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ASX tech shares are broadly outperforming today with the S&P/ASX All Technology Index (ASX: XTX) up 1.22% compared to a 0.58% gain posted by the All Ordinaries Index (ASX: XAO).

But ASX tech share Xref Ltd (ASX: XF1) is charging far higher, up 8.3% to 39 cents per share.

This comes following the release of the human resources technology company’s full-year results for the 12 months ending 30 June (FY22).

Here are the highlights.

Xref share price soars on rocketing profits

• Total revenue of $18.6 million, up 29% from FY21.
• Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 75% year on year to $1.8 million
• Net profit after tax (NPAT) of $730,000, up 834% from the prior year
• Net cash generated from operating activities up 99% from FY21 to $4.6 million

What else happened with the ASX tech share during the year?

FY22 was a record year for sales and revenue for Xref.

Total expenses were up 20% from the prior year, to $16.9 million. That was largely driven by higher marketing spending and increased wage costs. The company said the extra spending will support continued revenue growth and product development.

The company said it remained the number one ranking reference checking company on peer-to-peer review site G2, with an average 4.7-star rating. Its global Google review rating is 4.8 stars, while Capterra reviews also award the ASX tech share with 4.7 stars.

What did management say?

Commenting on the results sending the ASX tech share higher today, Xref CEO Lee Seymour said:

All regions grew strongly in FY22. North American revenue grew 49% year on year with revenue from the United States growing by 129% when compared to FY21 showing strong demand for Xref’s products from this area…

Clients who joined Xref prior to FY2020 accounted for 60% of revenue in FY2022. Clients who joined in FY2021 grew by 131% in FY2022 and revenue from new clients grew 32% when compared to the previous year. This demonstrates Xref’s strong track record in client retention and increasing customer life time value.

What’s next?

Xref did not offer specific guidance for the year ahead.

However, the ASX tech share did note its continued growth plans, stating, “The first half of FY23 will see Xref preparing to launch products to grow the marketplace and platform subscriptions.”

How has this ASX tech share been tracking?

Despite today’s rise, the Xref share price remains down 42% in 2022. That sees the ASX tech share underperforming the All Ordinaries, which is down 9% year to date.

The post ASX tech share Xref rallies on 834% profit boost appeared first on The Motley Fool Australia.

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More reading

• What’s been happening with the Nuix share price of late?
• Why is the Prescient share price diving 12% on Wednesday?
• Guess which ASX lithium share is rocketing 20% on positive drill results
• Which 3 ASX mining shares are soaring more than 15% today?
• 2 exciting small cap ASX shares that analysts say have huge potential

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Xref Limited. The Motley Fool Australia has recommended Xref Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX 200 Materials Index (ASX: XMJ) is lifting 1% today, but this one ASX lithium share is soaring far higher.

The Latin Resources Ltd (ASX: LRS) share price is surging more than 20% today and is currently trading at 13.3 cents.

So why is this lithium explorer having such a good day?

Why is this ASX lithium share rising?

Latin is working on projects for a net zero emission future. The company is exploring the Salinas Lithium Project in Brazil and the Catamarca Lithium Project in Argentina. Latin is also progressing the Cloud Nine Halloysite- Kaolin Deposit in Australia.

Today, Latin provided an update on metallurgical test work on drill core from the company’s Salinis lithium project.

Simple heavy liquid separation recovered 78.72% lithium oxide with a high-grade lithium oxide concentrate of up to 6.57%.

Commenting on this news, executive director Chris Gale said:

We are seeing lithium recovery rates and concentrate grades from simple HLS processing that are well above industry standards.

This points to strong potential for production of a premium Li product and therefore premium pricing for our product.

Gale acknowledged it is still early days and more test work needs to be completed.

However, he said “the apparent ease of liberation of our spodumene producing such a high lithium concentrate may have significant positive implications for our Salinas Project”

For example, it may mean Latin will not need to rely on floatation processing, which is more costly, to extract high-quality concentrate. Latin will be conducting further test work in future weeks.

