Today is a big day for the Zip Co Ltd (ASX: Z1P) share price. Not because Zip shares are currently down 0.92% at $1.41 each, although that might come as a disappointment to shareholders. But because 16 million new Zip shares just hit the ASX.

Yes, the buy now, pay later (BNPL) company now has 16 million more shares trading on the ASX today than it did on Friday. But why? And what does this mean for investors?

Well, as we covered last week, the new Zip shares are arriving as a result of the company’s recent share purchase plan (SPP). This was initiated last month and was open to all retail shareholders. These shareholders were given the chance to purchase up to $30,000 worth of new Zip shares. This was for a fixed price of $1.48 per share (unfortunately above the current Zip share price, as it turns out).

Zip told its investors that it was raising this extra capital to shore up its balance sheet, as well as to grease the wheels of its ongoing plans to merge with the fellow BNPL company Sezzle Inc (ASX: SZL). Perhaps unfortunately for the company, investors only subscribed to $23.99 million of the $50 million that Zip had available. But still, the company will be $23.99 million richer today as 16 million new shares, paid for by these investors, hit the ASX boards.

Zip share price snapshot

So you might expect such a large parcel of new shares to punch a hole in Zip’s valuation. The laws of supply and demand do dictate that increased supply results in lower pricing, after all. But today’s new shares evidently haven’t had much of an impact on the Zip share price, sicne the compnay initially opened in the green. That is understandable, seeing as investors have had weeks to digest this news.

However, we can’t escape the fact that Zip is today treading at just a whisker off of its 52-week low of $1.40 a share right now.

2022 has been something of a horror year for the Zip share price. This company assumed the mantle of the ASX’s largest BNPL share in January after the acquisition of Afterpay by Block Inc (ASX: SQ2). But even so, Zip shares have now fallen more than 67% year to date alone. Over the past 12 months, the company has given up a nasty 82.9% or so of its value.

At the current Zip share price, this ASX BNPL share has a market capitalisation of just over $950 million.

The post 16 million new Zip shares just hit the ASX. Here’s the deal appeared first on The Motley Fool Australia.

More reading

• 16 million new Zip shares will hit the ASX on Monday. What does this mean?
• March was a lousy month for ASX BNPL shares. Here’s why
• Why Andromeda Metals, Block, Paladin Energy, and Zip shares are dropping
• Zip share price sinks following share purchase plan results
• ASX 200 (ASX:XJO) midday update: Block and Zip sink, Paladin Energy raises $200m

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. owns and has recommended Block, Inc. and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Block, 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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Monday is a good day on the market for many S&P/ASX 200 Index (ASX: XJO) shares, and these three are really making the most of it.

Right now, the ASX 200 is up 0.13%. Meanwhile, the All Ordinaries Index (ASX: XAO) has gained 0.07%.

So, which ASX 200 shares are roaring to new heights on Monday? Let’s take a look.

3 ASX 200 shares inking new 52-week highs today

National Australia Bank Ltd (ASX: NAB)

The NAB share price is pushing ahead again on Monday, gaining 1.11% to trade at its new 52-week high of $32.86 in intraday trade.

There’s been no news from the second largest of the ‘big four’ banks to explain its gain. However, it’s been pushing new 52-week highs for a few weeks now.

The NAB share price has gained 13% so far this year.

Worley Ltd (ASX: WOR)

The Worley share price is also launching upwards to reach long-forgotten heights on Monday.

The oil and gas engineering group’s stock hit $14.05 this morning. That’s the highest it’s traded since the onset of COVID-19 and 2.48% higher than its previous close.

Today’s boost comes amid news the company will be appealing a Federal Court decision handed down last month.

Then, the court ruled in favour of shareholders claiming Worley misled the market way back in 2013.

Right now, the ASX 200 share is trading for 30% more than it was at the start of 2022.

