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The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is on course to record a strong gain. In afternoon trade, the benchmark index is up 1% to 7,123 points.

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

Jervois Global Ltd (ASX: JRV)

The Jervois Global share price is down a further 12% to 5.9 cents. Investors have been selling this cobalt developer’s shares this week after it suspended the construction of its cobalt operation in the United States. Management made the move in response to low cobalt prices and inflationary pressures. Jervois Global has already spent US$130 million on its construction. It will aim to resume work once cobalt prices recover.

Mincor Resources NL (ASX: MCR)

The Mincor share price is down 5% to $1.42. This has been driven by the release of an update on the nickel miner’s guidance. Mincor has been having issues creating a blended product that meets the specifications of BHP Group Ltd (ASX: BHP). And with BHP unwilling to amend its off-take terms, management has been forced to withdraw its guidance. Mincor also advised that it will stockpile any ore that BHP indicates will not be accepted due to product specification requirements.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is down over 1% to $26.30. Investors have been selling Newcrest and other gold miners today after the gold price fell overnight. Traders were selling the safe haven asset after risk sentiment improved.

Santos Ltd (ASX: STO)

The Santos share price is down 1% to $6.92. Softer oil prices appear to have put pressure on Santos and other energy shares today. This was driven by a stronger US dollar and concerns over higher than expected supply from Russia. According to CNBC, Russian production fell by 300,000 barrels a day during the first three weeks of March. Whereas the market was expecting it to fall by 500,000 barrels.

The post Why Jervois Global, Mincor, Newcrest, and Santos shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Thursday
• Why Bendigo and Adelaide Bank, Jervois Global, Megaport, and NAB are dropping today
• Why did this ASX All Ords mining share just crash 30%?
• Santos share price holds tight amid new project heat
• 5 things to watch on the ASX 200 on Wednesday

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 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 S&P/ASX 200 Materials index (ASX: XMJ) is lifting 1.45% today, but this ASX gold share is soaring far higher.

The Carnaby Resources Ltd (ASX: CNB) share price soared 8.7% from $1.145 to $1.245 this morning before retreating. Carnaby shares are now up 6% and fetching $1.21.

The gold price is currently down 0.42% to US$1,976 an ounce.

Let’s take a look at what Carnaby Resources reported to the market.

Drilling results

Carnaby reported “stunning” assay results and pXRF readings at the Greater Durchess Copper Gold Project in Mt Isa, Queensland.

Assay results at MHDD083 showed:

• 83m (True Width~28m) at 2.4% copper, 0.3 grams per tonne (g/t) gold including 36m (True Width~12m) at 4.2% copper, 0.5g/t gold

The grade has jumped 100% compared to previously reported pXRX readings.

A new Binna Burra Lode was also discovered at drill hole MHDD010.

Three drill rigs are currently at the site with 40,000 metres of drilling currently planned for 2023.

Commenting on the result, managing director Rob Watkins said:

The stunning drill result announced today in MHDD083 has effectively doubled the footprint of the Mount Hope Central discovery which remains completely open at depth.

These results all clearly demonstrate that the Mount Hope Central deposit will continue to grow strongly the more we drill.

The company is aiming to provide a maiden Mineral Resource Estimate at the project by the end of this financial year.

Carnaby Resources share price snapshot

Carnaby Resources shares have slipped 1% in the last year, but they have risen 9% in the last month.

This ASX gold stock has a market capitalisation of about $176 million based on the current share price.

The post Which ASX gold stock just leapt 9% on a ‘stunning drill result’? appeared first on The Motley Fool Australia.

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More reading

• Medibank share price lifts despite shareholder class action
• Why Jervois Global, Mincor, Newcrest, and Santos shares are dropping today
• 2 ASX 200 stocks smashing new multi-year highs on Thursday
• Guess which ASX 200 bank stock UBS says is the most over-priced right now
• Best ASX lithium share to buy: Liontown Resources vs. Pilbara Minerals

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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The S&P/ASX 200 Index (ASX: XJO) is having yet another top day on the markets so far this Thursday, extending what has been a very happy week indeed. At the time of writing, the ASX 200 has added another healthy 0.91%, dragging the Index back over 7,100 points. But some ASX 200 shares are doing even better than that today.

