NeuroScientific Biopharmaceuticals Ltd (ASX: NSB) shares jumped more than 7% in early trade after the company released the readouts for the successful completion of its pivotal ocular safety study. Since then, however, the NeuroScientific share price has reversed and is currently trading 1.49% in the red at 33 cents.

Let’s take a look at what unfolded this morning for the Australian biotech company.

What was the study?

The NeuroScientific share price received a temporary boost this morning after the company provided the ASX with a pre-market update. NeuroScientific’s 4-week safety and tolerance study investigated low to high dose regimes of its lead drug candidate emtinB, administered via intravitreal injection. EmtinB is being developed as a potential treatment for Alzheimer’s disease and dementia.

Prospective drug candidates in Australia must first pass rigorous safety and tolerance testing prior to advancing towards efficacy and dosing trials.

NeuroScientific advised that emtinB produced no serious adverse outcomes related to treatment in the study cohort across a duration of 28 days.

So, according to the company, today’s outcome enables NeuroScientific to advance towards starting Phase 1 clinical study protocols for emtinB, which are set for the second half of this year. There are 3 clinical study phases to complete before successful registration onto the market.

Management commentary

NeuroScientific CEO and managing director Matt Liddelow commented on today’s update:

NeuroScientific is pleased to report these positive safety results for EmtinB, which is a major advancement for our ocular R&D program in the lead up to starting a Phase I clinical study.

NeuroScientific share price snapshot

The NeuroScientific share price has gained 32% since the start of this year. It has a 12-month return of more than 53% at the time of writing.

At the current share price of 33 cents, the company has a market capitalisation of around $48 million and has a 52-week range of 18.5 cents to 38 cents. NeuroScientific shares reached their 52-week high just last month on 24 June.

The post NeuroScientific Biopharmaceuticals (ASX:NSB) share price wobbles on study results appeared first on The Motley Fool Australia.

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• Here’s how the Telstra (ASX:TLS) share price fared in June

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 Magellan High Conviction Trust (ASX: MHH) share price is up around 8% after announcing an important change to its structure.

Magellan High Conviction Trust intends to transition to an ETF

It was announced that Magellan High Conviction Trust intends to transition from a closed-ended listed investment trust to an open-ended active exchange-traded fund (ETF).

If the transition is implemented, which requires unitholder and regulatory approvals, unitholders will be able to apply for and redeem units directly with Magellan Financial Group Ltd (ASX: MFG) and will also have the ability to buy and sell units on the ASX generally at a tight spread to net asset value.

The CEO and Magellan, Brett Cairns, said:

Magellan is continuously focused on ways to improve the experience of investors in our funds. On balance, we believe the benefits for unitholders of reducing the trading discount in MHH outweighs the benefits of MHH remaining as a closed-ended fund. We believe transitioning the fund to an open-ended active ETF is in the best interests of investors as it will allow direct access to the fund for applications and redemptions and see the units in the fund trade at a tight spread to net asset value going forward.

How big was the discount of the Magellan High Conviction Trust share price?

Yesterday, the Magellan High Conviction Trust share price ended the day at $1.57. The estimated net asset value per unit was $1.77 yesterday, translating to a discount of 11.3%.

Its current indicative NAV is $1.737, so the NAV has fallen since yesterday. But the share price is now $1.66.

Portfolio details and performance

At the end of May 2021, it said that its net performance was 11.8% over the prior 12 months and it has achieved 9% per annum since inception in October 2019.

Magellan said that its top five holdings in alphabetical order were: Alphabet Inc, Facebook Inc, Microsoft Corporation, Netflix Inc and Tencent Holdings.

In terms of diversification, Magellan showed how the portfolio was split between sectors and geographically.

Over half of the portfolio derives revenue from internet and e-commerce sources, 22% is from IT, 6% from payments, 7% from financials, 6% from restaurants and 4% is cash.

Looking at the geographical exposure, 39% of revenue came from the US, 16% from Western Europe, 18% from China, 13% from emerging markets (excluding China), 10% from the rest of the world and 4% of the portfolio is in cash.

