West African Resources Ltd (ASX: WAF) shares have tumbled more than 5% today after the Aussie miner’s latest quarterly update.

Why are West African Resources shares under pressure?

West African Resources provided an activities and cash flow update for the quarter ended 31 March 2021 (Q1 2021). Positively, production guidance for FY2021 was maintained during the first quarter thanks to “sound management” of COVID-19.

The Aussie miner reported no significant social, health or safety incidents for the quarter over more than 6 million hours worked. Gold production jumped 11% to 55,823 ounces at an all-in sustaining cost of US$957 per ounce.

Unhedged gold sales for the quarter totalled 56,780 ounces at an average price of US$1,800 per ounce. West African Resources shares have tumbled lower despite upgrading its FY2021 production outlook.

The Aussie miner is expecting 250,000 to 280,000 ounces produced for the full year at an AISC of US$720 to US$7800 per ounce. Mineral Resources as of 31 December 2020 were 81 megatonnes (Mt) at 2.0 grams per tonne for 5.1 million ounces of gold. Ore reserves were estimated at 20 megatonnes at 2.3 grams per tonne for 1.5 million ounces of gold.

West African Resources’ 10-year production outlook is now 216,000 ounces per annum from 2021 to 2030. The increased reserves and production estimates weren’t enough to stop the West African Resources shares from tumbling lower today.

The big news was the miner’s production from its underground operations. West African Resources reported underground mined ounces were down 30% on December quarter numbers. Ore tonnes were down 6.7% with 7.7 grams per tonne versus 10.3 grams per tonne in the previous quarter.

Foolish takeaway

West African Resources shares are under pressure today following the company’s latest quarterly update. That’s despite reporting increased production levels and lower all-in sustaining cost of production for the March quarter.

The group reported a “healthy financial position” with $94 million cash on hand and strong operating cash flow for the quarter.

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Motley Fool contributor Ken Hall 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 Westpac Banking Corp (ASX: WBC) share price has been a positive performer on Wednesday.

In afternoon trade, the banking giant’s shares are up 1% to $25.24.

This latest gain means the Westpac share price is now up almost 29% since the start of the year.

Why is the Westpac share price rising today?

Investors have been buying Westpac’s shares today for a couple of reasons.

One is a further improvement in investor sentiment in the banking sector. This is being driven by improving trading conditions, Australia’s strong economic recovery, and optimism over the upcoming bank results season.

What else is supporting its shares?

Also giving the Westpac share price a boost today is an update on a class action. This relates to premiums paid for certain insurance policies taken out with Westpac Life Insurance Services between 2011 and 2017.

Shine Lawyers commenced the class action in 2017, alleging that customers who received financial advice and, in reliance on that advice, took out a life insurance policy with Westpac Life, were charged higher premiums for life insurance policies than persons who obtained identical insurance issued by Westpac Life on the recommendation of independent financial advisers.

Furthermore, it alleged that these customers were not informed by Westpac that they could obtain substantially similar or better policies of insurance from alternative insurers for lower premiums.

Ultimately, the class action claimed that Westpac wrongly acted in its own interests at the expense of those customers, and that they should be compensated for the excess premiums.

What was today’s update?

According to the release, Westpac has now settled its class action with Shine Lawyers.

The banking giant advised that the settlement is capped at $30 million and remains subject to approval by the Federal Court of Australia.

It also stressed that it has resolved the matter without any admission of liability.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. 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 Strike Energy Ltd (ASX: STX) share price has surged more than 6% today after the company’s latest quarterly update.

Why is the Strike Energy share price surging?

Strike reported several highlights for the quarter ended 31 March 2021 (Q1 2021). At its West Erregulla site, Strike executed drilling operations at the WE4 well with results “above expectations”. Gas was observed throughout the entire reservoir sections with no gas water contact seen. WE4 drilling operations are now complete and final production casing string has been cased and cemented. 

In its South Erregulla & Permian Gas Fairway, WE4 results suggested communication between the West and South Erregulla structure. That reportedly increases the likelihood that the two are “co-charged in a mega-closure”. The update was also punctuated by the Project Haber update from the Aussie energy group.

Strike has entered into pre-FEED and is advancing its Mid-West fertiliser development to produce low-cost urea from its Perth Basin Gas resources. Strike has been awarded an option to lease 60 hectares of “strategically positioned land” during the quarter.

The company said Project Haber will secure more than 628 petajoules of additional gas demand with an opportunity to be on both the supply and demand side of a potential hydrogen boom.

