Author: therawinformant

At the time of writing, the Openpay Group Ltd (ASX: OPY) share price is up 16% to $3.77 after the company released an announcement advising it has formed a partnership with MSL Solutions Ltd (ASX: MSL).

What was in the announcement?

According to the announcement, Openpay signed a partnership with MSL Solutions that will allow customers to use Openpay when buying MSL’s golf and membership products. Member subscribers will be able to pay membership fees using Openpay’s platform.

The agreement will initially run for 3 years and Openpay’s partners will be excluded from offering buy now, pay later (BNPL) services to MSL’s customers in Australia.

Openpay’s agreement with MSL Solutions involves revenue sharing and Openpay will pay MSL an annual rebate of fees paid to Openpay by customers each year.

Openpay Chief Commercial Officer, Dion Appel stated;

“Openpay prides itself on creating partnerships that support our customer network; merchants and in this case, members. MSL is one of the leaders in the golfing and hospitality industry. We are proud to announce this exclusive partnership that will enable a smarter way for hundreds of gold clubs on MSL’s platform to offer Openpay’s buy now, pay later for the purchase of golf memberships. MSL has been an innovator in the golfing industry and we are pleased to have been selected to further solidify its position as an industry leader.”

About the Openpay share price

Openpay is a BNPL provider that offers services in Australia, New Zealand and the United Kingdom. The company partners with merchants to offer its payment platform in stores, in apps and online.

In July, Openpay announced a partnership with 1st Group Ltd (ASX: 1ST) to make its platform available to patients of medical practices within the MyHealth1st network. This partnership also included a revenue sharing agreement.

In the final quarter of the 2020 financial year, Openpay announced record growth with active customers up 141% relative to the prior corresponding period . The number of active merchants was also up 52% relative to the prior corresponding period. Openpay had total transactions of $62.6 million during the June quarter.

At 30 June, Openpay had $70,059,000 cash versus $45,559 at the end of the previous quarter.

The Openpay share price is up 1078% since its 52 week low of 32 cents. It has returned 204% since the beginning of the year. The Openpay share price is up 183% since this time last year.

More reading

• 3 quality ASX tech shares to buy in August
• Afterpay and Immuron were among the most traded shares on the ASX last week
• Latest ASX entrant mixes BNPL with eCommerce
• Is CommBank the BNPL killer?
• These BNPL shares have blown up since their IPOs

Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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Investment platform provider CommSec has just released data on the five most traded ASX shares on its platform from last week.

Once again, the buy now pay later sector was popular with investors. It provided two of the most traded ASX shares on the CommSec platform over the period.

They were joined by one of the big four banks, a biotech behemoth, and Australia’s leading airline.

Here’s the data:

Zip Co Ltd (ASX: Z1P)

This buy now pay later provider was the most popular share on the CommSec platform for a third week in a row. Zip Co shares accounted for 1.9% of total trades on the platform over the period, with 62% of these made by buyers. Despite this, it wasn’t enough to stop the Zip Co share price from falling 7% last week. Nevertheless, its shares were still up 70% year to date at the end of last week.

CSL Limited (ASX: CSL)

This biotherapeutics company’s shares were heavily traded last week. According to the data, approximately 1.8% of trades on the CommSec platform involved CSL shares. Although the CSL share price dropped 2.5% over the period, the vast majority of the action was from buyers. A total of 82% of trades were buy orders, which appears to indicate that investors believe its recent pullback is a buying opportunity.

Afterpay Ltd (ASX: APT)

Afterpay shares remain popular with CommSec customers. The buy now pay later giant’s shares accounted for 1.5% of trades on the platform last week. However, the buying and the selling was evenly split, with buyers accounting for 51% of trades. The Afterpay share price fell 2% over the period.

Westpac Banking Corp (ASX: WBC)

Investors were selling off the banks last week, which led to the Westpac share price falling 3.8% over the period. However, it looks as though CommSec customers saw this as an opportunity to pick up shares at a cheaper price. A total of 75% of Westpac trades were buy orders according to the data. Westpac shares accounted for 1.4% of total trades on the platform.

