Some of the S&P/ASX 200 Index (ASX: XJO) shares available to investors are producing a lot of profit growth.

Businesses that produce profit growth give themselves a better chance of producing capital growth over time for shareholders.

The below two businesses have been doing very well expanding globally and could continue to do well:

Premier Investments Limited (ASX: PMV)

This is one of the leading retail businesses on the ASX. It operates a group of retail, consumer products and wholesale businesses.

It owns a number of retail brands including Smiggle, Peter Alexander, Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti. Premier Investments also owns just over a quarter of Breville Group Ltd (ASX: BRG). Breville’s brands include Breville, Kambrook and Sage by Heston Blumenthal.  Breville also distributes Ronson and Philips products in Australia.

The business has been seeing an excellent performance by its online operations which have really driven the profit margins and bottom line higher.

Premier’s global retail sales went up 7.2% to $784.6 million, but online sales increased 61.3% to $156.7 million. Global like for like sales grew 18.2%. The retail gross margin improved by 286 basis points and the earnings before interest and tax (EBIT) margin grew by 1,308 basis points. This helped EBIT surge by 88.5% to $237.8 million. Statutory profit rose 88.9% to $188.2 million.

Management believe its apparel brands are well positioned to deliver future growth. It continues to invest in its online capabilities to maximise its opportunities with digital.

The ASX 200 company is indicating that there is going to be further growth in the second half of FY21. Global like for like sales were up 32.1% in the first seven weeks of the second half, with the gross margin up 379 basis points.

According to Commsec, the Premier Investments share price is valued at 20x FY22’s estimated earnings.

ResMed Inc (ASX: RMD)

ResMed is one of the leading ASX healthcare shares.

Before COVID-19, a key focus of the business was to help people sleep better. Its products and services are designed to help with sleep apnea. Its mission is to provide global leadership in sleep medicine and non-invasive ventilation based on technology advancing the diagnosis, treatment, and management of sleep-disordered breathing.

One of the ways that ResMed can help sleep apnea is with continuous positive airway pressure (CPAP). It’s a device that delivers a constant flow of air via a mask while you sleep, preventing your airway from becoming blocked and enabling you to sleep peacefully, according to ResMed.

The ASX 200 share has also been helping with COVID-19 thanks to its machines that help people breathe.

For the nine months to 31 March 2021, ResMed has seen underlying net income increase by 17% to US$582.2 million.

Its software as a service (SaaS) operations are giving a helping hand with this growth. The SaaS revenue comes with a higher profit margin than the non-SaaS parts of the business. The quarter ending 31 March 2021 saw SaaS revenue increase 5% due to the continued growth of resupply service offerings and stabilising patient flow in out-of-hospital care settings.

According to CommSec, the ResMed share price is valued at 37x FY21’s estimated earnings.

More reading

• Here’s why Centuria Capital (ASX:CNI) shares are falling 6% today
• ASX 200 up 0.6%: James Hardie Q4 update, St Barbara sinks, Nuix jumps
• Latest 2 ASX shares to be upgraded by brokers to “buy” today
• South32 (ASX:S32) increases capital returns by $258m and sets climate goals
• Why the Commonwealth Bank (ASX:CBA) share price is in the spotlight today

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended 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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The Aristocrat Leisure Limited (ASX: ALL) share price has been a strong performer on Tuesday.

In late afternoon trade, the gaming technology company’s shares are up a further 4% to $40.47.

This means the Aristocrat Leisure share price is now up 29% since the start of the year.

Why is the Aristocrat Leisure share price charging higher today?

Investors have been buying the company’s shares this week following the release of a strong half year update on Monday.

That update reveals that the Aristocrat Gaming business has experienced exceptional product performance and customer engagement during the first half of FY 2021.

As a result of this and stronger than expected consumer sentiment and economic conditions in the United States and ANZ region, the segment’s profits have been growing quicker than forecast.

Another positive was that the Aristocrat Digital business is performing strongly as well. Management advised that it delivered above industry-average growth in bookings during the first half. This is translating into revenue and profit growth comparable to the prior corresponding period.

