The Odyssey Gold Ltd (ASX: ODY) share price has been an incredible performer on Tuesday.

In morning trade, the gold explorer’s shares were up a whopping 118% to a record high of 15.5 cents.

The Odyssey Gold share price has now given back some of these gains but remains 69% higher at 12 cents at the time of writing.

Why is the Odyssey Gold share price rocketing higher?

Investors have been scrambling to buy the company’s shares on Tuesday following the release of an update on its exploration activities at the Tuckanarra project.

As you might have guessed from the performance of the Odyssey Gold share price, the update was a very positive one.

According to the release, Odyssey has intersected significant visible gold in its maiden diamond hole. This was a 70 metre step-out in the eastern extension of the developing Bottle Dump deposit at Tuckanarra.

Management notes that this is the first ever drilling in an untested area, with the visible gold mineralisation associated with the nearby basal quartz vein system.

It believes this indicates a second mineralised domain, parallel to the mineralisation in the main mine banded-iron formation sequence.

Odyssey Gold’s Executive Director, Matt Syme, commented: “The impressive visible gold intersected at Bottle Dump confirms the strong potential of the Bottle Dump trend to host high-grade gold mineralisation. The visible gold in TCKDD0003 and the 13m at 3.9g/t in TKRC0014 have extended known gold mineralisation over 100m to the east of the Bottle Dump pit.”

“The potential extent of the Bottle Dump trend is up to 3km and the known gold mineralisation is open to the east and west and at depth. Odyssey has consolidated some of the best gold exploration ground in the Western Australian Goldfields and we are looking forward to applying modern exploration techniques to uncover the area’s outstanding potential,” he concluded.

The Odyssey Gold share price is now up almost 400% since its re-listing at 2.5 cents per share in January.

More reading

• The Nine (ASX:NEC) share price rising on third quarter update
• Here’s why the Archer (ASX:AXE) share price is soaring 6% today
• Why the Telstra (ASX:TLS) share price could be heading higher from here
• Why Alphabet stock jumped 14% last month
• De Grey (ASX:DEG) share price rockets 11% on latest 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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The Nine Entertainment Co. Holdings Ltd (ASX: NEC) share price has provided key third-quarter updates as part of its presentation to the Macquarie Australia Conference. 

At the time of writing, the Nine Entertainment share price is trading for $2.85, up 0.71%. 

Nine third-quarter update

Nine estimates that by FY22, more than half its revenue will come from digital growth segments. This includes subscription and licensing such as Stan, marketplaces including its majority shareholding of Domain Holdings Australia Ltd (ASX: DHG), and online advertising.

To date, the company has made an impressive transition and investment into digital growth segments. At the same time, it has been building on its core broadcasting and traditional advertising businesses. 

Solid broadcasting performance 

Nine’s broadcasting segment contributed to approximately 53.5% of the Group’s revenue in 1H21. Free-to-air (FTA) television is a significant driver of this segment, responsible for 85% of broadcasting revenue. 

The trading update highlights a 6% increase on the prior corresponding period (pcp) for Metro FTA market revenue. While broadcast-video-on-demand (BVOD) market revenue was 50% higher with growth trends expected to continue into the fourth quarter. Despite the strong growth of BVOD, it is worth noting that these segments only contributed approximately 9% of overall broadcasting revenues in 1H21. 

Digital subscriptions driving publishing revenues 

Nine’s publishing segment contributed to 22% of the Group’s revenue in 1H21. This segment is heavily driven by the growth of digital revenues, whereas print-related growth has either plateaued or is in decline. 

Digital subscription revenue continued to grow strongly into the third quarter, up 20% on the prior corresponding period. The company has also clamped down on publishing costs, down double digits in FY21. 

Nine is notes that it is in advanced discussions with Google and Facebook. 

