Month: May 2022

The Coronado Global Resources Inc (ASX: CRN) share price is in the red today. The coal miner’s shares are currently trading at $2.26 apiece, a 3% fall.

The fall comes on the day of the company’s annual general meeting. Let’s take a look at what Coronado reported today.

Coal prices in focus

The Coronado share price is sliding today, but it is not the only ASX energy share to fall. The New Hope Corporation Limited (ASX: NHC) share price is down 9%, Allegiance Coal Ltd (ASX: AHQ) is slipping 7%, while the Whitehaven Coal Ltd (ASX: WHC) share price has plunged 6.3%. For context, the S&P/ASX 200 Energy Index (ASX: XEJ) is falling 1.2% at the time of writing.

The benchmark coal price has fallen 1.96% to US$400 per tonne, Trading Economics data shows.

However, in today’s AGM presentation, Coronado reported metallurgical coal index prices reached a new record price of US$670 per tonne in March 2022.

Coronado’s group metallurgical coal realised price for the first quarter of 2022 was US$267 per tonne, a 183% boost from the prior corresponding quarter. Tight supply, strong demand, and geopolitical tensions have helped drive record realised prices, Coronado noted. The company said there is long-term demand for the company’s products in Asia.

AGM address

Addressing shareholders at the AGM, chairman William Koeck said the Russia/Ukraine conflict pushed coal prices to “unprecedented levels”. He said:

While Met Coal prices are expected to moderate over the course of 2022, we anticipate they will remain elevated above historical averages due to ongoing trade restraints from Russia and China and elevated thermal coal pricing providing a floor for Met Coal prices.

Coronado revenue in the 2021 financial year jumped 47% to $2.148 billion. Looking ahead, Coronado said it will continue to take advantage of high coal prices. The company is aiming for full-year production of 18 to 19 million tonnes. The mine is weighted to greater production in the second half of the year. Koeck added:

To achieve this, we will double our investment in the business, increasing capital expenditure from $91.1 million to between $170 million and $190 million. Continually strengthening our business will allow us to take advantage of opportunities as they arise and deliver the next phase of growth.

The company has declared a $200 million unfranked special dividend to be paid on 21 June this year.

Coronado share price snapshot

The Coronado share price has ascended by 245% in the past year, while it is up 81% in the year to date.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned nearly 2% in the past year.

Coronado has a market capitalisation of about $8.9 billion based on today’s share price.

The post Coronado share price slips despite record coal prices appeared first on The Motley Fool Australia.

More reading

• Here are the best performing dividend shares in the ASX All Ords so far in 2022
• Which ASX 200 mining shares were the worst-performing on Friday?
• 3 ASX 300 shares rocking new 52-week highs on Thursday
• 3 ASX All Ordinaries shares that smashed new 52-week highs today
• Up 80% in 2022, are Coronado shares heading for the ASX 200?

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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/n4xbKQc

S&P/ASX 200 Index (ASX: XJO) gold shares have put in a mixed performance so far in 2022.

The early months of the new year saw most ASX 200 gold shares charging higher, as the yellow metal hit multi year highs of US$2,050 per troy ounce on 8 March.

Since that high, gold hit a low of US$1,812 per ounce earlier this month on 13 March. It’s again been trending higher since then, currently fetching US$1,854 per ounce.

We’ll get to the outlook for the big gold miners in a tick. But first…

How do Aussie gold stocks stack up against the benchmark?

Since the opening bell on 4 January the All Ordinaries Index (ASX: XAO) is down 6.6%.

Over that same period the S&P/ASX All Ordinaries Gold Index (ASX: XGD) has lost 1.4%. Not exactly shooting out the lights, but certainly a better performance.

As for some of the top ASX 200 gold shares, the Newcrest Mining Ltd (ASX: NCM) share price is in the green for 2022, up 1.6%.

Meanwhile, Northern Star Resources Ltd (ASX: NST) shares have slipped 5.2% while Gold Road Resources Ltd (ASX: GOR) has come under pressure, with shares down 14.9% year-to-date.

That’s what’s been happening.

Now, what can investors expect for the month ahead?

What’s the outlook for ASX 200 gold shares in June?