That’s been enough to help push the Strike Energy share price on Wednesday. Strike has agreed to acquire 100% of existing rights of the Perth Basin via its acquisition of Mid-West Geothermal Power Pty Ltd during the quarter.

Greater Erregulla update

Another factor that could be contributing to the Strike Energy share price rise is the company’s Greater Erregulla update, released yesterday. Strike announced it has been awarded the maximum $200,000 Exploration Incentive Scheme (EIS) grant to contribute towards the drilling of South Erregulla-1.

The company was also awarded exploration permit EP505 from the WA Department of Mines, Industry Regulation and Safety during the quarter. This allows for progression of data acquisition over Strike’s current “flagship opportunity” in South Erregulla.

There was also an update on the corporate side of things for the Aussie energy company. Strike successfully completed a $75 million single tranche equity placement after the quarter end. The company hopes to raise a further $5 million from the currently open Share Purchase Plan.

Foolish takeaway

The Strike Energy share price has jumped higher on the back of this morning’s quarterly update. Shares in the energy group remain up more than 6% at 37.2 cents, with a $729.1 million market capitalisation.

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

Tesla (NASDAQ: TSLA) reported better-than-expected earnings in the first quarter thanks in part to a $101 million “positive impact” from the sale of Bitcoin (CRYPTO: BTC), the electric vehicle maker has said.

On Monday after markets closed, Tesla reported a $438 million profit. It earned $0.93 per share, well ahead of the $0.79 estimate.

Tesla’s quarterly results as usual include both automotive sales and the sale of environmental regulatory credits. But the first-quarter results also included a $101 million gain on the sale of Bitcoin. In its update to shareholders, the company reported a purchase of $1.5 billion of “digital assets” in the quarter, as well as $272 million in proceeds from such sales.

The sales serve as a fresh reminder that for all of Tesla’s growth, its automotive division is still lagging in terms of profitability. Absent the crypto sales and $518 million in sales of regulatory credits, the company would have reported a $181 million loss — and not a profit — despite record deliveries.

The company’s auto business has been impacted by the pandemic, and a shift in preference toward newer, lower-margin models as its higher-priced Models S and X age. Tesla expects to update those models, as well as introduce new products, in the quarters to come.

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

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Bitcoin and 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.

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The American Pacific Borates Ltd (ASX: ABR) share price is sinking today. The boron and lithium miner’s price drop comes after its CEO and managing director resigns.

At the time of writing, shares in the company are trading for $2.24 – down 5.08%. By comparison, the S&P/ASX 200 Index (ASX: XJO) is 0.04% higher.

Let’s take closer look at today’s news and what it means for the business.

American Pacific CEO resigns

In a statement to the ASX, American Pacific said its CEO and managing director Michael Schlumpberger has resigned. The exact date of Schlumpberger’s exit was not specified, nor was the reason. The company did state, however, he would “continue with the Company for a transitional period working with the US Advisory Board to ensure a smooth handover.”

Schlumpberger joined the organisation in June 2017 and, according to the statement, “has been integral to the development of the Company and the Fort Cady Borate Mine.”

The company listed on the IPO a month after Schlumpberger’s appointment and in that time the American Pacific share price has increased 878%. The majority of this gain occurred over the last year, where it appreciated 581%.

Lithium and boron background

While investors appear to believe Schlumpberger’s leadership was crucial to the company’s success, judging by the American Pacific share price drop, the rising demand for boron, and lithium in particular should not be undercounted.

Lithium is currently trading on the commodities market for around US $13,900 a tonne. Its price has increased 103%. The website Trading Economics expects its price to continue to rise as demand for electric vehicles and ‘green’ technology increases. Lithium is an essential element in the manufacture of electric vehicle batteries. Many ASX lithium stocks are seeing monumental growth for this reason.

Boron, found mostly in the Mojave Desert in the US, is used for space travel and fibreglass manufacturing. American Pacific’s For Cady Project is the largest borate mine not owned by Rio Tinto Limited (ASX: RIO).

American Pacific share price snapshot

As stated, the American Pacific share price has been growing exceptionally well since its IPO. Before today’s dramatic drop, the company hit its all-time high during intraday trading yesterday.

American Pacific has a market capitalisation of $863.6 million.

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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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5G Networks Ltd (ASX: 5GN) shares are having a positive day on Wednesday after the company posted upbeat third-quarter results. At the time of writing, the 5G Networks share price is trading 7.34% higher at $1.17.

Let’s take a look at how the telco has been performing.

