Stocks of the Hour: Antilles Gold, AusQuest, Melbana Energy, Spenda

Company News

by Abbey Phillipps

Antilles Gold (ASX:AAU) has updated its gold grades at its oxide deposit in Cuba. In addition, negotiations have now commenced to establish a joint venture between subsidiaries of Antilles Gold and the Cuban Government's mining company, GeoMinera. In response, Mr Brian Johnson, Executive Chairman of Antilles Gold said, “Based on the results from the recent exploration program, the Company is confident that a relatively small, but gold-rich, mine could be developed next year.” Shares are trading 15 per cent higher at 4.6 cents.

AusQuest (ASX:AQD) upgraded its iron concentrate to greater than 70% at its project in WA. In response, AusQuest’s Managing Director, Graeme Drew, “Shareholders can look forward to more detailed assessments of the magnetite potential of this project over the coming quarters.” Shares are trading 20 per cent higher at 1.8 cents.

Melbana Energy (ASX:MAY) provided an update on preparations for its first appraisal well in Block 9 PSC. Melbana Energy’s Executive Chairman, Andrew Purcell, has commented: “The pace of preparations is increasing as we move closer to commencing our first appraisal well.We’re all excited to see how this first formation performs.” Shares are trading 14.3 per cent higher at 8.8 cents.

Spenda (ASX:SPX) provided a Quarter 2 fiscal year 2023 report. The figures show strong performance in key leading indicators, including a 33% increase in Invoice Finance loan facilities, 69% increase in the number of transactions processed and a 41% increase in payment volume from the prior quarter. Shares are flat at 1.5 cents.

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