Category: Stock Market

The IGO Ltd (ASX: IGO) share price is a top performing S&P/ASX 200 Index (ASX: XJO) share on Thursday, rallying 4.59% to a record high of $8.77.

IGO owns a number of high quality assets focused on the production of critical metals including copper, nickel, cobalt and lithium.

Higher commodity prices drive the IGO share price to record territory

IGO is in the right place at the right time, given its portfolio on metals critical to enabling clean energy.

From a pricing perspective, copper prices rallied to 10-year highs of US$10,500/tonne in May this year.

While copper prices have cooled down in recent months, they remain at an elevated US$9,270/tonne.

Similarly, cobalt and lithium prices have rebounded strongly in recent months following a 2-year bear market between 2018 to 2020.

According to Trading Economics, cobalt is fetching roughly US$52,500/tonne, well above the US$30,000/tonne it was trading at the beginning of 2020.

ASX-lithium shares surge to record highs on Thursday

ASX-lithium majors Galaxy Resources Limited (ASX: GXY), Pilbara Minerals Ltd (ASX: PLS) and Orocobre Limited (ASX: ORE) have surged between 9% to 11% on Thursday after all three companies announced upbeat quarterly results.

In the case of Orocobre, its quarterly results said that “[Lithium] prices have now increased by nearly 170% over the last nine months”.

More specifically, the company achieved lithium carbonate prices of US$8,476/tonne, a 45% increase against the previous quarter.

Other producers of critical metals for the renewables industry such as Lynas Rare Earths Ltd (ASX: LYC) also joined in on the rally, jumping 8.76% today to $6.40.

IGO completes “transformation transaction”

On 30 June, IGO completed a transaction to form a new lithium joint venture (JV) with Tianqi Lithium Corporation.

The JV focuses on IGO’s Australian lithium assets, initially focusing on existing upstream and downstream lithium assets in Western Australia.

IGO CEO Peter Bradford hailed the game changing deal, commenting:

Our new partnership with Tianqi promises to be truly transformational for IGO and delivers on our strategy focused on the clean energy revolution. We are incredibly excited to commence this journey with Tianqi as we build a globally relevant lithium business delivering high quality, responsibly produced lithium products to global customers while generating strong financial outcomes for shareholders.

The IGO share price has since rallied 14.67% since the completion of the JV.

The post Why the IGO (ASX:IGO) share price is hitting an all time high appeared first on The Motley Fool Australia.

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• Galan Lithium (ASX:GLN) share price surges to record on positive results
• The 3 ASX shares that top brokers just upgraded to “buy”
• 5 things to watch on the ASX 200 on Tuesday
• ASX lithium shares could get boost from Macquarie (ASX:MQG) upgrade
• Why Cettire, Damstra, IGO, & Rhipe shares are storming higher

Motley Fool contributor Kerry Sun 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 Bruce Jackson.

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The Wesfarmers Ltd (ASX: WES) share price is gaining today, despite the Australian Competition and Consumer Commission (ACCC) naming its subsidiary Catch.com.au as a focus in its latest inquiry.

Catch.com.au was part of Catch Group, which was acquired by Wesfarmers in 2019 and is now a part of Wesfarmers’ Kmart Group.

The ACCC’s inquiry is looking into digital services platforms in Australia. It’s seeking submissions from consumers, platforms, and third-party sellers.

Right now, the Wesfarmers share price is $61.35 – 0.11% higher than its previous closing price.

While that’s a good day’s performance, it’s not as good as that of the broader market. The All Ordinaries Index (ASX: XAO) has gained 0.92% today, while the S&P/ASX 200 Index (ASX: XJO) is 0.95% higher.

Let’s take a closer look at today’s news regarding Catch.com.au.

ACCC turns focus to online marketplaces

The Wesfarmers share price hasn’t noticeably been affected by the ACCC’s announcement of its latest inquiry.  

As part of the inquiry, the ACCC will be looking at online marketplaces’ relationships with third-party sellers and consumers, as well as how they affect market competition in Australia.

According to Catch.com.au, it’s one of Australia’s largest online shopping platforms, attracting 30,000 new customers each week and sending 20,000 orders each day.

