The Douugh Ltd (ASX: DOU) share price traded lower today after the smart bank account provider posted a remedial action update. At the time of writing, the Douugh share price finished 3.13% lower to 16 cents per share. Which appears particularly poor when compared to the 0.78% gain in the S&P/ASX 200 Index (ASX: XJO).

Today’s disappointing performance appears to stem from the company’s completion of remediation following the breach which came to light in early January. In short, during Douugh’s ASX listing, the parents of one of the company’s directors, Bert Mondello, were issued shares without shareholder approval.

Actions complete, Douugh share price damage remains

This speculative growth-share has been on a rollercoaster since listing. Within 10 days from making its ASX debut, Douugh’s share price increased fivefold from 6.8 cents to 34.5 cents a share. However, the following months have been marred by various listing breaches. As a result, the company’s latest announcement looks to lay to rest the breach shares incident.

According to the release, the company obtained relevant shareholder approvals to undertake a selective capital reduction of the breach shares. More importantly, the breach shares held by the director’s parents were sold on-market with all profits being donated to registered charities. The net profits from the disposal totalled $252,291.

Lastly, Douugh advised it continues to consider making changes to the composition of the board to hold the appropriate mix of qualifications, experience, and expertise. An outcome of this is expected from the company prior to its next quarterly report, 30 April 2021.

Despite these actions, the Douugh share price has lost roughly 43% since the breach revelations arose. Shareholders appear to have not found much solace in the company’s directors completing an ASX listing rules compliance course.

Recent developments

Lost in all the tribulations are the company’s latest developments in delivering on its financial wellbeing experience. Here’s a quick summary of recent events:

• Douugh acquires millenial-focused investing app Goodments – 6 January
• Launches ‘self-driving’ money management feature called Autopilot – 9 February
• Reports strong growth metrics in 3 months since launch, reaching 8,001 customers – 18 February
• Launches instant virtual card provisioning with Mastercard – 11 March

Even with the company making efforts to move forward, the Douugh share price has continued its downward trend. As a result, the company’s market capitalisation now stands at $57.5 million.

More reading

• Why the Douugh (ASX:DOU) share price is surging 8% this morning
• One person earned $250,000 on Airtasker last year. Now it’s listing
• Why the Douugh (ASX:DOU) share price is jumping 12% today

Motley Fool contributor Mitchell Lawler owns shares of Douugh Limited. 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 PayGroup Ltd (ASX: PYG) share price edged higher today before ending the day down. Today’s price oscillation comes after the company announced a new acquisition and updated earnings guidance. Today’s announcement ended the trading halt the company had been in since yesterday.

At close of trade today, the PayGroup share price was at 62.5 cents – 0.79% lower. For comparison the S&P/ASX All Ordinaries Index (ASX: XAO) finished the day up 0.68%.

What did PayGroup announce to the ASX today?

In a statement to the ASX, the business software gave several announcements regarding its business. These were:

• An upgraded earnings guidance for FY21.
• A strategic acquisition.
• Confirmation of commitments to raise $15 million via an institutional placement, and
• A share purchase plan offer to eligible shareholders to raise $1 million.

FY21 earnings guidance

PayGroup has announced a further revision of its earnings guidance for FY21, just over two weeks from its first guidance update for FY21. In today’s announcement, the company said it expects annualised recurring revenue (ARR) for the financial year to equal $21.5 million. That’s $1 million above the last guidance.

Furthermore, the company said it expects the value of new contracts signed this financial year to total $13 million. This is $3 million above the last guidance.

Strategic acquisition

In its second announcement today, the company advised it would purchase 100% of Integrated Workforce Solutions (IWS).

IWS is a workforce management software platform “specialising in solutions for the franchise sector in Australia and New Zealand.” IWS already has 1,000 customers and processes 400,000 payslips a year. PayGroup says the platform has a customer retention rate of 94%.

The total cost of the purchase to PayGroup is $15.3 million. The payment compromises a $12.75 million initial consideration ($8.4 million of which is payable in cash and the rest in PayGroup equity). The company will pay the remainder of the fee if key revenue and profit targets are met during FY22 and FY23.

PayGroup expects the acquisition to make “a material contribution” to the company’s growth going forward due to increased ARR and gross margins. This should bode well for the PayGroup share price.