Qantas Airways Limited (ASX: QAN)

Finally, Qantas shares were heavily traded last week after coronavirus cases spiked in Australia. The airline operator’s shares accounted for 1.4% of trades on the platform over the five days. And despite a massive 82% of these trades being buy orders, the Qantas share price sank over 11% lower. This could be a sign that some investors believe Qantas shares have been oversold. Alternatively, it could be an example of investors trying to catch a falling knife.

More reading

• Earnings season: What to expect from the CSL FY 2020 result
• Zip Co share price surges 8.5% higher: Is it too late to buy shares?
• Buy these outstanding ASX 50 shares for strong potential returns
• 3 quality ASX tech shares to buy in August
• ASX 200 jumps 2%: Big four banks rebound, Wesfarmers update, Afterpay rockets

James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. and ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 price of ASX gold share, EMetals Ltd (ASX: EMT), is up 15% in intraday trading and up 43.8% since last Friday 31 July.

The strong share price growth is being driven by the mineral resource exploration company’s positive drill results at its Twin Hills Gold Project in the Goldfields of Western Australia (WA).

According to the company’s report to the ASX today, EMetals has completed a 250-hole auger drilling program at Twin Hills. EMetals owns 100% of the project. The tenement covers an area of approximately 30 square kilometres.

EMetals reported drilling along almost 2 kilometres of prospective shear zone. It interprets the results to show numerous gold mineralised structures. These form an intersection south of the historical Twin Hills mine, which has recorded historical production of 1,100 tonnes of ore at an average grade of 23.6 grams per tonne.

The ASX gold share, with a current share price of 2.3 cents per share, has a market cap of $9.4 million.

A word from EMetals Director Mathew Walker

Walker is understandably pleased. He stated:

“The Company has decided to accelerate exploration activities at Twin Hills in response to favourable market conditions within the gold sector. Twin Hills is an exciting exploration Project with over 5 kilometres of prospective strike length adjacent to two excised historical high-grade gold mines. We are delighted that the recent auger geochemical program has validated our structural modelling and provided us with multiple ready to drill targets”.

Future plans

EMetals is now planning reverse circulation drilling to test the shear intersection target. The company is also expanding its auger drilling to the north, where it has identified multiple potential targets along a 5-kilometre prospective shear zone.

The company notes that, “Gold mineralisation is associated with banded, brittle-ductile shear zones conformable with the north-south trend of the region and contains quartz carbonate veining.”

More reading

• Earnings season: What to expect from the CSL FY 2020 result
• 4 things you need to know about the RBA’s rate decision today
• Openpay share price up 16% on partnership with MSL Solutions
• Afterpay and Qantas were among the most traded shares on the ASX last week
• Zip Co share price surges 8.5% higher: Is it too late to buy shares?

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 Zip Co Ltd (ASX: Z1P) share price has been one of the best performers on the All Ordinaries index on Tuesday.

The buy now pay later provider’s shares were up as much as 8.5% to $6.27 at one stage today.

When its shares reached that level, it meant they were up an incredible 500% from their March low.

Why did the Zip Co share price rocket higher today?

Investors have been fighting to get hold of Zip Co and other tech shares on Tuesday after a very positive night of trade on the tech-heavy Nasdaq index.

The Nasdaq index stormed 1.5% higher on Monday night thanks to strong gains from the likes of Microsoft, Apple, and Netflix. This led to the famous index hitting a new record high.

Australian tech shares have not only followed their lead, but also made up for their poor performance yesterday.

At the time of writing the S&P/ASX 200 Information Technology index is up a sizeable 3.5%. It was up as much 4.4% earlier in the day.

But unlike the Nasdaq index, the S&P/ASX 200 Information Technology index is not trading at a record high. In afternoon trade it is around 3% off its highest levels. This could mean there’s still further gains ahead for our local tech stars.

Why is the Zip Co share price up 500% from its low?

Zip Co’s shares have been on fire over the last few months after many in the market incorrectly predicted the impact of the pandemic on the performance of buy now pay later providers.

There was a lot of doom and gloom around the industry, with some suggesting that sales would plummet and bad debts would spike.