Streaming services growth consolidating

Nine reveals that subscriber numbers for its Stan streaming service is consolidating post-COVID. The plateauing near-term growth of streaming services should come as no surprise following Netflix’s disappointing first quarter earnings. Nine eyes the commencement of Stan Sports and deal with NBCUniversal content to drive medium term subscriber numbers. 

The update notes that second half earnings before interest, taxes, depreciation, and amortisation (EBITDA) will be lower than the first half due to content phasing. Stan delivered a 28% increase in revenue to $14.9.1 million in 1H21, or approximately 12.8% of Group revenue. 

Hot property market driving Domain earnings 

Digital revenue was up 8% and total revenue was up 2% in the third quarter. The update highlights that April’s new residential listings rebounded strongly from April 2020’s COVID-impacted base. Property indicators remain positive evidenced by record property search volumes, open home attendances, clearance rates, and new account creation at Domain Home Loans.

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Motley Fool contributor Kerry Sun 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 Archer Materials Ltd (ASX: AXE) share price is lifting off during morning trade following the company’s announced partnership agreement.

At the time of writing, the advanced material company’s shares are going for 90.5 cents a pop, up 6.4%.

What’s driving the Archer share price higher?

Investors are pushing Archer shares higher today after the company provided a positive update.

According to its release, Archer advised it has executed a new quantum computing agreement with IBM Common Stock (NYSE: IBM).

Under the framework, both companies will work together in developing quantum computing. Archer will retain membership to the global IBM Quantum Network as well as the related IBM Quantum Start-up Program.

In addition, the collaboration also gives Archer the opportunity to advance its work under the previous agreement signed with IBM. This entailed Archer becoming a member of the invitation-only IBM Q Network and associated IBM Quantum Experience for Business program.

As a result of the agreements, Archer will have continued access to IBM’s quantum computing knowledge and resources. This supports the company’s efforts in building a qubit processor chip that can operate at room temperature and integrate into modern electronics.

Current quantum computing technologies are limited because they use qubit processors that can only operate at low temperatures and are difficult to integrate into today’s applications.

Archer CEO, Dr Mohammad Choucair hailed the partnership with IBM, saying:

We are at an early stage in terms of the work that needs to be done with IBM, so we are looking forward to our continued collaboration.

When we see what has been achieved in the quantum ecosystem to date, we are determined to actively engaging in, and contributing to, the global IBM Quantum Network.

Archer is making crucial steps towards its goal of enabling practical quantum computing applications, and IBM is helping us get there.

The Archer share price has gained over 350% in the past 12 months and is currently sitting above 60% year-to-date.

More reading

• Here’s why the Archer Materials (ASX:AXE) share price is up today
• Archer (ASX:AXE) share price retreats despite positive update

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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On Tuesday morning, the Telstra Corporation Ltd (ASX: TLS) share price hasn’t been able to build on yesterday’s solid gain.

At the time of writing, the telco giant’s shares are down slightly to $3.48.

Why did the Telstra share price rise on Monday?

Investors were buying Telstra’s shares on Monday in response to some positive industry news.

That news was that arch-rival Optus has raised the pricing on all its mobile plans by $6 per month. This represents an 8% to 15% increase and is meaningfully larger and earlier than experts were expecting.

According to a note out of Goldman Sachs, its analysts note that this means its entry level price point has lifted to $45 per month, which will be accretive to Optus’ reported average revenue per user (ARPU).

What does this mean for Telstra?

While Goldman doesn’t expect the changes to impact Telstra’s pricing, it believes the overall impact to the Australian mobile market will be positive and support industry ARPU growth.

The broker does, however, see this as an opportunity for TPG Telecom Ltd (ASX: TPG) to lift prices.

Goldman said: “We believe these changes provide a clear opportunity for Vodafone (TPG) to follow, and remove the $5/m discounts it currently has across its plans. However we do not expect Telstra to change its pricing, as Optus’ increase follows the 5G price increases implemented by Telstra in July-20. Instead, we believe Telstra will continue to focus on up-selling customers to higher tiers.”