In fact, two prominent ASX 200 shares have just hit new 52-week highs. Let’s check them out.

A pair of ASX 200 shares hitting new 52-week highs today

Telstra Group Ltd (ASX: TLS)

First up is an ASX 200 share we’d all be familiar with in Telstra. This telco has had a decent Thursday so far, putting on an additional 0.36% at the time of writing to $4.22 a share. However, Telstra had an even better morning, rising as high as $4.24 a share.

That’s both a new 52-week high for Telstra shares and the highest the company has traded at since January 2022. At these levels, Telstra is pretty close to breaking a five-year high of $4.31 a share as well:

There hasn’t been much news out of Telstra of late that would easily explain why the shares are at these new highs today. But investors have seemed to be steadily boosting the Telstra share price ever since the telco upped its dividend in its half-year earnings last month. Further, ASX brokers seem to be showering this company with a love of late. My Fool colleague covered broker Morgans’ $4.70 share price target for Telstra just yesterday. 

So perhaps these factors have led Telstra to its new 52-week high this Thursday. Telstra shares are now up a pleasing 7% or so year to date.

Washington H. Soul Pattinson and Co Ltd (ASX: SOL)

Washington Soul Pattinson or Soul Patts for short, is next up. This stalwart investing house of the ASX 200 is also having a cracker of a day today. Soul Patts shares are currently up by a robust 0.85% at $29.80 a share. But the company traded as high as $29.99 this morning, which is the company’s new (and somewhat tantalising) 52-week high. It’s somewhat a shame it couldn’t get that extra cent, though, one could say.

These levels aren’t the highest Soul Patts shares have ever been. Back in September 2021, the company got pretty close to $40 a share but has since cooled off. Soul Patts shares got as low as $22.52 a share only last July, so it’s been a steep road back up for shareholders to enjoy:

So it’s a happy day for Soul Patts and its shareholders. This latest high for the company comes just over a week after we got to see Soul Patts’ latest earnings, so it’s pretty clear investors have been impressed. As we covered at the time, these saw Soul Patts report a 38.4% rise in profits and announce a 24.1% increase to its interim dividend.

Even though the markets had a rough week last week, the Soul Patts share price held firm. So it’s no surprise to see it vault higher now that the markets are in a much better mood.

The post 2 ASX 200 stocks smashing new multi-year highs on Thursday appeared first on The Motley Fool Australia.

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More reading

• Why did the Telstra share price just hit a multi-year high?
• $1,600 annual dividend income from a $20,000 ASX share portfolio? Here’s how
• 5 things to watch on the ASX 200 on Thursday
• To pause or not to pause? Here are the predictions on next week’s RBA rate decision
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Sebastian Bowen has positions in Telstra Group and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Telstra Group and Washington H. Soul Pattinson and Company 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 Index (ASX: XJO) bank stocks have been judged by the broker UBS. And things are not looking as positive as they did before.

The broker has considered a number of ASX 200 banks including Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), ANZ Group Holdings Ltd (ASX: ANZ), National Australia Bank Ltd (ASX: NAB), and Bank of Queensland Limited (ASX: BOQ).

Of course, share prices are changing all the time, so deciding which one is the best value can change from month to month.

Here’s what one UBS analyst had to say.

What’s going wrong for ASX 200 bank stocks?

According to reporting by The Australian, UBS analyst John Storey said:

Recent events in the US and Europe in our view have lowered the confidence threshold of investors for banks in their portfolios.

Australia is no different, with the ASX banking index now down about 6.5 per cent year-to-date compared to the market falling 1.5 per cent.

The UBS expert also said that bank funding costs could move higher, that there will be stronger competition for deposits, bad debts will go higher, and there will be more bank regulation.

UBS’ latest analysis led to it updating the earnings per share (EPS) forecasts for the banks. These look to reflect the impacts of those expectations of a weakening position for ASX 200 bank stocks.

With that in mind, UBS reduced the estimates for ASX 200 bank stocks for FY24 and FY25 EPS by between 6% to 8% and the average price target was reduced by 18%, according to The Australian.

