Payday: Nick Jorss in the money as Queensland stocks fire up
The Nick Jorss led Ballymore Resources rocketed as much as 85 per cent on its ASX debut today.
Ballymore chairman Nick Jorss
It marked a big week for Jorss. His 11.7 million shares in Ballymore grew in value by $2 million in the space of a few hours.
Ballymore has a handful of prospective gold and copper projects in Queensland and it’s not his first attempt. He previously led Stanmore Resources which successfully revived the Isaac Plains coal mine.
His 41 million shares in Bowen Coking Coal also rose about 50 per cent in the space of a week.
But he wasn’t alone in the big money stakes this week with Novonix pushing through the $2 billion market valuation today before dropping in afternoon trade.
Although a volatile stock Novonix has been rising steadily to its record high of $5.08 _ double the price of late August _ and its annual report indicates a new path _ domestic energy storage.
It said it was looking to further broaden the use of its battery technology and grid storage applications.
It recently started a partnership with Emera technologies to design battery pack systems to support microgrids that, if successfully produced, would provide solar power directly to homes in the US.
“The partnership with Emera Technologies illustrates Novonix’s ability to apply to technology and know-how into diverse energy storage applications,” it told investors.
“Novonix is looking to expand this partnership connection with the potential to manufacture and deliver residential storage systems as early as the next 12 to 18 months.
“Novonix is committed to continuing to leverage its competitive advantage to expand its offerings and technological know-how into other advanced offerings including lithium-metal and beyond lithium-ion technology.
“The company is targeting annual production capacity of 10,000 tonnes of synthetic graphite in early 2023 with a further plans to expanda annual production capacity to 40,000 tonnes in 2025 and 150,000 tonnes in 2030.”
Synthetic graphite is a key material in batteries.
The surge in the Novonix share price follows Phillips 66 grabbing a strategic 16 per cent stake in the company, putting it just behind Trevor St Baker’s 17 per cent now worth $325 million.
