Tag: Motley Fool

The continuing saga involving the 5G Networks Ltd (ASX: 5GN) acquisition of Webcentral Group Ltd (ASX: WCG) took another twist today.

5G Networks advised that the Australian Takeovers Panel had received another application from Webcentral’s key shareholder, Keybridge Capital Limited (ASX: KBC).

This is the second application from Keybridge, claiming that 5G Networks used coercive tactics to pressure Webcentral’s shareholders into selling.

At the time of writing, the 5G Networks’ share price has dropped 6% to $1.32, while the Webcentral share price is down 19.17% to 48 cents. Meanwhile, shares in Keybridge have been suspended from trading on the ASX since 2019.

Here’s the background behind the takeover

In November 2020, 5G Networks completed its scrip-for-scrip takeover of Webcentral, after acquiring 57% of the listed shares. 5G Networks installed its own chief executive, Joe Damase, to the top job at the digital marketing company, leading Webcentral’s board members to quit en masse.

The takeover came after objections raised by Keybridge to the Takeovers Panel a month earlier in October 2020. Keybridge accused  5G Networks of breaching the Corporations Act by using “coercive shareholder pressure” on Webcentral’s shareholders.

Keybridge claimed that prior to the takeover bid, Webcentral and 5G Networks had knowingly agreed to pay a $1.9 million success fee to a financial adviser if a 50.1% interest was achieved.  However, Keybridge argued this had not been disclosed in Webcentral or 5G Network’s bidder statements.

In its submission, Keybridge asked the Takeovers Panel for Webcentral shareholders to be “provided with withdrawal rights under the 5GN bid, or the bid be withdrawn”.

The panel at the time decided not to pursue the claims, which opened the path for the formal takeover to take place in November.

Today’s release confirmed that Keybridge has made another submission to the panel, in an effort to overturn the earlier decision.

A better rival offer

Keybridge owns 6% of Webcentral, and preferred a rival bid that valued Webcentral at 18 cents a share. This compared to 5G Network’s effective valuation of 14 cents a share.

Keybridge Capital has been suspended from trading on the ASX since 2019, after the corporate regulator ASIC found wrongdoing by its chief executive Nicholas Bolton. Bolton is currently back as the company’s chief after serving out his corporate suspension. 

Webcentral itself is a shadow of its former self. The company boasted a market capital of $440 million only three years ago, and is now worth $93 million.

More reading

• ASX stock of the day: Acrux (ASX:ACR) shares soar 36% on FDA approval
• 3 highly rated ASX growth shares to buy now
• 2 quality ETFs to buy for the long term
• Can the Domino’s Pizza (ASX:DMP) share price go even higher?
• Leading broker names the ASX resources shares to buy in 2021

Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends 5G NETWORK FPO. 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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I’m a big fan of growth shares and feel very fortunate to have such a large number to choose from on the Australian share market.

But having so much choice can make it hard to decide which ones to buy. To help you decide which ones to add to your portfolio, I have picked out three top growth shares that are highly rated. They are as follows:

Appen Ltd (ASX: APX)

The first highly rated growth share to look at is Appen. It is a leading developer of high-quality, human annotated datasets for machine learning and artificial intelligence (AI). Its team prepare or create the data for the machine learning models of large tech companies and government organisations.

Analysts at Citi have a buy rating and $32.60 price target on its shares. The broker believes the company is well-positioned to benefit from the increasing spending on artificial intelligence and sees opportunities for it to expand its addressable market.

Kogan.com Ltd (ASX: KGN)

This ecommerce company could be a good option for investors due to continued rise in online shopping. In addition to this, its expansion into potentially lucrative verticals, the growing popularity of Kogan Marketplace, and recent acquisitions should support its growth in the coming years.

And while its shares have surged higher over the last 12 months, analysts at Canaccord Genuity still see a lot of value in them. The broker has a buy rating and $25.00 price target on Kogan’s shares.