A broker’s price target is an indication of where the experts think the share price will be in 12 months from the date of the forecast.

The ANZ price target was reduced by 17% to $25, with a buy rating.

BOQ shares were rated as a sell, with a price target cut by 25% to $6.

Next, Westpac’s rating was reduced to neutral, with a price target of $22.50, a reduction of 17%.

For CBA, UBS decided to reduce the price target by 1% to $100, with a neutral rating.

With NAB, the broker’s rating is a sell and the price target was cut by 24% to $25.

The NAB share price is currently trading at around $27.50, which represents a possible reduction of 9% over the next year.

Foolish takeaway

Time will tell how this plays out for the ASX 200 bank stock sector, but I can’t see how arrears stay at cyclical lows with how interest rates have risen so steeply.

But, for me personally, NAB has improved the most over the last few years and it’s worthy of being thought of as a higher-quality choice these days. But, we’ll see which UBS predictions play out.

The post Guess which ASX 200 bank stock UBS says is the most over-priced right now appeared first on The Motley Fool Australia.

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More reading

• Forget term deposits and buy these high-yield ASX dividend shares instead: experts
• The biggest ever interim CBA dividend is being paid today. Here’s the latest
• ASX 200 bank stocks: ‘No different’ or ‘extremely strong’?
• Bendigo Bank shares worst of the ASX 200 banks following UBS downgrade
• Down 10% in a month, what’s going on with the Bank of Queensland share price?

Motley Fool contributor Tristan Harrison 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 recommended Westpac Banking. 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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There are plenty of options for investors to choose from in the lithium industry on the ASX.

Two popular options right now are Liontown Resources Ltd (ASX: LTR) and Pilbara Minerals Ltd (ASX: PLS).

And while it could be tempting to add both to your portfolio, for diversification reasons it would probably be best to limit your exposure to just one.

But which one is the best ASX lithium share to buy now? Here are my thoughts:

Is Liontown the ASX lithium share to buy?

Liontown is the owner of the Kathleen Valley lithium project in Western Australia. It is targeting spodumene production of around 511,000 tonnes+ per annum (tpa) from 2024, before eventually expanding to 658,000 tpa in the future.

This spodumene is already in demand with end users before it has been pulled from the ground. The company has signed binding offtake agreements with Ford, LG Energy Solution, and Tesla.

As you might have seen, Liontown shares have been on fire this week after lithium giant Albemarle tabled a non-binding $2.50 per share takeover offer, which was swiftly rejected by management.

But despite this incredible rise, I do see scope for the Liontown share price to keep rising. In fact, Bell Potter suggested that its shares could be worth as much as $3.35. This is approximately 28% higher than where they trade today.

However, it is worth remembering that the company is still developing the Kathleen Valley lithium project in a highly inflationary environment. This means there are risks that its costs could continue to rise beyond currently planned capex spending.

In addition, the company does not have the required cash to complete construction and will have to raise funds in the near future. Given its recent share price rise, a capital raising may now be more attractive than debt funding. If this were to happen, it could put downward pressure on Liontown’s shares.

Overall, I think Liontown is an attractive option for investors looking for lithium exposure, but perhaps not the best way to do it.

Is Pilbara Minerals a better option?

Of these two ASX lithium shares, I suspect that Pilbara Minerals could be the better buy.

It is a lithium mining and exploration company and one of only a small number of major hard-rock lithium producers globally. It operates the 100% owned Pilgangoora Project, which is located just 120km from Port Hedland. It comprises two processing plants with a combined nameplate capacity of 580,000 tpa of spodumene concentrate.

However, just yesterday, the company announced board approval to increase its spodumene concentrate capacity to 1 million tpa in the coming years.

The good thing about this production growth is that it should help limit the impact that potentially weaker lithium prices could have on its earnings in the future.

And with Pilbara Minerals announcing its capital management framework late last year, this may bode well for future dividend payments.

In fact, a note out of Citi from this morning reveals that its analysts expect this lithium share to pay fully franked dividends of 24 cents per share in FY 2023, 17 cents per share in FY 2024, and 20 cents per share in FY 2025. This would mean yields of approximately 6%, 4.2%, and 5%, respectively.

