The Anax Metals Ltd (ASX: ANX) share price is exploding today on the back of ‘spectacular’ drilling results.

The company’s shares are currently trading at 14 cents each, a 44% gain. In contrast, the S&P/ASX 200 Resources Index (ASX: XJR) is 0.57% in the red today.

So why is this ASX mining share soaring today?

Copper and zinc intersected

Anax reported spectacular “massive” copper and zinc sulphide mineralisation at the company’s Whim Creek project.

Drilling intersected mineralisation up to 15m wide at the Evelyn deposit and massive to semi-massive sulphides at the Salt Creek deposit.

The project is located near Port Hedland in the West Pilbara region of Western Australia.

Nine holes have been drilled at three of the four metal deposits at the project. Final assay results are still on the way.

Commenting on the results, managing director Geoff Laing said:

Initial observations from this latest round of diamond drilling have been very encouraging and while assay results are still awaited, intersection of massive copper and zinc sulphides and confirmation of historically defined mineralisation is exciting.

The presence of copper, zinc, and also lead was confirmed via XRF scanning. Metallurgical test work is due to start very soon. The results will help form geotechnical data for feasibility studies.

Share price snapshot

Anax shares have surged 69% year to date and more than 84% in a year.

For perspective, the ASX 200 Resources Index has returned around 15% over the past 52 weeks.

In the past month, the company’s shares have risen 59%, leaping 44% in the past week alone.

Anax has a market capitalisation of about $56 million based on the current share price.

The post Massive copper and zinc discovery sends this ASX mining share soaring 44% appeared first on The Motley Fool Australia.

More reading

• Why are brokers talking about the Xero share price? Let’s take a look
• What’s moving the Fenix Resources share price higher today?
• Leading brokers name 3 ASX shares to sell today
• How is the Newcrest share price tracking in 2022?
• ASX 200 healthcare shares were chronically ill last quarter. Take a look

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 Xero Ltd (ASX: XRO) share price is tracking south today, now trading 1.46% lower at $100.03.

Aside from a momentary gain over the past month, Xero shares are deep in the red and have a way to go before hitting their previous highs.

But what are experts saying about the accounting software provider’s prospects? Let’s see.

Analysts say buy Xero

Jefferies is bullish on the stock and reckons it is heavily undervalued at current prices. In a recent note, the investment bank cited market research it had conducted to gauge Xero’s user sentiment.

Its findings noted that many small to medium-sized enterprises (SMEs) are users of Xero’s product and are satisfied with what’s on offer.

The broker also likes Xero’s growth strategy, noting it could give the business access to a market of 33 million SMEs in North America.

Meanwhile, analysts at Citi reckon the recent federal budget will be a net positive for the company. The broker seems to think because some SMEs can deduct a further 20% of digital costs until June 30, this could boost subscriber inflows to Xero.

Bloomberg Intelligence analyst Matt Ingram is also constructive on the federal budget’s effect on Xero.

Xero’s Australian sales growth might beat consensus’ 15% next year thanks to the government’s A$1 billion small business support to go digital.

Called the ‘Introducing the Technology Investment Boost’, about 3.6 million businesses will be eligible vs. Xero’s current 1.2 million subscribers.

Other analysts are constructive on the company as well, valuing Xero at $128.15 per share on average, according to Bloomberg consensus data. More than 56% say buy while another 25% say Xero is a hold. Three analysts urge clients to sell.

Evans and Partners reckons Xero is worth $203 per share, whilst Jarden says the share price is around $150 a pop based on its calculations.

The Xero share price has fallen more than 29% into the red over the past 12 months, also falling 29% this year to date.

The post Why are brokers talking about the Xero share price? Let’s take a look appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Tuesday
• Cloud zero: Xero share price is down 5% in 2 days
• 3 ASX 200 shares with impressive management teams
• ASX 200 (ASX:XJO) midday update: Block and Zip sink, Paladin Energy raises $200m
• Why AGL, Alliance Aviation, Woodside, and Xero shares are charging higher

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Xero. The Motley Fool Australia owns and has recommended Xero. 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 all over the map this morning.

After leaping 7% higher in early trade, shares in the ASX resource explorer are currently up 1.8%, at just under 30 cents per share.

There’s been plenty of investor interest, with more than $3.1 million worth of trades taking place so far today.

Below we look at the activities report for the quarter ending 31 March that looks to be moving the Fenix Resources share price.

What did Fenix report for the quarter?

The Fenix Resources share price is in the green after the company reported it had shipped some 295,000 wet metric tonnes (wmt) of high-quality iron ore from its Iron Ridge project, located in Western Australia, over the three months.

