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The Emyria Ltd (ASX: EMD) share price is climbing higher following the announcement of an additional clinic to its portfolio. During mid-morning trade, healthcare technology and services company’s shares are up 5.13% to 21 cents.

Emyria responds to growing demand

The Emyria share price is on the rise after providing investors with a positive update to respond to its growing demand.

According to its release, Emyria advised that it has expanded its subsidiary, Emerald Clinics, with the addition of a second consulting suite. Located in Perth, Western Australia, the new clinic will seek to service to the strong demand. Just last month, the company witnessed record patient appointments nationally, which it opened its second Melbourne office in response.

Additionally, the Perth office will have four consulting rooms located within the site of the West Leederville Private Hospital building. The new suite is expected to improve patient access to Emerald Clinics and help support the company’s future EMD-003 clinical trials.

Currently, EMD-003 —Emyria’s first cannabinoid-based medicine to reduce symptoms of anxiety, depression and stress — is in the planning phase. The company is hoping to achieve registration with the Australian Therapeutic Goods Administration (TGA) sometime this calendar year.

What did the managing director say?

Emyria managing director, Dr. Michael Winlo, touched on a number of the points. He said:

Western Australia was the first Emerald Clinics location. Demand for our services from both patients and referring doctors has grown every month since we opened. We anticipate this expansion will allow us to improve our waiting times and see more patients which, in turn, improves our proprietary data asset (Emyria Data).

Insights from Emyria Data is now informing the design and planning of pivotal drug registration clinical trials for our first drug program, EMD-003 – a cannabinoid medicine targeting unmet needs in mental health.

The additional clinical capacity in Perth also allows us to support a wider range of clinical trials in different indications as well as help us deliver on the recently awarded Future Health Research and Innovation Grant involving our TGA-registered remote monitoring system.

Emyria share price review

The Emyria share price has been a solid performer for the last 12 months, rising over 100%. Year-to-date, however, has seen the company’s share recorded a 110% gain, reflecting fresh positive investor sentiment. It’s worth noting that in February, its shares reached an all-time high of 27 cents.

More reading

• Emyria (ASX:EMD) share price up 131% this month. Here’s why
• Why the Emyria (ASX:EMD) share price is seesawing 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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ASX shares are building on yesterday’s strong gains and eyeing new highs, but this doesn’t mean there aren’t value buys still to be had.

The S&P/ASX 200 Index (Index:^AXJO) added 0.5% in late morning trade after jumping nearly 2% on Monday.

It’s not eyeing the record high it hit in February last year just before the COVID-19 meltdown.

The ASX share that’s upgraded to buy ahead of take-off

But it isn’t too late to join the party! The analysts at Macquarie Group Ltd (ASX: MQG) just upgraded the Flight Centre Travel Group Ltd (ASX: FLT) share price to “outperform” from “neutral” after conducting a post-results review of the retail sector.

“Retail was a bright spot with EPS estimates upgrades by +11.6% in the month of February,” said the broker.

“This was the first sector upgrade since Aug-17 (as a reminder, the Retail universe was downgraded by an average of -6% in each month of 2020).”

Retail reflation leverage boosts Flight Centre share price

Among retail stocks, few would have as significant leverage to the so-called “reflation trade”. COVID losers stand to recover the most as mass vaccinations are rolled out around the world.

Flight Centre noted pent-up demand for travel when it unveiled its profit results last month. Some limited international travel between COVID safe countries could resume as soon as the second half of this calendar year.

This could drive a big increase in Flight Centre’s profits, particularly as it now has a leaner business after undertaking massive cost cutting.

Macquarie’s 12-month price target on the Flight Centre share price is $20 a share.

Value doesn’t lose lustre

Another ASX share that scored an upgrade is the Evolution Mining Ltd (ASX: EVN) share price. Citigroup lifted its recommendation on the gold miner to “buy” from “neutral”.

The bullish change may raise a few eyebrows as the gold price is slumping. In fact, the broker believes that the precious metal has passed its peak this cycle and won’t be challenging last year’s record of over US$2,000 an ounce anytime soon.