“Overall these changes support our positive view on the Australian Mobile market, which we believe is set for an extended period of ARPU growth as the industry looks to generate adequate returns on 5G investment and recovers from intense competition/lost mobile roaming revenue.”

Is the Telstra share price in the buy zone?

Goldman remains very bullish on Telstra and has retained its buy rating and $4.00 price target.

It said: “We stay Buy on Telstra ahead of the earnings’ inflection, believing that it will re-rate as it becomes a ‘simpler’ telco post NBN completion, along with further upside from possible asset monetisations.”

And although its sees positives from Optus’ price increases for TPG Telecom, it isn’t enough for a buy recommendation. It has held firm with its neutral rating and $7.10 price target.

It explained: “We stay Neutral on TPG as despite favorable mobile market trends and valuation support emerging, we remain cautious given: (1) Vodafone’s 5G network meaningfully lags TLS/Optus, while in-market mobile pricing is lower yoy; (2) TPG trading multiples are still in-line with TLS; and (3) The unexpected departure of the Chair and upcoming escrow completions (i.e., escrows on over 64% of TPG equity finish Jul-22) are likely to remain an overhang on the share price.”

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• Why is the Telstra (ASX:TLS) share price rising today?
• ASX 200 Weekly Wrap: Shares have average week but a great month
• Should you always reinvest your ASX dividends with a DRIP?
• What happened to the Telstra (ASX:TLS) share price in April?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra 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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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.

What happened

Shares of Alphabet (NASDAQ: GOOG) (NASDAQ: GOOGL) were climbing higher last month after the Google parent gained early in the month amid bullishness over the economic reopening and a rise in the broad market. The stock jumped again at the end of April after it delivered a better-than-expected first-quarter earnings report, and it got a number of bullish analyst notes and upgrades along the way.

According to data from S&P Global Market Intelligence, the stock finished the month up 14%. The chart below shows its gains.

GOOGL data by YCharts.

So what

Alphabet shares jumped out to a strong start in April amid a broader bullishness in the market as President Joe Biden unveiled a $2.3 trillion infrastructure bill, and the March jobs report was better than expected, showing the economy added nearly 1 million jobs. Both items, along with an accelerating vaccine rollout, helped drive Alphabet shares higher since the company’s performance, as an advertising business, is highly correlated with the overall health of the economy. 

Several analysts raised their price targets on the stock over the course of the month, including Wedbush, which added the stock to its best ideas list, seeing its opportunity being accelerated in the reopening.

And the stock rose 3% on April 28 after the company beat estimates by a wide margin in its first-quarter earnings report. Revenue jumped 34% to $55.3 billion, lapping the beginning of the lockdowns a year ago and beating estimates at $51.7 billion. On the bottom line, operating income doubled, and the company finished with earnings per share of $26.29, which was well ahead of estimates at $15.82. Growth in its advertising business, especially YouTube, was strong, and cloud revenue jumped 46% to $4 billion.

Now what

Alphabet shares are now up 33% as the tech giant is well positioned to benefit from the economic reopening, which is already driving a surge in advertising demand. Additionally, shares of the Google parent offer great value, trading at a price-to-earnings ratio of just 27. Don’t be surprised to see the tech stock continue to march higher this year.

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

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• Alphabet topped Wall Street’s earnings targets by 66%

Jeremy Bowman has no position in any of the stocks mentioned. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares) and Alphabet (C shares). The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The De Grey Mining Limited (ASX: DEG) share price is surging today. At the time of writing, shares in the gold miner are trading for $1.55 – up 11.5%. By comparison, the S&P/ASX 200 Index (ASX: XJO) is 0.31% higher.

The company comes into focus this morning as it announces “significant” drilling results at one of its sites in the Pilbara region of Western Australia.

Let’s take a closer look at today’s news and what it means for the De Grey share price.

What’s affecting the De Grey share price?

In a statement to the ASX, De Grey Mining says initial drill results at the Diucon-Eagle mining sites in the Hemi prospect have confirmed a large mineralised system.