And with a buy rating and price target of $4.60, Citi also sees a potential upside of 14% over the next 12 months.

The verdict

Overall, while the potential returns may be lower than what’s on offer with Liontown shares, I believe the risk/reward is more compelling with Pilbara Minerals shares. As a result, I think it is the better ASX lithium share to buy now.

The post Best ASX lithium share to buy: Liontown Resources vs. Pilbara Minerals appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Thursday
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why ALS, Centaurus Metals, Pilbara Minerals, and Westgold shares are rising today
• Which ASX lithium shares could be at risk of a short attack?
• Top brokers name 3 ASX shares to buy today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’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 Telstra Group Ltd (ASX: TLS) share price is pushing higher again on Thursday.

This has led to the telco giant’s shares rising to a multi-year high of $4.24.

This means the Telstra share price is now up over 8% since this time last year, which compares favourably to a 5% decline by the ASX 200 index.

Why is the Telstra share price hitting a new high?

Demand for Telstra’s shares has been strong this year thanks to the company’s defensive qualities.

As it offers an essential service that few would go a day without, Telstra is well-placed to navigate the current economic environment. Particularly now that it has inflation-linked mobile plans.

In addition, the mobile market is benefiting from rational pricing, which should be supportive of margins and customer retention.

Last week, Goldman Sachs noted that “[i]ndustry feedback suggests that mobile rationality is set to continue, with the only potential risk (in our view) to further pricing increases, if TLS/Optus postpaid sub growth was to decline for an extended period.”

The good news is that the broker sees “this as unlikely given improving quarterly cadence & meaningful recent Vodafone pricing increases.” It also expects to tier 2 pricing to “continue to increase and provide scope for Optus to follow Telstra price rises higher.”

It is partly for this reason that Goldman Sachs recently upgraded the company’s shares to a buy rating with a $4.50 price target. Based on the current Telstra share price, this implies potential upside of 6.1% for investors over the next 12 months.

Another leading broker believes its shares can rise beyond this. A recent note out of Morgans reveals that its analysts have an add rating and $4.70 price target on them. This suggests almost 11% upside from current levels.

And let’s not forget the dividends! Both brokers are expecting 17 cents per share fully franked dividends in FY 2023. This represents an attractive 4% yield for investors.

Goldman then expects an increase to 18 cents per share in FY 2024, which will mean a 4.25% yield.

All in all, these brokers appear confident that it’s not too late to pick up shares.

The post Why did the Telstra share price just hit a multi-year high? appeared first on The Motley Fool Australia.

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More reading

• Analysts name 2 ASX dividend shares to buy right now
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Telstra shares: Bull vs. Bear
• ‘Safer than houses’: 2 ASX 200 shares that are pumping out the dividends
• Buy these ASX 200 dividend shares for income: Goldman Sachs

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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Telstra 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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Short interest in Core Lithium Ltd (ASX: CXO) shares is at a near all-time high this month, coming in at more than 10% at last count.

Interestingly, it comes as the company passes notable risk-reducing milestones. It officially kicked off spodumene concentrate production last month and realised its maiden direct shipping ore (DSO) sale – worth around $20 million – in January.

Still, short sellers appear to remain convinced it’s overvalued. Thus, they’re effectively betting against the stock.

The Core Lithium share price is trading at 87.75 cents at the time of writing. That leaves the company with a market capitalisation of around $1.6 billion.

So, should investors be worried about the growing short interest in Core Lithium shares? Let’s break down why the lithium stock and many of its peers might appear attractive to short sellers.

Why might short sellers be drawn to ASX 200 lithium stocks?

Short sellers appear increasingly bearish on the Core Lithium share price. And that might be due to concerns about the battery-making metals’ future value.

As a result of the burgeoning demand for lithium in recent years, many players in the space are still working to reach production. Thus, most remain unprofitable, with few exceptions such as Pilbara Minerals Ltd (ASX: PLS) and Allkem Ltd (ASX: AKE).

That means the market has to find another way to value most ASX lithium shares – including Core Lithium. Often, it does so by estimating their future earnings.