Citi lowered its 2021 calendar year forecast for gold to US$1,800 an ounce from US$1,900 an ounce.

ASX gold share upgraded to buy despite weaker gold outlook

But gold doesn’t need to keep climbing for there to be value in the ASX gold sector.

“Key picks are stocks that are positioned to generate cash through cycle, optionality to deliver volume growth and those with upcoming news flow,” said Citi.

“We note ASX gold equities have underperformed physical gold by ~10% over the past few months.”

Citi’s 12-month price target on the Evolution share price is $4.80 a share.

More reading

• ASX 200 up 0.3%: Mesoblast raises US$110 million, tech shares rebound
• 2 ASX shares rated as strong buys by brokers
• ASM (ASX:ASM) share price jumps as scoping study supports $45m plant build
• 5 things to watch on the ASX 200 on Tuesday
• ASX 200 recovers strongly, Austal floats higher, Fortescue drops

Motley Fool contributor Brendon Lau owns shares of Evolution Mining Limited and Macquarie Group Limited. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Liontown Resources Ltd (ASX: LTR) share price is surging this morning, trading up 17% at 52 cents at the time of writing.

Below, we take a look at the latest drill results from the ASX minerals explorer and miner.

What drill results did Liontown report?

The Liontown share price is moving higher after the company said its drill results highlighted the potential for a significant bedrock gold discovery.

In Liontown’s first reverse circulation (RC) drill hole at its Moora Project in Western Australia, the company reported an intercept of 44 metres at 1.6 grams per tonne of gold. That intercept included 4m @ 10.1g/t gold.

The promising results come from 1 of 3 wide-spaced RC holes Liontown has drilled to test its Angepena Zone. Prior auger and shallow air-core drilling have defined a strong gold anomaly in Angepena. According to the company, the results point to the potential for a 900 metre plus zone of bedrock mineralisation, which remains open in all directions.

Commenting on the drill results, Liontown managing director David Richards said:

Intersecting a significant zone of high-grade, primary gold mineralisation in our very first RC hole is a very important development which validates our exploration approach.

It’s obviously still early days, but the data suggests the potential for a large mineralising system at Angepena that will require intensive drill testing. The fact that the shallow anomalism we have been seeing in auger and air-core drilling is directly related to primary bedrock mineralisation is a vital breakthrough that confirms that we have an emerging discovery opportunity at Moora.

Still to come

Liontown is still awaiting the results for 11 additional RC holes it recently drilled to test beneath the northern copper-gold zone. Assays are also pending for 145 in-fill and first-pass air-core holes.

Richards said, “We will wait to see what this information tells us before planning the next stage of exploration at this exciting project.”

Liontown Resources share price snapshot

Liontown shares have been marching higher for the past year, up 368% since 2 March 2020. By comparison, the All Ordinaries Index (ASX: XAO) is up 10% over that same period. (Note that by 2 March 2020, ASX shares had already come under heavy selling pressure due to the coronavirus pandemic.)

With today’s intraday gains factored in, the Liontown share price is up 22.6% so far in 2021.

More reading

• Why Afterpay, IOUpay, Liontown Resources, & Redbubble are racing higher
• ASX 200 Weekly Wrap: Friday carnage ruins last week of ASX earnings
• Here’s why the Senex Energy (ASX:SXY) share price is 8% higher
• ASX 200 Weekly Wrap: ASX lower despite bumper dividends
• Here’s why the IntelliHR (ASX:IHR) share price is rocketing 15% today

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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The Crown Resorts Ltd (ASX: CWN) share price is edging higher in early morning trade, up 0.5%.

This comes after Moody’s Investors Service maintained Crown’s current issuer credit rating of Baa3. However, Moody’s did revise the rating outlook to negative. Moody’s initiated the review for downgrade in November.

How did Moody’s make its credit rating call on Crown Resorts?

