The St Barbara Ltd (ASX: SBM) share price soared today amid speculation of a merger with fellow gold explorer Genesis Minerals Ltd (ASX: GMD).

St Barbara shares surged 8.49% today to close at 89.5 cents. The Genesis Minerals share price also gained 1.25%. For context, the  S&P/ASX 200 Index (ASX: XJO) rose 0.25% today.

So what could be going on?

St Barbara merger speculation emerges

Investors appear to be buying up St Barbara shares amid speculation other gold miners could be interested in gaining exposure to the company.

St Barbara operates the Gwalia mine and processing plant in the Leonora region of Western Australia, near Kalgoorlie.

On Monday, Genesis Mining revealed to the market it is in discussions with St Barbara. However, The Australian reported there is a risk other competitors may also be interested.

St Barbara achieved gold production of 61,819 ounces in the third quarter of FY22.

Genesis released news of its talks with St Barbara as part of an announcement regarding a takeover offer of Western Australian explorer Dacian Gold on Monday.

The company highlighted it has restarted talks with St Barbara regarding “further consolidation in the Leonora District”. Genesis said:

There can be no assurance, however, that these discussions will lead to a transaction being concluded with St Barbara.

Meantime, St Barbara yesterday confirmed it is in talks with Genesis. St Barbara noted the discussions relate to possible synergies in the Leonora region of Western Australia. However, it said these discussions are unrelated to Genesis’ merger with Dacian Gold Limited. St Barbara added:

These discussions are regarding a potential business combination aimed at consolidation of the Leonora Province and the unlocking of operating and development synergies in the region and are independent of the potential transaction and capital raise referred to by Genesis.

St Barbara share price snapshot

St Barbara shares lost nearly 52% in the past year, while they have shed nearly 39% year to date.

In contrast, the S&P/ASX 200 Index has lost about 9% in the past year.

St Barbara has a market capitalisation of about $730 million based on the current share price.

The post Here’s why the St Barbara share price shone 8% brighter today appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Friday
• These were the worst performing ASX 200 shares in June
• These 3 ASX gold mining shares are digging new 52-week lows today
• 5 things to watch on the ASX 200 on Friday
• Here’s why this ASX 200 gold share is tumbling 15% to a 7-year low

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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The Rio Tinto Limited (ASX: RIO) share price had a volatile ride during the 2022 financial year.

The miner’s shares finished at $126.64 on 30 June 2021 and recently closed at $102.70 at the same time this year.

This represents a fall of around 19% for shareholders who kept holding on.

In contrast, shares in BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG) backtracked 15% and 25%, respectively.

At the time of writing, Rio Tinto shares are trading at $100.89, up 0.15% for the day.

What’s impacted Rio Tinto shares during FY22?

There are a few factors as to why the Rio Tinto share price fell into a funk in FY22.

First and foremost, the wild swings in iron ore prices heavily weighed on the company’s margins. The steel making ingredient rose to record highs in July 2021 brought on upon supply constraints caused by the COVID-19 outbreak in China.

However, a slowdown in Chinese demand amid political pressure led iron ore prices to tumble to a 52-week low in November.

Regarded as a key commodity in Rio Tinto’s portfolio, this is particularly important given a majority of its revenues come from the steel making ingredient.

In the financial year ending 31 December 2021, iron ore accounted for 62% of the total group sales revenue.

More recently, Rio Tinto shares dropped off again in early March this year following the Russian war in Ukraine.

The miner stated that it was cutting all ties with the former Soviet Republic.

Consequently, the mining outfit’s share sank to just above the $100 mark.

In addition, the S&P/ASX 200 Resources (ASX: XJR) index has also headed south, posting a loss of around 5% in FY22.

The sector represents 48 of the largest companies in the ASX 200 that are members in the energy, metals and mining industry.

This came off the back of a gloomy economic outlook due to soaring inflation levels and interest rate hikes.

The extreme market volatility led to a negative shift in investment sentiment across the index.

Rio Tinto share price summary

A challenging year has brought upon many surprises for the Rio Tinto share price.

While down 20% since this time last year, and flat in 2022, its shares have produced strong returns over the long term.