This simply wasn’t the case and the shift to online shopping accelerated the adoption of the payment method without any material increase in bad debts.

For example, in FY 2020 Zip Co reported a ~64% year on year increase in transaction volume to $2.3 billion. This led to a 72% year on year increase in revenue to $161.2 million.

This was achieved with net bad debts of 2.24% at the end of the fourth quarter. While this was up from 1.63% a year earlier, it was nowhere near what some bearish analysts had predicted. Positively, leading indicators are pointing to net bad debts easing during the first quarter of FY 2021.

Also supporting the Zip Co share price was news of its expansion into the U.S. market via the acquisition of QuadPay. This will see Zip Co go head to head with rival Afterpay Ltd (ASX: APT) in the $5 trillion dollar market in FY 2021.

Post completion, Zip will have pro-forma annualised transaction volume of $3.2 billion, annualised revenue of $252 million, and more than 3.9 million customers.

Is it too late to invest?

I think Zip Co remains a great long term option for investors, especially if it can make a success of its expansion into the U.S. market.

Though, given the risks involved, I would suggest you limit any investment to just a small part of a diversified portfolio.

More reading

• 3 quality ASX tech shares to buy in August
• ASX 200 jumps 2%: Big four banks rebound, Wesfarmers update, Afterpay rockets
• If you invested $50k in these ASX shares 3 years ago, you’d be a millionaire today
• Afterpay share price higher despite falling short of share purchase plan target
• Should you invest in Commonwealth Bank shares?

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 Recce Pharmaceuticals Ltd (ASX: RCE) share price traded nearly 15% higher this morning after the company announced positive oral data.

What new data has Recce released?

Recce Pharmaceuticals released an announcement earlier today which highlighted positive oral data for the company’s new antibiotic RECCE 435. The data relates to an independent efficacy study that assessed the oral dose-dependent efficacy of RECCE 435 in an animal model. According to the announcement, the data showed positive efficacy against Helicobacter plylori (H. pylori) in rats treated with RECCE 435.

H. pylori is a Gram-negative and antibiotic-resistant bacteria that infects the lining of the stomach and upper intestine. The bacteria was recently added by the United States Food and Drug Administration as a pathogen that has the potential to pose a threat to public health and has an unmet medical need.

The study involved treating 3 groups with varying doses of RECCE 435, with dose-dependent efficacy reported at all doses which resulted in significant reduction in bacterial load. The company’s management noted that the new data is encouraging and endorses further study into synthetic antibiotics in the treatment of deadly infections. As a result, Recce Pharmaceuticals is in discussion with world leading H. pylori experts to assess a potential commercial pathway.

What does Recce do?

Recce Pharmaceuticals is an Australian based biopharmaceutical company that aims at developing and commercialising new classes of synthetic anti-infectives to treat antibiotic resistant superbugs and emerging viral pathogens. The company’s antibiotics are unique as their potency does not diminish with repeated use, which is a failure of existing antibiotics used to treat resistant superbugs.

RECCE 327 is the company’s lead candidate which has been developed for the treatment of blood infections and sepsis that results from E.coli and S. aureus bacteria. In addition to the aforementioned RECCE 435, RECCE 529 is another candidate from Recce Pharamceuticals that is designed as an antiviral compound.  

Earlier last month, Reece Pharmaceuticals announced that the company had entered an agreement with US-based precision medicine company, Path BioAnalytics, for the study of its RECCE 327 and RECCE 529 antibiotics against SARS-CoV-2, which is the strain of coronavirus that causes COVID-19. In addition, the company noted that its candidate RECCE 327 has been accepted into the SARS-CoV-2 screening program between the CSIRO and Doherty Institute.

The Recce share price

Following its initial surge, the Recce share price has been sold off and is currently trading at $1.255 which is a 6.4% increase for the day. This came after the share price hit an intra-day high of $1.355 immediately following the announcement. The Recce share price is 269% up in year-to-date trading.

More reading

• 3 unloved ASX growth shares that could make you rich
• Why the Recce Pharmaceuticals share price just rocketed 31% higher to a record high
• Why PointsBet, Recce Pharmaceuticals, Vocus, & Webjet shares are storming higher
• 2 ASX shares that could be 10-baggers

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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 August earnings season is upon us and I’ve got my eye on ASX retail shares.