Whitehaven Coal Ltd (ASX: WHC)

The final ASX 200 share hitting new 52-week highs on Monday is Whitehaven Coal.

The coal producer’s stock rose 1.5% to a new 12-month high point of $4.63 this morning.

Today’s movement follows on from Friday’s 3.9% gain, potentially spurred by the European Union’s impending ban on Russian coal imports.

As The Motley Fool Australia reported last week, that decision could see Europe turning to Australia for coal.

The coal producer’s stock has gained 71% in 2022 so far.

The post 3 ASX 200 shares starting the week with new 52-week highs appeared first on The Motley Fool Australia.

More reading

• Is the NAB share price entering a ‘sweet spot’?
• How retirees can maximise returns from ASX dividend shares: fund manager
• Why these ASX bank shares could outperform over the next 6 weeks
• Here are the 5 best performing ASX 200 bank shares of the March quarter
• Why ASX coal shares are charging higher again today

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 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 Core Lithium Ltd (ASX: CXO) share price is in the green today after the company acquired a new lithium project.

At the time of writing, the company’s shares are swapping hands at $1.35 – a 4.26% gain. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.61% today.

Let’s take a look at what’s happening at Core Lithium.

New Lithium project

Core Lithium advised shareholders it has entered into a binding agreement with Newmont Exploration Pty Ltd. Under the agreement, Core will acquire the Shoobridge project for $250,000 plus a 2% royalty.

Newmont is a subsidiary of United States-based Newmont Corporation (NYSE: NEM). For context, Newmont Corporation is the world’s largest gold mining company.

The project is located about 80km to the south of Core Lithium’s Finniss Lithium Project in the Northern Territory.

Shoobridge pegmatites have been explored for tin and tantalum in the past, however, Core Lithium will be the first company to explore the site for lithium.

Core managing director Stephen Biggins commented on the news:

While we are firmly focussed on developing the Finniss Lithium Project, we are excited by projects such as Shoobridge that provide synergies and complementary lithium growth opportunities.

The expected increases in resources from this deal and our well-funded resource drill programs at Finniss this year should provide a strong platform for extending and expanding lithium production from the project as lithium prices continue to rise.

The takeover is subject to ministerial consent under the Northern Territory Mineral Titles Act 2010.

Core Lithium share price snapshot

The Core Lithium share price has soared 417% in the past year while it has surged 128% year to date.

Additionally, in the past month the company’s shares have jumped 39%. However, they have slid 12% in the past week.

For perspective, the ASX 200 has returned nearly 8% in the past year.

Core Lithium has a market capitalisation of $2.21 billion based on its current share price.

The post Here’s why the Core Lithium share price is in the green on Monday appeared first on The Motley Fool Australia.

More reading

• These were the best performing ASX lithium stocks in March
• The Core Lithium share price is tumbling again. What’s going on?
• Why is the Core Lithium share price sinking 7% today?
• These are the best ASX lithium stocks so far in 2022
• 5 ASX mining shares rocking all-time highs on Friday

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 Lake Resources N.L. (ASX: LKE) share price has started the week in a very positive fashion.

In morning trade, the lithium developer’s shares jumped as much as 16% to $2.16.

The Lake Resources share price has pulled back a touch since then but remains up 10% to $2.05 at the time of writing.

Why is the Lake Resources share price shooting higher?

Investors have been bidding the Lake Resources share price higher today after the lithium developer announced its second major new offtake agreement in as many weeks.

Hot on the heels of its agreement with Japan’s Hanwa for 25,000 tonnes per annum (tpa) of lithium carbonate, which was announced on 29 March, this morning Lake revealed that it has signed an agreement with car giant Ford Motor Company.

As with the Hanwa deal, this memorandum of understanding (MoU) will see Lake provide Ford with 25,000 tpa of lithium from the Kachi Project in Argentina.

