3 ASX 300 shares on the move after quarterly updates

Three ASX 300 shares are bouncing around today after the companies released their quarterly results.

For perspective, the S&P/ASX 300 Index (ASX: XKO) is just 0.02% in the green at the time of writing.

Let’s take a look at these three ASX 300 shares and what they reported in more detail.

Argosy Minerals Ltd (ASX: AGY)

Argosy Minerals shares have had a rollercoaster day so far, falling 1.5% near the open to lift 1.12% into positive territory before again sliding into the red. Shares in the company are currently trading 1.19% lower.

Today, the lithium explorer released its quarterly activities report. The company revealed it was in a sound financial position with about $36.6 million in cash reserves as at 31 December.

It outlined a major highlight: Completing 98% of development works at the 2,000 tonnes per annum lithium carbonate production operation at the Rincon Lithium project in Argentina. Argosy also progressed exploration works at the Tonopah Lithium Project in Nevada, USA.

The company reported lithium prices remained strong during the quarter and highlighted growing expectations that “supply will remain tight over 2023” and lithium prices will maintain at “their record highs”. Argosy added:

Significant growth in EV sales remains the most material driver for future lithium demand.

Argosy shares have exploded 105% higher in the last 12 months.

Strike Energy Ltd (ASX: STX)

Strike Energy shares are sliding a hefty 4.05% today. Strike revealed it has $9.7 million cash available at the end of the December quarter, down from $21.1 million in the last quarter.

A highlight during the quarter was the company’s progress in the Walyering gas field in EP447 towards production. Strike has a 55% interest in this project, with Talon Energy Limited (ASX: TPD) owing the remaining 45%. This venture has now been granted a production licence from the Western Australian Minister for Mines and Petroleum.

Strike also highlighted its takeover offer to acquire Warrego Energy Limited (ASX: WGO) was now open to Warrego shareholders.

Commenting on the results, Strike managing director and CEO Stuart Nicholls said:

The fourth quarter of calendar year 2022 was significant for Strike shareholders on a number of fronts. Firstly, and most importantly, the Company made substantial progress in its pursuit of becoming a gas producer by the end of Q1/23 at the Walyering gas field.

Strike shares have soared more than 67% in the last year.

Vulcan Energy Resources Ltd (ASX: VUL)

Vulcan is developing a zero-carbon lithium project for electric vehicle batteries. Today, Vulcan reported it was in a “strong financial position” with €134.1 million (A$204.87 million) cash on hand at the end of the December quarter.

Vulcan shares are down 0.48% at last look after sliding 2.9% in earlier trade.

During the quarter, Vulcan produced 6,350 MWh of gross baseload, renewable energy at Natür3 Lich Insheim in Germany, at an average selling price of €0.26/kWh. Vulcan said this was “helping Germany to respond to the energy and climate crises”.

Also during the quarter, the company revealed it was expanding its Zero Carbon Lithium business into France.

Commenting on today’s results, Vulcan managing director and CEO Dr Francis Wedin said:

The progress made during the last quarter of 2022 is testament to our rapidly growing team, who are working hard to execute on Phase One of our Zero Carbon Lithium Project, which aims to provide domestic lithium production for the auto industry, as well as renewable heating production on a larger scale for Europe, from 2025.

Vulcan Energy shares have slid 16% in the last year.

The post 3 ASX 300 shares on the move after quarterly updates appeared first on The Motley Fool Australia.

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More reading

• Brokers name 3 ASX shares to buy today
• 3 ASX lithium shares forecasting maiden production in 2023
• Which ASX lithium shares are producing and which are not in 2023?
• Buy these 2 ASX mining shares with over 30% upside: brokers
• Why Argosy Minerals, Block, Essential Metals, and Resolute shares are storming higher

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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