Pushpay Holdings Group Ltd (ASX: PPH)

Another highly rated growth share is Pushpay. It is leading donor management and community engagement platform provider with a focus on the faith sector. It has been a very strong performer in FY 2021 and has just upgraded its full year EBITDAF guidance to between US$56 million and US$60 million. This will be up 123% to 139% year on year.

This is still scratching at the surface of its addressable market in the United States, which gives it a long runway for growth over the 2020s.

Analysts at Goldman Sachs are bullish on its prospects. They have a conviction buy rating and $2.59 price target on its shares.

More reading

• 3 ASX shares to buy that fund managers love
• Why ARB, Mesoblast, Pushpay, & Super Retail shares are racing higher
• Why the Pushpay (ASX:PPH) share price could shoot higher today
• Got money to invest? Here are 3 ASX shares to buy
• 2 of the best ASX shares to buy this month

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, Kogan.com ltd, and PUSHPAY FPO NZX. The Motley Fool Australia has recommended Kogan.com ltd and PUSHPAY FPO NZX. 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 exchange-traded funds (ETFs) that may be quality ideas for some investors to look into.

ETFs are often investments that give exposure to a diversified group of businesses, in a single trade. Many ETFs also have lower fees than a typical active fund manager.

With that in mind, here are two of the most popular ETFs on the ASX:

Vanguard Msci Index International Shares ETF (ASX: VGS)

This is investment is provided by Vanguard, one of the world’s leading ETF providers. It doesn’t try to make a profit – the owners of Vanguard are the investors themselves, so Vanguard shares the profit by lowering the management fees for investors when it can.

Vanguard Msci Index International Shares ETF has an annual management fee of just 0.18% per annum, which is among the lowest on the ASX. The ETF is more than $2.5 billion in size.

The purpose of the ETF is to provide exposure to many of the world’s largest companies listed in major developed countries. Vanguard says that it offers low-cost access to a broadly diversified portfolio of shares and allows investors to participate in the long-term growth potential of international economies outside of Australia.

It has over 1,500 businesses in its portfolio. Just over two thirds of the portfolio is invested in US shares, though plenty of other countries have a material weighting including Japan, the UK, France, Canada, Switzerland, Germany and so on.

In terms of the actual largest holdings of Vanguard Msci Index International Shares ETF, at the end of November 2020 they were: Apple, Microsoft, Amazon, Facebook, Alphabet, Tesla, Johnson & Johnson, JPMorgan Chase, Visa, Proctor & Gamble, NVIDIA, Nestle and Berkshire Hathaway.

Over the past five years this ETF has generated net returns of 10.6% per annum. Vanguard showed that its price/earnings ratio was 25.5x at the end of November 2020.

Betashares Nasdaq 100 ETF (ASX: NDQ)

This ETF is focused on the largest 100 businesses that are listed on the NASDAQ, which is an American stock exchange.

Many of the largest American tech companies are listed on the NASDAQ. Indeed, its largest holdings include: Apple, Microsoft, Amazon, Tesla, Facebook, Alphabet and Nvidia. These are similar holding names like the Vanguard ETF, however Betashares Nasdaq 100 ETF gives much larger exposure to them in terms of the portfolio weighting. Those seven businesses are not far off making up half of the overall ETF.

However, there are plenty of other businesses that are recognisable in the ETF’s portfolio such as PayPal, Adobe, Netflix, Intel, Broadcom, Qualcomm and Texas Instruments.

The annual management fee of Betashares Nasdaq 100 ETF is higher than the Vanguard one, at 0.48% per annum.

However, the net returns have been much higher in recent years. Over the past year to 31 December 2020 Betashares Nasdaq 100 ETF made a net return of 34.8%. Over the past five years it generated a net return of 22% per annum.

Whilst a large portion of Betashares Nasdaq 100 ETF is dedicated to tech shares, there are some non-tech holdings such as PepsiCo, Costco, Starbucks, Monster Beverage and Moderna, which gives sector diversification.