Quarterly update 

The 5G Networks share price opened just 0.9% higher this morning but increasing optimism has boosted it further in midday trade.   

5G Networks today reported achieving revenues of $26.5 million in the third quarter, with a $14.1 million contribution from its 44.6% ownership of Webcentral Group Ltd (ASX: WCG). By comparison, the telco reported $13 million in cash receipts for the March quarter last year.

The company’s performance reflects strong growth across all three core products and increasing demand for its Voice Bridge One Microsoft Teams product. 

This helped it achieve earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $4.7 million for the quarter, with $3.2 million of this coming from Webcentral. The company achieved an EBITDA target of 20% of revenue for the month of March. Looking ahead, 5G Networks expects continued margin growth as cloud, data centre and network services continue to be consolidated within its infrastructure. 

The company is eyeing a number of initiatives to act as growth drivers. These include the launch of a wholesale automated service fulfilment portal in early May, new data centre fibre builds and integration synergies from previous acquisitions. 

5G Networks has traditionally put its foot on the pedal for strategic acquisitions to drive scale and growth. This includes its acquisition of ColoAU back in July 2020, ex-Pipe Networks Data Centre in Fortitude Valley in November 2020 and acquiring 100% of leading dedicated cloud provider Intergrid Group in March 2021.

Today’s quarterly report hinted that a number of strategic acquisitions are currently being reviewed. 

5G Networks share price performance 

The 5G Networks share price has struggled to make headway after topping out at $2.44 in late August 2020. Even with today’s boost, the company’s shares remain almost 19% lower year to date. Over the past 12 months, however, 5G shares have gained 30%.

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Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends 5G NETWORK FPO and owns shares of and recommends Microsoft. The Motley Fool Australia has no position in any of the stocks mentioned. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. 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 Orthocell Ltd (ASX: OCC) share price is rising today following news of a successful pilot animal study. The company states that as a result of the study, it’s seeking to fast-track US approval for its CelGro product.

The Orthocell share price is currently trading at 54 cents, up 4.85% from yesterday’s closing price.

Let’s take a closer look at the latest news released by the regenerative medicine company. 

Positive study results

Orthocell released the news today that the results of its pilot animal study indicate that CelGro facilitates nerve regeneration in a superior manner compared to current market-leading nerve repair devices. It was found to effectively regenerate nerves. In particular, it is able to restore an injured sciatic nerve to its former state.

As a result, Orthocell is looking to speed up the product’s approval in the US. Additionally, it seeks to establish a plan to receive the highest reimbursement value.

According to independent principal investigator, Dr Zoran Pletikosa at the University of Western Sydney, using CelGro to repair nerves resulted in no inflammation, scar tissue formation, or fibro-adhesions. After 4 weeks, the repaired nerve looked as though it had not been injured at all.

Further, it was stated that CelGro is easier to use in surgery than the current market-leading equivalent.

The company said the results from the animal study suggested that by restoring the damaged nerve, a patients’ return of upper arm and hand function is faster and more predictable.

Orthocell also expects to announce more data from its CelGro nerve regeneration human clinical study in the second quarter of 2021, focusing on the return of arm and hand function at 12 months post-treatment.

This data will guide the company’s approach to seeking regulatory approval from the Food and Drug Administration (FDA), US Medicare, Medicaid, private payers, and the Veteran’s Administration.

Commentary from management

Orthocell’s managing director Paul Anderson commented on the study’s results, saying:  

We are excited by the opportunity to provide patients access to this life changing treatment. Importantly, this evaluation of regulatory and reimbursement pathways position the Company towards a more attractive reimbursement value increasing the market opportunity.

Orthocell share price snapshot

The Orthocell share price is having a fantastic 2021 on the ASX, with today’s news bringing its latest boost.

Currently, the Orthocell share price is up 13% year to date. It’s also up 73% over the last 12 months.

The company has a market capitalisation of around $97 million, with approximately 189 million shares outstanding.  

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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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The Appen Ltd (ASX: APX) share price has been a particularly positive performer on Wednesday.

The artificial intelligence data services company’s shares are up a sizeable 5% to $15.92 at the time of writing.

Why is the Appen share price racing higher?

Investors have been buying Appen’s shares following the release of a broker note out of Macquarie Group Ltd (ASX: MQG) this morning.

According to the note, the broker has upgraded its shares from an underperform rating to neutral. Macquarie has, however, held firm with its price target of $16.00.

Its analysts made the move following a sharp decline in the Appen share price since they downgraded it to underperform in the middle of February.

Macquarie notes that the Appen share price had lost approximately a third of its value since that point, prior to today.