Latin Resources share price snapshot

The Latin Resources share price has soared a mammoth 348% in the year to date. In the past year, it has rocketed more than 209%.

For perspective, the ASX Materials index has lost 0.3% in a year and 1.23% in the year to date.

Latin Resources has a market capitalisation of $253 million based on the current share price.

The post Guess which ASX lithium share is rocketing 20% on positive drill results appeared first on The Motley Fool Australia.

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More reading

• 3 ASX mining shares rocketing higher today on new finds
• Why is the Latin Resources share price leaping 30% today?

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

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It’s a better day for the S&P/ASX 200 Index (ASX: XJO) so far on Wednesday with the benchmark index up 0.58% at the time of writing. But that’s nothing compared to some ASX mining shares that are recording impressive gains today.

This is amid the S&P/ASX 300 Metals and Mining Index (ASX: XMM) gaining 1.27% in late afternoon trade. A similar benchmark, the S&P/ASX 200 Materials Index (ASX: XMJ), is also up 1.09%.

Let’s see which ASX mining shares are have a cracking day today.

Arcadia Minerals Ltd (ASX: AM7)

The Arcadia Minerals share price is up a massive 102.56% at the time of writing, with shares of the battery metals explorer trading hands for 39.5 cents each. The company’s share price hit an intraday high of 48 cents this morning, representing a 146% gain.

The big news for the company today is the announcement it has discovered 85.2 million tonnes of extra lithium reserves at its Bittwasser site in Namibia this morning. This represents a 560% increase from its earlier numbers. The company also announced that 59.6 million tonnes of lithium carbonate could be produced from these additional reserves, up 430% from previous estimates.

Nimy Resources Ltd (ASX: NIM)

The Nimy Resources share price is up 18.52% in late afternoon trade. Shares in the nickel exploration company are fetching for 32 cents apiece after closing at 27 cents each yesterday.

There’s no news today to support the Nimy Resources share price surge. In fact, the last significant announcement the company made was in June when it released its quarterly activities report. This was mostly centred around its diamond drilling activities. Curiously, nickel is currently down 0.69% today, according to Markets Insider.

Noronex Limited (ASX: NRX)

The Noronex Limited share price is up 21.05% right now to 6.9 cents a share. Earlier today, the copper company’s shares hit an intraday high of 7.9 cents apiece, representing a 39% jump.

Noronex addressed the reason why its shares are gaining today through a response to a price and volume query initiated by ASX’s listings compliance department. The price action of Noronex shares comes amid news about other ASX-listed companies mining in the Kalahari copper belt, where Noronex controls 5,600 square kilometers. The belt stretches from Namibia into Northern Botswana.

In the letter addressed to the ASX, Noronex said Cobre Ltd (ASX: CBE) reported it had discovered significant copper mineralisation in the Kalahari copper belt. Another update by Sandfire Resources Ltd (ASX: SFR) was cited as a potential contributor to the surge in the Noronex share price as it prepares to commence copper mining in its Motheo Botswana site in FY23.

The post Which 3 ASX mining shares are soaring more than 15% today? appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Looking to buy Qantas shares? Here’s what to watch when the airline reports tomorrow
• Wagners share price plummets 26% as FY22 net profit declines
• Why are ASX 200 tech shares having such a cracker of a day?
• HMC Capital share price jumps 9% on explosive results

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

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If you have room in your portfolio for some higher risk options, then the two small cap ASX shares listed below could be worth considering.

Both have been named as buys and tipped to rise materially from current levels. Here’s what analysts are saying about these small cap shares:

Camplify Holdings Ltd (ASX: CHL)

The first small cap ASX share that is highly rated is Camplify. It is one of Australia’s leading peer-to-peer (P2P) digital marketplace platforms connecting recreational vehicle (RV) owners with hirers.

Camplify has been growing at a solid rate in recent years and continued this in FY 2022. It has just released its full year results and revealed a 63% increase in gross transaction volumes to $53.6 million and a 94% jump in revenue to $16.4 million.