Gold prices, and by extension ASX 200 gold shares, could continue to benefit in June from the yellow metal’s safe haven status, with investor uncertainty stoked by Russia’s war in Ukraine.

Gold has historically also proven to be a decent hedge against inflation. And we don’t need to tell you that inflation concerns are costing many investors some sleep.

ASX 200 gold shares could also get some tailwinds from a weakening US dollar. On 12 May AU$1 was worth 69 US cents. Today the Aussie dollar is swapping for 71 US cents.

According to Matt Sherwood, head of investment strategy at Perpetual (courtesy of the Australian Financial Review), “We’ve seen a massive rally in the US dollar, since about June last year it’s rallied about 15 or 16 per cent. But it’s just starting to roll over a bit now, so gold looks good to investors.”

But there are some potential headwinds on the horizon as well.

Looking ahead to June, investors eyeing ASX 200 gold shares should bear in mind that the labour crimping impacts of the pandemic are still with us. And that’s driving up costs for the big miners.

According to UBS (quoted by the AFR), “Our recent Perth trip highlighted tight labour markets, supply chains and [cost] inflation rates of 10 to 15 per cent. With no immediate solution in sight and COVID impacts lingering, we are looking for those [miners] less exposed.”

The broker forecasts the US dollar will slip some more with AU$1 buying 75 US cents.

UBS maintained its neutral rating for Newcrest, with a reduced price target of $26.20 per share. That’s 5.6% above the current share price.

UBS has a buy rating for Northern Star, with a reduced price target of $11.70 per share. That’s 31% above the current share price of $8.91.

And ASX 200 gold share Gold Road also has a buy rating from the broker, also with a slightly reduced price target of $1.95. That’s 45% higher than the current $1.34 per share.

The post What’s the outlook for ASX 200 gold shares in June? appeared first on The Motley Fool Australia.

More reading

• Why I think these 3 ASX shares are top-quality buying at today’s prices
• Why are ASX gold shares leaping today?
• 5 things to watch on the ASX 200 on Wednesday
• ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?
• What’s happening with the Newcrest share price on Monday?

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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/EiHUvQh

The Essential Metals Ltd (ASX: ESS) share price has been a positive performer on Thursday.

In morning trade, the lithium explorer’s shares were up as much as 6.5% to 56.5 cents.

The Essential Metals share price has since pulled back but remains 2% higher at 54 cents currently.

Why is the Essential Metals share price charging higher today?

The catalyst for the rise in the Essential Metals share price has been the release of an update on the Pioneer Dome Lithium Project.

According to the release, the company’s ~9,000m resource extension drilling programme commenced in mid-May with four reverse circulation (RC) pre-collars completed to date and the diamond rig expected on site in June.

After which, diamond drilling is expected to commence shortly after, with the first drill core from the down-plunge interpreted pegmatite zone of the Cade deposit expected to be available by end-June.

Drilling is ultimately expected to be completed by mid-August, subject to rig scheduling and drilling productivity rates.

In addition, the company advised that assays from the exploration and metallurgical diamond drill programme completed in the March quarter are now expected by mid-June instead of the end of May. Metallurgical test work will commence upon the receipt of these assays.

All in all, management expects these activities to underpin an update and likely expansion of the lithium mineral resource estimate (MRE) for Pioneer Dome and the commencement of a scoping study in the December quarter.

Essential Metals Managing Director, Tim Spencer, commented:

We are working hard to maintain our timelines, notwithstanding the bottlenecks and delays being experienced with drill rigs and assays due to the exceptionally high levels of activity in the WA resource sector. Despite these challenges, the pivotal resource expansion program is underway and gathering momentum.

The MRE extension drill programme, together with assays from the drilling completed earlier this year and the upcoming metallurgical test work programmes, have the potential to rapidly transform Essential from lithium explorer to developer.

The post Essential Metals share price jumps on lithium update appeared first on The Motley Fool Australia.

More reading

• What’s the outlook for ASX 200 gold shares in June?
• Volpara share price up on record full-year results
• Why is the Nitro Software share price leaping 8% today?
• Why is the Yancoal share price on ice today?
• ASX 200 midday update: Appen rockets, Westpac super update

Motley Fool contributor James Mickleboro 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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/ZWLpg5z

Shares in Volpara Health Technologies Ltd (ASX: VHT) jumped out of the gates on Thursday and are now trading 2% higher at 75 cents.