Commenting on the decision to maintain Crown’s current Baa3 rating, Moody’s analyst Maadhavi Barber said:

The rating confirmation reflects our view that Crown has good potential to maintain its investment grade credit profile, and is willing and able to remediate shortcomings identified by the Bergin Inquiry in New South Wales, as well as any additional shortcomings that may be identified by regulatory investigations in other states.

Explaining why Moody’s opted for a negative rating outlook for Crown, Barber added:

[T]he remediation steps required for Crown to reach suitability to hold its Sydney restricted gaming license are far-reaching and complex, which is why we have retained the negative rating outlook.

You’re likely aware of the lengthy list of issues facing Crown Resorts. Among them, the company was found unsuitable to hold a restricted gaming license in Sydney. That’s kept Crown from starting its gaming operations at its new casino. However, the company still has the potential to gain a new license down the road.

With Victoria and Western Australia also investigating Crown’s suitability to run its Casinos in those states, the pressure on management has mounted. Yesterday, director John Poynton became the latest member of the Crown board to resign. This follows the resignation of CEO Ken Barton back on 15 February.

Moody’s added that it “expects Crown’s gaming facilities in Melbourne and Perth will remain open and generate revenue”. This is because neither Victoria nor Western Australia will want to damage their economies or employment levels.

Moody’s also forecast that “Crown’s financial metrics will likely improve as earnings gradually recover, and debt is paid down.”

On the importance of proper Environmental, Social and Governance (ESG) practices, Moody’s said “governance risk considerations are a key factor in today’s rating action.”

Share price snapshot

Crown’s shares are down 1% over the past year compared to a 7% gain on the S&P/ASX 200 Index (ASX: XJO). Taking note that this time last year, ASX shares had already come under heavy selling pressure due to the pandemic.

Year-to-date the Crown Resorts share price is up 3%.

More reading

• Crown (ASX:CWN) share price lifts as director resigns
• Motley Fool CIO Scott Phillips talks to Sky News: Crown’s woes continue, a dividend ‘supercycle’, and falling energy prices
• The Aquis Entertainment (ASX:AQS) share price is now up 1,000% in a week
• 5 things to watch on the ASX 200 on Tuesday
• Crown (ASX:CWN) share price on watch on VIC royal commission

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Crown Resorts 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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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. The benchmark index is currently up 0.3% to 6,810.9 points.

Here’s what is happening on the market today:

Mesoblast raises US$110 million

The Mesoblast limited (ASX: MSB) share price has returned from its trading halt and is tumbling lower. This morning the biotechnology company revealed that it has raised US$110 million via a private placement led by a strategic US investor group. Mesoblast raised the funds at $2.30 per share, which represents a 6.5% discount to its last close price. Following the completion of the private placement, Mesoblast will have pro-forma cash-on-hand of US$187.5 million.

Tech shares continue to rebound

Australian tech shares have continued to rebound on Tuesday. At lunch, the likes of Appen Ltd (ASX: APX) and WiseTech Global Ltd (ASX: WTC) have followed the lead of their US counterparts and are recording solid gains. This has helped drive the S&P/ASX All Technology Index (ASX: XTX) 1.2% higher today.

Ansell buyback update

The Ansell Limited (ASX: ANN) share price is pushing higher today after providing an update on its share buyback. The global leader in personal protection safety solutions advised that, while it has not recently bought back any shares, it may recommence buying back its shares under its buy-back program from 5 March. This is after the conclusion of the dividend reinvestment plan pricing period.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Eagers Automotive Ltd (ASX: APE) share price with a 6% gain. This is despite there being no news out of the auto retailer. The worst performer has been the Platinum Asset Management Ltd (ASX: PTM) share price with a 3.5% decline. This is due largely to its shares trading ex-dividend this morning for its interim dividend.

