The Monger Gold Ltd (ASX: MMG) share price has been soaring lately, but could it have more joy ahead?

This ASX lithium share has lifted nearly 121% in a month, closing 8.86% higher on Friday at 43 cents.

Let’s take a look at what is going on at Monger Gold.

Could the US climate legislation help?

Monger Gold may be exploring gold, copper and zinc, but it is also intent on playing a role in the lithium future.

On Thursday, Monger shares soared on news it had secured an exclusive option to take over the Brisk Lithium Project.

This mine is located in the James Bay Lithium Project in Quebec, Canada and hosts pegmatite outcrops.

Monger sees this project as an opportunity to cash in on a huge climate bill that recently passed the United States Congress.

Commenting on the latest acquisition this week, CEO Adam Ritchie said:

For Monger, this deal solidifies the foundational lithium asset set. In combination with the
Scotty Lithium Project in Nevada, all three main lithium resource types are now covered being brine, sedimentary and hard rock.

This places Monger in a prime position to take advantage of legislation recently passed by the US congress, enforcing a minimum level of locally sourced raw materials within the North American battery supply chain.

In May, the company signed an agreement to acquire the Scotty Lithium Project in Southern Nevada.

In addition, multiple ASX lithium shares have soared this week as United States President Joe Biden signed legislation labelled the “biggest step forward on climate ever”.

As my Foolish colleague Bernd reported, this Bill includes an extension on tax credits for new electric vehicles (EVs). The Bill specifies the critical minerals for these EV batteries must come from the US or a nation with a free trade agreement with the US.

Monger share price snapshot

The Monger share price has surged 79% in a year and nearly 105% year to date.

In comparison, the S&P/ASX Materials Index (ASX: XMJ) has climbed 0.11% in a year and lost 1.28% year to date.

Monger has a market capitalisation of about $17 million based on the current share price.

The post Could this ASX lithium share be set to cash in on Biden’s climate legislation? appeared first on The Motley Fool Australia.

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More reading

• 3 tiny ASX mining shares leaping over 20% on project announcements

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The S&P/ASX 200 Materials Index (ASX: XMJ) lifted 0.82% today, but three ASX mining shares soared much higher.

Astron Pty Ltd (ASX: ATR), Cobre Ltd (ASX: CBE), and Oceana Lithium Ltd (ASX: OCN) all rocketed ahead today.

So why did these ASX mining shares have such a great day?

Cobre

The Cobre share price soared 28.5% today. Cobre’s share price has exploded 210% over the past five days. Cobre is exploring copper in Botswana and Western Australia. Investors appear to be buying up Cobre shares on the back of two positive announcements this week. On Tuesday, Cobre revealed drilling had intersected with a “new significant copper intersection” at the Ngami Copper Project in Botswana. Furthermore, Cobre revealed it had received notice of renewal on five exploration licences yesterday.

Astron

The Astron share price surged nearly 17% today. The company is developing the Donald Mineral Sands and Rare Earth project in the Murray Basin, Victoria. This is said to be one of the biggest zircon and titanium resources in the world. On Thursday, Astron provided an update on this project.

A preliminary estimate of phase one operations over a 35-year time frame profile is 250,000 to 300,000 tonnes per annum of heavy mineral concentrate and 7,000 to 10,000 tonnes per annum of Renewable Electronic Energy Coin (REEC).

Meanwhile, as my Foolish colleague Tony reported on Wednesday, one expert has singled out Astron as an ASX share that is “clearly under the radar”.

Collins Street Asset Management chief investment officer Vasilios Piperoglou said:

They have a very large, I believe one of the world’s largest, undeveloped zirconium and rare earth projects. It has a potential 50-year mine life. You could argue it’s a tier-one asset in a tier-one jurisdiction.

Oceana Lithium

The Oceana Lithium share price rocketed 17% on Friday. Oceana is exploring lithium in Ceara, Brazil, and the Northern Territory. Oceana’s share price has lifted 18% this week despite no news from the company. However, last week Oceana advised the market it had started fieldwork at two lithium projects in Brazil and Australia. At the flagship Solonopole project in Brazil, Oceana is exploring the “highly prospective” Lapinha zone to follow up high-grade lithium surface samples. Oceana has also commenced fieldwork at the Mt Denison tenement in the Northern Territory.

This week was a positive week for ASX lithium shares amid United States President Joe Biden signing a big spending climate bill. The legislation stipulates critical minerals for EV batteries must be sourced from either North America or a country with a free trade agreement with the US.

The post These 3 ASX mining shares rocketed more than 15% on Friday appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX copper share has exploded 182% this week?
• ‘Clearly under the radar’: Expert reveals hidden gem ASX share he’s holding
• This ASX lithium share is surging 45% today. What’s going on?
• 3 ASX mining shares rocketing higher today on new finds
• Cobre share price zooms 40% higher on new copper discovery

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 most recent peak in the iron ore price was in March at about US$160 per tonne. Since then, the commodity’s value has fallen in a very jagged line to trade just above US$100 per tonne today.

As is usual, the major ASX mining shares have fallen alongside the iron ore price.

Since March, the BHP Group Ltd (ASX: BHP) share price has dropped 17.5%. Rio Tinto Limited (ASX: RIO) shares have fallen 22%. The Fortescue Metals Group Limited (ASX: FMG) share price has lost 1.3%.

Analysts at Trading Economics forecast iron ore to trade at about US$109 by the end of the September 2022 quarter. In a year’s time, the team expects the iron ore price to be about US$97 per tonne.