$15 million institutional placement

PayGroup claims in today’s statement it has “secured firm commitments from new and existing investors” to raise $15 million before costs. 26.8 million shares will be issued at price of 56 cents each, which represents an 11.1% discount on the previous trading day’s close.

$1 million share purchase plan

Existing, eligible shareholders in the company will be able to purchase up to $30,000 worth of new shares each under a plan to raise approximately $1 million. To be an eligible shareholder, an investor must reside in Australia or New Zealand and have held shares in the company as of 7:00pm on 30 March 2021.

The new shares will be sold at a price of 56 cents each.

PayGroup share price snapshot

Over the last 12 months, the PayGroup share price has increased a modest 7.76%. In June 2020, the PayGroup share price hit a 52-week record of 90.5 cents. Since then, the value of the company has dropped by 30.94%.

At today’s market price, PayGroup has a market capitalisation of $51.6 million.

More reading

• PayGroup (ASX:PYG) share price jumps 7% on updated guidance

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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A number of ASX dividend shares have quite high yields, so they could be worth looking at if investors are searching for income.

Not every business has a big yield. Some ASX shares have high valuations, which pushes down the prospective yield. Other stocks have lower dividend payout ratios and that obviously doesn’t help the yield. 

These three ASX shares have relatively high yields:

Nick Scali Limited (ASX: NCK)

Nick Scali is rated as a buy a few brokers, including Citi – it has a price target of just over $12 on the business. According to Citi’s prediction, the furniture retailer is going to pay a dividend of $0.80 per share for FY21, which translates to a grossed-up dividend yield of 11.4%.

The latest Nick Scali dividend – the FY21 interim one – was increased by 60% to $0.40 after a strong first half where sales increased 24.4% to $171.1 million and a doubling of underlying earnings per share (EPS) to 50 cents.

Consumer spending has been focused on their homes rather than things like holidays during this difficult COVID-19 period.

The ASX dividend share’s margins improved significantly as the company discounted less and ensured spending was disciplined. The underlying earnings before interest and tax (EBIT) margin improved by 1,270 basis points to 33.6%.

The sales order bank at the end of January was the highest of all time, suggesting further sales growth for the rest of FY21.

Accent Group Ltd (ASX: AX1)

Accent is a footwear retailer which sells a number of different brands through over 500 stores. It has over 100 stores under each brand of The Athlete’s Foot, Platypus and Skechers. It’s expecting to open at least 90 stores in FY21 across all banners.

Whilst the retailer only grew its total sales by 6.6% in the first six months of FY21, online sales soared 110% to $108.1 million and this represented 22.3% of total sales.

Margins improved considerably for the business, with underlying earnings before interest, tax, depreciation and amortisation (EBITDA) going up by 44% to $97.5 million. EBIT went up 47.3% to $81.8 million and net profit after tax (NPAT) grew 57.3% to $52.8 million.

It was the above numbers that gave the board the confidence to increase the interim dividend by 52.4% to 8 cents per share.

Citi rates Accent as a buy and thinks it’s going to pay a grossed-up dividend yield of 7.6%. The company continues to invest for more growth, particularly with its store rollout and online capabilities.  

Charter Hall Long WALE REIT (ASX: CLW)

This is a real estate investment trust (REIT), it’s one of the larger ones on the ASX and it has one of the longest weighted average lease expiry (WALE) statistics on the ASX at 14.1 years.

It was the strong and stable tenant base that allowed Charter Hall Long WALE REIT to increase its distribution last year, unlike most other ASX REITs.

This ASX dividend share has good tenants such as various Australian government entities, Telstra Corporation Ltd (ASX: TLS), Woolworths Group Ltd (ASX: WOW), Ingham’s Group Ltd (ASX: ING), Coles Group Ltd (ASX: COL), Westpac Banking Corp (ASX: WBC) and Wesfarmers Ltd (ASX: WES).

Charter Hall Long WALE REIT’s rental income is slowly but steadily growing thanks to rental indexation that’s either fixed or linked to CPI inflation, as well as acquisitions. It had an occupancy rate of 97.5% at 31 December 2020.

In FY21 the REIT is expecting operating EPS to grow by at least 2.8% to no less than 29.1 cents per security. With a distribution payout ratio of 100%, that represents a FY21 yield of at least 6.2%. It’s currently rated as a buy by Morgan Stanley with a price target of $5.35.