Investors are bidding up the Volpara share price following the release of the company’s full-year results.

Volpara achieves record revenue

Key takeouts from the period include:

• Record revenue from customer contracts, up 32% to NZ$26.1 million
• Revenue result exceeds guidance of between NZ$25 million and NZ$26 million
• Subscription revenue up 37% to NZ$24.8 million
• Gross margin remained consistent at more than 91%
• Net loss for the year after tax improved 6% to NZ$16.4 million
• Normalised non-GAAP EBITDA loss declined 13% to NZ$14.1 million.

What else happened this period for Volpara?

Volpara achieved record full-year revenue for the year ending 31 March 2022, scoring NZ$26.1 million, which is a 32% year-on-year (YoY) gain.

Subscription revenues saw higher leverage this period and “continue to grow at a faster rate than total revenue”, Volpara says.

In total, revenue from subscriptions increased to NZ$24.8 million, a 37% YoY gain.

Margins were held tight at the gross level at roughly 91% in FY22, in line with the previous year and guided ranges.

“Although further cost reductions were achieved through the continued work on the scaling of Microsoft Azure services, some one-off or non-standard costs were incurred during the year.”

Finally, the group’s net loss after tax (NLAT) improved 6% from NZ$17.5 million to NZ$16.4 million.

Over the 12 months to 31 March 2022, the Volpara share price dropped by more than 30%.

Management commentary

Speaking on the announcement, Teri Thomas, Volpara’s CEO, said:

FY22 has been a great year for Volpara, with strong forward momentum in spite of Covid-driven uncertainties. Volpara has amassed a talented team of individuals who are passionate about our purpose, saving families from cancer. I’m honoured to lead this team forward into our next year of
making a positive impact on our customers and communities and for our shareholders.

Volpara share price snapshot

In the past 12 months, the Volpara share price has collapsed 40% into the red. It is down 28% this year to date.

The post Volpara share price up on record full-year results appeared first on The Motley Fool Australia.

More reading

• 2 ASX-listed companies that are growing rapidly
• Buy these 2 impressive ASX shares in May 2022: experts

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 positions in and has recommended VOLPARA FPO NZ. The Motley Fool Australia has positions in and has recommended VOLPARA FPO NZ. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/wHqY1IV

Shares of Nitro Software Ltd (ASX: NTO) are surging higher on Thursday and now trade 8% in the green at $1.35 apiece.

Despite no market-sensitive updates from the company, Nitro shares have jumped out of the gates today and rallied to an intraday high of $1.36 before heading sideways to their current levels.

In wider market moves, the S&P/ASX All Technology Index (ASX: XTX) has also jumped around 1.5% higher on the day on last check.

What’s up with the Nitro share price?

Investors are bidding up tech and software shares on Thursday with the tech index outstripping most other sectors in trading today.

The moves come after a bloodbath on the tech-heavy Nasdaq composite on Tuesday, seeing the drop 407 points to its lowest point.

However, ASX tech shares appear to have pushed through the selloff, with the index tracking the sector holding up well amid the selling pressure.

Nitro appears to have matched this performance and gains have been carried through until today’s session.

Aside from the market mechanics, Nitro also released the chairman’s address of its annual general meeting (AGM) today.

Whilst the release isn’t price-sensitive at all, the company’s chairman, Kurt Johnson, gave a walkthrough of the company’s performance during the period.

“Last year was an exciting time for Nitro and one of the most dynamic years in our history as we
purposefully scaled to drive even stronger growth in the years to come,” Johnson said.

“Across 2021, we significantly expanded our product offering and addressable market with the
two game-changing acquisitions of PDFpen and Connective NV driven by the desire to add
technical capabilities to the Nitro Productivity Platform,” he added.

Johnson then went on to talk about this year’s results to date:

Turning now to 2022, we were pleased to announce strong Q1 results, with continued high revenue growth and record cash receipts. ARR, including Connective, was up 61% year-on year, and was driven by the continued success of our Nitro Productivity Platform and the Connective e Sign offering.

