Day: 2 August 2022

The S&P/ASX 200 Materials Index (ASX: XMJ) is sliding 1.56% today, but three ASX mining shares are bucking the trend.

The Indiana Resources Ltd (ASX: IDA), Austral Resources Australia Ltd (ASX: AR1) and Musgrave Minerals Ltd (ASX: MGV) are all surging today.

Let’s take a look at what these ASX mining shares reported to the market.

Indiana Resources

The Indiana Resources share price is exploding 24% today. Assay results confirmed Rare Earth Elements (REE) mineralisation at the company’s Central Gawler Project in South Australia.

The results show Total Rare Earth Oxides (TREO) of up to 15,486 parts per million (ppm).

Commenting on the results, technical director Felicity Trafigura said:

The confirmation of the high TREO values including the high value magnet metals is a promising
result and shows there has been enrichment of these elements within the weathered clay profile.

We will now re-assay the balance of our extensive sample pulp inventory and work to enhance the
rare earth potential in our large project area.

Austral Resources

Austral shares are rocketing 14% today. The copper producer reported results from drilling at Flying Horse at Mt Kelly in Queensland.

Results included 14 metres at 2.23% copper, 11 metres at 2.3% copper and 19 metres at 1.69% copper.

Austral will continue to evaluate the potential of Mt Kelly copper sulphide ore for sulphide heap leach SX-EW technology. The company will also ramp up assessing the potential for commercial extraction of copper sulphide from the site.

Musgrave Minerals

Musgrave Minerals shares are lifting 8% today. The company reported results from drilling at the White Heat-Mosaic deposit in Western Australia.

Reverse circulation and diamond drilling delivered “high-grade gold assay results” at the site. The company says these results show the potential to grow the resource.

Commenting on the results, managing director Rob Waugh said:

These are another set of very strong results from White Heat-Mosaic, part of the high-grade Break of Day Trend.

It would be hard to find better results from a recent Australian exploration program and the Cue Gold Project is fast becoming one of the richest undeveloped high-grade gold deposits in Australia

The post 3 ASX mining shares soaring higher on new discoveries today appeared first on The Motley Fool Australia.

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More reading

• Another ASX mining share is soaring 40% on a new copper find today, here’s the lowdown
• ASX copper shares in the red as copper price sinks to 19 month low

Motley Fool contributor Monica O’Shea 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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The Austral Resources Australia Ltd (ASX: AR1) share price screamed 43% higher in early trading today. The shares hit an intraday high of 60 cents, up 42.85% on yesterday’s close.

This follows the ASX micro-cap announcing a significant copper find this morning.

The Austral Resources share price has since retraced to be up 12% at 47 cents at the time of writing.

Austral Resources is a copper producer in Queensland’s Gulf Country. It’s a relatively new ASX mining share having only commenced trading in November 2021.

What did Austral Resources say to boost its share price?

In its statement, the company announced assay results from a diamond drilling program at Flying Horse, which is a copper sulphide mine at Mt Kelly.

Flying Horse is situated on an existing mining lease. It contains a JORC Mineral Resource
Estimate of 14.2MT at 0.77% Cu (calculated in 2013 by the previous mine owner).

The new assay results confirmed 14 metres at 2.23% Cu, 11 metres at 2.30% Cu, and 19 metres at 1.69% Cu.

The company said it would now “accelerate determining the potential for economic extraction of copper
sulphide resource at Mt Kelly”.

The company explained:

This program evaluates the suitability of Mt Kelly sulphide (chalcopyrite) mineralisation for an emerging sulphide heap leach SX-EW technology.

If the evaluation is positive, there is exciting potential for Austral to have an additional processing solution relative to conventional flotation for its sulphide resource base of 26.5Mt@ 0.8% Cu.

There was further work to do, as the company outlined:

This ongoing evaluation of Flying Horse is a further step in assessing the potential to begin commercialising Austral’s 210,000t of contained copper in sulphides (26.5Mt @ 0.8% Cu) to augment the Company’s current 40,000t Anthill Mine copper production from the Anthill copper oxide mine.

What else is happening with this ASX mining share?

Last week Austral Resources released its June 2022 quarterly report.