More reading

• Afterpay and Creso Pharma were among the most traded shares on the ASX last week
• 2 quality ETFs for ASX investors in January
• 2 top ETFs to buy for growth
• Got money to invest? Here are 3 ASX shares to buy
• 2 fantastic ETFs to buy in 2021

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 BETANASDAQ ETF UNITS. The Motley Fool Australia has recommended BETANASDAQ ETF UNITS and Vanguard MSCI Index International Shares ETF. 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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Over the last 12 months, the Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has been among the best performers on the S&P/ASX 200 Index (ASX: XJO).

During this time, the pizza chain operator’s shares have rallied a sizeable 49% higher.

Why has the Domino’s share price smashed the market?

Investors have been buying the company’s shares over the last 12 months due to its strong performance during the pandemic.

For example, during FY 2020, Domino’s delivered a 12.8% increase in network sales and a 21.4% jump in online sales.

This was driven by strong same store sales growth and a 6.5% to increase in its store network to 2,668 stores. This comprised 78 new stores in Europe, 75 new stores in Japan, and 10 new stores across Australia and New Zealand.

This ultimately led to the company reporting a 7.3% increase in earnings before interest, tax, depreciation and amortisation (EBITDA) to $303.0 million. This was despite the company providing $14.1 million to support stores through the height of the pandemic.

Can the Domino’s share price go higher?

The good news is that the Domino’s share price has been tipped to go higher from here by one leading broker.

According to a note out of Bell Potter, its analysts have just reiterated their buy rating and $99.30 price target on its shares.

This price target represents potential upside of 20% over the next 12 months excluding dividends.

With group year-to-date (first 17 weeks) same store sales up 8.4% on the prior corresponding period, the broker feels the company is well-placed to deliver another strong result in FY 2021. It is forecasting a 20% year on year increase in net profit to $174.9 million.

And looking further ahead, Bell Potter notes that management has plans to double its store network organically over the next decade or so to 5,550 stores. It also believes the company could accelerate its growth inorganically through acquisitions.

More reading

• Leading broker names the ASX retail shares to buy in 2021
• How the Domino’s Pizza (ASX: DMP) share price rocketed over 60% last year
• 2 outstanding ASX shares to buy and hold
• How does fiscal stimulus impact ASX share prices?
• Buy these ASX blue chip shares in 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Domino’s Pizza Enterprises 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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Analysts at Bell Potter have been busy finding ASX shares from several industries that they believe are best placed to have a strong 2021.

On this occasion, I’m going to look at the resources sector. Here are a couple of shares they rate highly:

Nickel Mines Ltd (ASX: NIC)

Nickel Mines is one of the broker’s top picks. This is based on its shares being cheap relative to its peers, its aggressive growth profile, and its pure nickel commodity exposure. Nickel is one of Bell Potter’s preferred base metals.

The broker has a buy rating and $1.60 price target on the company’s shares.

It commented: “During 2020 NIC’s NPI production lines operated at steady state production levels and all-in costs that beat our original forecasts and nameplate capacity, resulting in production attributable to NIC of ~34ktpa. The strong operational performance and rising nickel price enabled NIC to repay debt early and declare a maiden A2cps dividend (unfranked).”

The broker has also been pleased with its agreement with its partner, Shanghai Decent Investment, to acquire a 70% equity interest in the Angel Nickel Project in Indonesia.

“We view this as a positive development. The acquisition has been de-risked by the strong performance of NIC’s existing operations and screens as excellent value on a number of metrics. It should lift attributable production by +25ktpa (~74%), commissioning October 2022,” it concluded.

Regis Resources Limited (ASX: RRL)

This gold miner is another resources share that Bell Potter rates highly. It currently has a buy rating and $5.72 price target on the company’s shares.

It views Regis Resources as an attractive, reliable gold producer and notes that it has achieved consistent operating margins and is investing smartly.

Bell Potter commented: “RRL’s FY20 EBITDA margin of 52% is competitive with, or ahead of, key industry peers. RRL’s ongoing CAPEX is, in our view, an investment into attractive, capital efficient growth options that leverage off RRL’s existing infrastructure – an aspect of its operations that set it apart from many peers.”