It received an average price for the iron ore of US$132.83 (AU$183) per dry metric tonne (dmt) free on board (FOB).

Fenix ended the quarter with net cash of $85.6 million, up from $54.9 million as at 31 December last year. That works out to 16.6 cents per share, and management said it “expects to build on this solid position during the current quarter”.

Commenting on the quarter just past, Fenix Resources managing director Rob Brierley said:

A strong recovery in the iron ore price and a decrease in shipping costs has seen us generate some $31 million of cash for the quarter underpinned by a solid production performance.

Fenix also benefited from some positive pricing adjustments from the December 2021 quarter, which validated our decision to operate at close to full capacity, despite the price weakness during that period.

Looking ahead, Brierley added: “The current quarter has started positively with strong iron ore prices, and a shipment completed loading on 2 April 2022.”

The company expects six shipments in the June quarter.

As for dividends, the company’s last full year dividend, paid in September 2021, gives it a trailing dividend yield of 18%. A juicy yield that could be helping support the Fenix Resources share price.

Fenix did not pay an interim dividend, as its policy is to distribute 50% to 80% of its after-tax profits as fully franked dividends and there were no franking credits available. Management will announce its decision on the full-year dividend for FY22 in August.

Fenix Resources share price snapshot

The Fenix Resources share price is up 18% since this time last month. By comparison, the All Ordinaries Index (ASX: XAO) has gained 4% over that same period.

The post What’s moving the Fenix Resources share price higher today? appeared first on The Motley Fool Australia.

More reading

• Why are brokers talking about the Xero share price? Let’s take a look
• Leading brokers name 3 ASX shares to sell today
• How is the Newcrest share price tracking in 2022?
• ASX 200 healthcare shares were chronically ill last quarter. Take a look
• How did ASX uranium shares perform last quarter?

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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Yesterday we looked at three ASX shares brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with brokers right now. Three that have just been given sell ratings are listed below. Here’s why these brokers are bearish on these ASX shares:

Commonwealth Bank of Australia (ASX: CBA)

According to a note out of Citi, its analysts have retained their sell rating and $90.75 price target on this banking giant’s shares. Citi has been looking at the banking sector and believes cash rate increases could support stronger than expected net interest margins in the near future. While this makes the broker bullish on a couple of the big four banks, it isn’t enough for a more positive rating on CBA. It continues to see its shares as expensive. The CBA share price is trading at $106.09 on Tuesday.

Evolution Mining Ltd (ASX: EVN)

A note out of Credit Suisse reveals that its analysts have retained their underperform rating but lifted their price target on this gold miner’s shares to $3.80. This follows a review of the resources sector which has seen the broker lift its gold price forecasts. However, while this has supported an increase in its valuation, it isn’t enough for a change of rating. The Evolution share price is fetching $4.45 this afternoon.

Pro Medicus Limited (ASX: PME)

Analysts at Goldman Sachs have retained their sell rating and $44.80 price target on this health imaging technology company’s shares. Goldman notes that Pro Medicus has signed a major $32 million eight-year deal with Inova Health System. While the broker was pleased with the deal, is a fan of the company, and is positive on its long term outlook, it believes its shares are expensive at 54x earnings. Particularly as it does not have sufficient visibility that recent win-rates can be sustained. The Pro Medicus share price is trading at $47.31 on Tuesday.

The post Leading brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Tuesday
• Why are ASX 200 bank shares having such a stellar start to the week?
• Here’s how CBA shares stacked up over the March quarter
• Is the NAB share price entering a ‘sweet spot’?
• How retirees can maximise returns from ASX dividend shares: fund manager

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 and has recommended Pro Medicus Ltd. The Motley Fool Australia owns and has recommended Pro Medicus 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 Newcrest Mining Ltd (ASX: NCM) share price has enjoyed a strong 2022, driven by positive market conditions.

This year to date, Newcrest shares have gained more than 13% in value.

In comparison, the broader S&P/ASX 200 Index (ASX: XJO) is trading relatively flat over the same period.

At the time of writing, Newcrest shares are swapping hands at $27.77 apiece, down 1.45%.

Why has the Newcrest share price surged in recent times?

A common theme among gold mining companies, the Newcrest share price has been boosted by the improvement in gold prices.

Traditionally, investors flock to the yellow metal as a safe-haven asset when there is uncertainty in the market.

While the world is slowly moving past COVID-19, geopolitical tensions between Russia and Ukraine has sparked a gold rush.