This went down well with the team at Morgans, which remain very bullish on the company’s prospects. The broker said:

Camplify (CHL) released its 4Q22 trading update, which in our view showed strong growth in key metrics and highlighted the underlying momentum in the business post lockdowns easing continued throughout the fourth quarter.

CHL’s management team has shown an ability to build out a successful scalable platform, in our view. Whilst still in its infancy and not without risk, we believe structural tailwinds supporting CHL and the prodigious opportunity offshore should provide longer-term growth potential for patient investors.

In light of the above, Morgans has put an add rating and $4.25 price target on the company’s shares.

Pentanet Limited (ASX: 5GG)

Another small cap ASX share to look at is specialist broadband provider Pentanet.

It recently released its full year results for FY 2022 and reported a 54.1% increase in revenue to $16.8 million. This was driven by strong demand for its internet services, which resulted in a 34.1% increase in internet subscribers to 16,674. In addition, cloud gaming subscribers grew to 182,000+ after only launching in October 2021.

The team at Bell Potter were impressed with the company’s performance and expect this solid growth to continue. Particularly given its exposure to global entertainment and data trends. It said:

We believe 5GG’s neXus rollout is a significant opportunity for the company to deliver high quality internet into the Perth metro region which is typically characterised by underperforming networks. Changing media consumption (e.g. streaming) and the proliferation of data downloaded are key drivers of internet premiumisation in Australia.

neXus is underpinned by Meta’s Terragraph technology which can enable gigabit internet at scale at high margin and relatively low cost to the consumer. 5GG is also exposed to the rapidly growing cloud gaming industry through the exclusive Australian distribution of NVIDIA’s GeForce NOW platform.

Bell Potter has retained its speculative buy rating on the company’s shares with a slightly trimmed price target of 56 cents.

The post 2 exciting small cap ASX shares that analysts say have huge potential appeared first on The Motley Fool Australia.

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More reading

• Camplify share price sinks 6% on growing FY22 losses
• Pentanet share price rips 10% higher on double-digit profit growth
• ‘Strong growth’: Expert says buy this ASX company that just doubled revenue
• Camplify share price leaps 6% as revenue more than doubles

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Camplify Holdings Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Pentanet 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 Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) is finally back in the green this Wednesday after a rough couple of trading days. At the time of writing, the ASX 200 has gained a healthy 0.52% and is just under 7,000 points.

So let’s now delve deeper into these gains by checking out the shares currently topping the ASX 200’s share trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Wednesday

Telstra Corporation Ltd (ASX: TLS)

First up today is ASX 200 blue chip telco Telstra. So far this Wednesday, a notable 13.9 million Telstra shares have been bought and sold on the share market. This is probably a consequence of the nasty 2.2% drop that the company has endured so far during today’s session.

However, that drop is not as bad as you might think, being a consequence of the telco trading ex-dividend for its upcoming final dividend payment of 8.5 cents per share.

EML Payments Ltd (ASX: EML)

Next up we have ASX 200 payments share EML. So far this Wednesday, a sizeable 22.71 million EML shares have found a new home. Sadly for investors, this looks to be a byproduct of the company’s nasty share price fall that we have seen.

As we dug into earlier this afternoon, investors are fleeing the company after EML revealed that it has identified fraudulent activity within its Sentenial business. With EML shares down by 11.56% to 88 cents each, it’s perhaps no wonder so many shares are trading hands.

Pilbara Minerals Ltd (ASX: PLS)

Last up today is ASX 200 lithium stock Pilbara Minerals. This Wednesday has seen a whopping 35.06 million Pilbara shares trade on the share market thus far. Fortunately for investors, this seems to be the result of a positive share price swing.

Pilbara shares have gained a pleasing 5.96% so far today to $3.46 a share. There’s been no news out of the company during the current session. But investors have been flocking to PiIblaa shares ever since the company dropped its FY2022 earnings report yesterday.

The post Here are the 3 most heavily traded ASX 200 shares on Wednesday appeared first on The Motley Fool Australia.