In the last 12 months, the Nitro Software share price has faltered more than 51% after a 45% loss this year to date.

The post Why is the Nitro Software share price leaping 8% today? appeared first on The Motley Fool Australia.

More reading

• A top fund manager has been buying these ASX tech shares after the market selloff
• Why is the Nitro Software share price rallying 5%?
• 3 ASX tech shares we’re sticking with: Forager
• Analysts say these top ASX growth shares are buys
• 2 highly rated small cap ASX shares that analysts say have huge potential

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 recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/gc4p0w7

The Yancoal Australia Ltd (ASX: YAL) share price won’t be going anywhere on Thursday.

Australia’s largest pure-play coal producer has requested a trading halt pending an announcement.

The Yancoal share price was $6.08 at yesterday’s close. It’s worth noting the shares touched a multi-year high of $6.19 yesterday following a bullish run for coal prices.

Why are Yancoal shares in a trading halt?

According to the release, the company is planning to make a statement relating to a potential market transaction.

The trading halt will remain in place until Monday 30 May, or when the announcement is made, whichever comes first.

Media speculation on what it’s all about

While no details have been given by Yancoal, several media outlets have indicated what could be happening behind the curtain.

According to the Australian Financial Review, Yancoal may be subject to a potential bid by its parent company, Yankuang.

Yancoal ownership comprises Yankuang 63%, China Cinda Asset Management 16%, and Glencore 6%.

Should a non-binding proposal be offered, it could be one of the biggest takeovers on the ASX this year.

Yancoal reported a stellar result for FY21, with record revenue of $5.4 billion for the 12 months ending 31 December. This reflected an increase of 56% over the prior corresponding period.

In addition, Yancoal’s net profit after tax (NPAT) surged to $791 million, well above the $1.04 billion loss in FY20.

Yancoal share price snapshot

Since this time last year, Yancoal shares have travelled north to register an incredible gain of 190%.

In 2022, the company’s shares have zipped 133% higher on the back of positive investor sentiment as commodity prices boom.

Based on valuation grounds, Yancoal presides a market capitalisation of roughly $7.88 billion.

The post Why is the Yancoal share price on ice today? appeared first on The Motley Fool Australia.

More reading

• 3 ASX All Ordinaries shares smashing multi-year highs on Tuesday
• Why are ASX coal shares charging higher again today?
• Here are the best performing dividend shares in the ASX All Ords so far in 2022
• 3 ASX All Ordinaries shares hitting multi-year highs on Monday
• Why are these ASX coal shares having a top run today?

Motley Fool contributor Aaron Teboneras 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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/3IKBaiQ

At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is under pressure due to weakness in the resources sector. The benchmark index is currently down 0.45% to 7,122.4 points.

Here’s what is happening on the ASX 200 today:

Appen rockets on takeover approach

The Appen Ltd (ASX: APX) share price is rocketing higher on Thursday after the artificial intelligence services company received a takeover approach. Appen revealed that it has received an unsolicited, conditional, and non-binding indicative proposal from Canada’s TELUS International to acquire it for $9.50 per share. This values Appen at approximately $1.2 billion. Management has engaged with TELUS but appears to be looking for a better offer.

Champion Iron falls on full-year results

The Champion Iron Ltd (ASX: CIA) share price is falling on Thursday. This is despite the Canadian iron ore miner delivering a solid full year result which was largely in line with expectations. Champion reported a 14% increase in revenue to C$1,460.8 million and a 13% lift in EBITDA to C$925.8 million. This was underpinned by stronger iron ore prices, which offset softer production and higher costs.

Westpac super update

The Westpac Banking Corp (ASX: WBC) share price is pushing higher on Thursday. This follows news that Westpac and BT Funds Management have signed an agreement to merge BT’s personal and corporate superannuation funds with Mercer Super Trust. In addition, Westpac has agreed to sell its Advance asset management business to Mercer. Combined, the bank expects to record an after-tax gain of $225 million.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Appen share price by some distance. Its shares are up 27% following the receipt of a takeover approach. Going the other way, the worst performer on the ASX 200 has been the Whitehaven Coal Ltd (ASX: WHC) share price with a 9% decline. A number of coal miners are tumbling lower today.