Lithium producers’ earnings are normally tied to the price of lithium. Thus, experts typically use the law of supply and demand to predict where the price of lithium might go from here. Though, even leading brokers often struggle to accurately forecast lithium prices.

If short sellers believe the market is overestimating the battery-making material’s future worth – and therefore, producers’ future earnings – they’ll likely move to short lithium stocks.

Meanwhile, as Totus Capital portfolio manager Ben McGarry points out, courtesy of The Age, the valuations of some lithium stocks have likely been bolstered by their inclusion in the likes of the S&P/ASX 200 Index (ASX: XJO).

That has forced index funds to buy ASX 200 lithium shares despite their situations. McGarry said:

So, from an outsider’s or short seller’s point of view, you’re looking at a company that has got no real business and is priced as if everything is going to work out best for the long term.

Is rising short interest in Core Lithium shares a red flag?

Let’s get back to the question at hand: Should rising short interest in Core Lithium shares deter investors?

Personally, I don’t think a jump in shorting should discourage an otherwise entirely bullish investor.

However, I do think one would be wise to take the time to consider why an ASX share might be getting shorted before buying. There could be an underlying reason that hasn’t yet surfaced.  

Short sellers’ interest in Core Lithium might also be an indication of sliding market sentiment. That has the potential to weigh on a company’s share price.

The post Short interest in Core Lithium shares is growing. Is this a red flag? appeared first on The Motley Fool Australia.

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More reading

• Which ASX lithium shares could be at risk of a short attack?
• Is the lithium price now on the way back up?
• Why the outlook for these ASX 200 lithium shares could be ‘very favourable’
• Here are the top 10 ASX 200 shares today
• 8 ASX 300 lithium stocks surging over 10% today

Motley Fool contributor Brooke Cooper 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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These two ASX rare earths shares are outperforming the S&P/ASX 200 Materials Index (ASX: XMJ) today.

American Rare Earths Ltd (ASX: ARR) and RAREX Ltd (ASX: REE) both soared by more than 25% at some point today.

For perspective, the materials index is up 1.48% at the time of writing.

So why are these ASX rare earths shares soaring ahead today?

American Rare Earths

American Rare Earths is currently fetching 26 cents a share, up almost 24% and just off its intraday high of 26.5 cents a share. American Rare Earths today provided a maiden JORC Resource estimate for the Halleck Creek project in Wyoming, USA. The total JORC Resource estimate is 1.43 billion tonnes including an estimated 4.73 million tonnes of total rare earth oxides (TREO). The average TREO grade is 3,309 parts per million (ppm), while the average neodymium and praseodymium grade is 734 ppm.

Commenting on the results, CEO and managing director Chris Gibbs said:

These results confirm the company has a strategically significant rare earth asset critically, in the United States, which should enable the largest economy in the world to reduce its dependence on China or other imported rare earths.

Rarex

Rarex shares are soaring nearly 28% at 6 cents apiece. Earlier today, Rarex shares rocketed nearly 45% to 6.8 cents each. Today, Rarex reported a significant increase in the mineral resource estimate at the Cummins Range Rare Earths-Phosphate project in the Kimberley region of Western Australia. The new resource estimate is 397Mt at 0.33% total rare earths oxide (TREO) and 4.2% P2O5 (phosphate). This is 500% more TREO and 800% more phosphate than the 2021 resource estimate.

Commenting on the phosphate price, Rarex said:

Recent world events have put enormous strain on the world supply of phosphate, with the phosphate price increasing by 100% last year.

The post Guess which 2 ASX rare earths shares just rocketed over 25% (Hint: not Lynas!) appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX lithium share is surging 10% on a ‘very significant’ find
• Multiple directors are buying this beaten-up ASX 300 healthcare stock
• This little-known ASX share is down 40% in a year, and one insider just bought $1m worth
• Zip share price leaps 14% on $20 million windfall
• I think these 2 ASX growth shares have been heavily oversold, I’d buy them in April

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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The S&P/ASX 200 Materials (ASX: XMJ) index is climbing 1.65% today, but this ASX lithium share is soaring far higher.

