Why Core Lithium, Deterra, Panoramic, and Qualitas shares are racing higher

In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decent gain. At the time of writing, the benchmark index is up 0.5% to 6,981.3 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are charging higher:

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up over 3% to $1.19. Investors have been buying this lithium developer’s shares after it released positive drilling results. Core reported “world-class high-grade lithium intersections” with one hole returning 66.88 metres at 1.78% Li2O. Management also suspects that thickness and grade could improve with depth.

Deterra Royalties Ltd (ASX: DRR)

The Deterra Royalties share price is up 3.5% to $4.47. This follows the release of an update on the company’s quarterly royalty revenue. Deterra revealed that royalty receipts reached $113.1 million during the fourth quarter. This brought its full year royalties to $265,2 million. The highlight was Mining Area C, which generated iron ore revenue royalties of $67 million during the quarter.

Panoramic Resources Ltd (ASX: PAN)

The Panoramic share price is up 10% to 21.5 cents. This morning Panoramic provided an update on its definition drilling at the Savannah Nickel Project in Western Australia. Results from the first two drill fans above the 900 Fault have the potential to significantly increase the Savannah Mineral Resource in this area of the mine. They also support the development of a second mining front to support mining operations at Savannah North.

Qualitas Ltd (ASX: QAL)

The Qualitas share price has jumped 24% to $2.08. Investors have been scrambling to buy this alternative real estate investment manager’s shares after it secured commitments for a mandate to invest $700 million on behalf of a new fully discretionary investment vehicle. The mandate is from a subsidiary of the Abu Dhabi Investment Authority.

The post Why Core Lithium, Deterra, Panoramic, and Qualitas shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Monday
• Why is the Qualitas share price rocketing 23% on Monday?
• Why has the Lake Resources share price rocketed 16% today?
• Core Lithium share price surges 4% on ‘exceptional’ drill results
• Core Lithium shares leapt 9% following this week’s results release, but why?

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.

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