Lake’s Managing Director, Steve Promnitz, commented: “Both Lake and Ford see this as an opportunity for a potential long-term agreement with the ability to scale up environmentally responsible production and participate in Lake’s other projects to ensure high-quality lithium products are available to Ford said. This MoU with Ford supports Lake’s strategy to be a key independent supplier into global lithium supply chains and ensure the security of supply to customers.”

The Lake Resources share price is now up approximately 90% in 2022.

The post Lake Resources share price shoots 16% higher on lithium deal with Ford appeared first on The Motley Fool Australia.

More reading

• Lake Resources share price on watch following lithium deal with car giant Ford
• Guess which 2 ASX shares were the best and worst All Ordinaries performers in March
• 5 ASX mining shares rocking all-time highs on Friday
• Why is the Lake Resources (ASX:LKE) share price surging 16% higher to a new record high?
• The ASX 200 just had its longest winning streak since 2017. What’s doing?

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 Bruce Jackson.

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Leading S&P/ASX 200 Index (ASX: XJO) dividend shares could be compelling options for investment income over the long term.

Investors likely know two of the biggest ASX 200 shares, BHP Group Ltd (ASX: BHP) and Commonwealth Bank of Australia (ASX: CBA), but there are others that could be options.

Brokers have rated these two ASX 200 dividend shares as buys:

Centuria Industrial REIT (ASX: CIP)

This is a real estate investment trust (REIT). It’s also the largest pure-play Australian industrial REIT. It has around 80 properties that are worth around $4 billion located in “key in-fill” locations close to key infrastructure.

The REIT’s investment objective is to provide income and capital growth to investors with a strong tenant base. According to the company, approximately 62% of the portfolio’s rental income comes from tenant customers directly linked to the production, packaging, and distribution of consumer staples, pharmaceuticals, and telecommunications.

Centuria had a weighted average lease expiry (WALE) of 8.9 years on 31 December 2021, giving long-term income visibility. The portfolio also had a 99.2% portfolio occupancy rate.

The ASX 200 dividend share is benefiting from elevated tenant demand, particularly from the e-commerce sector, creating competition for high-quality industrial assets. This supported a 10% increase in rent over prior passing rents in the FY22 half-year result.

It’s expecting to pay a distribution of 17.3 cents per unit for FY22. At the current Centuria Industrial REIT share price, which has fallen 7.6% in 2022, it implies a distribution yield of 4.5% in this financial year.

The broker Morgan Stanley rates it as a buy with a price target of $4.35. That implies an upside of just over 10%.

JB Hi-Fi Limited (ASX: JBH)

JB Hi-Fi is a retailer of appliances and electronics. It operates three different brands – JB Hi-Fi Australia, JB Hi-Fi New Zealand, and The Good Guys. There is speculation that it could also be interested in acquiring the electronics retailer Jaycar.

The company generated strong sales in FY21 amid the impacts of COVID-19. And its Australian sales continue to grow.

On 24 March 2022, the ASX 200 dividend share told the market about the FY22 third-quarter sales to date. It reported JB Hi-Fi sales were up 10.5%, The Good Guys sales increased 5.7%, and JB Hi-Fi New Zealand sales were up 2.9%.

The company also said that it had been disciplined with its cost control. Stock availability and the sales mix had helped its gross profit margin. These impacts also helped operating leverage across the group.

JB Hi-Fi grew its dividend every year between 2013 to 2021. In the FY22 half-year result, it paid an interim dividend of $1.63 per share.

Credit Suisse is one of the brokers that rates the company as a buy, with a price target of $60.08. However, the broker thinks growth will slow as inflation costs across the economy bites into consumer demand.

Credit Suisse thinks that, at the current JB Hi-Fi share price, the company has a grossed-up dividend yield of 7.7% in FY22.

The post 2 high-yielding ASX 200 dividend shares rated as buys by brokers appeared first on The Motley Fool Australia.