The post Why the Magellan High Conviction Trust (ASX:MHH) share price is soaring appeared first on The Motley Fool Australia.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Ever since the launch of its first Roadster in 2008, Tesla (NASDAQ: TSLA) hasn’t looked back. Over the years, the company has proved many of its naysayers wrong. Tesla can be credited for the ongoing transformation of the auto industry from internal combustion engine vehicles to electric ones. The company is already threatening the decades-long dominance of legacy car companies. Let’s see where Tesla could be 10 years down the line.

Tesla’s growth plans

Tesla sold 499,550 electric vehicles last year. It expects 50% average annual growth in deliveries over a multi-year horizon. It has two factories right now: at Fremont, California, and Shanghai, China. Moreover, it is constructing two more factories, one each in Berlin and Texas. The start of production at its Berlin factory got delayed from the end of this year to early next year while the Texas factory remains on track to start deliveries late this year.

Are Tesla’s growth projections realistic?

Between 2016 and 2020, Tesla grew its deliveries at an average rate of 65%. The EV maker’s annual deliveries rose from 76,230 in 2016 to 499,535 in 2020. Assuming its annual deliveries grow at an average rate of 50% in the next four years, and the rate falls to an average of 25% beyond that, Tesla could be selling nearly 10 million cars by 2030. For some perspective, Toyota (NYSE: TM) sold 9.5 million vehicles in 2020 — the highest of all automakers in the world.

If we were to base this projection solely on its trailing four-year growth rate, Tesla’s expected growth numbers look reasonable. However, the past growth was on a lower base to begin with. Ramping up production at such high rate may not be easy.

Tesla has a production capacity of roughly 1 million cars right now. With its planned factories at Berlin and Texas, it would likely double this capacity. Tesla might still need around 16 more plants to reach its 10 million target, assuming an average capacity of 500,000 units. Even if Tesla constructs bigger factories in future, it might not be feasible to increase capacity beyond a limit. For perspective, Hyundai Motor’s (OTC: HYMTF) Ulsan facility in South Korea, one of the largest in the world, has an annual capacity of around 1.5 million units while Volkswagen’s (OTC: VWAGY) Wolfsburg plant has a capacity of over 800,000 units.

A key constraint in Tesla’s production growth could be the availability of batteries. The company plans to produce its own batteries, in addition to buying them from suppliers, to meet its high demand.

Though challenging, Tesla’s growth numbers are achievable. Tesla has maneuvered production challenges in the past, and it could well continue to do so. Even if we assume some more delays and lower numbers, Tesla could still be among the top five automakers in the world by 2030.

Electric vehicles and autonomous driving

Apart from production challenges, Tesla needs to find enough buyers for its cars globally. It is the leader in electric vehicles right now. The International Energy Agency estimates that under current policies the number of electric vehicles globally could rise to 145 million by 2030 from around 11 million in 2020. Tesla is well positioned to capture this expected growth.

However, legacy automakers are also rolling out electric versions of their top car models. That could significantly amp up competition for Tesla in the coming years. Its brand image and product features are its key strengths. Its top EV models right now offer the longest range available.

Tesla is focused on ramping up production, removing bottlenecks, and improving battery range. The company is working on all fronts simultaneously and plans to expand rapidly. In short, despite competition and challenges, Tesla has the potential to become one of the largest automakers in the coming decade.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post How big could Tesla get by 2030? appeared first on The Motley Fool Australia.

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Rekha Khandelwal has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Tesla. 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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Cettire Ltd (ASX: CTT) share price is rocketing today after the company announced an expansion in its children’s wear segment. 

At the time of writing, the Cettire share price is up 6.82%, trading at $2.82 after reaching an intraday high of $2.86 this morning.

Today’s uplift is likely to be welcome news for the global luxury online retailer and shareholders, after the company’s shares were decimated in mid-June, dropping 21%. The drop in the Cettire share price came after questions about the authenticity of its products and concerns over its business model.

The company markets itself as an online destination exclusively for luxury fashion. On its e-commerce site, it has products from some 500 designers, with brands such as Prada, Gucci, Saint Laurent, Balenciaga and Valentino.

Why is the Cettire share price moving today?