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More reading

• Top brokers name 3 ASX shares to buy today
• Looking to buy Qantas shares? Here’s what to watch when the airline reports tomorrow
• Wagners share price plummets 26% as FY22 net profit declines
• Why are ASX 200 tech shares having such a cracker of a day?
• Could Pilbara’s inaugural profit signal good times ahead for ASX lithium shares?

Motley Fool contributor Sebastian Bowen has positions in Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments and Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It’s been a pleasing day for the S&P/ASX 200 Index (ASX: XJO) and ASX shares so far on Wednesday. At the time of writing, the ASX 200 is up a decent 0.44% at just under 7,000 points. But sadly, the same can’t be said for the Novonix Ltd (ASX: NVX) share price.

After initially opening in the green this morning, Novonix shares have dipped into red territory. The battery technology company is presently trading at $2.36 a share, down a nasty 2.9% for the day so far.

So what’s given investors a bee in the proverbial bonnet over this company today?

Well, to put it scientifically, it’s a darn-tootin’ mystery.

There’s been no ASX announcements or news at all out of Novonix itself today. Or indeed since 5 August.

And other ASX shares that could be described as close to Novonix’s wheelhouse aren’t suffering a similar fate either. ASX battery metals and lithium shares like Pilbara Minerals Ltd (ASX: PLS), Allkem Ltd (ASX: AKE) and Core Lithium Ltd (ASX: CXO) are all having exceptional days.

So perhaps investors are reacting to Novonix’s lack of earnings clarity, seeing as we are in the midst of earnings season. Many ASX shares have already delivered their earnings. Most others are scheduled to deliver their reports in the next week or so.

But although Novonix’s fiscal year runs to 30 June, we haven’t yet heard from the company as to when investors might get a look at the books.

So the only thing we know about today’s share price movements for sure is how unwelcome they might be for investors today.

Novonix share price snapshot

Novonix shares have had an exceptionally rough year. After today’s falls, the battery tech company has now lost a painful 77.7% year to date. The company is now more than 75% off of its all-time high of $12.47 that we saw late last year.

At the current Novonix share price, this ASX share has a market capitalisation of $1.18 billion.

The post Why is the Novonix share price getting hammered on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• How close is ASX tech share Novonix to becoming profitable?
• Why did the Novonix share price nosedive 6% today?
• Is Novonix considered an ASX lithium share?
• Novonix share price tumbles 6% on Friday. What’s going on?
• Here are the top 10 ASX 200 shares today

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

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The Lycopodium Limited (ASX: LYL) share price is spiking 11.28% following the release of the company’s full-year FY22 results.

Lycopodium is an engineering and project management consultancy working primarily in mining.

The micro-cap ASX share began the session at $6.14 on Wednesday — a 4.95% bump on yesterday’s closing price of $5.85. It then ascended to $6.80 — a new 52-week record — before settling back to $6.51 at the time of writing.

ASX share hits 52-week high on FY22 results

The highlights of the report are as follows:

• Revenue of $232.2 million, up 43% on the prior corresponding period (pcp)
• Net profit after tax (NPAT) of $27.2 million, up 92% pcp
• Earnings before interest, tax, depreciation, and amortisation (EBITDA) of $45.4 million, up 71% pcp
• Earnings per share (EPS) of 68.4 cents, up 92% pcp
• Cash balance of $100.9 million, up 31% pcp
• Final dividend of 36 cents per share with 100% franking, payable on 7 October

The record profit is enabling the company to more than double its dividends. It will pay a total of 54 cents per share for FY22. This is up 116% on the 25 cents per share it paid shareholders for FY21.

Based on the Lycopodium share price at the time of writing, this represents an 8.3% dividend yield.

In its announcement, Lycopodium said: “FY2022 has been a successful year for the business, with the award of new study work and the progression of several significant projects to the construction phase.”

What else happened in FY22?

Several projects commenced on-site works in FY22, including the Motheo Copper Project in Botswana. The Bomboré Gold Project in Burkina Faso and the Ahafo North Gold Project in Ghana also began works.

Lycopodium strengthened its profile in the lithium sector with several new projects awarded to it.