Why am I watching ASX retail shares?

Let’s rewind to January 2020. Aussie retailers were under pressure and we saw big names like Jeanswest fall into voluntary administration.

The February earnings season saw a mixed bag of results before the coronavirus pandemic sent ASX retail shares plummeting.

That investor fear was not unfounded. Higher unemployment normally translates to lower discretionary income and fewer retail sales.

However, government stimulus and strong central bank support helped prop up the economy. In fact, the pandemic restrictions boosted sales for a number of ASX retail shares.

All of that is in the rear-vision mirror now. I’m looking ahead to the August earnings season and which ASX retail shares are in the buy zone.

Why Super Retail and 2 others are worth watching

The Super Retail Group Ltd (ASX SUL) share price shot 9.5% higher last Friday after a strong earnings guidance update.

The company’s unaudited full-year results show a 4.2% increase in total sales for FY20. That includes positive contributions from Supercheap Auto, Rebel and BCF, while Macpac sales fell 5.0%.

That saw investors pile into the ASX retail share on Friday. In fact, Super Retail shares are now up more than 150% since the March bear market.

There are still some concerns about the impact of Victoria’s stage 4 restrictions and those across the other states on non-discretionary retailers. I’ll be watching the group’s August 24 full-year results announcement for any further guidance.

I think Harvey Norman Holdings Limited (ASX: HVN) is another one to watch in August.

Harvey Norman could see some solid sales numbers thanks to strong electronics sales. The Aussie retailer already announced a special dividend thanks to stronger than expected sales.

The Harvey Norman share price is down 9.6% for the year but trading 1.52% higher in today’s session.

I’m not sure when Harvey Norman will announce this year’s annual results, but its FY19 report was released on 27 September last year, which is later than most.

It’s not just the retailers I’m watching. I think Aussie real estate investment trusts (REITs) with strong retail exposure are worth keeping an eye on too.

Scentre Group (ASX: SCG) is also on my watchlist for August. Scentre owns and operates the Westfield shopping centres across Australia and New Zealand.

I think the ASX retail REIT share is one to watch, but I wouldn’t hold my breath for a strong result.

Shopping centre traffic numbers are down, which isn’t good news for the REITs or their tenants. However, Scentre shares are down 47.0% this year, so it looks like a disappointing result is already being priced in.

Scentre is set to release its half-year earnings result on 25 August and I’m sure it’ll be one worth watching.

Foolish takeaway

There are a number of ASX retail shares that have struggled to climb higher this year.

Despite some solid gains since March, I think we could see Super Retail and other shares continue to climb on the back of strong August earnings.

More reading

• The ASX stocks hit by Victoria’s stage 4 forced shutdowns
• Why you should buy ASX shares in this resilient market
• Leading brokers name 3 ASX shares to buy today
• AMP and 2 other ASX 200 shares to watch this week
• Top ASX Stock Picks for August 2020

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Scentre Group. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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Although not widely followed by investors, the S&P/ASX 50 index is one of Australia’s most important large-cap equity indices.

It represents 50 of the largest and most liquid ASX shares by float-adjusted market capitalisation. These include some of the most well-known companies in the country.

And while I wouldn’t be investing in all the shares on the index, I think there are a handful that would be fantastic options for investors.

Two ASX 50 shares I would buy today are listed below:

CSL Limited (ASX: CSL)

My favourite ASX 50 share is this global biotherapeutics giant. I think CSL would be a quality long term investment option due to its in-demand therapies, growing plasma collection network, and its burgeoning product pipeline. The latter is underpinned by the company’s material investment in research and development (R&D) activities each year. CSL tends to invest somewhere in the region of 10% to 11% of sales into its R&D efforts. This resulted in the company investing a massive US$832 million in R&D across its businesses in FY 2019. And a similar level of investment will be made this year. I expect these investments to allow CSL to maintain its industry-leading position and support solid profit growth for years to come.