The company reported a 9.3% increase in revenue over the previous quarter to $5.16 million. It said “both revenue and production [are] on track for significant increase in the September quarter”.

Austral Resources had a cash balance of $7.2 million at the end of the June quarter.

In its report, the company said: “[The] copper metal in circuit at end of July is building daily, positioning the Company for significant production and revenue increases in the second half of 2022”.

The ASX mining share dipped by 4.65% on the day the report was released.

Last month we reported that Austral Resources executive director Daniel Jauncey invested almost $1 million of his own money buying more than 1.6 million extra shares. He already owned 10 million shares prior to the purchase.

Austral Resources is not the only small miner announcing big news in the copper space.

My colleague Monica reported on another ASX mining share shooting the lights out after another copper discovery yesterday.

The Cobre Ltd (ASX: CBE) share price rose 144% on the news yesterday after coming out of a trading halt.

The post Another ASX mining share is soaring 40% on a new copper find today, here’s the lowdown appeared first on The Motley Fool Australia.

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More reading

• 3 ASX mining shares soaring higher on new discoveries today
• ASX copper shares in the red as copper price sinks to 19 month low

Motley Fool contributor Bronwyn Allen 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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The Mesoblast Limited (ASX: MSB) share price skyrocketed in July.

Shares in the clinical-stage biotechnology company closed 30 June trading at 61 cents per share. On 29 July, the last trading day of the month, Mesoblast closed at 94 cents per share, up a whopping 54.1% for the month.

For some context, the All Ordinaries Index (ASX: XAO) gained 6.3% in July.

At its closing price in July, the company had market cap of $611 million.

Shares have slipped 4.8% so far in August to 89 cents per share.

What lifted the ASX biotech share in July?

The Mesoblast share price looks to have enjoyed some bargain hunting early in July after shares fell 38% in June, far outpacing the 10% loss posted by the All Ordinaries.

Aside from the company’s quarterly activities report released on 29 July, which saw shares close the day down 2.1%, the only price-sensitive news out from Mesoblast was released on 19 July.

The update on its rexlemestrocel-L product candidate saw the Mesoblast share price close the day up 8.2%.

As The Motley Fool reported on the day:

Rexlemestrocel-L delivered an improvement in left ventricular ejection fraction (LVEF) at 12 months after a single intervention in the 565-patient randomised controlled trial in New York Heart Association (NYHA) class II/III chronic heart failure (CHF) with reduced ejection fraction (HFrEF).

Among the highlights of the clinical trial was a 68% decrease in the rate of recurrent hospitalisations from non-fatal heart attacks or strokes compared with patients in control groups.

Mesoblast shares likely received some sustained tailwinds from the positive trial outcome.

The company reported it will meet with the US Food and Drug Administration (FDA) under the regenerative medicine advanced therapy framework to work on regulatory approval in the world’s top economy.

Mesoblast share price snapshot

Despite the strong run higher in July, the Mesoblast share price remains down 55% over the past 12 months. That compares to a full year loss of 8% posted by the All Ordinaries.

The post Why did the Mesoblast share price rocket 54% in July? appeared first on The Motley Fool Australia.

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More reading

• 3 ASX All Ordinaries shares leaping 10% or more today
• Why JB Hi-Fi, Mesoblast, Pendal, and Woodside shares are pushing higher
• Why is the Mesoblast share price jumping 14%?
• How did ASX biotech shares perform in FY22?
• These are the 10 most shorted ASX shares

Motley Fool contributor Bernd Struben 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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It’s been a day of red ink for ASX shares so far this Tuesday. Breaking with a five-day winning streak so far today, the All Ords is currently down by 0.41%. But it’s been dramatically worse for the Livetiles Ltd (ASX: LVT) share price.

Livetiles shares have plunged in value today. The ASX tech share is presently down by a painful 52.54% at just 2.8 cents per share at the time of writing. We do not have to look too far to see why ASX investors are abandoning this company.

Before today, Livetiles shares had actually been in a trading halt since Thursday last week. Before that, the company’s shares had been under increasing pressure following a disappointing quarterly update delivered on 25 July.

Livetiles did report a 17% increase in operating revenues against FY2021. However, its cash receipts for the three months ending 30 June came to $12.9 million, a year-on-year decline of 11%.