But Saxo Bank country head of direct sales, David Harvie, isn’t worried. Harvie says China’s demand for iron ore is a long-term trend given the country’s ongoing industrialisation. He reckons it’s only a matter of time before the world’s largest consumer of iron ore begins chewing it up at a strong pace again.

Broker says China will ‘fire up again’

In an interview with The Motley Fool, Harvie said:

When we talk to our China strategists and when we talk to our APEC strategists, I think they make a really valid point. And the point would be it’s not if, but when the largest consumer of iron ore in the world fires up again, being China.

Building cities the size of Brisbane once a month, or whatever they’re doing over there, that ain’t going anywhere either. Our house theory is that it is a demand question, and that should be satisfied by virtue of some of those large economies kicking off again.

ANZ reckons the iron ore price has ‘limited upside’

ANZ commodity strategists Daniel Hynes and Soni Kumari provided their view on the iron ore price in a note released yesterday.

Hynes and Kumari wrote:

We see limited upside in iron ore prices. A stabilisation in the Chinese property market should support sentiment and prices through Q3 and into year end. We expect prices to trend lower in Q4 and into 2023 as the impact of China’s stimulus measures peters out and iron ore demand weakens. We ultimately see prices at the end of 2023 sitting under USD100/t as the market tightness eases.

China’s shadow over commodity markets remains large. That raises the risk that weak economic data will create increasing headwinds for the sector. Those perceived risks don’t completely reflect what we are seeing on the ground.

Stimulus measures announced earlier this year raised hopes that commodity demand would rebound strongly in H2 2022. However, China’s credit impulse is slowing again in response to the restrictions involved in its zero-COVID strategy. This is normally a signal of weaker demand for commodities, but the relationship may not be as straightforward as it was in the past.

What’s next for the big three ASX mining shares?

BHP impressed the market with its full-year FY22 results this week.

BHP reported a 16% increase in its underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) to a record US$40,634 million.

The Big Australian will pay a US$1.75 per share final dividend.

Rio Tinto reported its half-year results on 28 July.

Fortescue is the only company out of the big three ASX mining shares yet to report this earnings season. It is scheduled to report its FY22 figures on Monday 29 August.

The post Worried about the iron ore price? Why the need for it ‘ain’t going anywhere’: broker appeared first on The Motley Fool Australia.

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More reading

• 1 factor that could drag on Fortescue Future Industries’ green dream
• Are Rio Tinto shares a buy? See what top brokers are saying
• The OZ Minerals share price has barely moved since rocketing on BHP’s takeover bid. So, what now?
• Here’s the BHP dividend forecast through to 2026
• These top ASX dividend shares have been tipped as buys by analysts

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 S&P/ASX 200 Index (ASX: XJO) ended the week with a wobbly performance despite strong gains among energy shares. The index closed Friday’s session 0.02% higher at 7,114.5 points.

That marks a 1.16% gain for the week and the ASX 200 closed four out of five sessions in the green.

The S&P/ASX 200 Energy Index (ASX: XEJ) soared 4% on Friday, likely on the back of rising oil prices and concerns a European energy crisis could increase demand for coal. The Brent crude oil price lifted 3.1% to US$96.59 a barrel overnight while the US Nymex crude oil price rose 2.7% to US$90.50 a barrel.

It wasn’t such a good day on the S&P/ASX 200 Utilities Index (ASX: XUJ). It fell 0.7% as AGL Energy Limited (ASX: AGL) released its earnings and APA Group (ASX: APA) revealed a $32 million impairment.

Speaking of earnings, TPG Telecom Ltd (ASX: TPG) shares slumped on the telco’s results while Cochlear Limited (ASX: COH) shares lifted on the results of the healthcare giant.

Never fear if you missed out on much of today’s earnings excitement; there’s plenty more to come next week.

At the end of Friday’s session, five of the ASX 200’s 11 sectors were in the green.

But which share outperformed all others to be crowned the final daily top performer of this week? Let’s take a look.

Top 10 ASX 200 shares countdown

Today’s top performing ASX 200 share was none other than Santos Ltd (ASX: STO). It lifted alongside its home sector on Friday. Find out more about the company and what it’s been up to here.

Today’s biggest gains were made by these ASX shares:

ASX-listed company	Share price	Price change
Santos Ltd (ASX: STO)	$7.52	6.36%
Whitehaven Coal Ltd (ASX: WHC)	$7.36	6.2%
Coronado Global Resources Ltd (ASX: CRN)	$1.845	5.13%
Woodside Energy Group Ltd (ASX: WDS)	$33.50	4.17%
New Hope Corporation Ltd (ASX: NHC)	$4.93	4.01%
Sims Ltd (ASX: SGM)	$16.04	3.68%
Newcrest Mining Ltd (ASX: NCM)	$19.35	3.64%
Beach Energy Ltd (ASX: BPT)	$1.695	3.35%
Magellan Financial Group Ltd (ASX: MFG)	$14.43	3.15%
Medibank Private Ltd (ASX: MPL)	$3.65	2.82%

Our top 10 ASX 200 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• Is the AGL share price in the buy zone following the company’s latest results?
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Why Accent, Cochlear, Newcrest, and Santos shares are charging higher today
• Why is the Whitehaven Coal share price leaping 7% to a record high?
• Why is the Santos share price soaring 6% on Friday?

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 positions in and has recommended Cochlear Ltd. The Motley Fool Australia has positions in and has recommended APA Group. The Motley Fool Australia has recommended Cochlear Ltd. and TPG Telecom 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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