Goodman Group (ASX: GMG)

Another ASX 50 share to buy is Goodman Group. It is an integrated commercial and industrial property group which owns, develops, and manages high quality industrial real estate globally. Goodman Group’s portfolio has been expertly curated over the last few years to give it exposure to industries experiencing positive tailwinds such as ecommerce, logistics, food, consumer goods, and the digital economy. I’m particularly positive on its prospects due to its exposure to the rapidly growing ecommerce market. It achieves this with relationships with the likes of Amazon, DHL, and Walmart. All in all, I believe Goodman Group is well-placed to deliver solid earnings and distribution growth over the next decade. This could result in the Goodman Group share price generating market beating returns over the period.

More reading

• Why I would buy and hold CSL and these ASX healthcare shares
• CSL and 1 other ASX 200 growth share to buy for long-term growth
• 5 things to watch on the ASX 200 on Monday
• Top ASX Stock Picks for August 2020
• Top brokers name 3 ASX shares to buy next week

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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Tech shares are once again dominating the financial headlines today.

Many listed tech companies are trading at or near record highs. And many could see their share prices run far higher from here.

The massive growth we’re witnessing in the technology sector isn’t anything new. The trend was already well-established back in the 80s.

Before moving on, let’s address the ageing elephant in the room. That’s right, the dreaded dot-com bubble. Though long dead, its spectre still scares some investors away from tech shares, even to this day.

We’ll get to why I think that’s a mistake in a moment. But first…

The price of chasing the herd

I’m sure you know what happened to technology shares in the early 2000s. After driving the tech heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) to rapid record highs, the tech bubble burst. Badly.

From March 1995 through March 2000, the Nasdaq gained a whopping 518%. From March 2000 to September 2002 it gave back a lot of those gain, falling a gut-wrenching 75%.

But here’s the thing.

The blistering gains achieved by many of the technology shares in the late 1990s were driven by wild speculations. It was the dawn of the age of the internet. Everyone and their dog were buying computers to get connected to the web. And investors were paying wild sums of money for a stake in things as relatively trivial as domain names.

The resulting bust sent a slew of stocks into bankruptcy. But most of the quality companies survived.

Take Amazon.com, Inc. (NASDAQ: AMZN), for example. The share price dropped more than 50% during the dot-com bust. But today it’s up an astounding 2,800% from its peak before the bust.

It’s companies like Amazon that are driving the Nasdaq to almost daily new highs. After closing for another new record high yesterday (overnight Aussie time), the Nasdaq stands 120% higher than it did at the very peak of the dot-com bubble. And it’s up more than 793% from the September 2002 trough.

These are the kinds of companies you want in your portfolio. And as I’ll show you below, it’s not just United States listed technology shares you’ll want to consider owning. There are plenty of great ASX tech shares right here in Australia with sky-high potential.

This is no dot-com bubble

I believe the big gains we’re witnessing in the technology sector today are far different from what we saw in the late 90s.

Sure, there is some speculation going on. And yes, some tech shares are overvalued and will lose some — or all — of that value in time.

However, I believe many technology shares are a great place to invest some of your money for the longer term.

As we’ve all witnessed over the past decades, the pace of technological innovation is speeding up. And with the rise of deep learning machines and eventually true artificial intelligence, this is only likely to increase.

A more immediate tailwind for many tech shares is the COVID-19 pandemic. Or more specifically the lockdown measures that are seeing millions (if not billions) of people turn to working, shopping and socialising from home.

3 investments for diversified exposure to tech shares

For a truly diversified technology portfolio, you not only want to own shares in 15 or more shares, you also want to own shares in some international companies.

If you don’t have the time or resources to research that many shares, a simpler way to gain that diversified exposure is with ASX listed exchange traded funds (ETFs).

So, let’s get to it…

First up is VE CH NEW/ETF (ASX: CNEW), or the VanEck China New Economy ETF. This ETF isn’t strictly a technology fund. Chinese tech companies do make up the majority of its top holdings. But it also holds healthcare, consumer staples and discretionary stocks.

CNEW commenced trading on the ASX in November 2018. Since then, the share price is up 97.8%. Year-to-date it has gained 40.3%.