In today’s release, Cettire confirmed its category expansion into the children’s wear segment. The launch includes a new website vertical where the company plans to host 6,000 children’s wear products and will seek to expand its range over time.

Cettire advised the children’s wear range was now live, with shipping available to more than 50 markets.

What did management say?

Cettire CEO Dean Mintz said the foray into children’s wear increased Cettire’s addressable market, and also the spend of its current customers.

The children’s wear category is an attractive adjacent segment in the luxury apparel industry. We are excited by the expansion of Cettire into children’s wear and see excellent growth prospects for this category.

He added that the expansion “highlights the inherent scalability of our business model, which does not require inventory investment.”

The post Cettire (ASX:CTT) share price lifts 7% on expansion news appeared first on The Motley Fool Australia.

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Motley Fool contributor Frank Tzimas has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cettire Limited. The Motley Fool Australia has recommended Cettire 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 Propell Holdings Ltd (ASX: PHL) share price is soaring after the company announced its first foray into the buy now, pay later (BNPL) sector.

At the time of writing, the Propell share price is 42.86% higher than its previous close at 15 cents.

However, that’s lower than its intraday high of 19 cents, which was 76% up.

Propell is a fintech company with a platform that provides tailored finance products to help small and medium-sized enterprises (SME) manage their cash flow.

Let’s take a look at today’s news from Propell.

Propell’s new BNPL solution

Propell announced today that it has partnered with Zip Co Ltd (ASX: Z1P) to provide its first BNPL product.

The product will be available to those using Propell’s digital cloud-based platform. It will see SMEs able to offer a BNPL payment option to those purchasing their products and services.  

Aside from stating the split payments will not incur interest, Propell hasn’t released any details on the exact workings of its BNPL solution.

According to Propell, the option to offer BNPL will provide its customers with increased payment flexibility.  It also believes the new BNPL option will help SME retain and attract their own customers.

Additionally, the company expects the BNPL service will help to attract new customers to its platform.

Commentary from management

Propell’s CEO, Michael Davidson commented on the company’s new BNPL payment option:

I am delighted to be announcing our first BNPL product in partnership with Zip which we anticipate will attract new customers to the platform and underpin improved margins in our transactions business. A key focus at Propell, is to help our customers to better manage their finances and in particular their cashflow, and the Zip BNPL product will immediately enable these improvements with their up-front payments solution.

Propell share price snapshot

Today’s gains haven’t been enough to boost the Propell share price into the green since its initial public offering (IPO).

Currently, the Propell share price has fallen 34.78% from its IPO price of 23 cents in April 2021.

The company has a market capitalisation of around $12.22 million, with approximately 81.5 million shares outstanding.

The post Here’s why the Propell (ASX:PHL) share price jumped 76% today appeared first on The Motley Fool Australia.

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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. owns shares of and has recommended ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Happy New Financial Year Fools! Of all the S&P/ASX 200 Index (ASX: XJO) blue chips over the month that has just passed us by, the Telstra Corporation Ltd (ASX: TLS) share price was certainly one to watch.

The ASX 200 itself had a solid month, rising from 7,161.6 points at the start of June to 7,327.1 points by the end of trading yesterday. That’s a gain of 2.1% for the month.

But the Telstra share price did a few better. Trading at $3.52 a share at the start of June, the ASX telco closed out the month at $3.76 a share, right on the edge of Telstra’s new 52-week high. That puts the company’s month-to-month gains at 6.82% for June. Not a bad effort for one month’s work.

So what went so right for Telstra over June?

Well, it’s worth noting that if the month of June was shorter by one day, Telstra would have ‘only’ managed a gain of 2.27%. Yes, the telco finished up on Tuesday at $3.60 a share. But it was the blockbuster announcement yesterday that really seemed to kick Telstra shares into gear.

Less (towers) is more for the Telstra share price

Yesterday, Telstra announced that it would be selling a 49% interest in its InfraCo Towers business. InfraCo Towers houses Telstra’s ~8,200 mobile towers and is one of the largest bastions of mobile infrastructure in the country.

Telstra announced that a consortium, led by the Future Fund and including Sunsuper and the Commonwealth Superannuation Corporation, has purchased the 49% stake in InfraCo Towers for $2.8 billion.

