Trigg Minerals Responds to ASX Inquiry on Trading Activity and Drill Results
TMG (TMG) Share Update November 2024 Friday 1st
Trigg Minerals Addresses ASX Inquiry on Recent Trading Activity
Trigg Minerals Limited (ASX: TMG) has responded to an ASX inquiry regarding a significant increase in trading volume and share price following recent announcements about its Achilles Project.
Instant Summary:
- Trigg Minerals does not consider recent drill results as materially affecting stock value.
- Significant trading activity observed on 28 October 2024.
- Company emphasizes confidentiality and compliance with ASX Listing Rules.
Background and Recent Developments
Trigg Minerals Limited has been under scrutiny following a notable increase in trading volume and share price on 28 October 2024. This activity coincided with the company's announcement of drill results from its Old Glenroy project. However, Trigg Minerals maintains that these results do not materially affect the value of its securities.
The company attributes the heightened trading activity to investor interest in its Achilles Project, known for its high-grade antimony deposits. The project has gained international attention due to rising antimony prices and potential resource expansion.
ASX Inquiry and Trigg's Response
The ASX issued an aware letter to Trigg Minerals, questioning whether the drill results should have been disclosed earlier. Trigg Minerals clarified that it received the results on 27 October 2024 but deemed them insufficiently definite for immediate disclosure. The results were processed and validated before being announced on 28 October 2024.
Trigg Minerals emphasized its adherence to ASX Listing Rules, ensuring that information was released promptly once its significance was determined. The company also highlighted its strict security and confidentiality protocols to prevent premature information leaks.
Compliance and Future Outlook
Trigg Minerals confirmed its compliance with ASX Listing Rule 3.1, which mandates the immediate disclosure of material information. The company reassured stakeholders that its responses to the ASX were authorized and approved in line with its continuous disclosure policy.
While the recent trading activity suggests investor interest, the company's clarification indicates that the drill results are not expected to have a significant impact on stock value. The focus remains on the Achilles Project and its potential expansion, which could influence future market perceptions.
Investor Reaction:
Analysts may view Trigg Minerals' response as a proactive measure to maintain transparency and investor trust. The emphasis on compliance and confidentiality could reassure investors about the company's governance practices.
Conclusion:
Investors should continue monitoring Trigg Minerals' developments, particularly regarding the Achilles Project. As the company progresses with its resource updates, any significant announcements could influence market dynamics.