Despite ructions with the US and other Western governments, I believe that, long term, China’s technology sector has huge growth potential ahead. CNEW is one way to get in on that growth.

Next up we look to the US. As mentioned above the Nasdaq just reached another new record high. And I believe the best stocks in the index will, long term, go far higher.

One way to gain immediate broad exposure to US tech shares is with the Betashares NASDAQ 100 ETF (ASX: NDQ). It holds the 100 largest, non-financial companies listed on the Nasdaq. The top 10 are all household names.

NDQ started trading on the ASX in May 2015. Since then, the share price is up 150.5%. Year-to-date it has gained 21.1%.

Last, but certainly not least, we turn to ASX tech shares. Australia hasn’t always been a leading player in the tech sector. But that’s changing rapidly.

If you’re looking to gain exposure to a broad range of leading ASX tech shares, I recommend looking into BETAATEC/ETF (ASX: ATEC), aka the BetaShares S&P/ASX Australian Technology ETF.

ATEC holds some of Australia’s largest and most innovative tech companies. It’s a new arrival on the ASX, trading since 6 March 2020. It was an inauspicious time to launch, as the share price tanked 25% over the next two weeks. But since 20 March, it has been on a tear, up more than 72%.

I know all these recent gains can make it feel like the ship has sailed on these investments. But if you’ve got a longer-term investment horizon (say 3 to 5 years), I believe there are far more gains ahead for them.

More reading

• Better Buy: Netflix vs. Amazon
• 1 ASX share to take advantage of the strong FAANG shares
• Why Amazon’s share price is set to leap on the opening bell
• US tech shares deliver massive results – what does it mean for ASX tech shares?
• These could be outstanding buy and hold options for ASX investors

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Amazon. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of BETANASDAQ ETF UNITS and recommends the following options: long January 2022 $1920 calls on Amazon and short January 2022 $1940 calls on Amazon. The Motley Fool Australia has recommended Amazon and BETANASDAQ ETF UNITS. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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At the time of writing, the Pensana Metals Ltd (ASX: PM8) share price is up 14.29% to 4.8 cents following the announcement of drilling results by the company.

What was in the announcement?

The company reported results from the last 86 holes of its 8,000 metre drill program, completed at its Longonjo project in Angola.

Pensana Metals identified fresh rock mineralisation that, according to the announcement, adds a whole new dimension to its Longonjo project. The company identified wide, continuous high intersections with 2% to 4% rare earth oxides. These were returned from fresh rock immediately below the weathered zone.

Pensana Metals has commenced work on an updated mineral resource estimate that, according to the company, will be reported in September.

According to the Pensana Metals COO and Executive Director, Dave Hammond, the results will allow the company to upgrade its existing resource categories and extend the life of the mine. He stated;

“These final results have further highlighted the world-class opportunity at the Longonjo project. The drilling continues to prove the continuity of the weathered mineralisation, returning significant grades from surface outside our current mine plan. We expect these infill drilling results will allow us to upgrade the existing resource categories and extend the mine life.”

About the Pensana Metals share price

Pensana Metals is a rare earth minerals explorer and mine developer. Its current project is located in Angola where the company aims to become a producer of Neodymium-Praseodymium. Pensana Metals (also known as Pensana Rare Earths) is listed on the ASX and the London Stock Exchange.

In the quarter to 30 June, 2020, Pensana Metals received a mining title for its Longonjo rare earth mining project in Angola, with the mining title renewable for up to 35 years. The company also received an equity investment of $7.25 million from the Angola sovereign wealth fund.

Pensana Metals announced high grade drill results during the June quarter of 2020.

At the end of the June quarter, Pensana Metals had cash of $5,981,000 up from $2,015,000 at the end of the previous quarter.

The Pensana Metals share price is up 380% from its 52 week low of 10 cents. It has returned 167% since the beginning of the year. The Pensana Metals share price is up 108.7% since this time last year.

More reading

• Buy these outstanding ASX 50 shares for strong potential returns
• 3 ways to play the skyrocketing tech shares
• Leading brokers name 3 ASX shares to sell today
• Alterity Therapeutics share price rockets 70% on new data
• 2 ASX tech shares to buy and hold beyond 2026

Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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