In Western Australia, this includes the EPCM (engineering, procurement and construction management) contract for Talison Lithium’s Chemical Grade Processing Plant #3 (CGP3). It also won the EPCM scope for the Kathleen Valley Project owned by Liontown Resources Limited (ASX: LTR).

Overseas, Lycopodium won the engineering, procurement and secondment services contract for the Goulamina Lithium Project in Mali. Owned by Leo Lithium Ltd (ASX: LLL), it is one of the largest lithium deposits in the world.

Other key projects secured include the early works on the expansion of the Sabodala-Massawa complex. This is the largest producing gold mine in Senegal and is owned by Endeavour Mining.

Lycopodium is also providing design consultancy services to CSL Limited (ASX: CSL). It’s helping the biotech giant plan for new vaccine production facilities.

What did management say?

Lycopodium managing director Peter De Leo said:

We have returned a record profit result this year. The fact that we have been able to continue to win work, provide opportunities for new people to join the business and support our clients to deliver their projects, despite the pandemic prevailing for two years, is a reflection of the strength, commitment and resilience of our people.

What’s next?

Lycopodium notes there is much activity in the mining sector. It expects base metal usage to increase as global industrial activity resumes following COVID-19.

The company also foresees increased demand for iron ore (especially from China), and gold because it is seen as a safe-haven asset in volatile economic times.

It notes that the energy transition will necessitate the building of new energy and transport systems.

Lycopodium also points to rising demand for minerals and metals used in electric vehicle batteries and portable electrical appliances. This includes lithium, graphite, copper, nickel, manganese, and cobalt.

Lycopodium said its FY23 performance is likely to be “broadly in line with that achieved in FY2022”.

The company says it will provide revenue and profit guidance at its annual general meeting in November.

Lycopodium share price snapshot

This ASX share is one of few enjoying a strong year in 2022. The Lycopodium share price is up 27% in the year to date. By comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is down 9%.

Lycopodium has a market capitalisation of $232.5 million.

The post Guess which ASX share is soaring 11% after dividends doubled? appeared first on The Motley Fool Australia.

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More reading

• 3 ASX All Ordinaries shares trading ex-dividend today
• Here are 2 All Ords ASX dividend shares with yields above 6%
• 3 ASX All Ordinaries shares cracking new highs on Friday
• Guess which ASX copper share has exploded 182% this week?
• 50% off: Why I think this ASX All Ords share could be a sparkling buy

Motley Fool contributor Bronwyn Allen has positions in CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended 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 Scott Phillips.

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The Allkem Ltd (ASX: AKE) share price is having a strong day on Wednesday.

In afternoon trade, the lithium miner’s shares are up over 6% to $14.00.

This leaves the Allkem share price trading within touching distance of its record high of $14.38.

Why is the Allkem share price surging higher?

Investors have been bidding the Allkem share price higher today for a few reasons.

One is the strong night of trade that lithium miners had on Wall Street. This saw the likes of Livent Corp and Sociedad Quimica y Minera de Chile record gains of over 5%.

Also giving Allkem’s shares a boost has been a broker note out of Macquarie Group Ltd (ASX: MQG) this week.

That note saw the broker retain its outperform rating and lift its price target to a lofty $21.00. This suggests that Alkem’s shares could still rise 50% despite trading close to record highs.

Macquarie made the move on the belief that lithium prices will remain stronger for longer due to a growing demand and a supply shortfall.

This has led to the broker bumping its earnings estimates materially. So much so, Allkem’s shares trade at only 10x FY 2023 earnings according to Macquarie’s estimates.

The post Why is the Allkem share price charging 6% higher? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why is the Allkem share price acing it on Tuesday?
• Leading brokers name 3 ASX shares to buy today
• Why these ASX lithium shares are outperforming the market today
• Could ASX battery minerals shares be in for a boost next month?

Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia 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 Scott Phillips.

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The APA Group (ASX: APA) share price is retracing 2.08% to $11.30 on Wednesday following the release of the company’s full-year results.

