This week’s Bulls N’ Bears ASX Runner of the Week is… Osteopore. Its share price surged more than 1060 per cent after announcing a deal to sell its regenerative bone implant technology into Singaporean and Vietnamese markets. Osteopore joins fellow market movers and shakers this week Allup Silica and Many Peaks Minerals.
With this year’s Olympic Games in Paris drawing closer, the temptation to draw comparisons between high-performing ASX stocks and high-performance athletes becomes more and more enticing.
If ASX-listed Osteopore was an Olympic athlete, it would have been gold, gold, gold this week for the regenerative bone implant technologist who achieved the impossible Olympic sized dream of a “ten-bagger” share price hike.
The company’s stock hiked 1060 per cent from 6.5c last week to touch a whopping 75.5c during intraday trading yesterday after announcing it had secured market approvals to supply its orthopaedic products in Singapore and Vietnam.
More than 4.8 million shares changed hands following the announcement in the biotech’s largest day of trading since July last year.
Management says the regulatory approval includes a range of off-the-shelf products for “high tibial osteotomy” (HTO), bone grafting and customisable implants for complex bone loss. The company says the number of HTOs - also known as knee preservation surgery – doubled in Singapore from 50 cases in 2020 up to 100 cases the following year, while more than 10 per cent of adults in Singapore are impacted by knee osteoarthritis.
Osteopore also believes the orthopaedic market in Vietnam will grow over the next four years, expected to be driven by the country’s ageing population and the frequency of orthopaedic conditions.
The company’s plan is to initially launch its orthopaedic products in Singapore and Vietnam, two of its three highest performing markets over the past four years for some of its other proprietary products. It will look to take advantage of its existing sales and distribution channels to help accelerate market access.
In addition to receiving market approval in the two South East Asian nations this week, Osteopore also announced its recruitment for cranial reconstruction trials in Australia is now complete, with nine patients participating. Recruitment for its long bone reconstruction trial has also closed with two patients taking part.
However, the key reason behind Osteopore’s rapid rise this week appears to be securing the two key markets for its orthopaedic products in Singapore and Vietnam where it can potentially ease the pain of thousands of sufferers.
Taking out the Runners of the Week silver medal is Allup Silica which recorded a share price hike of more than 333 per cent – an increase that would often secure a clear gold medal in any other week.
The company’s stock leapt from a previous close of 3c to touch 13c during intraday trading today on the back of a pair of significant announcements over its silica sands operations in both the north and south of Western Australia.
A sampling program at the explorer’s Cabbage Spot project near Wyndham in WA’s Kimberley region has highlighted several areas of high-grade silica sands with 43 surface samples returning grades of more than 98 per cent silicon oxide at an average grade of 98.6 per cent.
Peak assays from the samples returned an outstanding 99.4 per cent silicon oxide.
The company also recorded exceptional results from bulk sample testwork on product from its Sparkler silica sands project in WA’s Great Southern region, which hosts a JORC-compliant mineral resource of 70 million tonnes at 96.84 per cent silicon dioxide.
Testing completed by CDE Global showed the project’s silicon dioxide was beneficiated to 99.84 per cent without magnetic separation, allowing it to enter into the lucrative solar panel and high-end ceramic markets in addition to some other high-tech manufacturing industries.
Making its way onto Australia’s Critical Minerals list in 2022, high-purity silica is an essential raw material in glass manufacturing, building construction, ceramics and oil and gas exploration, with increasing demand in the electronic renewable energy sectors driven by its use in semiconductors and solar panels.
More than 30 million Allup shares changed hands following the two latest announcements which represents the highest trading day for the company in more than 12 months.
Claiming the bronze medal on today’s Runners of the Week is Many Peaks Minerals, which just missed out on second place with a stock price hike of just over 300 per cent. Shares in the company leapt from a previous close of 7.3c to touch 29.5c on Tuesday after it announced a deal to acquire a 100 per cent interest in a joint venture (JV) operating with four mineral permits in the West African nation of Cote d’Ivoire.
The deal involves Many Peaks entering into a binding share sale agreement with Turaco Gold to acquire its 89 per cent interest in CDI Holdings. Predictive Discovery holds the remining 11 per cent of CDI. Under the terms of the agreement, Many Peaks will also pick up Predictive’s 11 per cent stake in CDI.
The acquisition will include the Ferke gold project, that hosts the recent Ouarigue South discovery with open mineralisation ready for follow-up exploration, in addition to the Odienne project immediately along strike from new gold discoveries in Cote d’Ivoire.
Recent diamond drilling at Ferke delivered some mouth-watering results with a 77.6m intercept grading 2.33 grams per tonne gold from 45.9m including 35.95m at 3.88g/t gold. Historical trenching at the operation also delivered impressive figures from surface such as 34m at 5.29g/t gold.
First-pass air-core (AC) drilling at Odienne also returned solid assays including 12m grading 1.18g/t gold from just 4m and 12m going 1.06g/t gold from 16m.
The permits cover a 1275 square kilometre land package that includes recent gold discoveries made courtesy of a US$4 million (AU$6.12 million) prior exploration spend.
With gold maintaining a healthy market price that is hovering around the $3300 per ounce mark, the market will be keeping a close eye on what Many Peaks can unearth at its new holdings when it kicks off drilling in the coming months.
But for now, all eyes this week have been on the Olympic efforts of Osteopore who delivered its shareholders that elusive ten-bagger result.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