The company highlighted the following results:

• a 14m wide ore with 21.2g of gold per tonne.
• a 19m wide ore with 4.4g of gold per tonne.
• a 17m wide ore with 5.7g of gold per tonne, and
• a 61m wide ore with 2.g of gold per tonne.

De Grey says the results “demonstrate the potential to rapidly and cost-effectively” add to its site gold endowment.

Investors are reacting well to today’s news, judging by the De Grey share price climb.

Management commentary

De Grey managing director Glenn Jardine said:

These recent results at Diucon and Eagle confirm the presence of a large mineralised system in the west of Hemi. Both zones remain open to the west toward Antwerp. Diucon and Eagle represent another step change to the gold endowment at Hemi.

RC drilling to determine the overall scale along strike continues and diamond drilling of potential down dip extensions is expected to commence during the quarter.

Gold commodity price

Gold is currently trading on the commodity market for around US $1,790 per troy ounce. It’s down 5.54% since the beginning of the year and 13.4% lower compared to its record of US $2,069 per troy ounce. Gold hit that record in August last year. However, it is 3.6% higher over the last month.

The website Trading Economics attributes the precious metals recent rise to “a weaker dollar and lower treasury yields” as well as fears over rising COVID cases in parts of the world. Gold is seen as a safe investment by some investors, according to the website.

De Grey share price snapshot

Over the past 12 months, the De Grey share price has increased 308.2%. Its share price shot up 16% on 23 April, as the miner announced preliminary results at other sites in the Hemi prospect.

De Grey has a market capitalisation of $1.9 billion.

More reading

• ASX 200 up 0.5%: Coles Q3 update, Westpac settles class action, JB Hi-Fi loses its CEO
• Why the De Grey Mining (ASX:DEG) share price is surging 16% higher
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• Why the De Grey Mining (ASX:DEG) share price is dropping today
• Why the De Grey Mining (ASX:DEG) share price is on watch today

Motley Fool contributor Marc Sidarous 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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Infomedia Limited (ASX: IFM) shares are heading higher today after the company provided an acquisition update. At the time of writing, the Infomedia share price is trading at $1.64, up by 4.13% for the day so far.   

Infomedia provides software and data insights solutions to the global automotive industry. Below we take a look at the company’s acquisition announcement.

What acquisition did Infomedia announce?

The Infomedia share price is in the green today after the company reported its wholly owned subsidiary, IFM Americas Inc, has entered into an agreement to acquire SimplePart.

SimplePart is an e-commerce platform based in the United States. It designs and manages e-commerce programs for some of the world’s leading car manufacturers, enabling them to sell directly to consumers.

Infomedia has agreed to pay an upfront consideration of US$24.5 million (AU$31.4 million), plus an earn-out of up to US$20.5 million over 3 years.

Infomedia will pay the US$24.5 million upfront consideration from its existing cash reserves. It said it will pay the earn-out in cash while maintaining the right to pay up to 20% of earn-out payments in its shares.

SimplePart revenue came in at approximately US$10 million over the 12 months to 31 March. According to the release, SimplePart is forecast to achieve low double-digit growth rates in 2021 and 2022 “before synergies”.

The Infomedia share price opened almost 5% higher following the company’s update but has since partially retreated to its current level.

Commenting on the acquisition, Infomedia CEO Jonathan Rubinsztein said:

This is a very exciting acquisition as auto e-commerce is a strategic extension of our core global offering. SimplePart enables Infomedia to further penetrate the automaker parts ecosystem and transforms our presence in the Americas.

SimplePart founder Cole Getzler added:

This transaction is a unique opportunity for SimplePart to partner with a global leader in parts and service software that shares our philosophy of developing and delivering innovative, industry-leading fixed operation solutions. We are looking forward to sharing our solutions globally.

The transaction is expected to be completed by 30 June, subject to the customary conditions being met. 