More reading

• Why is the JB Hi-Fi share price having such a rough start to the week?
• How retirees can maximise returns from ASX dividend shares: fund manager
• JB Hi-Fi (ASX:JBH) share price up amid acquisition rumours
• Federal budget: Goldman Sachs names 4 ASX shares to buy
• ‘Popping the champagne’: ASX retail shares leap following budget consumer handouts

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 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 Monday, the S&P/ASX 200 Index (ASX: XJO) has given back the majority of its early gains but remains slightly in the black. The benchmark index is up a touch to 7,483.3 points.

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

IGO increases Western Areas offer

The IGO Ltd (ASX: IGO) share price is charging higher today after the battery materials company increased its takeover offer for nickel producer Western Areas Ltd (ASX: WSA). According to the release, IGO has agreed to increase its offer to $3.87 cash per share, which is 15.2% higher than its previous proposal of $3.36 per share. This offer has been unanimously recommended by the Western Areas board, subject to a number of customary conditions.

Pilbara Minerals joint venture update

The Pilbara Minerals Ltd (ASX: PLS) share price is pushing higher. This follows the release of an update on its joint venture with Korea’s Posco. According to the release, the two companies will push ahead with the construction of a downstream lithium chemicals conversion facility in South Korea. Management believes the facility will put it in a very strong position to participate as one of the few near-term lithium fine chemicals producers with underwritten raw materials supply.

BlueScope makes US acquisition

The BlueScope Steel Limited (ASX: BSL) share price has started the week positively thanks to the announcement of an acquisition. According to the release, the company has agreed to acquire the Coil Coatings business from Cornerstone Building Brand for US$500 million ($671 million). Coil Coatings is the second-largest metal painter in the US. The deal will allow BlueScope to supply another 900,000 tonnes of paint a year to that market.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Regis Resources Limited (ASX: RRL) share price with a 5% gain. This morning Credit Suisse retained its outperform rating and lifted its price target on the gold miner’s shares to $2.60. Going the other way, the worst performer on the index has been the Tyro Payments Ltd (ASX: TYR) share price with a 4% decline. This follows weakness in the tech sector and the release of a weekly trading update.

The post ASX 200 midday update: IGO increases Western Areas offer, BlueScope makes US acquisition appeared first on The Motley Fool Australia.

More reading

• Hoping to bag the monster New Hope dividend? Read this
• BlueScope share price jumps on $671m acquisition news
• IGO share price charges higher after lifting its Western Areas takeover offer
• 3 reasons the Bapcor share price could be an ASX 200 winner
• Pilbara Minerals share price higher on lithium conversion facility update

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 Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. 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 Propel Funeral Partners Ltd (ASX: PFP) share price is in reverse despite the S&P/ASX 200 Index(ASX: XJO) lifting today.

At the time of writing, the funeral operator’s shares are swapping hands for $4.63, down 2.53%.

In contrast, the benchmark index is trading at 7,521.5 points, up 0.58%.

Propel Funeral shares retreat

Investors appear uneased by the company’s latest announcement, sending the Propel Funeral share price into negative territory.

According to the release, two of Propel Funeral’s co-founders sold a parcel of their shares on 6 April.

In total, 1.25 million Propel Funeral shares were offloaded in an on-market trade for an average price of $4.80 per share.

Propel Funeral managing director, Albin Kurti disposed of 729,778 shares, with today’s net holding of around 10.16 million shares.

In addition, Propel Funeral executive director, Fraser Henderson offloaded 520,522 shares, with his holding roughly 7.24 million shares.

Management noted that the sale is the first between the pair since the company’s initial public offering (IPO) 4.5 years ago.

Both co-founders stated that the proceeds from the above selldown will be utilised for investment diversification and taxation obligations.

The transaction represents roughly 1.1% of Propel Funeral’s share registry, and 6.7% of the total number of shares held by the co-founders (prior to the selldown).

Nonetheless, both Mr Kurti and Mr Henderson remain Propel Funeral’s two largest non-institutional shareholders. Combined, they own about 14.8% of the company’s entire issued capital.