The sale is set to go ahead in the first quarter of the new financial year (by 30 September 2021).

Telstra is planning on using half of the proceeds to pay down debt, with the other half to be returned to shareholders in some form. The telco hasn’t yet expanded on this, but shareholders could potentially be in line for either a dividend pay rise or some share buybacks (or perhaps even both).

It was this announcement that caused the Telstra share price to rocket more than 4% yesterday, and finish the financial year at a new 52-week high. It also cemented the 6.82% gain for Telstra for the month of June.

Yesterday’s news was definitely the ‘main event’ for Telstra over June. However, there were some other factors that might have also been at play.

My Fool colleague James Mickleboro looked at the potential forward yield of Telstra shares earlier this week, including a forecast from investment bank and broker Goldman Sachs. Goldman reckons Telstra shares might be offering a forward yield of 4.5% per annum on current pricing through to FY2023. It also just yesterday revised its 12-month share price target to $4.20, up from $4.

After such a positive month for the Telstra share price, I’m sure investors are looking forward to what July and FY2022 will bring.

The post Here’s how the Telstra (ASX:TLS) share price fared in June appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. 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 shares of and has recommended Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Nutritional Growth Solutions Ltd (ASX: NGS) share price is on the move again following yesterday’s positive announcement from the company.

At the time of writing, Nutritional Growth Solutions shares are up 8.33% to 26 cents. This means that over the past two days, the company’s share price has risen by more than 26%.

Let’s take a closer look at what the global nutritional health company released to the ASX.

What did Nutritional Growth Solutions announce?

Investors are fighting to get a hold of Nutritional Growth Solutions shares after the company surpassed a milestone sales target.

According to its release, Nutritional Growth Solutions has received revenue of $508,000 in Italy over the past 3 months. The company launched its Healthy Height shake range in the southern European country during March this year.

Since then, the company has received three purchase orders from its exclusive distribution partner in the region, Dicofarm. Currently the products are stocked in pharmacies and health food stores across Italy.

Nutritional Growth Solutions said it selected Italy as its first entry into the European market based on the country’s large population of children. At current estimates, there are roughly 8.2 million children under the age of 14 years who live in Italy. This represents a significant market to build the company’s brand image and strengthen its sales base.

Nutritional Growth Solutions CEO and managing director Liron Fendell commented:

To surpass US$500,000 in wholesale sales in three months, in a new region, is a big milestone for our company and shows there is a genuine need for nutritional products that support growth development in children.

Our patented Healthy Height formula was developed over 20 years by leading paediatric specialists from the world-renowned Schneider Children’s Medical Centre in Israel and is clinically proven to improve growth in children through our shakes and foods that contain specific key nutrients needed for growth development.

We look forward to expanding our footprint in Europe to assist even more children to reach their height potential.

About the Nutritional Growth Solutions share price

While Nutritional Growth Solutions shares have accelerated recently, the same cannot be said for the past year. In the past 12 months, the company’s share price is down roughly 15%, and flat for the current calendar year.

Nutritional Growth Solutions is a small ASX share, valued at around $12 million. The company has almost 46 million shares issued on its books.

The post Why the Nutritional Growth Solutions (ASX:NGS) share price is soaring appeared first on The Motley Fool Australia.

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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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A number of ASX listed exchange-traded funds (ETFs) are about to go ex-dividend today. These include popular Australian share market offerings from well-known providers Vaneck, BetaShares, Vanguard and Ishares.

We take a look at the list and what sort of cash their shareholders will be pocketing.

Which major ETFs are on the ex-dividend list today?

There are a total of 126 Australian listed ETFs going ex-dividend today. We will focus on 5 of the most popular ones that cover the broad Australian indexes.

Vaneck Vectors Australian Equal Weight ETF

The Vaneck Vectors Australian Equal Weight ETF (ASX: MVW) announced it will distribute a final dividend of 34 cents to shareholders on 23 July 2021, with shares going ex-dividend from 1 July.

The fund has posted a gain of around 6% year to date at the time of writing and has climbed almost 2% in the last month.

Shareholders will receive an annual dividend of 93 cents, and at the current share price of $32.77, the dividend yield is 2.84%.

