Winners and Losers: Woodside backing heats up 1414 Degrees
Business
A big investment from energy giant Woodside shot 1414 Degrees into the top spot this week, while a CIMIC deal for Magnetite Mines gave the minerals company a boost.
Thermal storage firm 1414 Degrees has seen its share price skyrocket over the course of last week after Woodside topped up its investment in the Adelaide company’s tech.
Announced last week, oil and gas giant Woodside Energy invested a further $750,000 into 1414 Degrees’ silicon thermal storage project called SiBox. The funding takes Woodside’s total investment to $2.75 million.
Over the last five days of trading, 1414 Degrees’ share price rose from $0.034 to $0.054.
Magnetite Mines made healthy gains this week too after it penned a preliminary agreement with a subsidiary of construction giant CIMIC to investigate the development of the Razorback Iron Ore project and green iron hubs in the Upper Spencer Gulf.
The company saw its shares rise by 46.77 per cent in the five days and Magnetite CEO Tim Dobson said he was “thrilled” to have secured the partnership with CIMIC subsidiary Pacific Partnerships.
“This collaboration reflects our commitment to deliver a world-class project and we look forward to working closely with Pacific Partnerships and unlock the full potential of Razorback for the benefit of all shareholders,” Dobson said.
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Another Winner this week was video game company Mighty Kingdom which rose 25 per cent over the week.
Its rise comes after the company’s largest shareholder called for a board spill including chair and ex-ABC boss Michelle Guthrie.
The top five was rounded out by Elders and Stelar Metals.
Of the Losers, Resolution Mines topped the list after managing director Chris McFadden resigned to focus on his role as chair with NexGen Energy. The company will announce McFadden’s replacement in the coming weeks.
Nova Eye Medical also dropped as it grapples with regulatory changes in the United States.
The Losers list was rounded out with Copper Search, Clean Seas and Renascor.
The full list of Winners and Losers for the week ending 17 November 2023:
Data compiled by Baker Young Limited analysts.
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