Why Challenger, Meeka Metals, Vulcan Energy, and West African Resources shares are rising today

The S&P/ASX 200 Index (ASX: XJO) is fighting to stay in positive territory. In afternoon trade, the benchmark index is up slightly to 8,588.2 points.

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

Challenger Ltd (ASX: CGF)

The Challenger share price is up 2.5% to $7.87. This follows news that the annuities company has amended its takeover offer for Pepper Money Ltd (ASX: PPM). Challenger has reduced the offer price from $2.60 per share to $2.25 per share, less the final fully franked Pepper Money 2025 dividend of 7.8 cents per share and any special dividend. It notes that the revised proposal represents Challenger’s best and final offer, in the absence of a superior proposal. The company also reminded investors that discussions remain incomplete and there is no certainty that the revised proposal will lead to a transaction. Pepper Money’s independent board committee advised that it will consider the revised proposal.

Meeka Metals Ltd (ASX: MEK)

The Meeka Metals share price is up 4% to 17.2 cents. This morning, the gold miner revealed that it is upgrading its processing facilities to unlock ~200ktpa of additional mill capacity. This increases throughput to ~800ktpa. Meeka’s managing director, Tim Davidson, said: “Ore sorting unlocks an additional 200,000 tonnes per annum of milling capacity and effectively doubles the head grade of Andy Well ore entering the plant, delivering a meaningful increase in annual gold production.”

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan Energy share price is up 1% to $3.01. This has been driven by an announcement from the lithium developer which revealed that it has been issued its first lithium production permit for the flagship Lionheart Project. This is the first such licence to be granted in the Upper Rhine Valley Brine Field, and in the state of Rhineland-Palatinate. Vulcan’s managing director and CEO, Cris Moreno, commented: “Securing the first lithium production licence within the Lionheart Project marks another important milestone, and we thank the Mining Authority in the state of Rhineland-Palatinate for their excellent and timely collaboration during this process.”

West African Resources Ltd (ASX: WAF)

The West African Resources share price is up 6% to $2.95. This follows the release of the gold miner’s full-year results. West African Resources reported revenue of $1.54 billion and a net profit after tax of $567 million. This was underpinned by gold sales of 280,065 ounces with an average realised price of US$3,525 per ounce and all-in sustaining costs of US$1,488 per ounce.

The post Why Challenger, Meeka Metals, Vulcan Energy, and West African Resources shares are rising today appeared first on The Motley Fool Australia.

More reading

• Why New Hope, Pepper Money, Pro Medicus, and Reece shares are falling today
• Why the Vulcan Energy share price is rising today
• Pepper Money shares plunge 10% after Challenger slashes takeover offer
• Challenger revises Pepper Money bid to $2.25 in latest update
• Why is this $3 billion ASX 200 gold stock leaping higher on Tuesday?

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 recommended Challenger. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.