The Australian Equal Weight ETF has a market capitalisation of $1.58 billion and trades at a price-to-earnings (P/E) ratio of 127. The ETF has maintained each dividend payment to shareholders since July 2014.

Vanguard Australian Shares Index ETF

One of Australia’s largest exchange-traded funds, with a market cap of $8.6 billion, the Vanguard Australian Shares Index ETF (ASX: VAS) will pay a final dividend of 55.6 cents per share on 16 July 2021, going ex-dividend from today.

The Australian Shares Index ETF has returned a little over 10% this year and is 1.37% in the green over the last month at the time of writing. However, the market price has dipped into the red 0.11% over the past 5 days.

The fund has an annual dividend payment of $1.98 per share, giving a dividend yield of 2.1% at the current share price of $93.30.

It has maintained consistency in its distribution schedule, having met each dividend payment to shareholders since July 2009.

Ishares Core S&P/ASX 200 ETF

The Ishares Core S&P/ASX 200 ETF (ASX: IOZ) is set to distribute a final dividend payment of 20.3 cents per share to shareholders on 13 July 2021, after going ex-dividend from 1 July.

With a market capitalisation of $4.1 billion, the fund’s upcoming final payment will complete an annual dividend of 60.4 cents per share, with a dividend yield of 2.02% at the time of writing.

It is in the red from the previous 5 days trading, however is in the green 1.15% over the past month and is up 10.23% since 1 January.

The investment vehicle from asset management giant BlackRock has completed each dividend payment to shareholders since March 2011 and is currently trading at $29.85 at the time of writing.

BetaShares Australia 200 ETF

BetaShares’ flagship product the BetaShares Australia 200 ETF (ASX: A200) will pay its final dividend to shareholders on 16 July 2021, with shares ex-dividend effective 1 July.

At the time of writing, the ETF is in the red 0.98% today and is also down 0.16% over the past 5 days. In the past month, the ETF price has gained 1.29% and has also climbed almost 11% since the start of this year.

The fund will pay shareholders a 56.54 cents per share dividend, lending to an annual dividend of $2.77 per share. At the current share price of $122.93, the dividend yield is 2.25%.

A relatively new investment vehicle, the Australia 200 ETF has made each dividend payment in whole since February 2018 and has posted a 12-month return of around 24%.

Vanguard MSCI Australian Large Companies Index ETF

The Vanguard MSCI Australian Large Companies Index ETF (ASX: VLC) also goes ex-dividend today and will return a dividend payment to shareholders on 16 July 2021.

Shareholders can expect to pocket 34.4 cents per share which gives an annual dividend yield of 2.48% at the current market price of $75.45.

The fund has been in existence since 2011, and has made good on each dividend payment since July 2011.

At the time of writing, the ETF has a market capitalisation of $136.2 million and has given a return just over 11% since the start of the year.

The post These 5 ASX listed ETFs go ex-dividend today 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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The Mesoblast Limited (ASX: MSB) share price soared earlier today. This came after news the company has requested to meet with the United States Food and Drug Administration (FDA) to discuss its chronic lower back pain medication.

Shortly after the opening bell, Mesoblast shares surged to $2.08 — 5.05% higher than its closing price yesterday. It has since settled lower to $2.01, up 1.52% at the time of writing.

According to Mesoblast, its drug would be an alternative therapy to opioids. This is important because excessive use of opioids is considered a major problem by US policymakers and regulators.

More than 50% of US opioid prescriptions are given to patients with chronic lower back pain.

Let’s take a look at today’s news from Mesoblast.

Mesoblast’s meeting with FDA

According to the release, the company has requested and expects to be granted, a meeting with the FDA in the September quarter.

In the meeting, Mesoblast and the FDA would discuss pathways to have rexlemestrocel-L approved for use in the United States.

The company recently completed a 404 patient phase 3 trial of rexlemestrocel-L. The trial saw rexlemestrocel-L successfully treating patients with chronic inflammatory back pain caused by degenerative disc disease.

According to Mesoblast, it will use the results from a future US-based trial to help achieve product approvals in the United States and the European Union.