In addition, the co-founders noted that they have no plans to sell any more shares prior to the company’s FY22 full year results.

Propel Funeral share price snapshot

Despite today’s slight drop, the Propel Funeral share price is up 49% over the last 12 months.

Although the same can’t be said when looking at year to date, with the company’s shares up 3%.

Based on today’s price, Propel Funeral commands a market capitalisation of approximately $541.14 million, with 117.89 million shares on hand.

The post Propel Funeral share price falls following $6m co-founder share sale appeared first on The Motley Fool Australia.

More reading

• 2 high-yielding ASX 200 dividend shares rated as buys by brokers
• ASX 200 midday update: IGO increases Western Areas offer, BlueScope makes US acquisition
• Hoping to bag the monster New Hope dividend? Read this
• Macquarie tips 35% upside for Mineral Resources share price
• Why is the Carnaby Resources share price surging 8% on Monday?

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 recommended Propel Funeral Partners 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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ASX resources shares of many shapes and stripes have been at the centre of ASX investors’ radars the last few months. Record commodity prices have boosted many mining shares. But investors are also expecting big things from the companies that have seen the resources they mine skyrocket in value. A case in point is the New Hope Corporation Limited (ASX: NHC) share price.

New Hope is one of the largest pure-play coal mining shares on the S&P/ASX 200 Index (ASX: XJO). It owns extensive coal assets, including large-scale open-cut mines in the Hunter Valley in New South Wales, as well as the Darling Downs in Queensland.

Like many other commodities, coal prices have shot through the roof in 2022 so far. That has boosted the prospects of New Hope, which has seen its own shares rise 75% in 2022 alone.

New Hope to pay out monster dividend next month

Last month, New Hope released its half-year results for the six months ending 31 January 2022. While reporting a 153% rise in revenues, and an extraordinary 582% boost to underlying earnings, New Hope also announced an interim dividend of 17 cents per share, fully franked. That was up a pleasing 325% on last year’s interim payout of 4 cents.

But in addition, New Hope also announced a special dividend. This is worth another 13 cents per share. And also comes fully franked. That means investors have a monster 30 cents per share dividend coming their way soon. How soon?

Well, these two New Hope dividends will be paid out next month on 5 May. But investors will have until this Thursday (14 April) to opt in for this shareholder payment. That’s the date that the shares trade ex-dividend for both the ordinary and special dividends. So any shareholder who buys New Hope shares on or after that date will miss out on this latest dividend.

These two payments alone would be worth a yield of 7.51% on current pricing, or a whopping 10.74% grossed-up with full franking. When this dividend gets paid, the New Hope share price will have a trailing 12-month yield of 9.27%. That’s 13.24% grossed-up.

The post Hoping to bag the monster New Hope dividend? Read this appeared first on The Motley Fool Australia.

More reading

• BlueScope share price jumps on $671m acquisition news
• 3 reasons the Bapcor share price could be an ASX 200 winner
• 5 things to watch on the ASX 200 on Monday
• These were the worst performers on the ASX 200 last week
• These were the best performers on the ASX 200 last week

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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The Mineral Resources Ltd (ASX: MIN) share price is edging higher in morning trade, up 0.46%.

Mineral Resources shares closed on Friday at $61.30 and are currently trading for $61.58.

But that’s still 34.8% below the new price target issued by Macquarie Group Ltd (ASX: MQG).

Why does Macquarie have an outperform rating on MIN?

Mineral Resources, if you’re not familiar, is a mining services provider. The company has a strong focus on the iron ore and hard-rock lithium sectors in Western Australia.

And alongside soaring commodity prices, the Mineral Resources share price has soared 37% over the past month.

However, Macquarie believes there are more gains to come, with an outperform rating on the company.