The Patriot Battery Metals Inc (ASX: PMT) share price soared 10% this morning from $1.485 to $1.63. However, the company’s share price has since retreated and is now rising 5.56% to $1.568.

Let’s take a look at what this ASX lithium share reported to the market.

Patriot drilling results

Patriot is a lithium explorer that started trading on the ASX in December 2022.

Today, Patriot presented assay results for 16 drill holes at the company’s Corvette Property, in the James Bay region of Quebec.

The results reveal an extension of the high-grade Nova Zone to the east by 400 metres.

Highlights included:

• 83.7 metres at 3.13% lithium oxide (Li2O) including 19.8m at 5.28% Li2O and 5.1m at 5.17% Li2O in drill hole CV23-105
• 132.2m at 1.22% Li2O including 11.2m at 2.99% Li2O and 6.0m at 2.92% Li2O in drill hole CV23-106
• 65.4m at 1.30% Li2O including 37.1m at 2.09% Li2O or 3.0 m at 5.43% Li2O in drill hole CV23-107
• 54m at 1.55% Li2O including 26.6m at 2.44% Li2O or 5.0m at 4.30% at Li2O in drill hole CV23-108

Multiple assays showed more than 6% lithium oxide, including 1.3 metres at 6.53% lithium oxide.

Samples for a further 27 drill holes have now arrived at the analytical lab. Six drilling rigs are active at the CV5 pegmatite.

Commenting on the results, exploration vice president Darren Smith said:

The first core sample assays of our winter drill program have confirmed the extension of the high-grade Nova Zone to the east, including a 20m intersection at greater than 5% Li2O in CV23-105

The lithium grades found in this zone are very significant, and include a 3-25 metre
thick (core length) band of greater than 5% Li2O over a significant strike length of 200+ metres

The company is planning to provide a mineral resource estimate in the second quarter of 2023.

Patriot Battery share price snapshot

The Patriot Battery Metals share price has exploded 161% since the company joined the ASX and has risen 35% in the past week alone.

This ASX lithium share has a market capitalisation of about $387 million based on the latest share price.

The post Guess which ASX lithium share is surging 10% on a ‘very significant’ find appeared first on The Motley Fool Australia.

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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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When a director buys up stock of their own ASX 300 share, investors like to know about it. Director, CEO, insider, and management buys encourage investors to have confidence in a company. It shows that they are aligning their financial interests with shareholders, and putting real skin in the game — especially if the markets have beaten down that ASX 300 share.

This is the situation we are currently looking at with ASX healthcare share Mayne Pharma Group Ltd (ASX: MYX).

Mayne Pharma has not been having a great time on the ASX lately. To be fair, this company is up almost 4% to $3.77 a share so far this Thursday. But the company still remains down a painful 10.2% in 2023 so far.

Mayne shares are also nursing a 28% loss over the past 12 months, and are down an even more depressing 85.5% from the all-time high of over $26 a share that we saw back in 2018.

But these losses don’t seem to be bothering management too much. In fact, over the past week, not one, but two Mayne directors have been buying up their own company’s shares.

ASX 300 directors buy up stock of Mayne Pharma

Yesterday, we discussed the buys of none other than Mayne pharma chair Frank Condella Jr.

Condella has gone on a buying spree over the past week or two. Prior to 24 March, he owned 37,777 shares of Mayne, but thanks to some heavy buying, he has now boosted that number by more than 55% up to 58,775 shares.

But today, we’ve got the news that another of Mayne’s directors has joined the buying party. According to an ASX notice this morning, Condella’s fellow director Kathryn MacFarlane has just acquired 20,000 shares of Mayne Pharma. MacFarlane made the buy on 29 March (yesterday) and spent $76,157 on those 20,000 shares, implying a buy price of roughly $3.81 per share.

MacFarlane actually didn’t own any Mayne shares prior to this date, so this is her first investment in the company.

But even so, this buy, together with Condella’s, is probably just what investors in this ASX 300 healthcare share need to hear right now.

The post Multiple directors are buying this beaten-up ASX 300 healthcare stock appeared first on The Motley Fool Australia.

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More reading

• 4 ASX 300 directors buying up their company shares in the past week

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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