In the past month, the price of gold soared above the US$2,000 barrier but has since fallen a touch under. Currently, gold is fetching US$1,952 an ounce.

In comparison, at the start of the year, the precious metal was fetching US$1,829.05. This represents an increase of 6.7% over the three-and-a-half-month period.

As such, Newcrest Star shares have risen from $24.48 since the beginning of the calendar year.

Is this a buying opportunity?

A couple of brokers weighed in on the Newcrest share price with varying price points late last month.

The team at Morgan Stanley cut its 12-month price target by 1% to $33.70 for Newcrest shares. This implies an upside of around 21% based on the current share price.

On the other hand, UBS lowered its outlook on Newcrest shares to ‘neutral’ from ‘buy’. However, the broker raised its rating by 2.3% to $27.10.

It appears UBS believes that Newcrest shares are fully valued for the moment, with investors in agreeance.

The post How is the Newcrest share price tracking in 2022? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 on Friday
• Yield curve inversion is bad news for ASX shares except for this sector
• Is Newcrest Mining considered a defensive ASX share?
• Why is the Newcrest (ASX:NCM) share price having such a strong start to the week?

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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ASX 200 healthcare shares have struggled for the past six months, let’s face it. After peaking at 52-week highs of 47,760 back in September 2021, the S&P/ASX 200 Health Care Index (ASX: XHJ) now rests at 39,861. That’s a 16.5% decline over that time.

In the meantime, other sectors – mining and financials in particular – have thrust well above the laggards in sectors like healthcare and tech.

The divergence continues to widen as well. Since the onset of geopolitical conflict, commodity inflation, and a shifting interest rate cycle, ASX 200 healthcare shares are bottom-heavy and now trade near 52-week lows.

Pseudo-top performers

Categorising the ‘top’ performers amongst this group is a bit of a fallacy. According to Bloomberg data, only one name – Cochlear Ltd (ASX: COH) – finished higher for the period, with a 5% gain.

Otherwise, the basket faced heavy losses for the quarter. Indeed, ranking in terms of performance is more an exercise in ‘who fell more than the other’.

In terms of percentage change, Telix Pharmaceuticals Ltd (ASX: TLX) took out top spot with a heavy 40.2% loss for the period. Telix now needs to gain 66.7% to return to its pre-January levels.

But losses were heavy for the sector overall. The average loss for an ASX healthcare stock was 20.82% last quarter, calculated from Bloomberg data.

Names such as Imugene Ltd (ASX: IMU), Nanosonics Ltd (ASX: NAN), Clinuvel Pharmaceuticals Ltd (ASX: CUV), and Fisher & Paykel Healthcare Corp. Ltd (ASX: FPH) each fell further than the average.

Meanwhile, CSL Ltd (ASX: CSL), Ramsay Health Care Ltd (ASX: RHC), and ResMed Inc (ASX: RMD) managed to close out the quarter in much less pain.

Returns for the group and respective tickers for the top 10 performers last quarter are plotted below, in descending order.

Not only that, but earnings per share (EPS) for the sector is estimated to slide further in 2022, after already taking a backward step since September 2021.

According to Bloomberg consensus data, by this time next year, analysts are forecasting the healthcare sector’s EPS to slide another 17% on average.

Curiously, the data also shows the consensus of analyst estimates predicts a negative 17 cents EPS for Telix in the next period and Imugene a negative 1 cent per share EPS loss. That’s in line with the EPS loss of 20 cents in 2020 for Telix but behind 2019’s result.

Meanwhile, CSL and Cochlear are estimated to deliver a $6.87 and $4.28 EPS result in the next period, according to Bloomberg consensus data.

The post ASX 200 healthcare shares were chronically ill last quarter. Take a look appeared first on The Motley Fool Australia.

More reading

• How is the CSL share price performing against its sector in 2022?
• 2 of the highest quality ASX 200 shares analysts are tipping as buys
• Why did the CSL share price go backwards in the March quarter?
• What’s the outlook for the Cochlear share price in April?
• 3 more of the ‘best’ ASX 200 shares to buy this month: Morgans

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended CSL Ltd., Cochlear Ltd., and Nanosonics Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia owns and has recommended Nanosonics Limited. The Motley Fool Australia has recommended Cochlear Ltd., Ramsay Health Care Limited, and ResMed Inc. 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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It was a wild and volatile ride for most ASX shares over the first quarter of 2022. For the three months to 31 March, the All Ordinaries Index (ASX: XAO) managed a gain, but a very small one at 0.1%. But some ASX shares did better than others. It was a similar story with ASX uranium shares.

