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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 7,092.3 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Coles Group Ltd (ASX: COL)

The Coles share price is up 3.5% to $16.40. This appears to have been driven partly by a broker note out of Citi this morning. According to the note, the broker has upgraded the supermarket giant’s shares to a buy rating with an $18.00 price target. The broker believes Coles has reached an inflection point in respect to its market share.

Nickel Mines Ltd (ASX: NIC)

The Nickel Mines share price has jumped 6% to $1.14. This also appears to have been driven by a broker note. This morning Bell Potter retained its buy rating on the nickel producer’s shares following its quarterly update. And while it has cut its price target to $1.56, this is still notably higher than where it trades today. Bell Potter notes that Nickel Mine’s aggressive growth outlook is intact.

Nitro Software Ltd (ASX: NTO)

The Nitro share price has stormed 8.5% higher to $3.20. This follows the release of the global document productivity software company’s first quarter update. According to the release, Nitro’s annual recurring revenue (ARR) grew 66% over the same period last year. This growth rate is well ahead of what is required to achieve its FY 2021 ARR guidance. Nitro is targeting ARR of between $39 million and $42 million, which represents year on year growth of 41% to 52%.

Regis Resources Limited (ASX: RRL)

The Regis Resources share price has climbed 3.5% to $2.68. This morning the gold miner released its third quarter update and revealed production of 85,748 ounces of gold. While this was down 6.2% quarter on quarter, it has retained its FY 2021 guidance. Regis Resources continues to target full year production of 355,000–380,000 ounces at an all-in sustaining cost of A$1,230–A$1,300 per ounce.

More reading

• ASX 200 up 0.3%: Woolworths and Fortescue lower on updates, Newcrest impresses
• Why ASX gold miner Regis Resources (ASX:RRL) share price is moving higher
• Why the Nitro (ASX:NTO) share price is surging 6% higher today
• Is the Coles (ASX:COL) share price in the buy zone after its update?
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. 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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The Novatti Group Ltd (ASX: NOV) share price is shooting for the stars today. At the time of writing, shares in the New Zealand financial software company are trading for 62 cents each – up 26.53%. At one point today, shares reached an all-time high of 69 cents before retreating to their current level.

The massive price movement comes as the company announces a deal with Afterpay Ltd (ASX: APT). The Afterpay share price is 1.78% greater after today’s news at $118.49. For contrast, the S&P/ASX 200 Index (ASX: XJO) is 0.34% higher.

Let’s take a closer look at today’s announcement from the digital banking and payments company.

Afterpay partnership

The Novatti share price is surging after the company released a statement to the ASX advising it “has been selected by Afterpay” to deliver its digital payment solution in New Zealand. The initial agreement is for three years. Afterpay will pay Novatti for project setup as well as monthly recurring and transaction-based fees.

According to the statement, the deal will enable Novatti to leverage its license with Visa Inc (NYSE: V). Afterpay will issue “Visa card solutions…[including] enabling Afterpay’s users to access Afterpay-branded payment cards in their digital wallet for use at participating merchants across New Zealand.”

Novatti managing director Peter Cook said the deal with Afterpay shows the potential of the company.

This new partnership with Afterpay again highlights Novatti’s digital banking and payments ecosystem in full operation, enabling innovative fintech companies to leverage our assets to bring new products and solutions to market. Working with Afterpay will see Novatti generate further revenue and value from existing assets, highlighting our increasing shift from a development to a monetisation phase.

Afterpay and Novatti share price snapshot

Over the past 12 months, the Novatti share price has increased by more than 220%. Even before today’s announcement, the company’s value has been increasing on several different announcements, including its partnership with blockchain payment platform Ripple.

The Afterpay share price is around 320% greater than this time last year. It has, however, fallen by around 25% since reaching its all-time high in February this year.

Novatti has a market capitalisation of around $114 million and Afterpay’s is $34 billion.