The company reported a solid performance from key energy infrastructure assets and positive leverage to inflation.

But let’s take a look at the APA’s latest dividend that was announced to the market this morning.

APA lifts final distribution for FY 2022

After reporting strong free cash flow of $1,081 million (+19.8%), the directors decided to pay a final distribution for FY 2022 of 28 cents per security.

This brings the total distributions to 53 cents per security, an increase of 3.9% on FY 2021 and in line with guidance.

The 28-cent final distribution comprises of 21.71 cents from APA Infrastructure Trust and 6.29 cents from APA Investment Trust.

Franking credits of 2.70 cents per security are attached to these distributions.

The ex-dividend date was on 29 June 2022, meaning if you owned APA shares at that time, you’ll be eligible for the final distribution.

APA will pay the distribution of its profits to shareholders on 14 September.

What about the FY 2023 distribution?

Looking ahead, APA provided a guidance for its distributions in FY 2023.

It noted that based on the current information, FY 2023 distributions are expected to be 55 cents per security. This reflects an improvement of 3.8% on FY 2022’s distribution.

Management is targeting a payout ratio of 60-70% but will monitor the environment to ensure appropriate funding of growth opportunities.

APA is well positioned to support the energy transition with new projects underway across gas transmission and renewable energy generation.

Organic growth is expected to be in excess of $1.4 billion to deliver earnings growth in FY 2024 and beyond.

APA share price snapshot

Over the last 12 months, the APA share price continued to tread higher on the back of favourable market conditions.

Notably, the share touched an all-time high of $12.25 on 8 August before backtracking as profit takers swooped in.

Since then, APA shares have dipped 7.5% but could move into unchartered territory again this year.

APA commands a market capitalisation of $13.35 billion and has a trailing dividend yield of 4.59%.

The post Everything you need to know about the latest APA dividend appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended APA Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Nickel Mines Ltd (ASX: NIC) share price is belting the S&P/ASX 200 Index (ASX: XJO) today.

At the time of writing, the nickel producer’s shares are up 3.31% to an intraday high of $1.09 apiece.

In comparison, the benchmark ASX 200 index is up 0.65% to 7,007.1 points.

Why are Nickel Mines shares powering ahead?

Investors are bidding up the Nickel Mines share price following the company’s update of its senior secured notes offering.

According to its release, the company advised it has completed the issuance of its US$225 million senior secured notes. The notes are priced at an interest rate of 10% per annum, payable on a quarterly basis in arrears.

The final maturity date will be on 23 August 2025.

In addition to the company’s cash reverses, the proceeds from the Notes will be used to finalise the acquisition and ramp-up of the Oracle Nickel Project.

Nickel Mines managing director, Justin Werner commented:

Completion of this issuance has positioned the company to increase its ownership interest in Oracle Nickel to 70% and meet the remaining payment obligations for the acquisition.

The early commissioning of the Oracle Nickel RKEF lines, expected in October, will allow us to significantly bring forward nickel production. Our trusted partner Shanghai Decent continues to deliver operationally with near-term commissioning.

The company will soon have 12 RKEF lines in operation and approximately 100kt of attributable nickel production, placing us comfortably amongst the top-10 global producers.

Also providing a boost is the S&P/ASX 300 Metals and Mining Industry (ASX: XMM). The index is among the best performers today, up 1.21% to 5,548.5 points.

Nickel Mines share price summary

Extreme volatility in 2022 has led the Nickel Mines share price to register a loss of 25%.

However, in the past 12 months, the share is up 5% following strong gains achieved towards the backend of 2021.

Based on today’s price, Nickel Mines presides a market capitalisation of roughly $3.14 billion.

The post Why is the Nickel Industries share price smashing the ASX 200 today? appeared first on The Motley Fool Australia.

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More reading

• How have ASX nickel stocks been performing in 2022?
• Here’s why the Nickel Industries share price is climbing on Wednesday
• Why is nickel such a big deal and which ASX shares have exposure?
• Here are the top 10 ASX 200 shares today
• Nickel Industries share price slips on $225 million debt capital raise

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

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