More reading

• Retail shares: buy what you know, but who owns what you buy?
• 2 quality ASX dividend shares you can buy today
• Brokers name 3 ASX shares to buy right now
• Why the Accent (ASX:AX1) share price is pushing higher today
• Is Temple & Webster (ASX:TPW) the best e-commerce ASX share to buy right now?

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of COLESGROUP DEF SET, Wesfarmers Limited, and Woolworths Limited. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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At the small end of the Australian share market, there are a number of companies with the potential to grow materially in the future.

Two that investors might want to get better acquainted with are listed below. Here’s what you need to know about them:

MyDeal.com.au Limited (ASX: MYD)

The first small cap ASX share to look at is MyDeal.com.au. It is an online retail marketplace with a focus on homewares, furniture, and technology.

As with many ecommerce companies, MyDeal has been growing very strongly during the pandemic. For example, last month it released its half year results and revealed a 217% increase in gross sales to $126.7 million. Underpinning this growth was increased repeat purchasing and a jump in active customers to 813,764.

Positively, MyDeal appears well placed to continue this positive form over the next decade thanks to the ongoing shift to online shopping and its growing its private label business.

Interestingly, despite its strong form since its listing late last year, the MyDeal share price is now trading below its IPO price of $1.00. Morgans appears to see this as a buying opportunity. Last month it put an add rating and $1.70 price target on its shares.

Nitro Software Ltd (ASX: NTO)

Another growing small cap ASX share to watch is Nitro. It is the document productivity software company behind the popular Nitro Productivity Suite.

The Nitro Productivity Suite solution provides users with integrated PDF productivity and electronic signature tools via a software-as-a-service and desktop-based software solution. This is proving to be a very popular solution for businesses great and small. Nitro notes that it has customers as large as Barclays and IBM and as small as sole traders.

Strong demand for the Nitro Productivity Suite solution led to the company reporting a 64% increase in annualised recurring revenue (ARR) to $27.7 million in FY 2020. Pleasingly, similarly strong growth is expected in FY 2021. Last month management advised that it expects its ARR to be in the range of $39 million to $42 million this year. This represents year on year growth of 41% to 51.6%.

One broker that is a fan of Nitro is Morgan Stanley. Earlier this month the broker retained its overweight rating and lifted the price target on its shares to $3.70

More reading

• Is this the best small cap ASX share to buy now?
• Brokers name 2 exciting small cap ASX shares to buy
• The MyDeal (ASX:MYD) share price is down 22% in a month: Is it time to buy?
• 2 small cap ASX shares you need to know about
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Nitro Software 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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One of the best ways to set yourself up for a comfortable retirement is by having a passive income stream that is both reliable and has the potential to grow over time.

Investing in companies that share their profits through dividend payments is arguably the most efficient way of achieving this in the current environment.

But which ASX shares should you buy for a retirement portfolio? Two to consider are listed below:

Coles Group Ltd (ASX: COL)

The first option to consider for a retirement portfolio is this supermarket giant. It could be a good option due to its solid long term growth prospects, generous dividend policy, and defensive qualities.

Those qualities were on display for all to see in FY 2020 and the first half of FY 2021. In respect to the latter, for the six months ended 31 December, Coles reported an 8% increase in revenue to $20,569 million and a 14.5% increase in net profit to $560 million.

And while its growth will inevitably moderate now as trading conditions return to relatively normal, the company remains well-positioned over the long term. Especially given its focus on automation, which is expected to reduce costs notably in the coming years.

Combined with like for like sales growth, this should underpin solid earnings and dividend growth over the 2020s. Goldman Sachs is confident in its growth trajectory and recently retained its buy rating and $20.70 price target.

Telstra Corporation Ltd (ASX: TLS)

Another quality option for a retirement portfolio could be Telstra. While the telco giant has been underperforming in recent years, this has been driven by the NBN rollout. This rollout has led to telephone lines being removed, taking away a lucrative income stream.

The good news is that the NBN headwind is now easing and the company’s T22 strategy is delivering on its goals. As a result, management is now targeting a return to growth in FY 2022. It is also looking to unlock value by splitting the company up and monetising some of its assets.