More reading

• The Sezzle (ASX:SZL) share price is rising on new partnership
• Openpay (ASX:OPY) share price slides despite positive quarterly update
• Affirm shares are surging, why is the Afterpay (ASX:APT) share price left behind?
• ASX 200 falls, BHP rises, Afterpay sinks
• Your handy guide to 5 top ASX BNPL shares

Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Visa. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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 Credit Clear Ltd (ASX: CCR) share price has been unable to impress the market so far on Thursday despite announcing a solid third quarter update.

At the time of writing, the Credit Clear share price is down 3%, trading at 66 cents after spending the entire morning in the red.

Credit Clear operates in the receivables management industry, defined by the ACCC as when “creditors and collectors seek to secure payment from consumers of businesses who are legally bound to pay or repay money they owe”.

The company aims to disrupt the industry’s current operating model by applying its technology to improve a clients’ collection experience and financial outcomes. 

Why is the Credit Clear share price lower today?

The Credit Clear share price has struggled to find headway on seemingly positive financial and operational results in the third quarter. The company reported that overall revenue was up by 35% over the previous quarter to $2.8 million, driven by a 76% increase in digital revenue.

Growth in digital revenue is accelerating and now accounts for 37% of total revenue compared to the 28% reported in the second quarter. The company is pleased with the accelerating growth in digital streams as it confirms the continuing acceptance and adoption of Credit Clear’s SaaS debt recovery platform over traditional debt collection methods. 

The company is pushing growth on all fronts with meaningful contract wins and discussions with large insurance, education, automotive finance and utilities clients.

During the quarter, the company secured Suncorp Group Ltd (ASX: SUN) as its first major insurance sector client. The signing will have an initial contract term of two years with the company receiving an $800,000 advancement payment. 

Credit Clear is riding the tailwinds of its flagship Suncorp deal, and is currently engaged with four additional major insurers about implementing its digital platform. 

Despite the quarterly result ticking all boxes with solid revenue growth, key contract wins and a strong pipeline of potential clients, the Credit Clear share price remains slumped at 66 cents. 

Why the Credit Clear share price is struggling this year

The Credit Clear share price has slipped 11% year-to-date despite positive announcements from the business. 

Could the lack of recent upside to the Credit Clear share price have something to do with its initial public offering back in October 2020? The company had a listing price of 35 cents but ran as high as $1.20 within four days of going public.

Credit Clear made its ASX debut during a period where IPOs were running hot. Notable listings late last year include Douugh Ltd (ASX: DOU), MyDeal.com.au Ltd (ASX: MYD) and Adore Beauty Group Ltd (ASX: ABY).

These shares have experienced a similar share price performance where all-time highs were recorded during the first few days of listing, followed by a sharp selloff and grinding back and forth ever since. 

More reading

• Why the Adore Beauty (ASX:ABY) share price is charging higher today
• The MyDeal (ASX:MYD) share price is on watch. Here’s why
• Why these ASX shares just hit 52-week lows or worse
• 2 quality ASX growth shares rated as buys
• 3 outstanding ASX growth shares

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Adore Beauty Group 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 BARD1 Life Sciences Ltd (ASX: BD1) share price is in the green today, adding to strong yearly gains, after the company released positive results from its autoantibody assay.

After touching an intraday high of $3.50 in early trade today, the BARD1 share price has since retreated and is currently trading at $3.17 apiece, up 2.9%.

BARD1 is an Australian life sciences company that focuses on developing and commercialising non-invasive diagnostic tests for the early detection of cancer.

Let’s see what’s driving the BARD1 share price higher today.

BARD1’s autoantibody assay

BARD1 is currently trialling the performance of its patented peptides in detecting ovarian cancer and differentiating the cancer cells from healthy control subjects. BARD1’s latest study performed by Griffith University showed that it could successfully detect cancer cells.

Griffith University’s research found that BARD1’s peptides, when used in combination with other testing mechanisms, “substantially improved sensitivity for detection of ovarian cancer” compared to using the other testing processes alone.

BARD1 reports that it increased cancer detection rates from 27% to 91% in subjects.