In light of this, for the six months ended 31 March, Aristocrat Leisure expects to report a normalised net profit after tax and before amortisation of acquired intangibles (NPATA) of $412 million. This will be a 12% increase on the prior corresponding period.

As you might have guessed from the Aristocrat Leisure share price reaction, this is far better than the market was expecting.

Positive broker response

Also giving the Aristocrat Leisure share price a boost has been the response to this update by brokers.

One of the most bullish brokers is Citi. This morning the broker retained its buy rating and lifted its price target to $44.50.

Based on the current Aristocrat Leisure share price, this implies potential upside of 10% over the next 12 months.

What did the broker say?

Citi notes that the company’s recovery is happening much quicker than anticipated.

It said: “Aristocrat is recovering much faster than market expectations, fuelled by a reopen and stimulated US economy. We pull forward the recovery, driving a 12% NPATA upgrade in FY21e (+21% in 1H21e and +5% in 2H21e) but only small revisions in FY22e (-1%) and FY23e (+1%). Note Citi FY22e and FY23e forecasts were ~6-7% above pre-trading update consensus levels. Little detail was provided at the trading update on the drivers of better-than-expected earnings, however we expect: 1) fee per day recovery in Gaming Ops; 2) Digital margin expansion; and 3) provision releases were the key elements of the better-than-expected 1H21e result. We maintain our Buy rating with a new $44.50 target price.”

More reading

• Up 8% this week, brokers are bullish about the Aristocrat (ASX:ALL) share price
• Why Aristocrat Leisure, Creso Pharma, Nuix, & Resolute are charging higher
• Why AnteoTech, Aristocrat Leisure, BWX, & Xero shares are storming higher
• ASX 200 up 0.45%: Carsales sinks 10%, Aristocrat Leisure jumps
• Aristocrat Leisure (ASX:ALL) share price jumps 9% on profit update

Motley Fool contributor James Mickleboro 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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S&P/ASX 200 Index (ASX: XJO) supermarket giants Woolworths Group Ltd (ASX: WOW) and Coles Group Ltd (ASX: COL) have signed the new Australia, New Zealand and Pacific Islands (ANZPAC) plastic pact.

The pact was launched yesterday and comprises a series of “ambitious” targets for signatories to achieve by 2025.

A total of 58 other companies, non-government organisations, and governments are also involved in the pact.

Let’s take a closer look at the pact and what it might mean for the ASX 200 supermarket chains.

Reducing plastic waste

The ANZPAC plastic pact is led by the Australian Packaging Covenant Organisation.

It includes four targets that signatories must reach by 2025. These are:

1. Eliminate unnecessary and problematic plastic packaging through redesign, innovation and alternative (reuse) delivery models

2. 100% of plastic packaging to be reusable, recyclable or compostable packaging by 2025.

3. Increase plastic packaging collected and effectively recycled by 25% for each geography within the ANZPAC region.

4. Average of 25% recycled content in plastic packaging across the region.

According to ANZPAC, if the region continues to amass the volume of plastic waste it is currently making, the amount of plastic in the ocean will quadruple by 2040.

It also states the pact represents members from the entire plastic supply chain. Founding members include brands, packaging manufactures, and retailers.

Coles has already committed to removing all single-use plastic from its stores by 1 July 2021.

Woolworths head of sustainability Adrian Cullen said the supermarket has removed thousands of tonnes of plastic from its stores.

Commentary from management

Members of both Coles’ and Woolworths’ upper management commented on the ASX 200 companies’ support of the pact.

Coles chief executive of commercial and express Greg Davis said:

As one of Australia’s largest retailers, Coles understands the importance of working collaboratively to find a more sustainable future for plastic packaging. We’ve just launched our new Together to Zero sustainability strategy and have an ambition to be Australia’s most sustainable supermarket, working with our suppliers, customers and other stakeholders towards zero waste. As a founding member of the ANZPAC Plastics Pact, we now have an opportunity to build and shape meaningful change on plastic packaging and move towards a circular plastic economy as a global community.