Overall, this has analysts believing that Telstra’s dividend is now sustainable at the current level of 16 cents per share. Based on the current Telstra share price of $3.42, this represents a fully franked 4.7% yield.

Goldman Sachs is also a fan of Telstra. It currently has a buy rating and $4.00 price target on its shares.

More reading

• Is Coles (ASX:COL) a great value ASX dividend share?
• Telstra (ASX:TLS) share price up 10% in March but could go even higher
• Over 1 in 4 Australians are investing in the ASX: report
• Why an AGL Energy (ASX:AGL) demerger might be a problem
• Telstra (ASX:TLS) share price gains: Is the 52-week high next?

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 Australia owns shares of COLESGROUP DEF SET. 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 CSL Limited (ASX: CSL) share price has been under pressure over the past number of months. This comes despite the company continuing to perform its business operations with COVID-19 in the background.

Since late November, the global biotech’s shares have fallen around 16% in value. Today, CSL shares can be picked up for $266.67 apiece at the time of writing. This reflects an attractive discount for a quality blue-chip company.

Below, we take a look at 3 reasons why the CSL share price could be good value today.

Impeccable growth track record

While CSL shares might be temporarily down from their 2020 highs, the company has been around since 1916. Formerly known as Commonwealth Serum Laboratories, CSL has grown from a small-cap stock to become a global biotherapeutics and vaccine company.

With more than 1,700 scientists working across the world, this biotech behemoth specialises in developing and delivering plasma-derived products for treating serious and rare diseases, as well as being one of the largest influenza vaccine providers.

In its most recent financial report, CSL recorded $5,739 million in revenue, which amounted to a 15% increase over H1 FY21.

To put into perspective how large the company has grown over time, CSL reported $3,056 million in revenue from 5 years ago (H1 FY16). That’s almost double the revenue in just a few short years of the company’s long history.

COVID-19 will pass

No one could have foreseen what 2020 would behold with COVID-19 severely impacting the global economy and affecting everyday lives.

More than  128 million people have been confirmed to have been infected with the virus, representing almost 2% of the entire world population. Although the World Health Organisation said that best estimates indicate roughly 1 in 10 people worldwide may have had the virus.

As the worst may be over with pharmaceutical companies rolling out vaccines hastily to governments, COVID-19 is expected to subside. Experts predict that social norms will gradually return sometime in late 2021 to early 2022.

This could mean that CSL will see its plasma collections return to normal levels as well as the resumption of postponed R&D programs. The company traditionally uses its free cash flow amounts to drive growth through funding its R&D division.

CSL share price weakness

CSL shares have been treading lower in the past year, now trading at almost the same price as recorded in November 2019. The company momentarily reached a high of $320.42 in late November 2020 before trending downwards from there.

The CSL share price hit a 52-week low of $242.00 earlier this month and appears to have bottomed out. Since then, its shares have been on an upwards trajectory.

As one of the ASX market’s largest companies in terms of market capitalisation, the CSL share price is valued at $119.5 billion. Furthermore, the company has more than 455 million shares on issue.

More reading

• The A2 Milk (ASX:A2M) share price was down almost every day in March
• Over 1 in 4 Australians are investing in the ASX: report
• BlueScope (ASX: BSL) share price could get cut of Biden’s US$3tn boost
• Which is the better investment: An ASX share portfolio or an index fund?
• 3 things to expect from CSL (ASX:CSL) over the next decade

Aaron Teboneras owns shares of CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. 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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If you’re wanting to follow in the footsteps of Warren Buffett and make some buy and hold investments, then you might want to take a look at the ASX shares listed below.

Both of these shares appear fairly priced to analysts, have strong business models, and very positive long term outlooks. Here’s why they could be shares to buy:

Nanosonics Ltd (ASX: NAN)

The first ASX share to consider as a buy and hold investment is Nanosonics. It is the infection control specialist behind the industry-leading trophon EPR disinfection system for ultrasound probes.

The company’s trophon EPR system has been growing its market share at a consistently solid rate over the last decade. This has underpinned solid unit sales and even stronger recurring revenue growth from the consumables the system requires.

And while the pandemic has hit the company hard, it is also raising awareness of the importance of infection control. This bodes well for the company once the pandemic passes. Especially given how Nanosonics is aiming to release several new products targeting unmet needs in the near future.