The peptides were tested on 241 samples, comprising 160 ovarian cancer patient samples and 81 healthy control samples.

This and other research has also indicated that similar results could be achieved with fewer numbers of peptides, simplifying the diagnostic process. BARD1’s peptides are strings of amino acids that help identify an immune response to cancerous cells.

What BARD1’s management said

BARD1 CSO Dr Peter French said this was an important first step towards validation as a cancer diagnostic tool.

The next step in the development of a reliable BARD1 autoantibody assay for ovarian cancer is to validate the selected peptides and CA125 in the algorithm identified by this combined data set in a larger independent data set to establish the sensitivity and specificity of the test.

For a BARD1 ovarian cancer assay to be successfully commercialised, accurate and reliable assay performance must be established in independent laboratory settings across a broader patient population.

BARD1 share price snapshot

The BARD1 share price is up 6.5% this week against monthly losses of more than 13%. Overall it’s risen strongly for the past 12 months and is currently valued 317% higher than a year ago, and 321% higher than the start of 2021.

More reading

• Why the BARD1 (ASX:BD1) share price shot up 10% today

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 Sezzle Inc (ASX: SZL) share price is outperforming its buy now pay later (BNPL) peers on Thursday morning. This comes as the company announced a partnership with top 100 global e-commerce leader, Market America Worldwide. 

At the time of writing, the Sezzle share price is trading at $8.89, up 3.37%. 

US partnership

Market America Worldwide is a global product brokerage and internet marketing company that also specialises in one-to-one marketing and social shopping. The company is rated as one of the top 1,000 global online retailers for 2021. Additionally, it ranked 19 in Newsweek’s best US online shops for 2021. 

This partnership will allow Market America Worldwide’s independent distributors, customers, and all online shoppers to access Sezzle’s BNPL options. 

Sezzle CEO, Charlie Youakim commented on the partnership, saying: 

We’re thrilled to add Market America Worldwide | SHOP.COM to Sezzle’s extensive base of leading e-commerce brands. This partnership opens the door for millions of shoppers to access Sezzle’s barrier-breaking, next generation of payments. With a shared dedication to shoppers and an innovative approach to e-commerce, our teams have already created a  strong relationship that will serve our shoppers well

Sezzle’s buy now pay later platform will be made available to all US consumers. Customers will be able to access this through shop.com and all US distributors in June/July this year. Additionally, partnership plans to include the BNPL platform for Market America Worldwide’s additional ecommerce websites over time. 

Sezzle share price snapshot 

The Sezzle share price is up 31% year-to-date, keeping up with BNPL heavyweights Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P). 

Comparatively, smaller BNPL shares such as Humm Group Ltd (ASX: HUM), Splitit Ltd (ASX: SPT), and Openpay Ltd (ASX: OPY) have slumped significantly this year. 

With a clear divergence taking place between the leading and lagging BNPL shares, it is positive to see the Sezzle share price has sided with the winners. 

More reading

• Why Zip (ASX:Z1P) and these ASX shares are rated as buys
• Openpay (ASX:OPY) share price slides despite positive quarterly update
• Affirm shares are surging, why is the Afterpay (ASX:APT) share price left behind?
• ASX 200 falls, BHP rises, Afterpay sinks
• Why has the Zip (ASX:Z1P) share price plunged 6% today?

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Humm Group Limited and Sezzle Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is overlooking weakness on Wall Street and pushing higher. The benchmark index is currently up 0.3% to 7,087.5 points.

Here’s what is happening on the market today:

Woolworths third quarter update

The Woolworths Group Ltd (ASX: WOW) share price is tumbling lower today following the release of its third quarter update. For the three months ended 31 March, Woolworths reported a 0.4% increase in group sales to $16,566 million. Although this sales result outperformed the market’s expectations, its outlook for the fourth quarter appears to have spooked investors.   