The post ASX 200 midday update: Appen rockets, Westpac super update appeared first on The Motley Fool Australia.

More reading

• Champion Iron share price falls on FY22 results
• Guess which ASX 200 shares UBS just added to its ‘best ideas’ list
• Appen share price rockets 35% on Telus takeover approach
• Here’s why the Westpac share price is pushing higher today
• Appen share price on watch amid $1.2 billion takeover bid

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/7fb2YBD

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

What happened

A day after Snap (NYSE: SNAP) plunged 43% on a guidance cut, the social media stock was bouncing back as investors seemed to spy an opportunity in the sell-off. 

As of 12:22 p.m. ET today, the stock was up 9.8%.

So what

On Monday night, Snap issued a filing saying it now expected second-quarter revenue and EBITDA to come in below the bottom end of its previous guidance due to a deteriorating macroeconomic environment. In other words, the company now expects revenue growth of less than 20% in the second quarter, and to report an EBITDA loss for the quarter. 

That warning was enough to sink the whole tech sector yesterday with a number of digital advertising stocks falling double digits. However, today investors seemed to spy a buying opportunity in Snap stock, and it’s easy to see why.

If Snap’s argument about macro conditions is correct, then a 43% sell-off in the stock seems excessive. The company isn’t losing market share and its long-term growth plans are still intact. However, there are a number of signs that the overall economy is decelerating. The Federal Reserve is aggressively raising interest rates. Inflation is at a 40-year-high, and a number of tech companies have announced layoffs or hiring freezes.

After yesterday’s plunge, the stock trades at a price-to-sales ratio of just five, the cheapest it’s been since it went public.

Now what

Advertising is cyclical, so it makes sense that companies like Snap would see demand falling in a weakening economy. However, the overall business still looks solid as it continues to grow its user base and remains popular with teens even as TikTok has grown.

While the next few quarters could be tough for Snap, there’s a decent chance the stock could be significantly higher in a few years. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why Snap shares were bouncing back today appeared first on The Motley Fool Australia.

More reading

• Is Snap stock a buy after its spectacular fall from grace?
• What’s happening with ASX 200 tech shares today?
• Why Snap stock cratered on Tuesday
• Here’s why ASX 200 tech shares are under pressure on Tuesday
• Snapchat share price dives 30% pulling Nasdaq futures lower

Jeremy Bowman has positions in Snap Inc. 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 Scott Phillips. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

from The Motley Fool Australia https://ift.tt/ofedPbI

If you have any spare cash sitting in your account, I believe now would be the time to invest in these ASX shares.

While the S&P/ASX 200 Index (ASX: XJO) has tumbled heavily in recent times, there are some ASX shares that could be cheap.

Below, I have picked out what I think are the best three ASX shares to own at today’s prices.

Altium Limited (ASX: ALU)

The Altium share price hasn’t fared too well amid the constant beating of the S&P/ASX All Technology Index (ASX: XTX).

The 3D printed circuit board maker revealed a solid performance across its half-year results for FY22.

Altium reported US$102 million in revenue, an increase of 28% on the prior comparable period.

On the bottom line, net profit after tax (NPAT) lifted by 38% to US$23 million.

The ASX share upgraded its revenue guidance to the high-end of the range for FY22.

As such, management is targeting revenue between US$213 million to US$217 million. This represents a growth of around 18-20%.

In addition, underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) margin is expected to be roughly 34-36%.

The company said that it’s planning to scale up its leadership recruitment including new cloud and enterprise sales roles.

The Altium share price is trading at $27.78, a 36% discount from its all-time high of $45.30 reached in December.

CSL Limited (ASX: CSL)

This global biotech leader in developing and delivering life-saving medicines has seen its shares tank over the past few months.

In February, the CSL share price touched a 52-week low of $240.10 before moving in circles. This is in stark contrast to when its shares were trading above the $300 mark towards the backend of last year.

Despite keeping a relatively quiet front on the news side, CSL has been restoring its plasma collections to pre-COVID levels.

When the ASX share reported its half-year results, management said that plasma numbers were 18% higher than H1 FY21.

CSL opened 18 new facilities in the first half of FY22 to attract lapsed and new donors through its doors.