Analysts at UBS are positive on the company. Last month they put a buy rating and $7.20 price target on its shares. UBS believes Nanosonics is a high-quality structural growth story, particularly in a post-COVID world.

NEXTDC Ltd (ASX: NXT)

Another ASX share that could be a good buy and hold option is NEXTDC. It is a technology company that provides innovative data centre outsourcing solutions, connectivity services, and infrastructure management software.

NEXTDC has been a big winner from the ongoing shift to the cloud. This has led to demand for data centre services increasing strongly over the last decade. Positively, the shift still has a long way to go, which bodes well for its future.

But management isn’t resting on its laurels. The company recently opened up offices in Singapore and Tokyo with a view of expanding into these markets in the near future. If it can repeat its success in this market, its growth could continue for a very long time to come.

Goldman Sachs is a fan of the company. Last month its analysts put a buy rating and $13.50 price target on the company’s shares.

More reading

• NEXTDC (ASX:NXT) share price tipped to charge 28% higher
• 2 rapidly growing ASX shares that could be strong buys in April
• The Nanosonics (ASX:NAN) share price is down 25% this year
• 2 of the best ASX shares to buy this month
• How this exponential growth could send ASX 200 data centre shares soaring

James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nanosonics Limited. The Motley Fool Australia has recommended Nanosonics 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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I like to keep an eye on substantial shareholder notices. This is because these notices give you an idea of which shares large investors, asset managers, and investment funds are buying or selling.

Two notices that have caught my eye are summarised below. Here’s what these fund managers have been buying:

BWX Ltd (ASX: BWX)

A notice of change of interests of substantial holder reveals that Eley Griffiths has been increasing its stake in this personal care products company. According to the notice, the specialist investment management company has added a total of 1,655,004 shares to its holding in recent months. This has taken its stake to 8,507,443 shares, which lifts its interest from 5.04% to 6.06%.

One broker that would approve of these investments is Macquarie. Earlier this month the broker retained its outperform rating and lifted its price target to $5.30. This compares to the current BWX share price of $4.35. Macquarie appears to see promise in the company’s partnership with Chemist Warehouse and its expansion in the supermarket channel with a deal with Woolworths Group Ltd (ASX: WOW).

Redbubble Ltd (ASX: RBL)

According to a notice of initial substantial holder, Kayne Anderson Rudnick (KAR) Investment Management has been building a position in this ecommerce company over the last few months. The notice reveals that the LA-based investment firm started buying Redbubble shares on 24 February and was still doing so as recently as last week. KAR Investment Management now owns a total of 13,881,972 shares, which equates to a 5.07% interest.

Judging by its purchases, it appears to believe the recent weakness in the Redbubble share price is a buying opportunity. One broker that would agree with this is Morgans. Last month the broker put an add rating and $6.64 price target on its shares. This compares to the latest Redbubble share price os $5.05.

More reading

• 2 ASX tech shares to buy in April 2021
• Is Temple & Webster (ASX:TPW) the best e-commerce ASX share to buy right now?
• ASX 200 crash anniversary: 5 of the best performing shares of the last 12 months
• Top brokers name 3 ASX shares to buy today
• Got cash to invest? Here are 2 ASX shares to buy

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX 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 Great Western Exploration Limited (ASX: GTE) share price has risen 6% today to 26 cents per share after the gold, copper, and nickel explorer completed its Finlayson gold target.

Great Western completed reverse circulation (RC) drilling in Finlayson, WA, which is about 70km north of the rich gold mining territory of Wiluna. 

RC drilling is a type of exploratory drilling relying on circulated air pressure to transport rock cuttings through hollow inner tubes. Great Western is now moving its RC drill rig onto its next gold target at Golden Bullock, near Sandstone in WA.

Great Western is primarily focused on identifying and evaluating the precious metals, rather than mining and refining them. Both the Finlayson and Golden Bullock drilling sites are 100% licenced by Great Western. 

Great Western’s Finlayson results

Great Western’s RC drilling intersected a sequence of dolerite and ultramafic with wide zones of shearing and strong alteration that includes sulphides.

The samples it collected are now on their way to the lab, with assay (the testing of a metal or ore to determine its ingredients and quality) results expected in 4–6 weeks. 

Great Western’s Managing Director Tom Ridges said that the Finlayson results were promising and Golden Bullock may prove equally so.