Woolworths head of sustainability Adrian Cullen said: 

We’re working towards a better tomorrow for our customers, communities and the planet, and reducing plastic waste is one of the important ways we can make a meaningful difference… The Plastics Pact is a first of its kind opportunity for the entire industry and every level of the supply chain to rally around this challenge and collaborate on solutions that reduce plastic waste for the benefit of the environment and generations to come.

More reading

• Top brokers name 3 ASX dividend shares to buy today
• ASX 200 Weekly Wrap: After record high, ASX dips on inflation fears
• 2 growing ASX dividend shares to buy
• Top brokers name 3 ASX shares to buy next week
• 2 ASX 200 blue chip shares rated as buys

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET and Woolworths 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 Carpentaria Resources Ltd (ASX: CAP) share price has seen better days, after falling deep in negative territory today. This follows the miner’s update on the Hawsons joint venture sale agreement.

At the time of writing, Carpentaria shares are fetching for 14.5 cents, down 9.3%. During early afternoon trade, the company’s share price hit an intraday low of 13.5 cents.

What did Carpentaria announce?

It’s been a difficult day for Carpentaria shareholders as its price has plummeted after reaching a multi-year high yesterday. A likely catalyst for the fall is due to more Carpentaria shares being put on the company’s registry.

In its announcement, Carpentaria advised that the joint venture sale agreement of the Hawsons Project has been completed. The outcome was approved by shareholders at the company’s Annual General Meeting (AGM) on 2 November 2020.

Under the agreement, Carpentaria will acquire a 24.149% interest in the Hawsons Iron Project. In return, the company will issue Pure Metals 90.8 million Carpentaria shares, with 45 million shares being allotted today. The remaining 45.8 million shares are expected in the coming days.

Carpentaria noted that the consideration of shares being issued is divided into 2 single tranches for legal reasons.

In addition, Carpentaria introduced institutional investors to Pure Metals, who have committed to buy all of the 90.8 million shares. To facilitate the move, Pure Metals appointed Shaw and Partners’ Wholesale Trading team to act on their behalf.

Carpentaria executive chair, Bryan Granzie commented:

This is a monumental day for Carpentaria as we can now move forward with renewed confidence and with widespread shareholder support.

We look forward to working with our many stakeholders as we turn our attention to the next major milestone, successfully completing the bankable feasibility study. The path forward is certainly looking brighter and with the analysis previously validated by pre-eminent resource analyst Wood McKenzie we can take a huge step towards developing our world-class iron ore project and taking our highest quality products to market in the best interest of our shareholders

Carpentaria share price snapshot

Over the past year, Carpentaria shares have travelled almost at a standstill until this month, rising 245% in 30 days. The incredible feat broke the company’s multi-year share price, hitting the 18-cent mark.

Carpentaria commands a market capitalisation of roughly $55 million, with more than 380 million shares on issue.

More reading

• Why the Carpentaria (ASX:CAP) share price is rocketing 54% today

Motley Fool contributor Aaron Teboneras 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 Helix Resources Ltd (ASX: HLX) share price is one of the best performers on the ASX today. This follows the mineral exploration company’s update on its recent capital raising efforts.

At the time of writing, Helix shares are swapping hands for 4.4 cents, up 41.94%. It’s also worth noting that the company’s share price hit a multi-year high of 4.5 in early afternoon trade.

What did Helix announce?

Investors are fighting to get a hold of Helix shares after the company provided an update on its placement.

According to its release, Helix advised it has received binding commitments to raise $4.03 million by way of placement. Furthermore, approximately 149.4 million new ordinary shares will be issued at 2.7 cents each to participating institutional and sophisticated investors. This represents a discount of 13% on the last closing price of 3.1 cents per share.

The company will use its existing placement capacity to create new shares. Under listing rule 7.1, this allows up to 15% of its shares to be issued without shareholder approval.

Therefore, funds raised from the placement will be allocated towards the company’s aggressive drilling program at the Canbelego and CZ projects. High-grade copper mineralisation is also being targeted on its Cobar tenements in central New South Wales.

Settlement of the shares is expected to occur on 26 May 2021, with allotment the same day.