There are plans to open another 35 centres, expanding its presence, mostly across the United States.

Possibly weighing down CSL shares is the announced delay in completing the acquisition of Vifor Pharma. Originally, the deal was due to be wrapped up by June 2022, however, receiving regulatory approvals is taking a little longer.

At the time of writing, CSL shares are down 0.64% to $271.86.

Northern Star Resources Limited (ASX: NST)

Every portfolio should have at least one established gold company, and I believe Northern Star should be on your list. 

The current environment is extremely fluid, given the number of macro factors that are occurring on the world stage.

Inflation, rate hikes, geopolitical tensions, and the unpredictability of global markets are influencing the price of gold.

Northern Star is one of the biggest gold miners in Australia, and could benefit from the bullish run on the precious yellow metal.

The market appears to have already priced in potential interest rate rises, which may lead to gold prices surging yet again. This is because of the extremely high levels of inflation which could dent economic growth, leading to slower-than-expected rate hikes.

With this in mind, Northern Star might be in for a bumper result when it reports in August this year.

The Northern Star share price is down 5% in 2022 and 17% over the past month but has began to recover some lost ground in the past week. At the time of writing, it is down 2.4% on the day to $8.89.

The post Why I think these 3 ASX shares are top-quality buying at today’s prices appeared first on The Motley Fool Australia.

More reading

• After being stuck in the mud for 3 years, are CSL shares a buy today?
• Why are ASX gold shares leaping today?
• The best 2 ASX shares money can buy right now: expert
• 5 things to watch on the ASX 200 on Wednesday
• ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?

Motley Fool contributor Aaron Teboneras has positions in Altium and Northern Star Resources Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium and CSL Ltd. 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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/lZRbmKH

The Galileo Mining Ltd (ASX: GAL) share price is rocketing higher again on exciting news about the Norseman Project.

Assay results from drilling at the project’s Callisto palladium, platinum, copper, and nickel discovery have confirmed significant zones of mineralisation.

At the time of writing, the Galileo Mining share price is $1.19, 25.93% higher than its previous close.

Let’s take a closer look at the results dubbed “a very important step forward” by the company’s managing director.

Galileo Mining breaks trading halt with assay results

The market is bidding the Galileo Mining share price higher after the company exited a trading halt this morning on the release of assay results from the Callisto discovery.

Assays from six drill holes have confirmed the presence of palladium, platinum, gold, copper, and nickel in the area.

Galileo Mining managing director Brad Underwood commented:

The assays from all drill holes undertaken at Callisto contain significant zones of mineralisation and confirm initial results from the discovery drill hole …

Today’s results are a very important step forward as we have now shown the sulphides are carrying high value metals in all six drill holes completed …

The extensive prospective strike, combined with the thick and consistent mineralisation drilled to date, indicates the potential for a large mineralised system.

The company will begin another round of reserve circulation drilling next week. That will see a further 20 drill holes undertaken, focusing on drilling across the strike to find the thickest, highest grades.

The program will focus on the area east of the six drill holes, labelled a priority target. It will also continue north.

The company is ultimately aiming to move the company’s discovery drilling to advanced and detailed resource drilling.

Additionally, samples from the discovery’s initial drill hole are still being tested for rhodium, osmium, ruthenium, and iridium.

Finding rhodium or other platinum group element metals could add significant prospectivity to the area.

Galileo Mining share price snapshot

The Galileo Mining share price has been roaring higher this month following the announcement of the Callisto discovery.

The stock is currently trading 417% higher than it was at the start of 2022.

The company has a market capitalisation of about $159 million.

The post Galileo Mining share price surges another 25% on ‘very important’ drill results appeared first on The Motley Fool Australia.

More reading

• The Galileo Mining share price has been on a tear, but now it’s halted. What’s happening?
• Here’s why the Galileo Mining share price is up 13% today and 125% this week
• The Galileo Mining share price has rocketed 380% in a week. But this billionaire is still buying up big
• Why is the Galileo Mining share price jumping 42% today?
• Why did the Galileo Mining share price tumble 18% in early trading on Thursday?

Motley Fool contributor Brooke Cooper 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 Scott Phillips.

from The Motley Fool Australia https://ift.tt/8Rg2JCW