To bypass the need for a European Union-based trial, Mesoblast envisages 20% of the trial’s patients will be European. Mesoblast states that including European patients in the trial will provide “regulatory harmonisation”, cost efficiencies, and a faster timeline.

To make it happen, the company has amended its collaboration agreement with Grünenthal, its partner in Europe and Latin America.

Mesoblast is likely to be eligible for payments of up to US$112.5 million before rexlemestrocel-L launches in the European Union. To be eligible, it must pass certain clinical and regulatory milestones and reimbursement targets.

The company states that the payments could reach a combined US$1 billion. However, that figure is dependant on the outcome of phase 3 studies and patient adoption. It will also receive royalties on product sales.

Commentary from management

Mesoblast’s chief medical officer, Dr Fred Grossman was quoted in the company’s release. He said:

We look forward to discussing with the FDA the most efficient path forward given the durable pain reduction for at least two years and the opioid-sparing activity from a single administration of rexlemestrocel-L that was observed in the recent Phase 3 trial.

Mesoblast share price snapshot

The Mesoblast share price needs all the good news it can get to boost its recent poor performance.

Currently, shares in Mesoblast are over 13% lower than they were at the beginning of 2021. They have also fallen around 40% since this time last year.

The company has a market capitalisation of around $1.29 billion, with approximately 647 million shares outstanding.

The post Mesoblast (ASX:MSB) share price surges 5% in early trade today appeared first on The Motley Fool Australia.

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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 Challenger Exploration Ltd (ASX: CEL) share price is surging 30% higher in early trade.

Shares in the exploration company are storming higher after reporting drilling results earlier today.

At the time of writing, the Challenger share price is trading around 25% higher at 27.5 cents after hitting an intraday high of 28.5 cents.

Lets take a look at Challenger’s drilling results and why investors are flocking to buy shares.

Challenger share price jumps on drilling results

Earlier today, Challenger released results from its ongoing rock saw channel sampling program from the company’s Hualilan Gold Project.

According to the announcement, Challenger reported its highest ever grades from the site. The company noted significant high-grade mineralisation in the 200 metres up-dip from current drilling.

The results cover approximately 300 metres of strike at Cerro Norte and are the first continuous channel samples taken above ground level.  

Challenger’s results from the Sanchez Fault approximately 100 metres up-dip from ground included;

• 15.6m at 71.7 g/t AuEq2 – 70.9 g/t gold, 59.1 g/t silver, 0.2% zinc including;
• 4.0m at 203.8 g/t AuEq2 – 201.6 g/t gold, 172.0 g/t silver, 0.1% zinc.

Sampling up-dip of previous channel sampling from the company’s main Cerro Norte Manto site returned;

• 64.8m at 28.3 g/t AuEq2 – 23.4 g/t gold, 104.1 g/t silver, 8.3% zinc including;
• 8.8m at 49.3 g/t AuEq2 – 45.2 g/t gold, 88.7 g/t silver, 6.8% zinc and;
• 26.5 m at 34.4 g/t AuEq2 – 29.3 g/t gold, 114.4 g/t silver, 8.2% zinc

Commenting on the results, CEL Managing Director, Mr Kris Knauer, said

“These are the best results we have seen at our Flagship Hualilan Gold Project – 4m at 201.6 g/t gold is outstanding. The results confirm our view that the strongest mineralisation is likely to be in the Hualilan Hills which are yet to be drilled.”.

Snapshot of the Challenger share price

Challenger is engaged in the exploration of gold and copper with operations in Ecuador and Argentina. The company’s flagship gold projects include the Hualilan Gold project in Argentina and El Guayabo/Colorado V Project in Ecuador. 

Earlier this year Challenger outlined plans for a fully-funded drilling program for its Hualilan Gold project. The company believes there is a historical resource of 627,000 ounces of gold.

The Challenger share price has been volatile in 2021. Shares in the company hit a high of 39.5 cents in mid-February. Since then the Challenger share price has rallied and dipped. Including today’s price action, the Challenger share price is up more than 34% for the year.

The post Why the Challenger (ASX:CEL) share price is storming 30% higher today appeared first on The Motley Fool Australia.

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Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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