Upon the release of this update, Livetiles shares fell by more than 30%. As of today, the company is now down by close to 70% since 22 July. It’s also down by 72% over 2022 thus far.

Following the release of this update, on Thursday 28 July the company requested a trading halt “pending it releasing an announcement”. Well, we now know what this announcement is.

Livetiles shares are leaving the ASX

This morning, the company revealed it is “voluntarily delisting” from the ASX boards.

Here’s why Livetiles stated it is abandoning its public listing:

The Delisting is considered by the Company’s Board (Board) to be in the best interests of the Company for a number of reasons, including underperformance of the trading price of the Company’s shares, relatively low levels of trading liquidity and a number of flow on consequences…

These factors, as well as the costs and administrative burden of remaining listed on ASX, outweigh the benefits associated with remaining listed.

The company also declared that “the trading price of the Company’s shares in recent years implies a valuation that has been (and remains) consistently and materially lower than the valuations of unlisted companies of a comparable nature and stage to LiveTiles”.

It also notes that “LiveTiles is well funded and has no intention to raise equity capital in the near term”. But any future capital raising will be easier as a private company.

Livetiles will hold a general meeting on 5 September. This will allow shareholders to vote to approve this delisting. If that goes ahead as planned, Livetiles shares will be suspended from the ASX on 6 October and delisted the following day.

The post Down 72% in 2022, Livetiles shares are now delisting from the ASX, here’s why appeared first on The Motley Fool Australia.

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More reading

• LiveTiles share price slumps 31% as quarterly cash bleed worsens

Motley Fool contributor Sebastian Bowen 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 LIVETILES FPO. The Motley Fool Australia has recommended LIVETILES FPO. 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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The Chalice Mining Ltd (ASX: CHN) share price is slipping in lunchtime trade on Tuesday amid news of the company’s 51%-owned South West Project.

The company has agreed to get started on activities that could see it snapping up another 19% stake in the nickel, copper, and platinum group elements project.

At the time of writing, the Chalice Mining share price is $4.63, 1.07% lower than its previous close.

Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 0.58% and the S&P/ASX 200 Materials Index (ASX: XMJ) has fallen 1.72%.

Let’s take a closer look at the company’s latest news.

Chalice Mining doubles down on South West Project

The Chalice Mining share price is edging lower amid Venture Minerals Limited (ASX: VMS) announcing the ASX 200 mineral explorer has agreed to kick off the second stage of its joint venture.

The second stage could see Chalice Mining earning an additional 19% hold in the South West Project in return for $2.5 million of expenditure over two years.

That would see it with 70% ownership of the project.

Today’s news comes just weeks after the company identified two new targets at the project.

In the second stage, Chalice Mining will follow up on the new targets to prepare for potential drill testing.

The project also hosts the Thor and Odin prospects. Both have been found to house copper and nickel.

Venture Minerals managing director Andrew Radonjic said Chalice Mining’s commitment to the second stage is “a strong endorsement of the project”.

Radonjic also noted recent nickel findings suggest $2.5 million of additional exploration “should go a long way” to exposing the project’s potential.

If Chalice Mining earns the extra 19% stake, Venture Minerals can choose between contributing 30% or diluting its interest in the joint venture to 10%, reverting its interest to a 1.25% net smelter return royalty.

Chalice Mining share price

Sadly, the Chalice Mining share price is well and truly in the long-term red.

The stock is currently 51% lower than it was at the start of 2022. It has also fallen 31% over the last 12 months.

For comparison, the ASX 200 has dumped 8% year-to-date and 7% since this time last year.

The post What’s driving the Chalice Mining share price on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX shares today
• These ASX 200 mining shares are getting buried. What’s happening?
• Here are the top 10 ASX shares today
• What’s behind the Chalice Mining share price jumping 7% today?

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.

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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.

Let’s face it — some investors just do better than others. It might take some of them more time or require an unpopular track to achieve those superior results. But, in that the best possible net returns relative to a given amount of risk is the ultimate end goal, it only makes sense to do what works best.

With that as the backdrop, here are three not-so-secret secrets that the world’s best investors know, and act upon even when it’s tempting not to. In no particular order…

1. Less is more

It’s a tired (and somewhat overused) cliche. It’s a cliche, however, for all the right reasons including the most important one… it’s absolutely true, particularly as it pertains to investing.

