The S&P/ASX 200 Index (ASX: XJO) may have fallen 0.42% today, but these shares were not holding it back. Three ASX mining shares skyrocketed on the ASX today after new discoveries.

Let’s take a look at why these shares had such a good day.

Krakatoa Resources Ltd (ASX: KTA)

The Krakatoa Resources share price exploded a massive 95% on a rare earth discovery at the Mt Clere project in Western Australia. Krakatoa found widespread clay hosted iconic rare earth element mineralisation. Rare earths are critical components in electric vehicle (EV) batteries. Commenting on the news, Krakatoa CEO Mark Major said:

This discovery has come at a great time for the company and our shareholders. Demand for these magnetic and critical rare earth elements are expected to increase over the next ten years, as the world embarks on the electric revolution.

Ragnar Metals Ltd (ASX: RAG)

The Ragnar Metals share price surged a whopping 65.65% on the back of drilling results. The company reported promising assay results at the Tullsta nickel project in Sweden. Diamond drilling intersected with nickel, copper, and cobalt, including a high grade zone at 34m.

Anax Metals Ltd (ASX: ANX)

The Anax Metals share price surged nearly 55% in intraday trade before retreating back to 10.5 cents, an 8.25% gain. Anax reported “spectacular” drilling results at the company’s Whim Creek project in Western Australia. Massive copper and zinc sulphide mineralisation was discovered up to 15m wide. Final assay results are still on the way.

The post 3 ASX mining shares skyrocketing on major new discoveries appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Why Iress, Krakatoa Resources, Paradigm, and SE Advanced Materials are pushing higher
• Krakatoa Resources share price explodes 95% on major discovery
• Here are the 3 most heavily traded ASX 200 shares on Monday
• These were the worst performers on the ASX 200 last week

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Shares of Nickel Mines Ltd (ASX: NIC) continue to trace south after suffering heavy losses in late March, amid the now infamous nickel squeeze.

The short squeeze on nickel produced a ripple effect the likes of which hadn’t been seen since Covid-19 first appeared in 2020.

What’s happened since?

For nickel players, the outcome of the market calamity has been mixed. A good portion of players absorbed the fallout well.

Those who had an association with Tsingshan, and its subsidiary Shanghai Decent (the nickel giant behind the squeeze), not so well.

For Nickel Mines, that’s exactly the case. “Shanghai Direct is the company’s biggest shareholder, with an 18% stake, and also partners with Nickel Mines on two of its nickel pig iron operations,” TMF reported at the time, after confirmation by Nickel Mines in an announcement.

As the fallout continued, investors soon realised there could be real risk tied to the company’s solvency.

“Management assured investors all deal covenants remain in place and there should be no fallout from the events,” TMF said.

“It doesn’t appear to have worked – investors are offloading shares at pace today such that trading volume is 300% above its four-week average in today’s session.”

The Nickel Mines shares price has since plunged from a high of $1.65 near the time of the saga to now trade 25% lower at the time of writing.

Moody’s Investor Service also downgraded Nickel Mines’ senior unsecured debt in late March from stable down to negative, per Bloomberg reporting.

“[The] negative outlook reflects the increased risk and uncertainty for the company’s ongoing credit profile, given the recent issues facing its sole offtaker, Tsingshan,” it reported. t also went onto say:

While the negative outlook reflects the increasing concerns around Nickel Mines’ reliance on Tsingshan, the affirmation of the ratings considers its steady operating profile, with strong margins and cashflow supported by its competitive cost position and elevated nickel pig iron prices.

The Nickel Mines share price is now down 2% for the last 12 months and has dipped 13% this year to date.

The post How has the Nickel Mines share price been performing since the big squeeze? appeared first on The Motley Fool Australia.

More reading

• All that glitters isn’t gold: Here are the worst performing ASX mining shares of the quarter
• These 3 ASX 200 shares are topping the volume charts on Wednesday
• These were the worst performing ASX 200 shares in March
• The US is backing Aussie critical minerals projects, and these ASX mining shares could be set to reap the rewards
• Here are the 3 most heavily traded ASX 200 shares this Thursday

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Vulcan Energy Resources Ltd (ASX: VUL) share price closed lower today, finishing 1.33% in the red at $8.89.

It’s been a one-way affair for Vulcan shares over the last few months. Prices have trended downwards, reaching a low of $8.18 in February.

The lithium company recently signed an offtake agreement with German municipal energy giant MVV Energie AG for 240-gigawatt hours per year of renewable heat.

