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The materials sector was down a per cent in early trade, dragging the benchmark ASX 200 index down with it.

Dreadnought Resources (DRE) has secured two drilling grants under the WA Government’s Exploration Incentive Scheme.

The grants will be used for diamond drilling at both its Mangaroon rare earth element and Tarraji-Yampi multi-element project in Western Australia.

Dreadnought was one of 36 successful applicants, receiving grants worth up to $440,000.

Despite the news, shares in the company were down more than 3 per cent to 6.3 cents in afternoon trade.

Golden State Mining (GSM) has sold its Cue project in Western Australia. The project is being handed over to mining services company Rock So­lid for $200,000 in cash and a handful of royalties.

The company will earn a $15-per-ounce royalty on the first 60,000 ounces of gold produced from the project tenement, followed by $5 per ounce for all gold produced after this.

Golden State will also earn a 2 per cent net smelter return royalty on all minerals other than gold. Shares in GSM last traded at 3.2 cents.

Toubani Resources (TRE) has seen its shares rise after achieving a new milestone at its Kobada gold project in Southern Mali.

The company’s maiden reverse circulation program identified shallow oxide mineralisation below an auger anomaly over a strike length of 400 metres at its Kobada East discovery.

CEO Phil Russo says the results highlight the potential for new discoveries within the project. The company was trading at 18 cents.

Barton Gold (BGD) has increased the contained gold at its 223 Deposit within its Tunkilia gold project in South Australia.

The mineral resource estimate upgrade added 189,000 ounces to the deposit after 41 new reverse circulation holes and five diamond holes were drilled in the area.

The resource for the 223 Deposit now stands at 38 million tonnes grading 0.94 grams per tonne gold for 1.15 million ounces. Barton Gold fell more than 4 per cent to 22 cents.

To communication services, Unith (UNT) has shot up more than 12.5 per cent after releasing its March quarterly report.

The company delivered further technology enhancements to its Digital Human Platform during the quarter after tapping investors for $4.8 million.

The company had $5.5 million cash in the bank as of March 31, with $54,000 in net cash splashed on operating activities — an 84 per cent improvement from the prior quarter. The company last traded at 3.2 cents.

And finally, digital payments and lending player IOUPay (IOU) has placed its Australian parent company into administration.

The news comes amid outstanding debt and suspected fraud, with the company’s former CFO under investigation for allegedly misappropriating up to $7 million in company funds from its Malaysian Office.

IOUpay also admitted it had a number of “outstanding debts” but “no reasonable prospect” of paying them back.

IOU shares have been suspended since March 14, last trading at 4.1 cents.

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