It’s also a vague view without a deeper explanation. So, for less experienced investors, here’s the overarching basis for the “less is more” lesson: Buy and sell less frequently, and hold more of your stocks for longer periods. Not that you shouldn’t adjust as needed should things change in the meantime, but as a rule of thumb you should be thinking about holding periods of at least five years before stepping into a stock.

It’s a toughie to be sure, and the financial media generally doesn’t help. Much of cable TV’s market coverage as well as the web’s constant updates make it sound as if constantly swapping stocks is the best path to wealth. It isn’t. That commentary is largely meant to draw a crowd to deliver advertisements to. Sound investment advice, however, generally doesn’t draw and excite a crowd. It’s a problem simply because investors often make short-term buying and selling decisions at the worst possible time for the worst possible reason, trading away profits right before or right after they’re reaped.

2. Simpler is better

The longer you’re an investor, the more investment prospects other than stocks you’ll come across. Cryptocurrencies have been one of the hotter alternatives of late, while equity and index options seem to be perennial favorites for folks looking to squeeze a little more out of the market. Commodities like gold and even physical real estate also seem to cyclically catch people’s eyes when the stock market feels like it’s running out of steam.

However, many of these manias are gimmicks mostly meant to enrich the people pushing them rather than grow wealth for the investors risking their own capital on them. Like most fads, these manias tend to fizzle out right around the time the masses are just starting to file in.

Your best bet is keeping things simple by sticking with stocks… instruments that have withstood the test of time. They’re not always the best performers in the near term. They tend to be the best performers for the long haul, however, because they’re stakes in companies you can see, understand, and evaluate their earnings. The same can’t be said for cryptos, or even many commodities.

3. Time is your best ally

Finally, the world’s most successful investors understand that the biggest returns are reaped by leaving stock holdings alone for years on end. That’s true even in the years when stocks — or one particular stock — are struggling. The biggest paybacks materialize during the last portions of a holding period in which gains are reinvested in the market.

Some number-crunching puts this reality in perspective. Say you’re contributing $10,000 per year into a fund based on the S&P 500 index (SNPINDEX: ^GSPC), earning an average return of 10% per year, and reinvesting any given year’s earnings. At the end of 30 years, you’d be sitting on a nest egg of just over $1.8 million. The thing is, around $1 million of that total nest egg didn’t take shape until the last eight years of that 30-year stretch. It took 22 years to build up an asset base to take meaningful advantage of the S&P 500’s long-term average return.

Here’s another example of the power of sheer time: Even if you only contributed $10,000 per year to an S&P 500 index fund for 20 years and then just let it ride without any fresh capital being added for the next 10, you’d still end the 30-year stretch with a little over $1.6 million. If you cashed just after the 20 years of annual contributions of $10,000 though, you’d only walk away with about $630,000.

The moral of the story is, get in and stay in for a long as you feasibly can, so you can earn money on as much of your previously earned returns as you can. 

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

The post 3 things only the most successful investors will understand appeared first on The Motley Fool Australia.

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More reading

• What’s driving the Chalice Mining share price on Tuesday?
• Why did this $1.1 billion ASX 300 share just sink 9%?
• IAG share price seesaws amid class action news
• Why is the Fortescue share price sliding on Tuesday?
• Exploding 400% this year, Galileo share price climbs further as work kicks off at ‘exciting new discovery’

James Brumley 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.

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

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The Centuria Office REIT (ASX: COF) share price is taking a tumble today.

The real estate investment trust (REIT) owns a portfolio of assets in core office markets across Australia’s major cities.

The S&P/ASX 300 Index (ASX: XKO) share closed yesterday trading for $1.86 and is currently trading for $1.69, down 9.1%.

This comes following the release of the company’s full year results for the financial year ending 30 June (FY22) and revised guidance for FY23.

What happened during FY22?

• Statutory net profit of $115 million, up 50% from FY21
• Funds from operations (FFO) up 2.7% year-on-year to $104.9 million
• Achieved 98.2% average rent collection throughout FY22
• $99 million of distributions paid, or 16.6 cents per share

What else happened during the year?