Global energy concerns have helped push ASX shares that extract or process uranium (or hope to do so) into the spotlight. So let’s check out how some of these companies went last quarter.

Arguably the ASX’s leading uranium share is Paladin Energy Ltd (ASX: PDN). This company has a market capitalisation of close to $2.5 billion as it stands today. It has also given its investors an eye-watering return of 110% over the past 12 months. But how did it do over the first quarter of 2022?

Well, Paladin started the year at a share price of 88 cents per share. By 31 March, Paladin had fallen to 79 cents a share. That’s a rather hefty drop of 10.23%.

Ok, so not a great start to the year for Paladin. Let’s keep going.

How did other ASX uranium shares go over the March quarter?

Boss Energy Ltd (ASX: BOE) is another prominent ASX uranium share. It has also had a topsy-turvy year thus far, although long-term shareholders can’t do too much complaining over this company’s 1,700%-plus return over the past 12 months.

We saw Boss Energy start 2022 at a price of $2.25 a share. By the time the March quarter finished up, Boss was asking $2.24 a share. That’s a modest fall of 1 cent per share or 0.44%.

Turning now to another ASX uranium share in Deep Yellow Limited (ASX: DYL). Deep Yellow has also had a very successful 12 months, although not quite in the same league as Boss Energy. Since this time last year, this company has given investors a gain of around 68%.

But in terms of the three months to 31 March, Deep Yellow began the quarter at 86 cents a share. By 31 March it had risen to $1.02 a share. That’s a healthy gain of 18.6%.

Our final ASX uranium share to examine today is Vimy Resources Ltd (ASX: VMY). Vimy kicked off 2022 going for 20 cents per share. But this development company finished up in March at 27 cents per share. That’s a very healthy gain of 35% for the quarter. That makes Vimy the best-performing ASX uranium share for the March quarter on this list.

The post How did ASX uranium shares perform last quarter? appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Monday
• These were the best performers on the ASX 200 last week
• Here are the top 10 ASX shares today
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Here’s why the Boss Energy share price is rocketing 8% on Friday

Motley Fool contributor Sebastian Bowen 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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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is sinking. The benchmark index is currently down 0.65% to 7,436.3 points.

Here’s what is happening on the ASX 200 today:

Pendal rejects Perpetual takeover bid

The Pendal Group Ltd (ASX: PDL) share price is falling on Tuesday after the fund manager rejected a takeover offer from rival Perpetual Limited (ASX: PPT). Pendal’s Board believes the offer undervalues the company. Softening the blow somewhat is news that Pendal intends to launch a $100 million on-market share buyback in May.

Iress cancels divestment plan

The Iress Ltd (ASX: IRE) share price has defied weakness in the tech sector and is pushing higher on Tuesday. This follows news that the financial technology company has decided against divesting its UK Mortgages business. Management believes the recent weakness in tech valuations means it will create more value retaining the business. The company also reaffirmed its underlying net profit after tax growth guidance of 25% to 37% in FY 2022.

Mineral Resources shares rise

The Mineral Resources Limited (ASX: MIN) share price is rising today despite weakness in the lithium sector. This appears to have been driven by a broker note out of Goldman Sachs. This morning the broker upgraded the mining and mining services company’s shares to a buy rating and lifted its price target by 42% to $70.80. It made the move on “6 major changes to our MIN volume/growth assumptions (in addition to upgrades to both our lithium and iron ore price forecasts).”

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Uniti Group Ltd (ASX: UWL) share price with a gain of almost 3% on no news. Going the other way, the worst performer has been the Novonix Ltd (ASX: NVX) share price with a 7% decline. This follows weakness in the lithium and battery materials sectors.

The post ASX 200 midday update: Pendal rejects takeover offer, Mineral Resources rises on broker upgrade appeared first on The Motley Fool Australia.

More reading

• Pendal share price falls amid Perpetual takeover rejection: What now?
• Why is the Iress share price pushing higher today?
• Leading broker upgrades Mineral Resources shares to buy rating amid lithium exposure
• 5 things to watch on the ASX 200 on Tuesday
• How did ASX lithium shares perform today?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Uniti Group 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 Coles Group Ltd (ASX: COL) share price is in the red on Tuesday.

The slip comes amid news that 2 legal actions brought against the supermarket might be rolled into a giant suit regarding employee underpayments.

At the time of writing, the Coles share price is $18.42, 0.11% lower than its previous close.

For context, the S&P/ASX 200 Index(ASX: XJO) is currently down 0.43%, while the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) – the supermarket’s home sector – has slipped 0.55%.