Fortescue update

The Fortescue Metals Group Limited (ASX: FMG) share price is trading lower despite releasing another solid quarterly update. For the third quarter of FY 2021, Fortescue reported iron ore shipments of 42.3 million tonnes. While this was flat on the prior corresponding period, it puts it on target to achieve its full year guidance. Fortescue also revealed that it averaged revenue of US$143 per dry metric tonne for the quarter. This was up 17% on the second quarter and compares favourably to its C1 cost of US$14.90 per wet metric tonne.

Newcrest update

The Newcrest Mining Limited (ASX: NCM) share price is charging higher today. This follows news that the US Federal Reserve kept rates on hold and the release of its third quarter update. In respect to the latter, Newcrest reported a 4% decline in production to 512,424 ounces. This was driven by planned shutdowns at its Cadia and Lihir sites. Despite this, the company has reaffirmed its FY 2021 production guidance of 1,950,000 to 2,150,000 ounces of gold.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Nickel Mines Ltd (ASX: NIC) share price with a 6% gain. Earlier today, Bell Potter retained its buy rating but cut its price target to $1.56. This is still notably higher than where it trades today. The worst performer has been the Woolworths share price with a decline of over 3%. This follows the release of its aforementioned third quarter update.

More reading

• Why ASX gold miner Regis Resources (ASX:RRL) share price is moving higher
• Why this top broker just upgraded the battered St Barbara (ASX:SBM) share price to “buy”
• Woolworths (ASX:WOW) share price lower on third quarter sales update
• Fortescue (ASX:FMG) share price lower on Q3 update
• Why the Newcrest Mining (ASX:NCM) share price is on watch

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Woolworths Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The NRW Holdings Limited (ASX: NWH) share price is climbing this morning following a new contract award.

At the time of writing, the diversified service provider’s shares are swapping hands for $2.00, up 2.30%

What did NRW announce?

Investors are pushing NRW shares higher after digesting the company’s update.

According to this morning’s release, NRW advised its wholly-owned subsidiary, Primero Group Limited, has won a new contract for Strandline Resources Ltd (ASX: STA).

Founded in 1999, Strandline Resources is an exploration and development company focused on mineral sands and other base metals. The group operates in Western Australia and across the eastern part of Tanzania.

The award is for the engineering, procurement and construction (EPC) of the Coburn Mineral Sands Project, located in the Gascoyne region of Western Australia.

Under the agreement, Primero will build a Wet Concrete Plant (WCP) and the Mineral Separation Plant (MSP). It will use the facilities to treat heavy mineral concentrate, followed by a dry separation process. Once complete, Strandline Resources will have final products such as chloride ilmenite, rutile, zircon and zircon concentrate.

NRW expects the project to be completed sometime in Q4 2022, with construction works peaking that year. The company estimates around 180 site personnel will be employed to deliver the contract on time.

Management commentary

Primero CEO Cameron Henry welcomed the new deal, saying:

We are pleased to convert another early contractor involvement (ECI) engagement and preferred contractor status to full contract award and associated delivery.

The Strandline project is another step forward for the Minerals division within Primero and our new owners NRW Holdings, that underpins our growing pipeline of works through 2022/23.

NRW CEO Jules Pemberton went on to add:

The award of this EPC contract with Strandline demonstrates the diversity and quality of the Primero Minerals business, which is strengthening its reputation as a preferred contractor of choice in minerals processing.

Our Minerals, Energy and Technology (METS) division is growing strongly with the addition of Primero into the group and is looking forward to further success in a strong market for services.

NRW share price summary

Over the last 12 months, the NRW share price has gained close to 20%. However, year-to-date performance is down 30%. The company’s shares reached a 52-week high of $3.19 at the start of this year before treading lower.

NRW has a market capitalisation of around $915 million, with 456 million shares on issue.

More reading

• Here’s why the NRW (ASX:NWH) share price is edging higher today

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Cedar Woods Properties Limited (ASX: CWP) shares are lifting today following news the company has purchased a 40-hectare property in Queensland. Cedar Woods also released its operational update for the third quarter this morning.

At the time of writing, the Cedar Woods share price is up 4.1%, trading at $7.35.