The inquiry is the fourth the ACCC’s Digital Platforms Branch is undergoing as part of a 5-year inquiry into the supply of digital platform services in Australia. It will result in a report that will be given to the Australian Treasurer in March 2022.

Wesfarmers’ isn’t the only ASX-listed entity to have been named as part of the ACCC’s inquiry.

Kogan.com Ltd (ASX: KGN) was also a noted platform in the inquiry. Unlike Wesfarmers, which got off relatively unscathed, the Kogan share price has fallen 2.94% today.

Wesfarmers share price snapshot

The Wesfarmers share price has been performing well on the ASX lately.

It has gained 19% since the start of 2021. It has also increased by 33% since this time last year.

The post Wesfarmers (ASX:WES) share price up as Catch involved in ACCC inquiry appeared first on The Motley Fool Australia.

More reading

• What a Wednesday! Wesfarmers (ASX:WES) share price hits new all-time high
• Lockdowns hurt, ASX falls, Wesfarmers climbs, and the Aussie set to fall? Scott Phillips on Nine’s Late News
• Why the Wesfarmers (ASX:WES) share price just hit a new all-time high
• ASX 200 Weekly Wrap: ASX shakes off lockdowns to rise higher
• Top brokers name 3 ASX shares to sell next week

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd and Wesfarmers Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is charging higher again. At the time of writing, the benchmark index is up a sizeable 1% to 7,380.1 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking:

Kogan.com Ltd (ASX: KGN)

The Kogan share price is down 3% to $11.22. There may be a couple of catalysts for the weakness in this ecommerce company’s shares today. One is the ACCC revealing that it plans to look into online marketplace practices. The other is a broker note out of Credit Suisse. Although the broker has retained its outperform rating, it has slashed its price target by 15% to $15.21. This was in response to Kogan’s business update yesterday.

Service Stream Limited (ASX: SSM)

The Service Stream share price has fallen 1.5% to 94.5 cents. This morning the essential network services company revealed that it successfully completed its placement and institutional entitlement offer to raise $130 million at 90 cents per new share. It will now seek to raise a further $55 million from retail shareholders. These funds will be used to acquire the Lendlease Group (ASX: LLC) Services business.

Whispir Ltd (ASX: WSP)

The Whispir share price is down 1.5% to $2.78. This is despite the company being the subject of a positive broker note this morning. According to a note out of Ord Minnett, its analysts have responded to Whispir’s quarterly update by retaining their buy rating and lifting their price target to $4.30. Though, with its shares rising strongly yesterday, some investors may be taking profit today.

Zip Co Ltd (ASX: Z1P)

The Zip share price is down 7.5% to $7.00. Investors have been selling the buy now pay later provider’s shares following the release of its fourth quarter update. Although Zip reported a 116% year on year increase in quarterly total transaction volume (TTV) to $1.8 billion and a 104% increase in quarterly revenue to $129.9 million, this was still short of the market’s lofty expectations.

The post Why Kogan, Service Stream, Whispir, & Zip shares are sinking appeared first on The Motley Fool Australia.

More reading

• Here are 3 ASX 200 shares flying around the markets today
• Zip (ASX:Z1P) share price down 7% despite crypto plans and positive outlook
• Top brokers name 3 ASX shares to sell today
• Why the Service Stream (ASX:SSM) share price is heading south today
• ASX 200 midday update: Zip update disappoints, BHP signs Tesla deal

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. owns shares of and has recommended Kogan.com ltd, Whispir Ltd, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Whispir Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Fenix Resources Ltd (ASX: FEX) share price is rebounding today after a disappointing run of the week. This comes after the resource exploration company announced a positive update to the ASX this morning.

At the time of writing, Fenix shares are up 5.37% to 43.2 cents. In comparison, the All Ordinaries Index (ASX: XAO) is also travelling 0.9% higher to 7,652 points.

Let’s take a closer look at what the company updated the market on today.

What did Fenix announce?

Investors are buying Fenix shares following a statement from the company that it has secured a fixed price for its iron ore.

According to the release, Fenix entered into iron ore swap arrangements for its flagship, Iron Ridge Project. The contracts are for a 12-month period commencing from October to September 2022.

Under the deal, 50,000 tonnes of iron ore will be locked at a monthly average price based on the 62% iron ore fines benchmark index (Platts IODEX). Converted to Australian dollars over the agreed term, the fixed price is equivalent to $230.30 per dry metric tonne (dmt).