More reading

• Why Limeade, Oil Search, Platinum, & Whispir shares are sinking
• Ansell (ASX:ANN) share price jumps on share buyback news
• Here’s why the Mesoblast (ASX:MSB) share price is tumbling lower today
• Did you know Piedmont (ASX:PLL) and Mesoblast (ASX:MSB) are listed on the NASDAQ?
• ASM (ASX:ASM) share price jumps as scoping study supports $45m plant build

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Appen Ltd. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended Ansell Ltd. 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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As the buy now, pay later (BNPL) sector rages on, companies like Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are having to make room for new players such as Deferit. Whilst Deferit is not currently listed on the ASX, it has been busy raising capital of late.

Yesterday, my Fool colleague Sebastian Bowen wrote about the up and coming Sweden-based BNPL company Klarna, which was recently valued at approximately US$31 billion.

Today, let’s take a closer look at Deferit and what it has been up to.

Deferit raises $15 million from investors

According to an article in yesterday’s Australian Financial Review, Deferit has secured $15 million in investor funding.

The company does not categorise itself as a BNPL service, although there are similarities between its business model and those of traditional ASX BNPL players.

Deferit’s offering involves paying the bills of its customers upfront in exchange for being repaid in four fortnightly payments. The business charges $6 per month for its service.

This varies from traditional BNPL services in that the company does not fund discretionary items. Also, according to Deferit, its service does not build credit like traditional BNPL providers since the bills are already owing.  

The business claims to have 250,000 customers and estimates it has paid more than $100 million of bills.

Is Deferit positioning for an IPO?

Business News Australia reported that Deferit will use the funding to ramp up marketing activities and grow its team. It further notes that Deferit has witnessed a 150% growth in its business over the past twelve months.

So while Deferit is not listed on the ASX, it seems like the business has its eye on expansion.

With the Afterpay share price booming nearly 300% higher over the past twelve months and the Zip share price delivering growth not far behind it, it seems Deferit is ready for its piece of the growing consumer fintech sector action.

Foolish takeaway

Yesterday, ASX technology shares had their best day since 2 February 2020. Afterpay and Zip each posted gains of more than 4% and 6% respectively.

While the S&P/ASX 200 Information Technology Index (ASX: AXIJ) technology rose by 4.2%, the S&P/ASX 200 Index closed yesterday with a 1.36% gain.

As long as the BNPL sector continues posting such big gains, we’re likely to witness a new crowd of offsprings, like Deferit, entering the market and possibly gearing up for an ASX premier.  

More reading

• Why Afterpay, IOUpay, Liontown Resources, & Redbubble are racing higher
• Here’s why the Afterpay (ASX:APT) share price fell 11% in February
• Here are the best performing ASX 200 tech shares in Februrary
• Why did the Zip (ASX:Z1P) share price rocket 43% in February?
• Leading brokers name 3 ASX shares to buy today

Gretchen Kennedy 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 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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There are some exciting ASX shares out there that are rated as buys by some brokers.

The businesses in this article are ones that more than one broker think look like attractive value right now because of the profit growth plans of the business. Brokers can be wrong sometimes, but it may suggest a high-conviction idea if several brokers like the same ASX share:

Reject Shop Ltd (ASX: TRS)

The Reject Shop is a discount retailer with a national store network. The company is currently liked by at least three brokers.

Reject Shop’s recent half-year result included revenue and a gross profit margin which wasn’t quite as good as broker Morgan Stanley was expecting, but the net profit was better than expected.

The broker thinks that Reject Shop is going to have a good FY21 and would impress the market if it unveiled more of its strategy and goals.

In that half-year result, Reject Shop reported that whilst sales declined by 0.3% to $434.3 million, underlying earnings before interest, tax, depreciation and amortisation (EBITDA) went up 20.8% to $31.1 million and earnings before interest and tax (EBIT) grew 44.9% to $23.3 million. Underlying net profit rose 46.5% to $16.3 million and statutory net profit grew 79.3% to $17 million.

The ASX share continues to work on its costs and efficiencies to improve profit margins. After it has the desired cost base, it will roll out stores in places that make sense. It’s also trialling an online offering as well.

Morgan Stanley thinks the Reject Shop share price is valued at 17x FY22’s estimated earnings. It has a share price target of $10 for Reject Shop.