Infomedia share price snapshot

It’s been a bit of a rollercoaster for shareholders this year, with the Infomedia share price now up 4.5% over the past 12 months. By comparison, the All Ordinaries Index (ASX: XAO) is up 35% over that same time.

Year to date, Infomedia shares are down by around 14%.

More reading

• These oversold ASX tech shares are ripe for the picking

Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Infomedia. The Motley Fool Australia has recommended Infomedia. 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 Ramsay Health Care Ltd (ASX: RHC) share price is falling this morning. This comes after the company announced key new information and updates within its presentation at the Macquarie Australia Investment Conference. 

At the time of writing, the Ramsay Health Care share price is trading for $66.62. down 0.7%.

What might drive the Ramsay share price 

Credit rating update

Credit rating agency Fitch has accredited Ramsay with an investment-grade credit rating of BBB (stable). 

Ramsay CFO Martyn Roberts said in response to the company’s first international credit rating: 

Achieving this credit rating is a positive first step in our program to diversify Ramsay’s sources of debt and extend and stagger the tenure.

Ramsay Australia update 

Ramsay Australia is the largest private hospital operator in Australia with 72 hospitals and an estimated market share of 27%. Additionally, Ramsay Australia contributed approximately 46% of the Group’s revenue in 1H21. 

Ramsay’s Australia division reported a 4.6% increase in total patient revenue for 3Q21. This was driven by a broad increase in services. In particular, this growth included surgical and non-surgical admissions, psych and rehab admissions, maternity volumes, and activity levels.

The update also noted that average costs per month associated with operating in a COVID environment are gradually reducing. However, the company is working through the higher cost of inventory acquired at the height of COVID. Furthermore, it will continue to be impacted by inflated costs for some items in the current environment. 

Ramsay UK update 

Ramsay UK experienced an 82% decline in revenues in 1H21 to $86 million from $493 million in 1H20. This decrease was due to capacity restrictions. From 1 January 2021 to 31 March, Ramsay has operated under a new volume-based agreement with the National Health Service England (NHS). This agreement utilised the capacity of 14 Ramsay hospitals during 3Q21. 

Ramsay continued to treat non-COVID NHS priority cases. However, continued strict lockdown conditions resulted in a 6.2% decline in admissions on the prior corresponding period. 

From a year-to-date perspective to 31 March 2021, admissions are tracking at approximately 83% of the prior corresponding period (pcp). The relaxation of lockdown restrictions in recent weeks has seen a recovery in the pipeline of private and self-funded patients. 

Ramsay Europe update 

Ramsay Europe is the second-largest private care provider in Europe. The company operates specialist clinics and primary care units in approximately 350 locations across five countries. Ramsay Europe contributed approximately 52.5% of the Group’s revenue in 1H21. 

In mid-March, the French Government started to restrict elective surgery capacity. The company reveals that the average capacity across all French facilities during March/April was 40%. As a result of elective surgery restrictions and COVID lockdowns, admissions for 3Q21 was announced to be “materially below” the pcp. 

More reading

• 2 high quality ASX 50 shares for your retirement portfolio
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• Ramsay (ASX:RHC) share price rises on acquisition speculation
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ramsay Health Care 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 SEEK Limited (ASX: SEK) share price has been on form on Tuesday.

In morning trade, the job listings giant’s shares jumped 7% to a record high of $32.91.

At the time of writing, the SEEK share price has eased back, but remains 3% higher at $31.62.

Why is the SEEK share price charging higher?

The catalyst for the strong rise by the SEEK share price today was the release of a market update this morning.

That update provided investors with details relating to its Zhaopin divestment, its dividend, and its guidance for FY 2021.

In respect to the former, SEEK announced that all conditions precedent to completion of the Zhaopin transaction have been satisfied. As a result, it will now reduce its holding in Zhaopin from 61.1% to 23.5%.

Approximately A$500 million of the total anticipated gross proceeds of A$697 million were received in April.