According to the broker (as quoted by The Australian Financial Review):

The accelerated restart of Wodgina train 1&2 was ahead of our prior estimates. A combination of capital investment and product mix change increase Mt Marion production capacity to 900ktpa [kilo tonnes per annum]. Higher spodumene production from Mt Marion has translated to double-digit upgrades to our medium-term earnings forecasts for MIN.

Commenting on the company’s lithium business update last week, Mineral Resources managing director Chris Ellison said:

For some time now the world has seen extraordinary demand for lithium, driven by the strength of the electric vehicle market. This demand has resulted in a substantial increase in lithium prices, with pricing expected to remain strong for the rest of this decade…

With a world-class portfolio of highest-quality, long-life lithium assets in a Tier 1 mining jurisdiction, we are well positioned to capitalise on the continued growth of the global electric vehicle market.

Macquarie has an $83 target on the Mineral Resources share price.

Mineral Resources share price snapshot

2022 has seen some big ups and downs for Mineral Resources shareholders.

Despite the big 37% boost over the past month, the Mineral Resources share price is ‘only’ up 10% year-to-date. Though that does handily beat the 0.96% gain posted by the S&P/ASX 200 Index (ASX: XJO) so far this year.

Over the past 12 months, Mineral Resources shares are up 50%.

The post Macquarie tips 35% upside for Mineral Resources share price appeared first on The Motley Fool Australia.

More reading

• These were the best performers on the ASX 200 last week
• Lithium boom: Broker tips Mineral Resources share price to jump 23%
• 5 things to watch on the ASX 200 on Thursday
• Top brokers name 3 ASX shares to buy today
• Be as overweight ‘as you can possibly stomach’ in ASX shares right now: fundie

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 Macquarie 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 Carnaby Resources Ltd (ASX: CNB) share price is in the green on Monday following news of a $2 million acquisition.

The copper and gold exploration and development company is purchasing the mining licence for Mount Hope, located near its Lady Fanny and Nil Desperandum copper gold discoveries.

At the time of writing, the Carnaby Resources share price is $1.40, 2.56% higher than its previous close.

However, earlier today it hit a high of $1.48, representing an 8% gain.  

Let’s take a closer look at the news driving the Carnaby Resources share price higher today.

What’s going on with Carnaby Resources today?

The Carnaby Resources share price is taking off on news that the company’s expanding its Greater Duchess Copper Gold Project.

At 1 kilometre long and 500 metres wide, the Mount Hope mining lease covers around 0.5 square kilometres.

According to Carnaby Resources, Mount Hope looks to be hosted in the same iron oxide copper gold structural corridor as its Lady Fanny and Nil Desperandum discoveries.

Historically, it has produced 322,000 tonnes at 1.9% copper. Though, Carnaby Resources notes there’s a “remarkable” shortfall in publicly available or verifiable historical exploration drilling.

The company plans to start a first pass exploration drilling program following the mining lease’s settlement. That’s expected to be in the second or third quarter.

Carnaby Resources managing director, Rob Watkins commented on the acquisition, saying:

Mount Hope is a highly accretive acquisition and another potential corner stone in the rapidly growing Greater Duchess Copper Gold Project.

It is hard to believe that an exploration opportunity like this still exists in the Mt Isa region today.

Ultimately the planned first pass drilling at Mount Hope will tell the story, however the historical production from the shallow pits and the extensive copper mineralisation left in the pit walls and outcropping elsewhere within the mining lease is evidence enough as to its potential.

The company is acquiring the lease from the privately-owned Integrated Global Resources. It will be paying $1 million in cash and the other $1 million in scrip.

Carnaby Resources share price snapshot

The Carnaby Resources share price has been struggling in 2022.

It has slipped 10.8% year to date. Though, it’s still 483.3% higher than it was this time last year.

The post Why is the Carnaby Resources share price surging 8% on Monday? appeared first on The Motley Fool Australia.

More reading

• Carnaby Resources (ASX:CNB) share price shoots 17% higher. Here’s why

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 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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