The lead manager of the placement, JP Equity Partners, will retain a 6% fee. In addition, the issue of 10 million options at a price of 5.4 cents with a 3-year expiry is also on offer.

Helix managing director, Mike Rosenstreich commented:

Our team is very excited to be able to lock-in an increased level of drilling. We now plan to have a drill rig on site virtually for the remainder of the year testing extensions to the known high-grade copper mineralisation as well as regional scale drilling to advance some of the targets reinforced by the recent airborne geophysical survey. The next six months will not be dull!

Helix share price review

Over the past 12 months, Helix shares have stormed close to 650% higher, reflecting positive investor sentiment. Year-to-date performance has also increased to post a gain of 340%.

Based on valuation grounds, Helix commands a market capitalisation of roughly $48 million, with over 1 billion shares on issue.

More reading

• Why the Helix (ASX:HLX) share price is rocketing 129%

Motley Fool contributor Aaron Teboneras 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 Afterpay Ltd (ASX: APT) share price has waned recently from being one of the best ASX performers.

A dampening of optimism for growth shares caused by inflation worries has contributed to a 46% fall in the Afterpay share price since the company’s 52-week high of $160.05 on 10 February.

While analysts have been contending over price targets for the buy now, pay later (BNPL) provider, Afterpay’s venture capital arm, AP Ventures, has been searching for its next investment.

What is AP Ventures?

Like other companies, Afterpay has a segment of its business that is solely focused on deploying capital in growth opportunities. The investment vehicle came to life from CEO Anthony Eisen reaching out to former Investec Australia senior banker Hein Vogel.

Afterpay holds a 44% interest in AP Ventures and is often its biggest contributor to its investments. The venture fund’s website specifies that it “provides high growth, scalable companies that have proven revenue models with access to capital and, where appropriate, Afterpay’s experience, merchants and customers”.

For context, prior AP Ventures’ investments include LayAway. This offering allows customers to pay for holidays, flights, cruises etc, using a payment plan. LayAway was snapped up for $15 million, of which $6.5 million was from Afterpay.

Afterpay investment rumours outside the ASX

As reported by The Australian, AP Ventures is believed to be readying to purchase a services provider for small to medium-sized business merchants. The suspected figure is floating in the region of $45 million.

Currently, there isn’t much more light being shed on exactly which company it is in question. It wouldn’t be surprising to see a consolidation within the industry, given how popular the space has become in recent years.

There have been dozens of companies on the ASX alone aspiring to the likes of Afterpay and Zip Co Ltd (ASX: Z1P). However, if the environment was to become more challenging, the smaller fish may not survive the rougher waters.

At the time of writing, the Afterpay share price is trading at $86.19, representing a fall today of 0.3%.

More reading

• A2 Milk and Zip were among the most traded ASX shares last week
• Why Zip (ASX:Z1P) and this beaten down ASX tech share could be buys
• Why the Zip (ASX:Z1P) share price is down almost 25% this month
• These ASX tech shares are down 50% from their 52-week highs
• US market bounces back, ASX 200 tech shares on watch

Mitchell Lawler owns shares of AFTERPAY T FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO and 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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Fortunately, in this low interest rate environment, there are countless dividend shares for investors to choose from on the Australian share market.

But with so many to choose from, it can be hard to decide which ones to buy. To narrow things down, I have picked out three ASX dividend shares brokers think investors should buy:

Bendigo and Adelaide Bank Ltd (ASX: BEN)

According to a note out of Macquarie, its analysts have retained their outperform rating and $11.00 price target on this regional bank’s shares. This follows a review of the banking sector following the recent flurry of results and updates. Macquarie is forecasting dividends of 52 cents per share in FY 2021 and 50 cents per share in FY 2022 from the bank. Based on the current Bendigo and Adelaide Bank share price of $10.23, this will mean fully franked yields of 5.1% and 4.9%, respectively, over the next two years.