The swap arrangements follow the company’s implementation of a price protection policy designed to secure the medium-term future of the Iron Ridge project.

The unsecured contracts will be settled in cash at the end of each month. This means that there are no margin calls or requirements to lodge cash at call, or on deposit.

Fenix managing director, Rob Brierley commented on the company’s decision, saying:

The iron ore swap arrangements were foreshadowed in our recently released quarterly activities report for the June 2021 period. We are effectively locking in ~45% of our planned production during a 12-month period commencing October 2021, at a fixed price that is sufficient to cover the majority, if not the entirety, of our budgeted cost base.

Furthermore, Mr Brierley touched on Fenix’s plans, adding:

We look forward to finalising our Capital Allocation Policy leading up to the release of our FY21 financial results, confident that we have secured profitability until at least Q4CY22, by which time the mine plan predicts the production of even higher specification iron ore that should result in higher market premiums.

About the Fenix share price

It’s been a positive 12 months for Fenix shares, accelerating by more than 500%, and up almost 90% year-to-date. The company’s share price reached an all-time high of 45.5 cents last week and could break that feat again.

Fenix presides a market capitalisation of roughly $204.2 million, with approximately 472 million shares on issue.

The post Here’s why the Fenix Resources (ASX:FEX) share price is surging 5% appeared first on The Motley Fool Australia.

More reading

• Here are 3 ASX 200 shares flying around the markets today
• James Hardie (ASX:JHX) share price hits new all-time high on Thursday
• Zip (ASX:Z1P) share price down 7% despite crypto plans and positive outlook
• Bitcoin gains after Musk, Wood, and Dorsey spruik the crypto
• Incannex (ASX:IHL) share price up on patent application announcement

Motley Fool contributor Aaron Teboneras 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 Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is having a pretty decent day today. At the time of writing, the ASX 200 is up 1.04% to 7,384 points.

But let’s now take a deep dive into the ASX 200 shares that are flying around the share market today in terms of trading volume:

Telstra Corporation Ltd (ASX: TLS)

ASX 200 telco Telstra is our first share to check out today. So far this Thursday, a substantial 10.52 million Telstra shares have traded hands.

This is despite an absence of major official news or announcements out of the telco. Saying that, the Telstra share price is up a robust 1.21% today to $3.77 a share after opening at $3.73 this morning and going as high as $3.78 this afternoon.

Telstra is a very large ASX company with a relatively low share price. This means that even a slight move up (or down) can propel Telstra to the top of the trading volume pile very easily. This might be what we are seeing today.

Zip Co Ltd (ASX: Z1P)

Buy now, pay later (BNPL) company Zip Co is our next ASX 200 share to check out today. And boy, have Zip shares had a day to remember. The company is currently down a nasty 7.12% to $7.04 a share after posting a quarterly update this morning.

Even though Zip reported revenue growth of 104% and transaction volume growth of 116% for the fourth quarter of FY21, investors were evidently unimpressed. It’s this slide in Zip Co shares that is probably behind the 26.10 million Zip shares which have found new homes today.

Pilbara Minerals Ltd (ASX: PLS)

As yours truly covered earlier today, lithium producer Pilbara is the most traded ASX 200 share this Thursday, with a whopping 26.31 million shares trading on the markets so far.

It seems that a positive update from Pilbara’s fellow lithium producer Galaxy Resources Limited (ASX: GXY) is sparking a huge inflow into the lithium space today. Pilbara shares are currently up a hefty 9.28% today to a new all-time high of $1.69 a share.

It’s this rise that is likely to be behind the huge surge in trading volume we are seeing. Pilbara Minerals is now up almost 93% year to date.

The post Here are 3 ASX 200 shares flying around the markets today appeared first on The Motley Fool Australia.

More reading

• Zip (ASX:Z1P) share price down 7% despite crypto plans and positive outlook
• Top brokers name 3 ASX shares to sell today
• Why the Pilbara Minerals (ASX:PLS) share price is up 9% this Thursday
• ASX 200 midday update: Zip update disappoints, BHP signs Tesla deal
• Zip (ASX:Z1P) share price sinks 6% following Q4 update

Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The James Hardie Industries PLC (ASX: JHX) share price just broke its all-time high today.

