high-value by-product at its 100%-owned Shaakichiuwaanaan Project which ranks among the top five tantalum pegmatite resources globally.
The project is located in the Eeyou Istchee James Bay region of Quebec which is evolving into a critical minerals powerhouse with significant potential to enhance economic returns through the recovery of tantalum, caesium, and gallium alongside its primary lithium operations.
The company is conducting test programs to evaluate tantalum recovery and is aiming to integrate it into the project’s economic development, potentially boosting its financial outcomes.
Commenting on today’s update, Darren L. Smith, Executive Vice President Exploration reminded the market that the Shaakichiuwaanaan Project is rapidly evolving into a critical minerals powerhouse with tantalum, caesium, and gallium already identified as significant potential by-product opportunities of a primary lithium operation.
“Of these opportunities, tantalum is the most common in the industry, when grades are sufficiently high, and may be recovered using simple and conventional processing methods with no material impact on lithium recoveries,” said Smith.
"With Shaakichiuwaanaan ranking as one of the top-5 tantalum pegmatites globally in terms of grade and tonnage, there is strong potential for tantalum to further enhance the economic and financial returns of the Project.”
The stock’s share price fall from $1.80 mid-2023 to $0.24 reflects in part the fall in lithium prices over the same period.
While corporate developments in lithium and caesium projects offer future growth potential, the stock’s share price has struggled and financial challenges together with zero revenue and ongoing losses are clearly being played on investors’ minds.
The stock has a market cap of $129 million; the share price is down 58% in one year and down 40% year to date.
The stock’s sentiment among investors has been weak, resulting in a bearish sloping 200-day moving average.
Consensus is Strong Buy.
Neuren Pharmaceuticals rises following U.S. patent approval
Shares in Neuren Pharmaceuticals (ASX: NEU) were up over 11% at the open after the mid-cap pharmaceuticals company revealed that the U.S. Patent and Trademark Office has allowed its patent application covering the use of NNZ-2591 to treat Pitt Hopkins syndrome (PTHS) for issuance as a patent.
It’s understood that there are currently no approved treatments for PTHS, which has a severely debilitating impact on the lives of patients.
The U.S. Food and Drug Administration (FDA) has previously granted Orphan Drug designation and Fast Track designation to Neuren's development program for NNZ-2591 in PTHS.
In Neuren’s multi-centre Phase 2 clinical trial of treatment with NNZ-2591 for 13 weeks, improvements were seen in clinically important aspects of PTHS, including communication, social interaction, cognition and motor abilities.
Nine out of 11 children showed improvement assessed by clinicians and 8 out of 11 children showed improvement assessed by caregivers.
In addition to discussing the next steps in the development program with the FDA, Neuren is also currently preparing to commence a Phase 3 clinical trial of NNZ-2591 in Phelan-McDermid syndrome, another serious neurodevelopmental disorder for which there are no approved treatments.
Neuren Pharmaceuticals has a market cap of $1.7 billion; the share price is down 34% in one year and up 10% year to date.
The stock’s shares appear to be weak with little demand from investors.
Consensus is Strong Buy.
Beetaloo Energy Australia rises after securing traditional owners’ consent for gas sale
Shares in Beetaloo Energy Australia (ASX: BTL) were up around 5% this afternoon after the Sydney-based Australian oil and gas company (formerly Empire Energy) announced it signed a deal with the traditional owners of the lands around its gas project in the Northern Territory.
At that meeting, the traditional owners consented to the sale of appraisal gas in accordance with Section 57AAA (5)(d) of the Petroleum Act 1984 (NT).
This means the deal allows the sale of gas from early drilling at the remote site to proceed.
A package of benefits is now being finalised between Beetaloo Energy and the traditional owners, with the support of the Northern Land Council.
The process of executing the agreement will then occur in accordance with the Act and Beetaloo Energy will advise shareholders once that process reaches its conclusion.
Commenting on today’s update, managing director Alex Underwood told the market that Beetaloo Energy is deeply committed to working with landowners and local communities to share the economic and social benefits that are already accruing and will continue to accrue from the ongoing exploration and appraisal of the project.
Beetaloo Energy’s market cap is $240 million; shares are down 11% in one year and up 21% in the last month.
The stock’s shares appear to be in a long-term bearish trend confirmed by a falling 200-day moving average.
Consensus is Strong Buy.
This article does not constitute financial or product advice. You should consider independent advice before making financial decisions.