Suncorp Group Ltd (ASX: SUN)

A note out of Citi reveals that its analysts have upgraded this banking and insurance giant’s shares to a buy rating with an $11.80 price target. The broker made the move following Suncorp’s banking investor forum earlier this week. Citi believes the company’s medium term targets offer decent upside potential if it can achieve them. Though, it has warned that improvements may take some time, so investors may need to be patient. In the meantime, though, it is forecasting Suncorp’s shares to provide dividends of 56 cents per share in FY 2021 and 58 cents per share in FY 2022. Based on the current Suncorp share price of $10.62, this equates to 5.3% and 5.5% yields.

Woolworths Group Ltd (ASX: WOW)

Another note out of Macquarie reveals that its analysts have retained their outperform rating and $44.50 price target on this retail conglomerate’s shares. Macquarie has been running the ruler over its demerger of the Endeavour Drinks business and remains positive on the move. Particularly given the potential for upwards of $2 billion in capital management initiatives post-merger. For now, the broker is forecasting dividends of ~$1.06 per share in FY 2021 and ~$1.18 per share in FY 2022. Based on the current Woolworths share price of $40.80, this will mean fully franked yields of 2.6% and 2.9%, respectively.

More reading

• ASX 200 Weekly Wrap: After record high, ASX dips on inflation fears
• Top brokers name 3 ASX shares to buy next week
• The Bendigo Bank (ASX:BEN) share price has outperformed the big four
• 2 ASX 200 blue chip shares rated as buys
• Why Ausnet, Qantas, Suncorp, & Sydney Airport shares are tumbling lower

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Woolworths 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 Silver Mines Limited (ASX: SVL) share price is rocketing, up 14% in afternoon trading. Shares in the ASX resource explorer are now up 27% since last Thursday’s closing bell.

Below we take a look at the company’s latest update at its Bowdens Silver Project in central New South Wales, which it reports is the largest undeveloped silver deposit in Australia.

What drill results did Silver Mines report?

Silver Mines’ share price is soaring after the company announced it is substantially expanding drilling at Bowdens Silver.

This follows on Friday’s announcement (which also saw shares surge) on the Aegean Zone, “a high-grade vein system located beneath the bulk-tonnage Ore Reserve in the Main Zone area of Bowdens”.

The company said that the recent success of its drilling, which identified new silver feeder veins, led it to expand the exploration program at Bowdens Silver.

Silver Mines currently has 4 drilling rigs on-site as part of the expanded program which will see 30,000 metres of diamond drilling.

According to the release, recent drill analysis has identified “individual steep feeder veins considered to be source structures to the main Bowdens Silver mineralisation”. At Bowdens, these contain the highest-grade mineralisation and extend to depth.

One recently identified individual structure Silver Mines highlights – the Northern Feeder Vein – “is interpreted over a strike of at least 120 metres and to a depth of 260 metres”. That’s produced a silver grade of more than 1,000 grams (30 ounces) per tonne.

The company is now targeting additional steep feeder vein zones in the central and southern parts of the Bowdens Deposit and is investigating the potential for underground mining at the high-grade Aegean Zone and the Northwest High-Grade Zone.

Silver Mines expects the expanded drilling program will continue through the end of 2021, or longer.

Silver Mines share price snapshot

It’s been a fine year for Silver Mines’ shareholders, with shares soaring 158% over the past 12 months. By comparison the All Ordinaries Index (ASX: XAO) gained 31% over that same time.

Year-to-date the Silver Mines share price is up 19%.

More reading

• Here’s why the Silver Mines (ASX:SVL) share price is on the rise today

Motley Fool contributor Bernd Struben 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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There are a handful of ASX shares that multiple brokers rate as buys.

It might be worth paying attention when plenty of brokers all think the same business is worth looking at.

Either it means that most analysts are calling out a clear opportunity. Or they’re all wrong at the exact same time.

These two ASX shares are highly rated by multiple brokers:

Baby Bunting Group Ltd (ASX: BBN)

The ASX retail share that specialises in selling products for babies and infants is currently rated as a buy by at least five brokers.

One of the brokers that likes Baby Bunting is Morgan Stanley, which has a price target on the business of $6.30.

The broker is attracted to Baby Bunting’s continuing sales strength as well as its gross profit margins. Despite the heavy investment into growth, Baby Bunting is still achieving revenue growth and could reach $1 billion of annual sales in FY30.