For context, Rio Tinto shares are up 150% since the start of 2016.

The company has a price-to-earnings (P/E) ratio of 5.33 and commands a market capitalisation of roughly $37.40 billion.

The post Why did the Rio Tinto share price hit the brakes in FY22? appeared first on The Motley Fool Australia.

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More reading

• What is the outlook for the Rio Tinto share price in July?
• Why did the Rio Tinto share price plunge 11% in June?
• ASX 200 midday update: Regis Resources jumps, BHP and Rio Tinto drop
• These ASX 200 mining shares are digging a deeper hole on Friday
• How have ASX 200 mining shares fared over June?

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 Scott Phillips.

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S&P/ASX 200 Index (ASX: XJO) shares performed well on Tuesday as the Reserve Bank of Australia (RBA) hiked rates for a third consecutive month. The index was 0.25% higher at 6,629.30 points at market close.

The RBA lifted the offical cash rate 50 basis points to 1.35% this month. Unlike last month, the central bank suggested August could bring a steadying of the cash rate, my Fool colleague Brendon Lau reports.

The ASX 200 was led by energy shares today, likely on the back of higher oil prices. The Brent crude price rose 1.7% to US$113.50 a barrel overnight while the US Nymex crude price lifted 2.1% in after-hours trade to reach US$110.66 a barrel.

That saw Woodside Energy Group Ltd (ASX: WDS) among the leaders of the pack. Its share price boasted a 5.3% gain at its intraday high.

The tech sector also performed well on Tuesday, with the S&P/ASX 200 Information Technology Index (ASX: XIJ) gaining 1.8%.

At the end of the session, nine of the ASX 200’s 11 sectors were in the green, with only the industrial and real estate sectors languishing.

So, let’s get to the most exciting part. Here are the ten shares that bested the rest on Tuesday.

Top 10 ASX shares countdown today

Taking out the crown as the top performer among the ASX’s 200 biggest companies by market capitalisation is – drumroll please – WiseTech Global Ltd (ASX: WTC). Read more about the ASX 200 tech share here.

Next best was WAM Capital Limited (ASX: WAM). Find out what’s been going on with the stock here.

Today’s top 10 biggest gains were made by these ASX shares:

ASX-listed company	Share price	Price change
WiseTech Global Ltd (ASX: WTC)	$40.765	5.34%
WAM Capital Limited (ASX :WAM)	$1.905	4.67%
Paladin Energy Ltd (ASX: PDN)	$0.595	4.39%
Seek Limited (ASX: SEK)	$22.045	4.18%
Magellan Global Fund (ASX: MGF)	$1.395	4.1%
Magellan Financial Group Ltd (ASX: MFG)	$12.18	4.01%
Woodside Energy Group Ltd (ASX: WDS)	$32.49	3.94%
Pro Medicus Limited (ASX: PME)	$44.46	3.83%
REA Group Limited (ASX: REA)	$117.805	3.69%
Domain Holdings Australia Ltd (ASX: DHG)	$3.185	3.41%

Data as at 4:00 pm AEST time.

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

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More reading

• What’s going on with ASX 200 bank shares on Tuesday?
• Why the ASX 200 is rallying after the RBA’s rate hike today
• Why is the Woodside Energy share price leading the ASX 200 higher on Tuesday?
• The surprising ASX shares to buy as interest rates rise: expert
• Why Regis Resources, Sayona, Woodside, and Xero shares are pushing higher

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Pro Medicus Ltd. and WiseTech Global. The Motley Fool Australia has positions in and has recommended Pro Medicus Ltd. and WiseTech Global. The Motley Fool Australia has recommended REA Group Limited and SEEK Limited. 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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Are you interested in adding some more ASX shares to your portfolio this week?

Two ASX growth shares that could be worth considering are listed below. Here’s what you need to know about them:

Altium Limited (ASX: ALU)

The first ASX growth share to look at is Altium. It is a leading printed circuit board (PCB) design software provider. Thanks to its leadership position in a market growing rapidly thanks to the Internet of Things and AI trends, management has set itself some bold growth targets over the coming years. This includes more than doubling its revenue to US$500 million by 2026 and market domination.