Let’s take a closer look at what Coles could be battling in the Federal Court next year.

Could this be weighing on Coles’ stock today?

The Coles share price is slipping lower on Tuesday amid news it could be involved in a mammoth Federal Court case.

The supermarket is facing legal action from the Fair Work Ombudsmen. The regulator is claiming it underpaid employees between 2017 and 2020. The legal suit involves the underpayment of 8,767 employees.

The ombudsmen commenced legal action against the supermarket last year. At the time, the underpayments were said to come with a price tag of $115.2 million.

Coles is also facing a class action on the matter.

Meanwhile, Coles’ peer, Woolworths Group Ltd (ASX: WOW), is facing costs of at least $571 million after it underpaid 19,000 staff members from 2015 to 2019. It’s also facing a regulatory case and a class action on the issue.

Now, Federal Court judge Nye Perram says the supermarket giants’ 4 respective legal actions could be merged into 1 hearing. That’s because substantial matters in both suits are similar – though, not identical.

They will both address tier 1 issues – those that question the interpretation of the General Retail Industry Award, the Fair Work Act, and employment contracts.

They will also cover tier 2 issues ­– questions of law mixed with questions of facts, such as exact positions of salaried employees.

“The issues in all four proceedings substantially overlap in relation to tiers 1 and 2,” Justice Perram wrote in his decision. He continued:

This suggests that they should be heard together in some fashion in relation to those issues. 

I do not think enough is presently known to determine just how they should be heard. This will not become clear for some time.

Justice Parram fixed all 4 cases for a 7 week hearing, starting in June 2023.

Coles share price snapshot

The Coles share price has been outperforming the ASX 200 in 2022 so far.

The supermarket’s stock has gained 2.7% year to date. Meanwhile, the ASX 200 has slipped 1.9%.

Coles’ shares have also risen 16.5% over the last 12 months compared to the index’s 6.7% gain.

The post Why is the Coles share price slipping today? appeared first on The Motley Fool Australia.

More reading

• Top ASX dividend shares to buy in April 2022
• ASX market beater? Here’s how Coles shares performed during March
• Coles share price falls amid reports Wesfarmers is selling down its stake: Time to buy?
• 5 things to watch on the ASX 200 on Wednesday
• Humans don’t change: Expert names 2 ASX shares that exploit our urges

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 no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended COLESGROUP DEF SET. 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 Krakatoa Resources Ltd (ASX: KTA) share price is heading for the sky today, up 94.9% to 12 cents at the time of writing.

Shares in the ASX resource minnow were placed in a trading halt on Friday before market open “pending the announcement of material exploration results from its 100% owned Mt Clere REE Project”.

REE, if you’re not familiar, stands for rare earth elements. These are comprised of a group of 17 metals. Many REEs are critical components in gadgets like your smartphone, alongside high-tech military hardware, modern vehicles, and much more.

Below we look at the exploration results, released this morning, that are sending the Krakatoa share price soaring.

What exploration results were announced?

The Krakatoa Resources share price is rocketing after the ASX resource explorer reported it’s discovered “widespread clay hosted ionic type REE in the regolith” at its Mt Clere project in Western Australia.

The initial batch of drill results, taken at the Tower prospect, indicate high levels of regolith-hosted REEs. According to the release, these include significant enrichment in the magnetic elements, concentrated in the clay saprolite profiles.

Commenting on the initial results, Krakatoa’s CEO Mark Major said:

These results have now confirmed that widespread clay hosted, ready soluble REEs exist at significant concentrations within the thick saprolite regolith of the Mt Clere project…

Demand for these magnetic and critical REEs are expected to increase over the next ten years, as the world embarks on the electric revolution. We are now in a strong position to capitalise on this potential as we have only covered a six square kilometre area, mineralisation is open, thick and close to surface.

Investors could also be bidding up the Krakatoa Resources share price today on the potential of other juicy REE targets within its property.

“Significantly, we have multiple other high priority targets within the extensive 2,300 square kilometre property,” Major said.

The company is still awaiting results for 18 more drill holes at its Tower Prospects. It intends to fast track a comprehensive infill and extensional drill program at Tower Prospect, along with reconnaissance drilling of other “highly prospective areas”.

Krakatoa Resources share price snapshot

With today’s intraday gains factored in, the Krakatoa Resources share price is up 130% in 2022. That compares to a year-to-date loss of 2% posted by the All Ordinaries Index (ASX: XAO).

The post Krakatoa Resources share price explodes 95% on major discovery appeared first on The Motley Fool Australia.

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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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