Baby Bunting is seeing exceptionally strong online sales growth. In the first half of FY21, total online sales increased 95.9% and click and collect sales went up 218%.

All of the relevant HY21 profit margins increased, leading to solid growth for the bottom line. Total sales rose 16.6% to $217.3 million, the gross margin increased 41 basis points to 37.4%, pro forma earnings before interest, tax, depreciation and amortisation (EBITDA) rose 29.7% to $18.5 million and pro forma net profit went up 43.5% to $10.8 million.

Private label and exclusive product revenue rose 28.2% to be 39% of total sales. It’s targeting above 40% for FY21 and continues to aim for 50% of sales to come from private label and exclusive products.

The ASX share continues to grow its store network in Australia. It currently has 59 stores and has plans for over 100. Baby Bunting also plans to open at least 10 stores in New Zealand.

According to Morgan Stanley, the baby Bunting share price is valued at 29x FY22’s estimated earnings.

Newcrest Mining Limited (ASX: NCM)

Newcrest is one of the largest gold miners in the world with a market capitalisation of just over $23 billion.

It’s currently rated as a buy by at least seven brokers including Morgans, which believes it can benefit from stronger silver and copper prices.

Morgans has a price target on Newcrest Mining over the next 12 months of $30.95.

In the quarter ending 31 March 2021, Newcrest reported that gold production was 4% lower than the prior period. However, the gold production was higher than the quarter ending 30 September 2020.

There was planned shutdown events at Cadia and Lihir as expected. On the positive side of things, Newcrest’s all-in sustaining cost for the quarter was $891 per ounce, which was $72 per ounce lower than the prior period. Newcrest said it’s very well positioned to fund organic growth opportunities, with a strong balance sheet and long-dated debt maturity profile. The balance sheet has been further improved with the early repurchase of outstanding corporate bonds and the maturity extension of existing undrawn bank debt facilities.

More reading

• Newcrest (ASX:NCM) share price in focus with carbon neutrality pledge
• ASX 200 Weekly Wrap: After record high, ASX dips on inflation fears
• 5 things to watch on the ASX 200 on Monday
• Why is the De Grey (ASX:DEG) share price plummeting today?
• Brokers name 3 ASX shares to buy now

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Baby Bunting. 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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Shares in Podium Minerals Ltd (ASX: POD) are being blown out of the water again today, and with no news from the company, market watchers are scratching their heads.

At the time of writing, the Podium share price is up 19.4%, with shares in the company swapping hands for 80 cents.

Podium is a precious metals exploration and resource development company. Its current focus is on platinum group metals, gold, and nickel-copper sulphides. Its major project is Parks Reef, located in Western Australia.

Today’s gains have added even more momentum to the Podium share price’s recent meteoric rise. It’s gained 63% since the start of the month –including a 15.5% gain yesterday. Most of those increases have come in the last week, during which there has been no news from Podium. 

So, what’s Podium been up to lately? Let’s take a look.

Mad May

May has been a huge month so far for Podium and the explorer has kept the ASX updated throughout.

Podium’s first news of the month was that it had found rhodium and iridium in assay results from its Park Reef Project.

On 5 May, the news pushed the Podium share price up 27% during intraday trade, though it closed only 5% higher than the previous session.

Podium Minerals executive chair Clayton Dodd said at the time the company was delighted to find the metals – particularly as the price of rhodium was around 20 times that of platinum.

Next, Podium announced it received permission and funding from the Western Australian Government to complete two diamond drilling holes in Parks Reef on 11 May.

The state government is to pay 50% of the cost of drilling the holes. Podium will use the holes to test for mineral deposits 500 metres below the earth’s surface.

Further, the price of platinum and gold, both of which are found at Park Reef, has increased over the last month. This could also be helping to drive the Podium share price.

Podium Minerals share price snapshot

The combination of good news from Podium Minerals might be the reason its share price is flying high on the ASX.

Currently, the Podium Minerals share price is up 627% year to date and has risen a monstrous 3,850% over the past 12 months.

The company has a market capitalisation of around $187 million, with approximately 280 million shares outstanding.

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