Bell Potter is a fan of the company and has put a buy rating and $34.00 price target on its shares. It dismissed concerns that Altium could miss its guidance in FY 2022.

We do not, however, believe this [missing guidance] is the case as: 1. 1HFY22 revenue growth was strong; 2. Altium narrowed the revenue guidance range towards the upper end in late February knowing it would implement these marketing initiatives in Q4; 3. The strong momentum in Octopart in 1HFY22 is likely to continue into 2HFY22 and offset any weakness in China (due to lockdowns) and Russia.

Aristocrat Leisure Limited (ASX: ALL)

Another ASX growth share to look at is Aristocrat Leisure. It is one of the world’s leading gaming technology companies. Aristocrat has been growing at a strong rate in recent years thanks to continued pokie machine market share gains and the strong form of its digital business, Pixel United. The latter continues to grow strongly and generate significant recurring revenues from its hugely popular portfolio of games. Combined with its share buyback and potential expansion into the real money gaming market, this bodes well for its earnings per share growth in the coming years.

Morgans is a fan of the company. It has an add rating and $43.00 price target on its shares. It said:

It has delivered revenue growth of 17% pa over the past five years and 80% of revenue in FY21 was recurring. We expect ALL to continue to take market share in all its product segments. Demand for its gaming machines and digital games is resilient to economic cycles.

The post Analysts name 2 ASX growth shares to buy this week appeared first on The Motley Fool Australia.

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More reading

• Broker names 3 of the best ASX shares to buy in July
• Experts say these ASX 200 growth shares are buys with 20%+ upside
• Here are the top 10 ASX shares today
• Why is the Altium share price down 5% today?
• Analysts tip big returns from these ASX growth shares

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 positions in and has recommended Altium. 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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The Corporate Travel Management Ltd (ASX: CTD) share price lost altitude during June 2022. It fell by more than 16% last month.

This was noticeably worse than the S&P/ASX 200 Index (ASX: XJO) which ‘only’ fell by around 9%. That’s still a very large drop over one month.

The ASX travel share wasn’t the only one to suffer in June though. The Flight Centre Travel Group Ltd (ASX: FLT) share price also fell by 15%, while the Webjet Limited (ASX: WEB) share price dropped more than 10%.

Corporate Travel didn’t actually announce anything that was deemed to be ‘market sensitive’ to investors during June 2022.

In fact, the last investors heard from Corporate Travel was in early May. I’ll recap that update in a moment but, first, let’s look at what else happened in June.

Interest rate rises

Central banks are highly motivated to get on top of the inflation situation.

Inflation has spiked in Australia, the US, the UK, and many other economies. Central banks have a key tool to try to reduce demand in the economy – increase interest rates. While this may bring inflation under control eventually, there’s also the issue of what it does to asset valuations.

The RBA increased the interest rate by 50 basis points in June. Today, it also raised the interest rate by another 50 basis points at its July meeting.

Why do interest rates matter? Well, as Billionaire Ray Dalio once said:

It all comes down to interest rates. As an investor, all you’re doing is putting up a lump sum payment for a future cash flow.

Higher interest rates, in theory, lower asset valuations.

Improved outlook

While the Corporate Travel Management share price has been suffering, its trading conditions have actually been improving.

Looking at the company’s business update from May 2022, Corporate Travel said it expects to be at least 75% larger than it was in the 2019 calendar year at full recovery. Monthly revenue is expected to beat 2019 levels in the FY22 fourth quarter. It also said that acquisitions made during COVID-19 have been “transformative”.

The business said that it’s recovering faster than the corporate travel sector in its largest regions, with “strong market share gains” in all regions.

Management believes that FY22 fourth-quarter earnings before interest, tax, depreciation and amortisation (EBITDA) will provide “strong momentum” going into FY23.

The company boasted that it has zero debt and sufficient cash to support a full recovery, putting it in a “strong” financial position. It also said it continues to invest in its technology and staff.

Corporate Travel Management share price snapshot

Since the beginning of 2022, Corporate Travel shares have fallen by around 13%.