At the time of writing, shares in the buildings’ material company are trading for $46.70 – up 0.76%. Earlier, shares reached an intraday and all-time high of $46.98 each. The S&P/ASX 200 Index (ASX: XJO) is 0.94% higher.

Let’s take a closer look at some recent stories that have sent the James Hardie share price higher.

James Hardie is kicking goals

The company, which derives most of its revenue from its North American business, had strong results for the 3 months leading to 31 March.

Sales increased 20% to US $807 million and net income jumped 44% to US $124.9 million. Full year sales totalled US $2.91 billion – up 12% year-on-year. Operating cash flow rose 74% to $787 million for the 52 weeks. US $557 million of quarterly sales was derived from its North American fibre cement business.

Taking a broader view, a number of external factors helped drive the James Hardie share price to a new all-time high.

One, for example, is the twin housing booms in the US and Australia. Motley Fool Australia previously reported how in the US, James Hardie was in a prime position to capitalise on increasing construction post-COVID.

Australia too, as any first home buyer can tell, is in the midst of a housing boom. The latest data from the Australian Bureau of Statistics (ABS) showed housing approvals rose 17.4%. That’s the second-highest growth rate on record.

New South Wales and Victoria drove the boom. Construction of housing in the 2 largest states increased 26.9% and 24.7%, respectively.

Shane Oliver, the chief economist of AMP Capital, previously told this reporter that the growing economy and the construction industry worked in tandem with each other.

“…(The) relationship between construction and the economy is a positive one in that to the extent that strong construction can help drive a strong economy, the confidence and extra jobs that come with a strong economy can help further drive strong construction.”

Also, help driving James Hardie shares is the weakening Aussie dollar against the greenback. As stated, James Hardie derives a majority of its revenue from North America.

James Hardie share price snapshot

Over the past 12 months, the James Hardie share price has grown 63.5%. One fundie told Motley Fool how James Hardie has been a big contributor to his company’s portfolio.

James Hardie Industries has a market capitalisation of $20.7 billion.

The post Here’s why James Hardie (ASX:JHX) share price hit new all-time high on Thursday appeared first on The Motley Fool Australia.

More reading

• Forecast crash in Aussie dollar to under US70 cents to boost these ASX 200 shares
• ASX construction shares like Brickworks (ASX:BKW) are falling today

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 Bruce Jackson.

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The Zip Co Ltd (ASX: Z1P) share price is tumbling notably lower on Thursday.

In afternoon trade, the buy now pay later (BNPL) provider’s shares are down a sizeable 7.5% to $7.02.

Why is the Zip share price sinking?

Investors have been selling down the Zip share price after its fourth quarter update fell short of the market’s lofty expectations.

Although Zip delivered growth that most companies would be proud of, it fell short of the market’s lofty expectations.

Crypto launch coming?

Also failing to give the Zip share price a boost today have been comments by the company’s Co-Founder, Peter Gray, in respect to future plans.

Mr Gray told Dow Jones Newswires that Zip’s customers remain interested in Bitcoin and other cryptocurrencies despite recent pullbacks in their prices. The company also has its eyes on other less-traditional finance products.

He said: “We’re interested in delivering more relevant features, crypto being one of them that is becoming part of a younger generation’s financial diet. The ability to save and receive high-interest coupons that aren’t similar to a savings account offered by a bank.”

The company is aiming to a launch crypto trading service within the next 12 months.

PayPal BNPL offering

One thing that has been weighing on the Zip share price recently has been increasing competition. This follows the launch of a PayPal BNPL service and speculation that Apple could be entering the arena.

However, the co-founder doesn’t appear concerned by PayPal. In fact, he revealed that he was confident that its entry would increase the size of the market rather than be a threat.

In addition to this, Gray advised that the increased competition isn’t impacting its margins at this point. He also revealed that the outlook remains positive for its margin.

He told the news outlet: “It’s very strong and there’s no short-term pressure coming on that margin. So a very good outlook for margin.”

Is Klarna interested in a Zip takeover?

One thing that has been getting investors excited recently is speculation that Zip could be a takeover target of larger rival Klarna. This follows unconfirmed reports that the Sweden-based BNPL provider has been building a strategic stake in the company.