Centuria reported it refinanced $257.5 million in debt during the year. The ASX share’s debt maturity increased to 3.7 years, with no debt expiry until the 2025 financial year. It also increased its debt headroom by $130.5 million.

Gearing as at 30 June stood at 33.8%, with 55.9% of that debt hedged.

The REIT’s portfolio is comprised of 23 office assets valued at $2.3 billion.

Over the 12 months, the ASX share sold one asset for $20.9 million and acquired three new assets, worth $313.7 million.

The average building age in the portfolio dropped to 16 years, with 90% of the offices labelled A-Grade assets.

Occupancy levels increased to 94.7% year-on-year as more people returned to office work. The portfolio’s weighted average lease expiry remained unchanged at 4.2 years. The ASX share said 79% of its rental income comes from government, multinational corporations and listed entities.

What did management say?

Commenting on the results, Grant Nichols, COF fund manager said:

COF has generated solid results in FY22, delivering an increased net profit while providing FFO and distributions consistent with guidance despite the impacts of rising interest rates. The most pleasing aspect of the results was the significant amount of leasing that COF continued to execute, with over 40,000sqm leased during FY22…

Australia’s strong employment rate and rising return to office corporate policies, provide encouraging tailwinds for tenant demand in FY23.

What’s next?

The ASX 300 share looks to be facing some headwinds today from its outlook of a more challenging year ahead.

Nichols noted that “prevailing inflation, and subsequent rising interest rates, have impacted our FY23 FFO guidance”.

“We recognise that a rising interest rate environment creates some future uncertainty, but we remain optimistic for Australian office markets,” he added.

The company’s FY23 guidance for FFO is 15.8 cents per share with a distribution guidance of 14.1 cents per share, a yield of 7.7% based on recent trading prices.

How has this ASX 300 share been performing?

Over the past 12 months, the Centuria Office REIT is down 32%. This compares to a full year loss of 7% posted by the ASX 300.

The post Why did this $1.1 billion ASX 300 share just sink 9%? appeared first on The Motley Fool Australia.

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More reading

• IAG share price seesaws amid class action news
• Why is the Fortescue share price sliding on Tuesday?
• Exploding 400% this year, Galileo share price climbs further as work kicks off at ‘exciting new discovery’
• How to all but clinch a millionaire retirement
• Appen share price sinks 25% as earnings tank amid uncertain outlook

Motley Fool contributor Bernd Struben 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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The Insurance Australia Group Ltd (ASX: IAG) share price remains relatively steady so far today amid a company update on legal action.

This morning, the insurance giant provided a short and sharp market update regarding an investor class action.

At the time of writing, IAG shares are exchanging hands at $4.54, down 0.22%.

IAG shareholders launch class action lawsuit

Investors appear unfazed by the company’s latest release to the ASX.

In its statement, IAG advised it has been served with a shareholder representative proceeding over its disclosures regarding COVID-19 business interruption claims.

Los Angeles-based law firm Quinn Emanuel Urquhart and Sullivan took on the case last year which has since moved forward.

The class action was filed in the Supreme Court of Victoria on behalf of investors who acquired IAG shares between 11 March 2020 and 20 November 2020.

As reported by the Australian Financial Review, the legal action relates to the company’s disclosure of its financial exposure to the pandemic.

The claim alleges IAG misrepresented shareholders with an outdated policy that eventually led to a $750 million capital raise in November 2021 to cover COVID-19 impacts.

This resulted in IAG losing around $800 million in its market capitalisation following an announcement relating to “policy wording and capital raising”.

While the proceeding is gathering pace, IAG said it intends to defend its position.

About the IAG share price

It’s been a rollercoaster for IAG shareholders, with the company’s share price reaching a 52-week high of $5.51 in mid-2021 before tumbling to as low as $4.02 in June 2022.

Currently, the IAG share price is up almost 7% this year.

Based on today’s price, the company has a market capitalisation of around $11.02 billion.

The post IAG share price seesaws amid class action news appeared first on The Motley Fool Australia.