The post The Corporate Travel share price hit major turbulence in June appeared first on The Motley Fool Australia.

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More reading

• Why did the Webjet share price fall 11% in June?
• These are the 10 most shorted ASX shares
• How did ASX travel shares perform in June?
• ASX 200 travel shares leap as Australia scraps COVID-19 vaccine mandates for international arrivals
• Here’s why I think the Webjet share price could fly higher in 2022

Motley Fool contributor Tristan Harrison 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 Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Webjet Ltd. 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 Xref Ltd (ASX: XF1) share price plunged today, down 19% to 40.5 cents at the close of trading on Tuesday.

This is despite the human resources technology company reporting record results for FY22.

Xref share price slumps despite record result

In unaudited results released today, Xref reported figures for the final quarter of FY22:

• $5.8 million in sales
• $5.5 million in cash receipts
• $4.6 million in revenue.

The company says this completes a record year, with annual sales of $21 million during FY22. This is up 35% on the previous corresponding period (pcp). Revenue totalled $18.6 million, up 28% on the pcp.

What else did Xref report?

The company said revenue from the use of Xref Credits grew 27%. Sales of Xref Credits grew 4% compared to the previous June quarter.

However, the lower demand for cryptocurrency reduced the identity checks sold by RapidID by 62% compared to Q4 FY21.

As a result, sales were $5.8 million, 9% lower than Q4 FY21.

Xref launches Trust Marketplace

Xref also released a new investor presentation to the ASX today.

It details the company’s ‘next generation platform’ and the new Trust Marketplace product.

In its statement, Xref said:

Sales of identity and graduate checks as well as additional checks from vendors on the Trust Marketplace will replace the reduction in sales from the Crypto market.

RapidID was highly dependent on crypto clients previously and the new growth plan will diversify the revenue sources of Rapid and therefore de-risk that part of the business.

The company said the staged rollout of the next generation platform would continue in FY23.

What did management say?

Xref executive director and CEO Lee-Martin Seymour said:

During the fourth quarter many of the organisations we work with had been adversely impacted by floods, sickness, salary pressure, rising interest rates, the effects of war in Ukraine and the Australian federal election.

However, due to the broad sectors and regions that contribute to our revenue we have once again broken records, remained profitable and demonstrated our resilience.

We are delighted to launch our new investor presentation which showcases our new platform, strategy and value and signals what is set to be a very exciting year ahead.

Chairman Tom Stianos said:

The results for the financial year 2022 signal a strong performance. Sales growth and profitability allow us to continue to invest in growth and execute our strategy.

The team have delivered consistent growth throughout the year whilst keeping costs flat during a time of continued market uncertainty.

The post Xref share price tumbles 19% despite record result for FY22 appeared first on The Motley Fool Australia.

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More reading

• Why did the Fineos share price roar 15% higher today?
• Why the Adore Beauty share price fell another 20% in June
• Own Liontown shares? Here are 3 takeaways from the company’s investor presentation
• Broker names 2 ASX mining shares to buy in FY23
• How did the South32 share price perform in FY22?

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Xref Limited. The Motley Fool Australia has recommended Xref Limited. 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 Fineos Corporation Holdings PLC (ASX: FCL) share price was in fine form on Tuesday.

The insurance industry software provider’s shares rose 15% to $1.61.

This means the Fineos share price is now up 24% since this time last week.

Why is the Fineos share price charging higher?

Investors have been bidding the Fineos share price higher following a rebound in the tech sector and some positive broker notes.

In respect to the former, the S&P/ASX All Technology Index rose over 2% on Tuesday after investor sentiment improved in the sector.

As for the latter, both Goldman Sachs and Macquarie have been talking positively about Fineos over the last week.

While Goldman Sachs only initiated coverage on the company’s shares with a neutral rating, its price target of $1.65 is still higher than where its shares are trading even after these strong recent gains.

Goldman’s analysts “see Fineos as well positioned to benefit from the long-term structural tailwinds of insurance industry digitisation and shift to cloud software.”

Over at Macquarie, its team are even more positive. Last week the broker put an outperform rating and $2.89 price target on the company’s shares. This implies over 80% upside for the Fineos share price from current levels over the next 12 months.

