This Is Why AJ Lucas Group Limited (ASX: AJL) Great Boulder Resources Ltd (ASX: GBR) and Biotron Limited (ASX: BIT) Rallied

Sector Reports > Latest News > ASX > This Is Why AJ Lucas Group Limited (ASX: AJL) Great Boulder Resources Ltd (ASX: GBR) and Biotron Limited (ASX: BIT) Rallied

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AJ Lucas Group Limited (ASX: AJL) Great Boulder Resources Ltd (ASX: GBR) and Biotron Limited (ASX: BIT) were big movers in Tuesday’s trading session. Investors reacted to a series of positive news.

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Great Boulder Mt Carlon Project Discoveries

Great Boulder stock was up by more than 30% as investors reacted to the discovery of two strong and large anomalies as part of its ongoing exploration works at Mt Carlon project. The Eastern Zone anomaly has already shown great prospects with elevated levels of nickel in ultramafic rocks. The western zone of the project, which comprises of 3.5 km long linear zone, has shown prospects of gold mineralization

According to the managing director Andrew Paterson, the anomalies are highly promising. Plans are underway to conduct further field reconnaissance. The company is also planning to conduct soil and rock chip sampling, which should pave the way for surface geophysical surveys.

The discovery in Mt Carlon project comes just days after the company confirmed plans to commence first round of drilling in priority targets at the Whiteheads gold project. The company is also preparing for the next round of drilling at the Tarmoola project.

AJ Lucas Loan Note Facility Extension

AJ Lucas was up by more than 10%, a day after confirming that it has reached an agreement that paves the way for it to amend terms associated with its Loan Note facility. OCP Asia, the debt provider, has agreed to defer the pay-down requirement of a $20 million loan facility to October 25, 2019, from September 30, 2019.

The extension opens the door for the company to continue negotiations with a select group of new lenders about the possibility of refinancing the existing Loan Note facility. Negotiations are currently at an advanced stage. AJ Luca is relying on a new deal to help get rid of the current loan facility with a much cheaper debt package over the next three years.

AJ Lucas recently reported financial results for the year ended June 30, 2019, whereby statutory EBITDA profit was down to $9.1 million from $21 million reported a year earlier. The decline stems from an increase in costs associated with drilling and fracturing by Cuadrilla Resources Holdings in the UK.

“Our investment in UK Shale Gas exploration saw some positive results with a flow test of the first well at Preston New Road yielding high quality dry natural gas and indications of extrapolated stable flow under operating conditions,” SAID Chairman Phil Arnall.

Biotron Limited Advisory Board Formation

Biotron was a big mover after announcing the establishment of an expert Scientific Advisory Board. The board is tasked with the responsibility of spearheading and overseeing the upcoming Phase 2 HIV-1 clinical development program.

Chaired By professor Robert L Murphy, the board includes an international group of experts with vast experience in matters pertaining to HIV-1 as well as clinical development of HIV-1 therapies. The formation of the board comes hot on the heels of the company reporting positive results as part of BIT225-009 phase 2 HIV-1 clinical trial.

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