Idp Education Ltd (ASX: IEL)

The education business is rated as a buy by at least five brokers, including Macquarie Group Ltd (ASX: MQG).

Macquarie thinks that the business seems to be recovering quicker than expected thanks to a high level of demand from students, even though COVID-19 has ravaged the world.

The broker said that lead indicators suggest that the international English language testing is projected to go back to previous levels by the end of the 2021 calendar year for the ASX share.

Macquarie has been impressed by the investing that the company has done to improve its technology, which will help the profit margins as the industry gets back to normal.

In the FY21 half-year result, the company reported a 26% decline of English language testing revenue to $158.3 million, total EBITDA fell 33% to $68 million, EBIT dropped 43% to $47.3 million and net profit dropped 45% to $29.7 million. It announced a dividend of 8 cents per share for shareholders.

Management said that it’s encouraging to see the ASX share’s recovery is already underway when comparing the first half of FY21 to the second half of FY20. The company also said that it has through-the-cycle appeal as volumes rebounded with lockdowns and restrictions easing.

According to Macquarie, the IDP Education share price is valued at 57x FY22’s estimated earnings.

More reading

• These are the latest ASX shares to be hit by broker downgrades
• ASX 200 Weekly Wrap: Friday carnage ruins last week of ASX earnings
• 2 ASX shares rated as strong buys by brokers for March
• ASX 200 drops, Appen sinks, Nine jumps
• Why Bega, Blackmores, IDP Education, & SeaLink shares are zooming higher

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

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In late morning trade on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.45% to 6,820 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking:

Limeade Inc (ASX: LME)

The Limeade share price has continued its slide and is down a further 3% to 97 cents. Investors have been selling the employee experience software company’s shares since the release of its full year results last week. Investors appear disappointed with its guidance for FY 2021. Management expects revenue of US$50 million to US$53 million. This is a decline on FY 2020’s revenue of US$56.6 million. Falling customer numbers is weighing on its performance.

Oil Search Ltd (ASX: OSH)

The Oil Search share price is down 1.5% to $4.25. Investors have been selling the energy producer’s shares following a pullback in oil prices overnight. It isn’t just Oil Search that is under pressure today. The S&P/ASX 200 Energy index is down 1% at the time of writing.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price has fallen 3.5% to $4.60. Today’s decline has little to do with the fund manager’s performance and is predominantly due to its shares trading ex-dividend this morning for its 12 cents per share fully franked interim dividend. Eligible shareholders can look forward to receiving this dividend in a couple of weeks on 18 March.

Whispir Ltd (ASX: WSP)

The Whispir share price is down 4% to $3.72. Investors have been selling the communications workflow platform provider’s shares following the completion of a $45.3 million placement to new and existing institutional investors. Whispir raised the funds at an offer price of $3.75 per share, which represents a 3.6% discount to its last close price. The proceeds will be used to accelerate its growth strategy in key markets.

More reading

• Why the Whispir (ASX:WSP) share price is under pressure today
• Here’s why the Limeade (ASX:LME) share price is crashing 32% lower
• Why Fortescue, Genworth, Limeade, & Northern Star shares are sinking
• Why Limeade (ASX:LME) shares are bouncing around today
• Top brokers name 3 ASX shares to sell today

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Whispir Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Limeade, Inc. The Motley Fool Australia has recommended Whispir Ltd. 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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Ansell Limited (ASX: ANN) shares are on the rise this morning after the company provided an update regarding its share buyback program. At the time of writing, the Ansell share price has edged 1.68% higher to $37.47.

Let’s take a look at what the company announced.

What did Ansell announce?

In a statement to the ASX this morning, the personal protection and glove manufacturer announced it may recommence its share buyback program from 5 March 2021. This date is the day after the company’s dividend reinvestment program pricing period concludes.

Ansell had previously announced, at its November 2020 AGM, that it would pause the share buyback program for 12 months. The buyback, which was announced in October 2019, was initiated due to “an absence of sufficient opportunities and [an] excess of cash on the balance sheet.”