We are very pleased with the validation of our exploration model at Finlayson and how the drill programme has progressed. The company awaits the assay results.

We now turn our attention to commencing the Golden Bullock drill programme to test a large gold geochemical anomaly the company delineated earlier this calendar year.

This has proven enough to continue investor excitement around the company, with today’s gains increasing the Great Western share price to a 392.42% return over the past year.

The Golden Bullock ‘surface anomaly’ 

Great Western is now exploring a site around the Atley North Gold Project, which Great Western delineated earlier this calendar year. The initial RC drilling programme at Golden Bullock is expected to take approximately 2–3 weeks.

The Golden Bullock site has drawn investor and exploratory interest due to its large-scale surface geochemical anomaly, which is generally associated with gold mineralisation.

This area has a substantial strike (exploratory) length of over 2.5 kilometres and a width of 1.5 kilometres, making it a potentially lucrative slice of the greater Sandstone region.

The Great Western share price this past year

The Great Western share price has been on a tear over the past 12 months, rising from 2 cents in May 2020 to a high over 31 cents last month, before settling around its current price throughout March.

It’s beaten the already impressive basic materials sector by 341% over the past 12 months and remains a small-cap share, with a current market capitalisation of $35 million.

More reading

• Eagle Mountain (ASX:EM2) share price rose to 51% after high-grade discovery
• The Kogan (ASX:KGN) share price has nearly halved in 2021
• Wiluna (ASX:WMX) share price rises on further gold discoveries
• Why the Wesfarmers (ASX:WES) share price is up today
• Is Coles (ASX:COL) a great value ASX dividend share?

Motley Fool contributor Lucas Radbourne-Pugh 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 Eagle Mountain Mining Ltd (ASX: EM2) share price is rose to 51% today after news the company discovered the highest grades of gold, silver and copper ever found at its Oracle Ridge project. The company stated its assay results found the deposit and its trying to mobilise another drill rig to speed up drilling.  

The Eagle Mountain share price reached a whopping 71 cents today. At the time of writing, the share price retreated slightly to 66 cents, still up 40.86%. 

Let’s look further into the company’s assay results.

What luck!

Oracle Ridge is foremost a copper mine, but the latest assay results have found gold and silver as well. Including:

12.7m at 3.96% Cu, 49.1g/t Ag and 1.4g/t Au from 363.1m, including:

• 8.7m at 5.20% Cu, 66.7g/t Ag and 1.98 g/t Au, with
• 34.4% Cu, 367g/t Ag and 26.2g/t Au over 0.4m in massive chalcopyrite zone, the highest-grade assay ever recorded at Oracle Ridge.

14.0m at 2.1% Cu and 22.6g/t Ag from 275.0m, including:

• 7m at 3.16% Cu and 31.4g/t Ag.
• 2m overall mineralised intercept grading 1.38% Cu and 14.8g/t Ag.

Assay results are still pending for another 3 holes. Diamond drilling is also taking place to enlarge the mineral resource.

Drilling is continuing throughout the site, while contractors are improving access to other areas of the mine. The company said historical pads will be refurbished, with access tracks improved for safer, more efficient drilling operations.

Commentary from management

Eagle Mountain Mining’s CEO Tim Mason said the company is excited about its discovery:

We are thrilled by the outstanding grades but also extremely pleased by the thickness of the mineralised zone at the Leatherwood contact.

I sincerely thank our dedicated geology team, including Fabio Vergara and Brian Paull, for their work which has led to this exciting discovery.

While drilling continues, we are expediting earthworks to obtain access to new drill pads, particularly in the southern area where strongly mineralised holes drilled in the 1970s have never been followed up.

Eagle Mountain share price snapshot

The Eagle Mountain Mining share price is exploding on the ASX today.

It is currently up 50% year to date, and a massive 781.25% over the last 12 months.

The company has a market capitalisation of around $85 million, with approximately 183 million shares outstanding.

More reading

• Great Western Exploration (ASX:GTE) share price up 6% on drilling results
• The Kogan (ASX:KGN) share price has nearly halved in 2021
• Wiluna (ASX:WMX) share price rises on further gold discoveries
• Why the Wesfarmers (ASX:WES) share price is up today
• Is Coles (ASX:COL) a great value ASX dividend share?

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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