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• Looking for value: The ASX shares this fundie is holding amid rising inflation
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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 positions in and has recommended Insurance Australia Group Limited. 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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The Fortescue Metals Group Limited (ASX: FMG) share price is down 2.44% in early trading on Tuesday. This is despite the price of iron ore rising 1.28% overnight to US$119 per tonne.

There have been significant fluctuations in the iron ore price of late. It has fallen in a jagged line from US$158 per tonne in March to US$100 per tonne on 21 July. The commodity has rebounded ever since.

The health of the Chinese economy and its steel and construction industries are very influential on the iron ore price. This is because China buys more iron ore than any other country. In fact, China accounts for 70% of the world’s total global iron ore imports by value, according to Statista.

Why has the Fortescue share price been volatile?

The Fortescue share price is arguably more sensitive to any news about China’s economy compared to other ASX mining shares. This is because it is a pure-play iron ore producer.

Fortescue shares are down 7% in the year to date. This compares to a 2.5% dip for Rio Tinto Limited (ASX: RIO) and a 4% gain for BHP Group Ltd (ASX: BHP).

According to the Australian Financial Review (AFR) today, Liberum Capital has issued a note saying China’s steel industry “is in sharp contraction on all fronts”.

According to the note:

China’s steel industry is in sharp contraction on all fronts, responding to collapsing domestic demand. Persistent data weakness has prompted our Restocking Indicator to report its fourth sell signal in a row, despite falls in output.

Finished goods inventories remain too high, which should trigger further destocking.

China’s on-going series of government-backed bailouts of unfinished housing projects has yet to convince stakeholders that we have arrived at the lows of this downcycle.

[The] market clearly doesn’t believe that the proposed bailouts are sufficient to offset weakness, with high yield bonds still trading at their very lows.

Liberum Capital said there was a renewed downturn in property sales in China in July. Sales were down 40% year over year among China’s top 100 property developers.

Liberum Capital said it maintains its sell recommendations on BHP, Rio Tinto, and Antofagasta plc.

The BHP share price is also down this morning by 1.82%. The Rio Tinto share price is also in the red by 1.68%.

Fortescue CEO Elizabeth Gaines presented at the annual Diggers & Dealers Mining Forum this morning.

The post Why is the Fortescue share price sliding on Tuesday? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bronwyn Allen has positions in BHP Billiton Limited and Fortescue Metals Group Limited. 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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The Galileo Mining Ltd (ASX: GAL) share price is jumping today amid a new drilling program.

The miner’s share price is currently trading at $1.135, a 4% gain. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) is down 1.44% today.

So what did Galileo report to the market today?

Drilling starts at Callisto discovery

Galileo has restarted drilling at the company’s Callisto discovery near Norseman in Western Australia.

The explorer will follow up palladium, platinum, gold, copper and nickel sulphide intersections reported to the market in May, June and July. 

RC drilling is now underway at about 50 drill holes. Priority targets will be tested for mineralisation.

Laboratory assay results are predicted to be ready from September.

Commenting on the news, managing director Brad Underwood said:

Following the approval of our work program from the Department of Mines (DMIRS), we are now able to begin testing the true extent of mineralisation discovered at Callisto.

We will be drilling on a 50-metre spacing around the previously announced drill results
as well as stepping out up to one kilometre to the north.

We believe the opportunity for discovering a large mineralised system is significant and we look forward to progressing this exciting new discovery.

A diamond drilling contract is also now signed with drilling to start from mid-August.

Galileo share price snapshot

The Galileo share price has exploded nearly 285% in the past year, while it has surged 404% year to date.

However, in the past month, the company’s share price has fallen 14%.

For comparison, the ASX 200 Materials Index has lost nearly 16% in a year and 7% year to date.

This mining company has a market capitalisation of 224 million based on the current share price.

The post Exploding 400% this year, Galileo share price climbs further as work kicks off at ‘exciting new discovery’ appeared first on The Motley Fool Australia.

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More reading

• Why the Galileo Mining share price is charging 9% higher today
• Why Galileo Mining, Platinum, Sezzle, and Woodside shares are dropping
• Up 430% in 2022, Galileo share price wobbles today despite strong drill results
• Why is the Galileo Mining share price galloping 17% higher today?
• What’s behind the frozen Galileo Mining share price today?

Motley Fool contributor Monica O’Shea 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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