In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is heading in the right direction again. At the time of writing, the benchmark index is up 1.1% to 7,035.9 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are rising:
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is up 8% to $6.77. Investors have been buying this mineral exploration companyâs shares after it released a mineral resource update. Chalice revealed that drilling and re-modelling have resulted in a ~50% increase in the contained nickel equivalent metal to approximately 3Mt. Impressively, this still only represents 7% of the Julimar Complex strike length.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 15% to 90 cents. This follows news that one of its ASX lithium peers has received a takeover proposal from an industry giant. Investors appear to see this as evidence that ASX lithium shares have been oversold.
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is up 63% to $2.49. As you might have guessed, this is the lithium share that has received a takeover approach. The lithium developer received a non-binding $2.50 per share offer from Albemarle (NYSE: ALB), which has been swiftly rejected by the Liontown board. This is the third approach the company has rejected.
United Malt Group Ltd (ASX: UMG)
The United Malt share price is up 31% to $4.51. This has also been driven by takeover news. However, on this occasion, the maltster is willing to accept the offer from French rival Malteries Soufflet if it becomes binding. It has tabled a $5.00 per share offer, valuing the company at $1.5 billion. This followed three previous offers that were rejected by United Malt.
The post Why Chalice Mining, Core Lithium, Liontown, and United Malt shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- Hereâs why the Sayona Mining share price is shooting 14% higher today
- 3 ASX 200 shares cracking multi-year highs on Tuesday
- Why are ASX lithium shares going gangbusters on Tuesday?
- Why is the Core Lithium share price rocketing 19% on Tuesday?
- Why is the Pilbara Minerals share price rebounding 14% today?
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 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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