The Province Resources Ltd (ASX: PRL) share price wonât be going anywhere on Thursday after the company requested its shares be placed in a trading halt.
The minerals producerâs stock has been one of the best performers on the market recently, rising 80% in the past month.
Currently, the share price is frozen at 14.5 cents apiece â roughly an eight-month high for the company.
Why are Province Resources shares halted?
Prior to the market opening today, management requested the Province Resources share price be halted while it prepares an announcement.
According to the release, Province Resources is finalising the terms of its Joint Development Agreement with Total Eren for the HyEnergy Project.
The company has requested that the trading halt remains in place until those terms are finalised.
Should no announcement come before next Monday, Province Resources shares will resume trading on the ASX.
More on the HyEnergy Project
Led by Province Resources, the HyEnergy Project is aiming to generate 550,000 tonnes annually of green hydrogen.
The renewable green hydrogen project is located in Western Australia’s Gascoyne Region.
Currently in the detailed planning stage, it is proposed the HyEnergy Project be built in two stages. This includes using a mix of wind turbines and a solar farm.
Province Resources share price snapshot
Over the past 12 months, the Province Resources share price has remained relatively flat despite surging in recent times. It is down 3.3% over the past year and up 3.6% so far in 2022.
Its shares hit a 52-week low of 5 cents in June before moving upstream in the following weeks.
Trading volumes have also largely increased as investor hype ramps up around the companyâs prospects.
Based on valuation grounds, Province Resources commands a market capitalisation of roughly $171.14 million.
The post Up 80% in a month, why is the Province Resources share price on ice today? appeared first on The Motley Fool Australia.
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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 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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