What else did Macquarie say?

Although Macquarie has upgraded its shares on valuation grounds, it has warned investors not to get too excited.

While it acknowledges that Appen has a strong position in the market, which gives it some pricing power, it does have concerns that price competition could potentially lead to larger than expected earnings downgrades in the future.

The broker has warned that this may not be fully priced into current valuations.

Bullish broker

Macquarie may not be overly bullish, but one broker appears to be.

A note out of Citi from earlier this month reveals that its analysts have retained their buy rating and $30.90 price target on the company’s shares.

Based on the current Appen share price, this implies ~94% upside over the next 12 months.

It has been looking at industry developments and believes they are pointing to solid growth in the artificial intelligence training data industry.

Though, it does acknowledge that with many of its competitors raising funds, Appen may need to increase its investment in product development to stay ahead of the pack.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Appen Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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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.

GameStop (NYSE: GME) is clearing the decks in preparation for its transformation into an online-oriented video game supercenter.

Having recently announced it will retire all of its outstanding debt at the end of the month, it now says it added $551 million to its bank account by selling 3.5 million shares through an at-the-market (ATM) equity offering.

Coupled with the half-billion dollars it said it ended the first quarter with last month, that should give GameStop all the financial wherewithal it needs to achieve its plan for future growth.

Earlier this month, GameStop increased the size of its ATM offering in preparation for the sale, and apparently found eager buyers for the stock. The amount of the gross proceeds reported suggests an average purchase price of around $157.43 per share.

Almost all top executives of the company, including CEO George Sherman, who will be leaving at the end of July, have either resigned or been ousted. Also, almost the entire board of directors announced it wouldn’t stand for reelection at the company’s annual shareholder’s meeting.

That gives activist investor Ryan Cohen, who was recently appointed board chairman, complete control of the company and where it heads in the future.

Cohen has said he wants GameStop to keep only its most profitable retail locations as it becomes a consumer-focused e-commerce company that is the Amazon of video games. With no debt on its balance sheet and around $1 billion in cash, any failure by GameStop to transform itself won’t be because of any financial roadblocks.

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

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Rich Duprey 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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St Barbara Ltd (ASX: SBM) shares have lost their shine today after the gold miner released its third-quarter report to the market.

At the time of writing, the St Barbara share price is down 8.13% to $1.865. So, what was in the report that has sent investors scrambling?

What’s impacting the St Barbara share price?

Unfortunately for St Barbara shareholders, the finance side of things was the complete opposite of what investors hope to see. Typically, the desire is for production to increase and costs to fall – which means profits grow.

But the St Barbara share price is suffering today after the company showed a fall in production. Specifically, gold production drifted 8.2% lower to 82,303 ounces compared to the previous quarter. Adding to the margin compression, all-in sustaining costs (AISC) climbed 8.7% to $1,649 per ounce.

The result is a reflection of further deterioration in the COVID-19 situation in Papua New Guinea. Sadly, a significant increase in community transmissions occurred during the quarter. St Barbara stated that this affected a number of employees and community members.

Furthermore, gold sales fell 28.3% to 71,329 ounces compared to the December quarter. Although, on a positive note, the average realised gold price increased 5.7% to $2,247 per ounce.

Looking ahead

To alleviate future production issues, St Barbara continues to progress with its “Building Brilliance Program”. The program aims to improve operations and deliver brownfield expansion projects.

As part of ‘Uplift 1’ of the program, the company has been focusing on debottlenecking operations to achieve improved production at a reduced cost – exactly what shareholders would be looking for, given today’s results.

Additionally, ‘Uplift 2’ entails St Barbara pursuing increased production from its Leonora Province site.

CEO offers glimmers of hope

St Barbara managing director and CEO Mr Craig Jetson commented on the results, saying:

The business performance during the month of March, across all three operations, reflects this positive improvement. Since Building Brilliance was launched in September 2020, it has delivered significant operational efficiencies and cost reductions. Of the targeted A$30 to A$40 million annualised cash contribution benefit for FY21, A$18 million has been achieved as at the end of March 2021. Many of the production related improvements were realised in the latter part of the March quarter, including a record milling month and improved gold recovery at Atlantic, and ‘filling the mill’ at Leonora.

Importantly, St Barbara is not alone in its share price selloff today. Other gold miners including Northern Star Resources Ltd (ASX: NST) and Evolution Mining Ltd (ASX: EVN) are also tumbling lower. These moves come following a fall in the spot gold price overnight. 

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• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Mitchell Lawler 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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