Codrus Minerals (ASX:CDR) was this morning’s largest mover on the ASX – here’s why
Nick Sundich, September 19, 2023
Codrus Minerals (ASX:CDR) is a rare earths explorer on the ASX that was this morning’s biggest gainer, surging from 7c to as high as 13.5c in early trading.
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Meet Codrus Minerals
Codrus Minerals has the Karloning rare earths project in Western Australia and it reported drilling results to investors this morning.
It has been over 2 years since Codrus listed, spun out of Blackstone Minerals and it is different to what it was then, just being a holding for Blackstone’s non-core assets. It was a dour first year or so with share bottoming at 6.9c in October 2022.
Why the company rose
But Codrus picked up Karloning as part of a farm-in deal with private vendor Talgomine Minerals at the end of 2022 and fortune has been better for the company since then. Drilling results showed REE intersections including 29m @ 5,919ppm from 12m including 4m grading 12,366pmm (1.2%) from 24m. This is not the first set of spectacular drilling results but it is the first since Codrus expanded its footprint at the project back in July. And only 6% of the total land position has been drill tested to date.
So, investors are confident more is to come and that eventually it can have an operating mine, just as the demand for rare earths (particularly non-Chinese rare earths) takes off given the use of rare earths in electric vehicles and renewable energy infrastructure.
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