Let’s take a look at Cedar Woods’ latest news and performance.

New property

The property developer shared today that it will purchase a 40-hectare property in South Maclean, around 45km south-west of Brisbane. The company will build 500 homes and a childcare centre on the site.

 According to Cedar Woods’ release, the company expects South Maclean to play an important role in the growth of Queensland.

The company will pay $12.5 million for the land, with the acquisition’s settlement due in July 2021. Currently, the land is held by a private landowner.

In its release, Cedar Woods said the  South Maclean development would address the demand for detached housing in Southeast Queensland. The company pointed to BIS Oxford Economic research that found housing stock in Queensland will soon be deficient. At the same time, its likely population growth is higher than the national long-term average.

Cedar Woods believes the acquisition will substantially grow its portfolio and contribute to its medium-term earnings.

Alongside the residential development, the company will revegetate a nearby creek.

CEO’s commentary

Cedar Woods Properties’ CEO Patrick Archer said the purchase was part of the company’s strategy to diversify the geography and price point of its projects.

The South East Queensland market is very attractive due to its relative affordability compared to Sydney and Melbourne, and this South Maclean site will be one of the last remaining large-scale residential projects in the area to commence development, meaning it will benefit from the existing amenity in surrounding communities.

Quarterly update

Cedar Woods also shared its updated 2021 financial year guidance this morning.

It has increased its forecast net profit after tax (NPAT) for the current financial year to approximately $32 million. That figure is 53% higher than it was in the previous comparable period (pcp).

The company attributed the increase to a rise in presale contracts, which has come despite a reduction in government housing stimulus.

Cedar Woods said it had a strong balance sheet and enough capital to fund the business’ requirements.  Its corporate finance facility will provide funding security.

At the end of the third quarter of FY21, Cedar Woods had access to more than $94 million in undrawn finance facilities.

The company stated its presales contracts are currently valued at a record $426 million. That’s a 17% increase on the figure reported in the pcp.

The company states around 10% of presales are to settle in this financial year, with the balance contributing to earnings in the coming 2 financial years.

Cedar Woods believes market conditions over the quarter were positively impacted by an improving economic environment, better employment prospects and confidence in Australia’s handling of the COVID-19 pandemic and the global vaccine rollout.

Further, it stated the Reserve Bank of Australia’s affirmation that low interest rates will continue in the long term allowed its customers the confidence to purchase properties and protect themselves against increasing house prices.

Managing director’s commentary

Cedar Woods Properties’ managing director Nathan Blackburne commented on the upgraded forecast. He said the company’s increased presales and pipeline of more than 8,400 dwellings and lots means its future looks bright:

Our high performing projects across four states are trading strongly, presales are at record levels and the business remains well-placed to grow earnings…

We expect the improved buyer confidence and low interest environment which have underpinned our performance to endure for some time.  

Cedar Woods Properties share price snapshot

Currently, the Cedar Woods share price is up 18% year to date. It’s also up by 84% over the last 12 months.

The company has a market capitalisation of around $570 million, with approximately 80 million shares outstanding.

More reading

• Here’s why the Clinuvel (ASX:CUV) share price is pushing higher
• Why ASX gold miner Regis Resources (ASX:RRL) share price is moving higher
• Amazon on track to beat Walmart as biggest U.S. retailer by 2025
• Why the Envirosuite (ASX: EVS) share price is climbing
• What’s happening with the IOOF (ASX:IFL) share price today?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is pushing higher on Thursday following the release of its third quarter update.

At the time of writing, the biopharmaceutical company’s shares are up 1% to $30.22.

This latest gain means the Clinuvel share price is now up approximately 33% since the start of the year.

How did Clinuvel perform in the third quarter?

Clinuvel continued its positive form during the third quarter. For the three months ended 31 March, the company reported a 21% increase in cash receipts to $6.5 million. Net operating cash flows were $1.99 million for the quarter.

Management advised that this result reflects the increasing contribution from the commercial distribution of its SCENESSE (afamelanotide 16 mg) product in Europe and the United States.