The broker believes the market is overlooking the potential of its McPhillamys Project in NSW, which has made good progress through the permitting process and is well placed to advance to production.

It feels this should deliver material production growth in the future and could commence construction during 2021.

“In our view, the market attributes little value to this asset. RRL also remains one of the sector leaders for shareholder returns. Its FY20 dividend equates to a payout of $41m and a payout ratio of 43% of NPAT for a 2.9% fully franked yield (at dividend declaration),” it concluded.

More reading

• 5 top ASX mining shares for dividends and growth in 2021
• Can these 2 outperforming ASX gold miners shine on through 2021?
• Why the Regis Resources (ASX:RRL) share price is pushing higher

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 ECS Botanics Holdings Ltd (ASX: ECS) share price is a top ASX performer today, up 16%. This follows news that the company plans to acquire Victoria-based medical cannabis cultivator, Murray Meds.

Located on the Murray River in North Western Victoria, Murray Meds operates a licenced medical cannabis cultivation and manufacturing facility. The company produces around 3,500kg of medicinal cannabis per year consisting of dried flower, oils and tinctures. Murray Meds has harvested and packed 350kg so far this year, even before the full picking season starts in April.

During morning trade, the ECS share price shot up to 5.4 cents. However, its shares have since retreated to 5.0 cents at the time of writing, up 16.28%.

What’s pushing the ECS share price higher?

ECS Botanics advised that it has signed a binding term sheet with Flowerday Holdings Pty Ltd. The acquisition will see ECS own 100% of the issued capital in Murray Meds, and 100% of the issued share capital in Flowerday Farms. In addition to the transaction, ECS will also purchase Flowerday Land Property.

Under the deal, ECS will pay $1 million for the rights to 100 million fully paid ordinary shares, deemed at an issue price of 5 cents per share. The company will pay a further $1.5 million within 12 months, pending completion of the Flowerday Land Property purchase.

ECS Botanics said the shares will be escrowed on a split basis for 12 (50%) and 24 (50%) months.

The company said once the acquisition is concluded, ECS will be one of largest vertically integrated medicinal cannabis businesses in Australia. The deal complements the company’s main operations based in Tasmania, as well as recent agreements such as its MediPharm Labs takeover.

What did management say?

ECS managing director Alex Keach welcomed the acquisition, saying:

As a combined group, we are positioning to become the largest and most geographically diversified cannabis producer in Australia. Murray Meds has harvested its maiden THC crop and currently has another crop growing.

This deal allows ECS to deliver earlier and more substantial revenue, while adding value to cannabis as communicated in our December announcement to purchase equipment for the extraction of cannabis resin. The deal sets us up nicely to become a globally recognised large scale, low-cost cultivator and manufacturer of medicinal cannabis.

Murray Meds founder and managing director Nan-Maree Schoerie, added:

The opportunities that this deal creates for Murray Meds, its customers and employees is tremendously exciting.

Both organisations are very grounded in their approach to delivering affordable medicinal cannabis as naturally and sustainably as we can, with shared values and an inherent drive to deliver for patients and shareholders.

More reading

• The Xero (ASX:XRO) share price is down 10% in 2021: Is this a buying opportunity?
• How I’d identify the best shares to buy now for the next decade
• Afterpay and Creso Pharma were among the most traded shares on the ASX last week
• What’s with the Legend Mining (ASX:LEG) share price today?
• Are the recent US elections turbocharging the ASX 200?

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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The Xero Limited (ASX: XRO) share price is out of form again on Tuesday and dropping lower.

At the time of writing, the business and accounting platform provider’s shares are down 3% to $131.97.

This means the Xero share price is now down 10% since the start of FY 2021 and almost 17% from its all-time high.

Why is the Xero share price dropping lower?

Investors have been selling Xero and other tech shares recently and rotating into value and cyclical stocks.

This has led to the S&P/ASX All Technology Index (ASX: XTX) sinking 5.5% since the turn of the year, compared to a 1.7% gain by the benchmark S&P/ASX 200 Index (ASX: XJO).

Is this a buying opportunity?