However, without any realised value until 2025, investors will have to wait a few years for the cash flow to pass through to the bottom line.

Is Vulcan a buy?

Vulcan has narrow coverage but, of the three analysts rating the stock, all have it as a buy and/or speculative buy, according to Bloomberg data.

Consensus from this list has the company valued at $19.07 per share – almost 115% upside potential.

In fact, discounting Berenberg’s price target of $14.20 a share, Alster Research and Canaccord Genuity value Vulcan at $20 and $23 a share respectively.

Alster recently noted Vulcan’s potential upside if Germany continues its push away from reliance on Russian energy imports. According to the broker:

Clearly, Vulcan would benefit from an increasing penetration of geothermal energy by streamlined regulatory procedures, as it would simultaneously help identify and develop the lithium deposits within the granted licenses.

Overall, we expect the conditions for Vulcan to receive a further impetus not only due to the conflict, but also due to the fulfilment of climate targets.

Meantime, long-duration stocks – those that deliver cash flows and returns in the distant future – have taken a beating in 2022.

Vulcan’s been no exception. It reported $631,542 in revenue for the 12 months to 30 June 2021, made up mostly of interest income and a tax incentive.

The company’s acquisition of the Insheim geothermal power plant in Germany allows Vulcan to book revenue on a forward basis. The company said, “it is anticipated [the plant] will be a source of revenue”.

Nevertheless, after some volatility, shares have traded mostly sideways over the past three months and are down around 12% in that time.

Towards the end of last year, Vulcan settled a legal dispute with short-selling firm J Capital Research USA. The latter accused Vulcan of producing faulty economics at its geothermal-lithium plant in Germany, sparking a fierce legal battle.

As a result of the court’s findings, J Capital is permanently restrained from “disseminating, publishing or republishing any matter of and concerning the company, and its directors and officers”, Vulcan said at the time.

J Capital managing partner Tim Murray also sent a letter of apology to Vulcan for its allegations regarding the company’s board and management team, according to various media reports in December last year.

Vulcan share price snapshot

Over the past 12 months, the Vulcan share price has jumped 38% higher despite shedding 14.5% year to date.

The company has a current market capitalisation of $1.17 billion.

The post Why this broker says the Vulcan share price can more than double appeared first on The Motley Fool Australia.

More reading

• Vulcan share price up on new offtake agreement
• March was a stellar month for the Vulcan Energy (ASX:VUL) share price. Here’s why
• Vulcan (ASX:VUL) share price lifts amid company quest to replace Russian gas
• Experts name 3 of the best ASX lithium stocks to buy now
• Here’s why the Vulcan (ASX:VUL) share price is charging higher today

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Today, the S&P/ASX 200 Index (ASX: XJO) failed to keep its head above water, succumbing to the risk-off attitude in markets. At the end of the session, the benchmark index finished 0.42% lower at 7,454 points.

Turning our focus to the sectors, there was nowhere to hide on the ASX today. All 11 sectors were hit with the same hammer, taking the majority of companies inside the top 200 down a notch. Suffering the steepest falls were the tech and healthcare sectors. Meanwhile, a strong showing among some of the gold miners helped the materials sector avoid the worst of today’s punishment.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Elders Ltd (ASX: ELD) was the biggest gainer today. Shares in the agricultural and rural services provider climbed 2.85% despite there being no announcements flowing through to shareholders. Find out more about Elders here.

The next biggest gaining ASX share today was renewable electricity supplier, Meridian Energy Ltd (ASX: MEZ). Though, this New Zealand-based company lacked any updates of its own as well today. For reference, the last price-sensitive announcement was on 15 March, which enclosed Meridian’s monthly report. Uncover the latest Meridian Energy details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Elders Ltd (ASX: ELD)	$13.73	2.85%
Meridian Energy Ltd (ASX: MEZ)	$4.52	2.73%
Uniti Group Ltd (ASX: UWL)	$4.80	2.56%
Bluescope Steel Ltd (ASX: BSL)	$21.26	2.51%
Evolution Mining Ltd (ASX: EVN)	$4.50	2.51%
Ebos Group Ltd (ASX: EBO)	$38.34	2.46%
James Hardie Industries Plc (ASX: JHX)	$40.67	2.24%
AGL Energy Ltd (ASX: AGL)	$8.58	2.02%
Iress Ltd (ASX: IRE)	$11.80	1.72%
Super Retail Group Ltd (ASX: SUL)	$10.57	1.44%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler owns Elders Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Super Retail Group Limited. The Motley Fool Australia owns and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Elders Limited and Uniti Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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