Macquarie believes that Fineos will outperform its peers in respect to software revenue growth. Yet, despite this, it notes that the company’s shares still trade at a large discount to them.

The post Why did the Fineos share price roar 15% higher today? appeared first on The Motley Fool Australia.

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More reading

• 2 ASX tech shares in the All Ords that soared 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 recommended FINEOS Corporation Holdings plc. The Motley Fool Australia has recommended FINEOS Corporation Holdings plc. 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 Adore Beauty Group Ltd (ASX: ABY) share price sank more than 20% in June 2022, adding to the declines already seen in 2022.

Shares of the e-commerce business declined 22.8% to finish the month at $1.05 apiece. This was significantly worse than what happened with the S&P/ASX 200 Index (ASX: XJO). The ASX 200 fell around 9% last month.

Adore Beauty is Australia’s leading online retailer. It sells more than 11,700 products across more than 270 brands.

Since listing a couple of years ago, the business has shown it was a beneficiary of the online shopping boom as more shoppers chose to buy their products online. However, investor sentiment has soured, particularly in 2022, with the Adore Beauty share price down more than 70% year to date.

What happened in June?

There were no operational announcements out of the company during June.

However, investors learned that Adore Beauty was being kicked out of the S&P/ASX All Technology Index (ASX: XTX).

Also, in the wider economic world, inflation and interest rate rises captured significant headlines and investor attention.

In June 2022, the Reserve Bank of Australia (RBA) increased its interest rate by 50 basis points, or 0.5%, and it has done so again in July with another 50 basis point increase today.

While higher interest rates hurt valuations in theory, it’s also possible that investors may think that demand for Adore Beauty products could take a hit if households have less money to spend on non-essentials.

However, Adore Beauty may have reason to have some confidence about the situation. With the release of the company’s FY22 third quarter update, the CEO Tennealle O’Shannessy said:

Beauty, especially skincare, is unique within the broader retail market and is resilient to economic challenges. Our products are used daily by customers, who consider these items essential and frequently re-purchase. The nature of premium beauty means our customers spend more as they mature on the platform, with returning customers typically contributing more than 70% of total revenue.

What’s next?

The last investors heard from Adore Beauty was the FY22 third quarter where revenue went up 9% year on year to $42.7 million and active customers increased 7% to 880,000.

Next month, Adore Beauty will be releasing its 2022 financial result for the 12 months to 30 June 2022. It may also include a trading update to tell investors how it performed in the first few weeks of FY23.

Adore Beauty snapshot

While the company’s share price has been falling in recent months, since the start of July it has risen by more than 4%.

The post Why the Adore Beauty share price fell another 20% in June appeared first on The Motley Fool Australia.

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More reading

• Why I think the Adore Beauty share price is a great buy today
• What Adore Beauty, Bubs, Eagers Automotive, and Renascor shares are storming higher
• Why the Adore Beauty share price is jumping but Kogan is falling
• Waiting to start investing in ASX shares? Today could be a brilliant time to do it
• 2 ASX growth shares I’d buy right away with $2,000

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Adore Beauty Group Limited. The Motley Fool Australia has recommended Adore Beauty Group Limited. 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 Liontown Resources Limited (ASX: LTR) share price is jumping today amid a new investor presentation to the market.

Liontown shares are rising 1.26% and are currently trading at $1.003. For perspective, the S&P/ASX 200 Index (ASX: XJO) is also up 0.49% today.

Liontown is developing the Kathleen Lithium Project in Western Australia. So what did today’s presentation reveal?

1. Lithium supply deficits predicted to continue

Liontown advised shareholders that the lithium market deficit will grow until 2030. The company said this is “driven by “tight supply”. Liontown said:

Analysts estimate that it can take up to 10 years for a lithium project to go online, leaving supply tight in the nearer future. There is currently no substitute for lithium in Li-ion cathodes.

The company noted spodumene producers are heading towards formula-based pricing for offtake contracts to capture “greater margin share” in the lithium supply chain. Liontown added at current spot prices, converters are retaining healthy margins centred on the “prevailing lithium hydroxide prices”.

