ASX Today: Stocks to watch on Wednesday

Futures have tipped the ASX to open slightly higher this morning, but shares could fall later in the morning after losses were posted across multiple sectors on Wall Street overnight.

Back home, it’s full-yearly reporting season as Commonwealth Bank and Suncorp are in the spotlight today.

Despite that, here are some other ASX-listed companies with news out:

Raiden Resources (RDN) has entered into a binding letter of agreement with Velocity Minerals to sell its Kalabak project in Bulgaria.

Velocity has the option to acquire 75 per cent of the project by completing a minimum drilling commitment and achieving strategic technical milestones.

The deal will allow Raiden to focus solely on its Mt Sholl nickel-copper-platinum group element deposit and to evaluate the lithium potential of its Pilbara portfolio of projects.

Shares in RDN last traded at 1 cent.

In healthcare, PharmAust (PAA) has completed an interim pharmacokinetic analysis of its lead drug candidates, plasma Monepantel (MPL) and Montepantel Sulphone and their concentrations in its cohort three of Motor Neurone Disease (MND) patients.

PharmAust’s third cohort received MPL at 6mg/kg, and the company reported it has increased anti-mTOR pathway activity in MND patients, reducing inflammation associated with neurones.

Blood samples from cohort three have been collected, with no adverse effects or reactions, and PharmAust has been approved to commence dosing a fourth patient cohort.

Shares in PAA last traded at 7 cents.

Image Resources (IMA) has received the initial test results from its synthetic rutile production taken from ilmenite composite samples collected from its Bidaminna mineral sands project in WA.

Highlights included an initial Bidaminna ilmenite grade of 60 per cent titanium dioxide, and a final synthetic rutile grade of 95 per cent titanium dioxide, the same as natural rutile.

“Image is also investigating the opportunity to produce a potentially ‘green’ SR product through the use of ‘green’ hydrogen produced from the hydrolysis of water usingthe existing solar farm at Boonanarring,” IMA Managing Director and CEO Patrick Mutz said.

Shares in IMA last traded at 10 cents.

Meanwhile, Reach Resources (RR1) has returned “outstanding” results from a detailed soil sampling program over its Bonzer pegmatite field at its Morrissey Hill lithium project in Western Australia.

Individual assays have returned results up to 759 parts per million (ppm) lithium oxide, and from an initial sample batch of 833 samples, more than 60 per cent have reported assays in excess of 100ppm lithium oxide.

The soil sampling will go toward delineating drill targets for the company’s upcoming program commencing next week.

Shares in RR1 last traded at 1 cent.

And Syrah Resources (SYR) has entered into a non-binding memorandum of understanding (MOU) with Samsung SDI to evaluate natural graphite active anode material (AAM) from SYR’s vertically integrated Vidalia AAM facility in Louisiana, USA.

Under the MOU, Syrah and SDI will continue testing and qualifying Vidalia AAM to finalise a commercial strategy, by no later than July 10 2024, for up to 10ktpa AAM to commence from 2026.

Both parties are continuing to cooperate and expand their volumes to support the growing EV market, and they will utilise a floating price mechanism upon Vidalia’s expansion, to increase productions to a 45ktpa AAM capacity.

Shares in SYR last traded at 64 cents.