That announcement was prior to the COVID-19 pandemic. Since then, the company has seen unprecedented demand for its rubber gloves and personal protection equipment.

In its half-yearly update for FY21, Ansell recorded a 24.5% increase in sales on the prior corresponding period (pcp). As well, earnings per share (eps) and profit attributable both rose – by 65.5% and 61.9% respectively on the pcp. The company partially attributed these increases to the pandemic.

What is a share buyback?

According to the Commonwealth Bank of Australia (ASX: CBA):

A buyback is when a company offers to re-purchase some of its shares from existing shareholders.

The net effect is a reduction in the total number of a company’s shares on issue. This is generally seen as a way for companies to boost shareholder returns because after the buyback a company’s profit will be spread across fewer shares.

CommBank suggests some of the reasons for a stock buyback include:

• Using surplus cash the company doesn’t plan to use for acquisitions.
• Making a change to the company’s capital structure. This is because changing the amount of shares on issue will have an impact on things like the company’s ratio of debt to equity.
• Giving a boost to shares if the company feels they are undervalued.

The buyback will result in either a capital gain or loss, depending on the price you purchased the share at. This will have tax implications for the investor.

Ansell share price snapshot

The Ansell share price has soared nearly 115% over the past five years. Over the course of the last 12 months, Ansell shares have gained around 27%. Shares in the company reached a 52-week high of $42.91 in November 2020 and a low of $21.43 in March 2020.

Based on the current Ansell share price, the company has a market capitalisation of around $4.8 billion.

More reading

• ASX 200 up 0.5%: BHP impresses, NAB rises, Zip rockets
• Why the Ansell (ASX:ANN) share price is lifting this morning
• 2 COVID-19 ASX shares to buy
• 2 COVID-19 amplified ASX shares to buy

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ansell Ltd. 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 Province Resources Ltd (ASX: PRL) share price ripped as much as 460% on 17 February after the acquisition of a Zero Carbon Hydrogen project located in the north of Western Australia.

After surging from 2.6 cents to a high of 14.5 cents, its shares cooled off in recent days to around the 8.5 cent range.

Today, the Province Resources share price has soared again, up 10.47% to 9.5 cents at the time of writing. This after the company announced the start of its feasibility studies data collection at the Zero Carbon Hydrogen project. 

Why the Province Resources share price is lifting again

Province Resources announced that it has secured the normally long lead time Fulcrum3D SODAR (sonic detection and ranging) weather monitoring station.

The monitoring station will be deployed in the next 4 weeks at its HyEnergy Zero Carbon Hydrogen project for data collection required to support feasibility studies.

The station plays a critical role in collecting preliminary wind and solar data every 10 minutes within the project area to assess the wind and solar resource potential. The data collected will enable the proposed wind turbines and solar array network to be optimised, prior to the final project scope and scale decision point. 

The Carnarvon region in Western Australia possesses significant solar and wind potential. Its annual mean wind speed of 25.5 km/h makes it the 4th windiest location in the state. Furthermore, the region does not have the same record of risks such as cyclones compared to high profile mining regions such as Pilbara, making it a low-risk wind farm location. 

In terms of solar, the region has a very rich solar resource averaging 211 sunny days per year. Low competing land use and high solar resource are ideal for a large scale solar array network. 

The next 12-18 months 

Province Resources has already hit the ground running with renewable power generation feasibility studies. 

Following the studies, the company has cited plans to execute a binding memorandum of understanding (MOU) with an independent power provider to develop the renewable power required for the plant. As well as initiate discussions with potential offtake agreements and with the Australian Gas and Infrastructure Group. 

Based on the current Province Resources share price, the company has a market capitalisation of $80.8 million.

More reading

• Broker rates these 3 small cap ASX shares as a speculative buy 
• 4 ASX hydrogen shares powering forward in 2021
• Here’s why the Province Resources (ASX:PRL) share price has powered up 253% today

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

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