One broker that would see the weakness in the Xero share price as a buying opportunity is Goldman Sachs.

Late last year the broker initiated coverage on the company with a buy rating and $157.00 price target.

Based on the latest Xero share price, this price target implies potential upside of 19% for its shares over the next 12 months.

Why does Goldman like Xero?

Goldman Sachs is a big fan of the company’s cloud-based accounting software. It notes that the value proposition for its SME customers includes its ease-of-use, a single source of “truth” (for the business & their accountant), and its ecosystem of 1,000+ best-in-class apps that provide a broad range of software solutions.

It also points out that Xero has a total addressable market (TAM) of NZ$14 billion per annum at present across its key markets. Based on its FY 2020 performance, this means that it has only penetrated 4.6% of this market.

This in itself gives it a long runway for growth. However, the broker sees opportunities for this TAM to grow even larger.

It explained: “We estimate Xero has a core TAM of NZ$14bn p.a. across its key markets (4.6% penetrated in FY20). However as it broadens and monetizes its app ecosystem, and expands into new geographies, we estimate this will open a further NZ$62bn in addressable TAM, providing a multi-decade runway for strong revenue growth.”

“Combined with attractive unit economics at maturity (GSe 40% EBIT margins), we believe the long-term earnings opportunity for Xero is material,” it concluded.

All in all, this could make it worth taking a closer look at Xero’s shares after their poor start to the year.

More reading

• ASX 200 down 0.4%: Afterpay tumbles, bank shares lower, gold miners crash
• Why Costa, Monash IVF, Newcrest, & Xero shares are dropping lower
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 on Friday
• ASX 200 rose 1.6%

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 Xero. 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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Finding the best shares to buy now for the long term is a tough task. The economic outlook is uncertain, and may experience further deterioration in the short run depending on how the coronavirus pandemic progresses. Furthermore, a number of industries could experience major change as a result of the pandemic and its impact on consumer tastes.

As such, buying companies with flexible business models and strategies, as well as capital to invest in long-term growth, could be a shrewd move. They may be better able to adapt to a fluid economic environment.

The best shares may have flexible business models

The best shares to buy today may have strategies and financial positions that can be used to successfully adjust to changing industry trends. For example, companies that have a low proportion of fixed costs may withstand a period of weaker sales should political and economic risks increase.

Similarly, companies that have solid balance sheets may be able to raise capital more easily to invest in new growth areas that have arisen as a result of the coronavirus pandemic.

Investors may be able to unearth such companies by assessing their fundamentals. For example, a company’s annual report and recent investor updates provide information regarding their financial position and strategy.

Businesses with low debt levels and access to substantial credit lines may have the financial flexibility to make necessary adjustments in what could be a period of rapid change. Company strategies that embrace evolving customer tastes may also be more successful in the long run than entrenched plans that become outdated.

Searching for companies with weak near-term outlooks

Of course, the best shares to buy today are likely to offer good value for money. However, the stock market rally in the second half of 2020 means that many high-quality businesses now trade on relatively high valuations.

As such, investors may wish to consider sound companies that are currently experiencing difficult operating conditions. For example, they may be facing disruption caused by coronavirus, or weak demand for their products as a result of declining consumer confidence.

Should they have the financial means to survive the short-term challenges they face, over the long run they may be able to deliver impressive returns due in part to their low prices. They may be among those shares that benefit the most from a long-term stock market recovery.

A diverse range of stocks

It continues to be difficult to assess how the economy will change in the next decade. Some of the best shares may even struggle to adapt and deliver growth in an economy that has an unclear future.

As such, it is a good idea to diversify across a broad range of businesses within a portfolio. Doing so can mean less risk, as well as greater returns as the world economy gradually recovers from the challenges faced in 2020.  

More reading

• Afterpay and Creso Pharma were among the most traded shares on the ASX last week
• What’s with the Legend Mining (ASX:LEG) share price today?
• Are the recent US elections turbocharging the ASX 200?
• Here’s why the Fortescue (ASX:FMG) share price is up 12% in a month
• Leading brokers name 3 ASX shares to sell today

Motley Fool contributor Peter Stephens 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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Australia’s leading investment platform provider CommSec has released data on the most traded ASX shares on its platform from last week.