SCENESSE is a treatment for adult patients with the rare genetic and metabolic condition, erythropoietic protoporphyria (EPP).

Positively, after the deferral of some orders or reduced order sizes during the outbreak of COVID-19 in Europe in 2020, the company notes that demand appears to have normalised. Even better, patient adherence to SCENESSE treatment remains very high.

Another positive that could be supporting the Clinuvel share price today is its growing footprint in the United States. The release explains that there are now 40 speciality centres that are trained and accredited to administer SCENESSE to EPP patients. This exceeds the 30 which originally had been planned.

Clinuvel’s CFO, Darren Keamy, commented: “Our medical distribution model is effective in Europe and the US, which really needs to be seen against a challenging environment where lockdowns disrupt economic activity and the mobility of people.”

“In alignment with our Strategic Updates, we focus on building the business through vertical integration of key functions to reach sustainability and self-reliance. As a result, the Company is controlling the increase of investments in a staged process to achieve these long-term goals.”

More reading

• Clinuvel (ASX:CUV) share price drops on strategic update

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Regis Resources Limited (ASX: RRL) share price is gaining today, up 1.8% in morning trade.

Below we take a look at the ASX gold miner’s third quarter (Q3) activities report for the quarter ending 31 March.

What did Regis report on its quarterly operations?

Regis Resources shares are moving higher after the company reported it had produced 85,748 ounces of gold during the reported quarter. That’s slipped a bit from the 91,411 ounces produced in Q2.

Regis sold 67,383 ounces of gold during this period for an average price of $2,014 per ounce. Total revenue came in at $135.7 million.

All in sustaining costs (AISC) for Q3 rose slightly to $1,388 per ounce, up from $1,317 per ounce the previous quarter. This looks to be primarily driven by higher AISC at its Rosemont mine, of $1,602 per ounce.

The company pointed to a falling gold price for the reduction in its cash flow for the quarter, reporting cash flow from operations of $67.2 million, down from $100.1 million in Q2.

Regis held $202.3 million in cash and bullion as of 31 March. After paying dividends of $16.8 million and $19.5 million in income tax, cash and bullion holdings slipped $17.7 million from the previous quarter.

The ASX gold miner retained its guidance for the full 2021 financial year, forecasting production of 355,000–380,000 ounces of gold at an AISC $1,230–1,300 per ounce.

Commenting on the past quarter results, Regis Resources Managing Director, Jim Beyer said:

[I]t is very satisfying to see the production lift in Rosemont Underground. This high grade ore source is a key element of ensuring our performance to year end is within our guidance ranges.

During the quarter our latest growth project, the Garden Well South underground mine, started with completion of the portal and commencement of decline development. This new mine will be an excellent addition to our production profile…

Post the end of the March quarter our Duketon Operations announced a substantial increase in Mineral Resources and Ore Reserves reported earlier this month…

Finally, the announcement and subsequent progress of the acquisition of a 30% interest in the Tier One Tropicana Gold Mine, is transformational for Regis. We are pleased to note AngloGold Ashanti’s recent waiver of the pre-empt for the deal leaving only Ministerial approval for the transfer of the tenement interests as the remaining condition to ownership.

Regis Resources said its $903 million acquisition of Tropicana will give it a gold mine with a production outlook of 380-430,000 ounces in FY21. The expected mine life is longer than 10 years.

Regis Resources share price snapshot

It’s been a difficult year for Regis Resources shareholders, with the share price down 39% in 12 months. By comparison the S&P/ASX 200 Index (ASX: XJO) is up 31% over that same time.

Year-to-date the Regis Resources share price is down 29%.

More reading

• Why this top broker just upgraded the battered St Barbara (ASX:SBM) share price to “buy”
• 5 things to watch on the ASX 200 on Thursday
• ASX 200 rises, Kogan jumps, gold miners sold off
• Downer (ASX:DOW) share price may only be at start of a capital return cycle
• The ASX 200 just had its slowest quarter in 12 months

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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