Why Evolution Mining, Lynas Rare Earths, Paladin Energy, and Sovereign Metals shares are racing higher today

The S&P/ASX 200 Index (ASX: XJO) is out of form again on Wednesday. In afternoon trade, the benchmark index is down 0.3% to 8,786.4 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is up 8% to $14.64. Investors have been buying this gold miner’s shares following the release of its quarterly update. For the three months, Evolution Mining reported record group operating mine cash flow of $1.1 billion and underlying group cash flow of $541 million. This was driven by gold production of 191,000 ounces, copper production of 18,000 tonnes, and its sector-leading all-in sustaining cost (AISC) of $1,275 per ounce. At the end of the period, its cash balance stood at $967 million.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas Rare Earths share price is up 6% to $16.13. This has been driven by the release of the rare earths producer’s second quarter update. Lynas reported a modest increase in gross sales revenue to $201.9 million for the quarter. Though, this was a sizeable 43% increase on the prior corresponding period. Positively, the company’s average selling price increased to $85.60 per kg across all rare earth products. At the end of December, the company had cash and short term deposits of $1,030.9 million.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price is up over 12% to $13.09. The catalyst for this has been the release of the uranium producer’s quarterly update. Paladin Energy revealed that its uranium production increased 16% on the previous quarter to 1.24M pounds. This was driven by an uplift in ore feed grade as a result of a higher proportion of mined ore processed. The company’s CEO, Paul Hemburrow, was pleased with the quarter. He said: “As global interest in nuclear energy continues to strengthen, I am delighted by our progress in ramping-up operations at Langer Heinrich Mine. The new level of production achieved during the quarter provides insight into the robust performance that can be achieved from this strategic uranium asset.”

Sovereign Metals Ltd (ASX: SVM)

The Sovereign Metals share price is up 23% to 74 cents. This morning, the mineral exploration company announced a significant and strategic rare earth value addition to its Kasiya Rutile-Graphite Project in Malawi. Sovereign Metals advised that it has successfully recovered a monazite product containing high-value heavy rare earth elements (REE) from the tailings stream generated during rutile processing at its upgraded Lilongwe laboratory facilities.

The post Why Evolution Mining, Lynas Rare Earths, Paladin Energy, and Sovereign Metals shares are racing higher today appeared first on The Motley Fool Australia.

More reading

• This ASX rare earths stock is rocketing 27% on big news
• Up 156% in a year, Evolution Mining shares rocketing again today on record setting results
• Buying Lynas shares? Here’s why the ASX rare earths stock is flying higher in Wednesday’s sinking market
• Why are Paladin Energy shares jumping 12% to a 52-week high?
• Paladin Energy lifts uranium output and sales in December quarter

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 recommended Lynas Rare Earths 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.