Dividend update

The SEEK board has decided to return some of the funds raised from the Zhaopin transaction to shareholders.

According to the release, it has determined to pay a dividend of 20 cents per share with a record date of 11 May and a payment date of 24 May.

Post receipt of funds from the transaction and including payment of the dividend, SEEK notes that it is operating well within its original pre-existing borrower group covenant limits. This has enabled it to end its temporary arrangement which allowed an increase in key covenant limits through to 30 June 2021.

FY 2021 guidance

Management notes that its results for the nine months ended 31 March and its outlook for the remainder of the year are ahead of previous expectations.

This has been driven by the outperformance of its SEEK ANZ (primarily SMEs) and SEEK Asia businesses.

As a result, it now expects FY 2021 revenue to be in the order of $1,740 million and EBITDA to be ~$510 million. This compares to previous guidance of $1,700 million and $510 million, respectively.

On the bottom line, reported net profit after tax is expected to be in the order of $150 million, up from $100 million previously.

SEEK’s Founder and CEO, Andrew Bassat, said: “Completion of the Zhaopin transaction and receipt of funds is an important milestone. A portion of the Zhaopin proceeds will be returned to shareholders as a dividend, which reflects our confidence in SEEK’s outlook and ongoing cash generation. Post the dividend, SEEK will still have significant balance sheet flexibility for ongoing re-investment and future dividends.”

“We are pleased to upgrade our FY21 guidance. Our willingness to invest through the cycle has meant our key businesses, in particular SEEK ANZ and SEEK Asia are now capitalising on improving macro conditions. Of note, SEEK ANZ continues to benefit from record high levels of SME hiring activity and increasing usage of our depth products. We look forward to providing another update at SEEK’s full year results in August,” he concluded.

More reading

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Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia has recommended SEEK 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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Andromeda Metals Ltd (ASX: ADN) shares are edging higher in early trade after the company heralded news regarding its crown jewel – the Great White deposit. At the time of writing, the Andromeda share price is trading 2.38% higher at 21.5 cents.

Shareholders will be grateful for the positive update, with Andromeda shares down by around 26% over the last month. For comparison, the All Ordinaries Index (ASX: XAO) is up by around 2.6% over the same period.

Let’s take a closer look at today’s news from the mineral exploration company.

Halloysite-kaolin

Andromeda shares are in the green following news that the company’s aircore drilling program has begun at its Great White deposit.

The drilling program will allow Andromeda to continue testing and defining the product of its ultra-bright halloysite-kaolin resource. It will also potentially help to extend the zone of mineralisation at the project.

The Great White Deposit is a high-quality, halloysite-kaolin resource located in South Australia. Andromeda has a 75% stake in the project, with its joint venture partner Minotaur Exploration Ltd (ASX: MEP) holding the other 25%.

Halloysite is a rare derivative of kaolin. According to Andromeda, the high purity of halloysite-kaolin from Great White makes it a premium feedstock for the production of high purity alumina (HPA). HPA is used to make electronics, watch faces, smartphone components, and it’s a key ingredient for lithium batteries.

Andromeda has also advised the ultra-bright kaolinite at its Great White deposit works well to create coatings and polymers.

The company reported that testing of ultra-bright kaolinite from Great White found, after processing, its brightness was beyond the scale used to measure kaolinite’s purity.

The aircore drilling program will be targeting areas to the north of the known deposit and to the south of a proposed mining pit.

Andromeda Metals share price snapshot

Today’s news comes at a good time for the Andromeda share price, which has had a challenging year so far on the ASX.

Currently, the Andromeda share price is down 31% year to date. Though, it’s still around 330% higher than it was this time last year.

The mineral explorer has a market capitalisation of around $453 million, with approximately 2 billion shares outstanding.

More reading

• Andromeda Metals (ASX:ADN) share price falls despite project update
• Why is the Andromeda (ASX:ADN) share price on a rollercoaster today?

Motley Fool contributor Brooke Cooper 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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