However, Mr Gray revealed that the company continues to comply with its market disclosure obligations. Which essentially means that the company is not aware of any interest, otherwise it would have to say so.

Though, he acknowledges that if there were interest, it would be a testament to the good job the company is doing in the BNPL market.

“We’re always interested in delivering the best outcomes for Zip shareholders. Any sort of speculation of interest would clearly be validation of the success that we’ve had the way we have tackled the opportunity,” Mr Gray said.

The Zip share price is up 25% so far this year despite today’s weakness.

The post Zip (ASX:Z1P) share price down 7% despite crypto plans and positive outlook appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to sell today
• ASX 200 midday update: Zip update disappoints, BHP signs Tesla deal
• Zip (ASX:Z1P) share price sinks 6% following Q4 update
• Here are 3 top trading ASX 200 shares this Wednesday
• The Zip (ASX:Z1P) share price is the best performing BNPL of 2021

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. owns shares of and has recommended ZIPCOLTD FPO. 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 Bruce Jackson.

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The bitcoin (CRYPTO: BTC) price is rebounding after Elon Musk, Cathie Wood, and Jack Dorsey appeared on a virtual panel discussing the coin overnight. Bitcoin’s value has gained 6.89% over the last 24 hours. A single bitcoin is currently going for $43,430.41.

The gain will undoubtedly see many of the crypto’s fanatics breathing a sigh of relief. Particularly as the price of bitcoin fell below US$30,000 ($41,021.16) yesterday.

The conference, titled The B Word and hosted by the Crypto Council for Innovation, has seemingly spurred another boost to the cryptocurrency.

Musk is CEO of Telsa Inc (NASDAQ: TSLA) and Space X, Wood is the CEO of Ark Invest, and Dorsey is the CEO of Square Inc (NYSE: SQ) and Twitter Inc (NYSE: TWTR).

Let’s take a look at what was discussed.

Bitcoin is Musk’s largest crypto holding

The price of bitcoin is rallying after Musk said he’s more invested in bitcoin than other cryptos and Tesla will “most likely” start accepting the coin as payment again.

On last night’s panel, Musk announced bitcoin makes up the majority of his personal crypto holdings. He also holds some ethereum, and some dogecoin, while Space X and Tesla only own bitcoin. He said:

If the price of bitcoin goes down, I lose money. I might pump but I definitely don’t dump.

Musk sent the price of bitcoin plummeting in May when he announced Tesla would stop accepting the crypto due to environmental concerns.

However, last night he said if 50% of the power used in mining the crypto came from renewables, Telsa would “most likely” accept it as payment again.

Musk said:

Tesla’s mission is accelerating the advent of sustainable energy. We can’t be the company that does that and also not do appropriate diligence on the energy usage of bitcoin…

So long as there is a conscious and determined real effort by the mining community to move towards renewables, then obviously Tesla can support that.

Dorsey also spoke of his beliefs surrounding the crypto and renewable energy, saying:

Just imagine all the unused (renewable) energy that is just being wasted every single day, and being able to get that energy and convert it into a secure, sound money system for the planet. Feels like a worthy trade off.  

Wood also touted the crypto, saying companies should consider adding it to their holdings to protect from deflation. She also said bitcoin is supportive of environmental, social, and governance (ESG) measures.

Readers can watch The B Word here.

The post Bitcoin gains after Musk, Wood, and Dorsey spruik the crypto appeared first on The Motley Fool Australia.

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• ASX investors were buying GameStop (NYSE:GME) shares last week
• This top ASX fundie reckons Bitcoin is going to zero

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin, Square, Tesla, and Twitter. 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 Bruce Jackson.

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The Incannex Healthcare Ltd (ASX: IHL) share price stormed 5.45% higher to 29.5 cents after resuming trade this morning.

In early afternoon, the share price has retreated to 28 cents, up 1.82% on its previous closing price.

Shares in the medicinal cannabinoid pharmaceutical company were placed in a trading halt earlier this week.

The shares began trading again this morning after a positive company announcement.

Let’s take a look at the details.

Patent application for sleep apnoea treatment

Incannex announced that it has filed an International Patent Application for its IHL-42X development program.

