ASX Lunch Wrap: China-driven mining rally offset by tech slump on Nvidia probe

Stockheads12-10

The ASX200 slips despite mining rally Mining stocks surge as China signals stimulus Life360 drops after index miscalculation, drags tech sector down The benchmark ASX200 index fell by around 0.6% at ...

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Nvidia’s shares fell 2.55%.Here’s where the ASX stood at around 12:40pm AEDT:Source: Market IndexSource: Market IndexNotable announcements in the large caps space came from Perpetual (ASX:PPT), which is facing a potentially huge tax bill after the Australian Taxation Office (ATO) raised concerns over its recent sale of assets to private equity giant KKR.Perpetual’s wealth management and trust business sale to KKR now faces a tax liability of $493–529 million, up from the initial estimate of $106–227 million after further discussions with the ATO. Shares were down 6%.Dual-listed Life360 (ASX:360) fell by 5% after the company revealed that a miscalculation of its stock’s weighting in the US Russell indexes had led to passive funds needing to adjust down their positions. This followed an 8% drop yesterday.On a more positive note, the Australian Competition and Consumer Commission (ACCC) has approved a merger between Integral Diagnostics (ASX:IDX) and Capitol Health (ASX:CAJ), creating a $1 billion diagnostics imaging group.And, at 2.30pm AEDT today, the RBA is expected to announce its last interest rate decision for 2024. The central bank is widely expected to keep the cash rate on hold at 4.35%.ASX SMALL CAP WINNERSHere are the best performing ASX small cap stocks for December 10 [intraday]:Code Name Price % Change Volume Market Cap 88E 88 Energy Ltd 0.002 50% 4,951,989 $28,933,812 ERL Empire Resources 0.003 50% 1,212,074 $2,967,826 MOM Moab Minerals Ltd 0.003 50% 1,694,660 $3,133,999 PRX Prodigy Gold NL 0.003 50% 183,333 $6,350,111 TKL Traka Resources 0.002 50% 200,000 $1,945,659 SFG Seafarms Group Ltd 0.002 33% 354,986 $7,254,899 MQR Marquee Resource Ltd 0.018 29% 1,658,441 $5,829,381 ERA Energy Resources 0.003 25% 622,487 $810,792,482 SMX Strata Minerals 0.022 22% 181,123 $3,434,673 BML Boab Metals Ltd 0.158 21% 1,756,972 $30,341,364 AON Apollo Minerals Ltd 0.015 15% 1,035,715 $9,052,458 SMM Somerset Minerals 0.015 15% 2,115,192 $2,680,602 FFM Firefly Metals Ltd 1.150 14% 1,740,117 $569,465,191 BRN Brainchip Ltd 0.250 14% 16,050,860 $433,942,955 MTC Metalstech Ltd 0.125 14% 254,892 $21,729,343 AM7 Arcadia Minerals 0.025 14% 40,000 $2,575,102 SPA Spacetalk Ltd 0.175 13% 72,934 $9,885,336 1AI Algorae Pharma 0.009 13% 2,238 $13,499,158 CMD Cassius Mining Ltd 0.009 13% 500,000 $4,336,036 DOU Douugh Limited 0.009 13% 22,000 $8,656,551 LRS Latin Resources Ltd 0.163 12% 14,545,834 $406,205,822 Wordpress Table Plugin88 Energy (ASX:88E) has received initial 2D seismic data from Monitor Exploration, confirming 10 significant structural leads in its PEL 93 licence area in Namibia’s Owambo Basin. The seismic data reveals large closures, some up to 100 km², with hydrocarbon charge potential.88 Energy plans to independently validate these findings and, in partnership with the Joint Venture, integrate additional data for a prospective resource estimate, expected in the first half of 2025. The company holds a 20% interest in PEL 93, with the option to increase its stake to 45% by funding exploration costs.Boab Metals (ASX:BML) has secured a US$30 million prepayment facility and a binding offtake agreement with global commodities trader Trafigura for lead-silver concentrate from its Sorby Hills project in WA.The prepayment will support the project’s development and has a five-year term, with repayments starting after an 18-month interest-only period. If the financial close is achieved, Trafigura will purchase 75% of the concentrate produced, but this will drop to 25% if the prepayment conditions are not met.Somerset Minerals (ASX:SMM) has agreed to acquire the high-grade Coppermine project in Nunavut, Canada, adjacent to White Cliff Minerals’ (ASX:WCN) Rae project. The acquisition will give Somerset control of a 1,208 km² land package, hosting multiple high-grade copper lodes, including rock chip results of up to 45.4% copper.BrainChip Holdings (ASX:BRN) has secured a US$1.8 million contract with the Air Force Research Laboratory (AFRL) to develop radar signalling algorithms for neuromorphic hardware. The project will focus on micro-Doppler signature analysis, using BrainChip’s proprietary TENNs algorithm optimised for its Akida 2.0 hardware.ASX SMALL CAP LOSERSHere are the worst performing ASX small cap stocks for December 10 [intraday]:Code Name Price % Change Volume Market Cap VTI Vision Tech Inc 0.062 -54% 315,745 $7,429,923 1TT Thrive Tribe Tech 0.001 -50% 259,445 $1,406,723 LYN Lycaonresources 0.095 -50% 6,540,687 $10,067,116 MTL Mantle Minerals Ltd 0.001 -50% 177,452 $12,394,892 IBG Ironbark Zinc Ltd 0.003 -38% 5,175 $7,334,591 LNU Linius Tech Limited 0.001 -33% 34,500 $9,226,824 NES Nelson Resources. 0.002 -33% 387,370 $6,515,783 ASR Asra Minerals Ltd 0.003 -25% 3,500,000 $9,250,410 TMX Terrain Minerals 0.003 -25% 1,018,765 $7,200,115 VEN Vintage Energy 0.005 -25% 7,987,663 $10,017,188 CCO The Calmer Co Int 0.006 -21% 7,995,514 $15,465,705 ADD Adavale Resource Ltd 0.002 -20% 282 $3,087,330 ARV Artemis Resources 0.008 -20% 4,823,373 $19,168,824 BNL Blue Star Helium Ltd 0.004 -20% 290,023 $13,474,426 CDT Castle Minerals 0.002 -20% 8,517,866 $4,182,035 FGH Foresta Group 0.008 -20% 2,375,956 $25,773,791 MPR Mpower Group Limited 0.008 -20% 993,604 $3,437,033 TMK TMK Energy Limited 0.002 -20% 110,000 $23,313,913 SVL Silver Mines Limited 0.093 -20% 19,824,127 $173,424,170 VRX VRX Silica Ltd 0.047 -18% 1,231,430 $35,810,573 AUG Augustus Minerals 0.033 -18% 301,465 $4,767,657 EVG Evion Group NL 0.024 -17% 1,219,351 $10,061,932 RAD Radiopharm 0.034 -17% 26,309,494 $89,091,391 Wordpress Table PluginIN CASE YOU MISSED ITLanthanein Resources (ASX:LNR) ) has extended its farm-in agreement with Gondwana Resources by six months to earn a 50% interest in tenement E77/2143, agreeing to pay $200,000 in cash.The extension accommodates delays in regulatory approvals and allows time to complete drilling, receive assay results and evaluate the project’s potential for the next farm-in stage.At Stockhead, we tell it like it is. While Lanthanein Resources is a Stockhead advertiser, it did not sponsor this article.This article does not constitute financial product advice. 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