2. Offtake agreements with Tesla, LG Energy Solution and Ford

Liontown spruiked its offtake agreements with major global companies including Tesla, LG Energy Solution and Ford.

These partnerships involve the production of 450,000 dry metric tonnes (dmt) per year of spodumene concentrate from the Kathleen Valley project.

Liontown noted Tesla is the biggest EV car company in the world, while Ford is also a leading automaker and LG is the second largest battery manufacturer in the world.

Liontown said:

Electric vehicles represent the vast majority of lithium demand and its forecast growth –

3. Mineral resource estimate ‘significant’

Liontown highlighted that Kathleen Valley is funded right through to production. This follows a $463 million equity raise and the $300 million Ford debt facility. This funding will help pay for the development costs of the project.

The company says the project is a “world class lithium deposit with a mineral resource estimate (MRE) of 156Mt at 1.4% lithium oxide.”

In late June, Liontown announced that the company’s board has endorsed the full development of this project.

The company is targeting net zero emissions by 2034.

Liontown share price snapshot

London shares have soared nearly 35% in the past year, while they have lost nearly 40% in the year to date.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has jumped 9% in the past year.

Liontown has a market capitalisation of about $2.2 billion based on the current share price.

The post Own Liontown shares? Here are 3 takeaways from the company’s investor presentation appeared first on The Motley Fool Australia.

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More reading

• Why did the Liontown share price plummet 25% in June?
• Will the Liontown share price bounce back in July?
• Top broker names 3 of the best ASX 200 shares to buy in FY23
• Why have ASX lithium shares had such a lousy month in June?
• Top broker says the Liontown share price can rise 150%

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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If you’re wanting to gain a little exposure to the mining sector, then you may want to check out the ASX mining shares listed below.

They have been named among Bell Potter’s top picks for FY 2023. Here’s what the broker is saying:

Arafura Resources Limited (ASX: ARU)

The first ASX mining share that Bell Potter rates highly is Arafura Resources. The broker sees a lot of potential in the company’s Nolans rare earth project. It estimates that it could supply upwards of 8% of the permanent magnet market for electric vehicles and wind turbines.

Bell Potter also highlights that a deal is in the work with Hyundai for up to 30% of its production for the first seven years of operation.

It commented:

ARU’s advanced Rare Earth (RE) project, Nolans, is anticipated to feed potentially 8% of global supply directly into the permanent magnet market servicing expansion of electric vehicles and wind turbines. ARU will look to reach a final investment decision by the end of CY22, with first production expected around the end of CY24 subject to funding which is predicated on securing 85% of planned production over the first 7-10 years. The first step towards binding offtake was taken with Hyundai signing an MoU for up to 30% of production over 7 years beginning in 2025.

The broker currently has a speculative buy rating and 60 cents price target on its shares.

Nickel Industries Ltd (ASX: NIC)

Another ASX mining share that Bell Potter likes for FY 2023 is Nickel Industries. The broker is expecting this nickel producer, formerly known as Nickel Mines, to deliver strong earnings growth thanks to increasing production.

It explained:

NIC has grown to become the largest nickel producer on the ASX and built a track record of ahead-of-schedule project delivery, achieving steady state production above nameplate and returning capital to shareholders. Despite rising input costs in CY22, NIC has been able to maintain and expand margins and following the successful commissioning of the Angel Nickel Project, NIC is on track for earnings growth of over 60%. In CY23, the Oracle Nickel project is on schedule to lift attributable production to ~80ktpa Ni in NPI and drive earnings growth of ~70%. NIC is trading on undemanding valuation multiples and remains one of our Top Picks for CY22.

Bell Potter has a buy rating and $2.00 price target on Nickel Industries’ shares.

The post Broker names 2 ASX mining shares to buy in FY23 appeared first on The Motley Fool Australia.

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More reading

• Mineral Monday: What you need to know about rare earths and which ASX shares are cashing in on them
• What is the current dividend yield on Nickel Industries shares?
• The Nickel Industries share price has tumbled 36% since early March. What’s going on?
• Why is the Arafura share price down 5% on Friday?

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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