The patent application refers to its IHL-42X formulation in the treatment of obstructive sleep apnoea.

The application includes key markets such as the US, European Union, Japan and Australia.

The company included interim data from its phase 2b clinical trial in the application.

Incannex receives ethics approval for studies

Incannex also announced that it has received ethics approval for its IHL-42X open label extension study.

The study will allow the company to recruit people who have experienced a benefit from IHL-42X in the phase 2b trial.

 CEO and Managing Director of Incannex Healthcare, Joel Latham noted:

“We are delighted to have received ethics approval to proceed with our open label extension study. Patients who have finished their dosing regimens in the phase 2b trial are now eligible to use IHL-42X every day for an extended period and the data we gather from this program will be invaluable to our ongoing FDA development plan”.

More on the Incannex share price

Incannex is a clinical-stage pharmaceutical development company that develops medicinal cannabis pharmaceutical products and psychedelic medicine therapies.

Incannex has a pipeline of patents including IHL-216A, which targets traumatic brain injury and IHL-42X for sleep apnoea.

The Incannex share price has soared by more than 83% since the start of the year. On a 52-week basis, the Incannex share price has risen by almost 300%.

Incannex has a market capitalisation of just over $293 million.

The post Incannex (ASX:IHL) share price up on patent application announcement appeared first on The Motley Fool Australia.

More reading

• Here’s why Incannex (ASX:IHL) shares are in a trading halt

Motley Fool contributor Nikhil Gangaram 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 Bruce Jackson.

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The Tesoro Resources Ltd (ASX: TSO) share price has walked through today’s session in the green. Tesoro shares are now exchanging hands at 17 cents, up 3%.

Today’s gains come after Tesoro outlined its quarterly update.

Let’s take a closer look at what the company outlined in its report.

Quick recall on Tesoro Resources

Tesoro acquires, explores and develops gold mining interests in the Cordillera region of Chile.

Its flagship venture is the El Zorro gold project, where it has been drilling since February 2020.

The Cordillera region lays host to several top-tier gold and copper mines. There are longstanding roots of mining in the region.

Tesoro has a market capitalisation of $91.5 million at the time of writing.

Tesoro’s quarterly progress

The company completed a record drilling of 58 holes at its El Zorro project this quarter.

Assay results were received for 31 of these holes, with a new discovery at Ternera East. Tesoro stated that the discovery lies “within the hanging wall zone of the Ternera Gold Deposit”.

There has been the completion of 190 diamond drilled holes at El Zorro, for a total of 58,555 metres.

Following these assay results, there are now assays outstanding for 57 holes at this site.

One particular hole, ZDDH0149, returned positive drill results. It demonstrated “potential for additional gold mineralisation outside of Ternera”.

A second hole, ZDDH0166, has “intercepted gold host rocks up to 100m thick, assays pending”.

The company has six drilling rigs in operation around the clock, in order to expand its drilling program.

The company “remains well funded, with a cash balance of approximately $13.73 million” by the end of June.

Additional takeouts

Tesoro gave some colour on guidance for the upcoming quarter in the report.

The company “expects to meet several significant milestones” this coming quarter.

It will aim to define “the optimal processing pathway for material” at Ternera. It has a further 50,000 metres of drilling planned for 2021.

Tesoro also expects to complete an initial Mineral Resource Estimate (MRE) at Ternera.

The MRE will form the basis of a high-level “scoping study” in the coming quarter to define mining at the site.

Tesoro share price snapshot

The Tesoro Resources share price has had a choppy year to date, posting a loss of 41%.

Despite this, Tesoro Resources shares are up 48% over the previous 12 months.

For context, the S&P / ASX 200 Index (ASX: XJO) has posted a return of ~20% over the past year.

The post Tesoro Resources (ASX:TSO) share price climbs on quarterly update appeared first on The Motley Fool Australia.

More reading

• Bitcoin gains after Musk, Wood, and Dorsey spruik the crypto
• Incannex (ASX:IHL) share price up on patent application announcement
• This WAM ASX LIC just posted record profits and dividends
• Why the Core Lithium (ASX:CXO) share price is advancing 6% today
• Top brokers name 3 ASX shares to sell today

The author Zach Bristow has no positions 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 Bruce Jackson.

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