Once again, there were a few regulars but also a couple of lesser known shares making the cut.

Here’s the data:

Betashares Nasdaq 100 ETF (ASX: NDQ)

This exchange traded fund (ETF) was the most traded share on the CommSec platform last week. It accounted for 2% of total trades on the platform, with buyers attributable to 85% of them. This ETF is particularly popular with investors as it gives them exposure to the likes of Apple, Amazon, Facebook, and Tesla. After a 30% gain in 2020, investors may be hoping for more of the same in 2021.

Creso Pharma Ltd (ASX: CPH)

This cannabis company was popular with investors again last week. Its shares accounted for 1.8% of trades on CommSec. Approximately 57% of these came from the buy side. That group of investors will have been pleased to see the cannabis company’s shares jump 33% over the period. This gain was driven by news that the Democrats won control of the US Senate. The Democrats are widely expected to decriminalise cannabis in the near future.

Core Lithium Ltd (ASX: CXO)

Core Lithium was a new entry to the top five, with its shares being responsible for 1.8% of trades on the platform. 65% of these trades came from buyers, who bid its shares 55% higher for the week. Investors have been buying lithium shares after the price of the battery making ingredient started to recover.

Afterpay Ltd (ASX: APT)

The Afterpay share price may have lost 1.7% of its value last week, but that didn’t stop the buyers from flooding in. The buy now pay later provider’s shares accounted for 1.7% of trades on CommSec, with 65% of them coming from buyers.

Zip Co Ltd (ASX: Z1P)

This fellow buy now pay later provider was popular with investors again last week. Zip’s shares were responsible for 1.5% of trades on the platform. Though, only 48% of these came from buyers. Despite this, the Zip share price climbed 4.7% over the five days. Some investors may be optimistic that its upcoming second quarter update will be a strong one.

More reading

• Here’s why the Creso Pharma (ASX:CPH) share price is jumping 13% higher today
• The biggest ASX bulls are about to get their faith tested
• 5 things to watch on the ASX 200 on Tuesday
• Why ASX cannabis shares are cheering the US elections
• ASX 200 down 0.4%: Afterpay tumbles, bank shares lower, gold miners crash

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 BETANASDAQ ETF UNITS and ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended BETANASDAQ ETF UNITS. 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 Legend Mining Limited (ASX: LEG) share price, up 9% this year and 50% over the past 12 months, has yet to move today on the company’s latest drill results.

Despite some promising drilling data, the Legend share price is flat in afternoon trading, still sitting at its opening price of 12 cents.

What did Legend Mining report this morning?

In an ASX announcement this morning, Legend Mining said the latest assay results from a diamond drillhole at its Mawson prospect in Western Australia revealed it to be the best hole to date.

The Mawson prospect holds both nickel (Ni), Copper (Cu) and Cobalt (Co).

The results showed nickel values up to 3.26%, copper values up to 3.84%, and cobalt values up to 0.17%. The company said that metallurgical test work is under way.

Commenting on the results, Legend Mining managing director Mark Wilson said:

These assay results are further confirmation of our earlier assessment that hole 34 is the best hole drilled at Mawson to date. The combination of the widths and grades of the massive sulphides in this hole support our conviction that we are dealing with a mineralised system of substance at Mawson.

The purpose of the hole was to conduct Phase 1 metallurgical tests and the results of this test work will be reported once received.

Meanwhile further assay results from 2020 drilling programs are rolling in for compilation and assessment. Once integrated with existing data, they will assist in future drill planning for the 2021 field season.

Legend Mining share price and company snapshot

Legend Mining is an Australian minerals exploration company. The company’s focus is its nickel-copper Rockford Project in the Fraser Range of Western Australia. Legend Mining shares first listed on the ASX in August 1995.

Analysts are widely predicting the demand for nickel and copper to grow, as both metals are needed for the transition to sustainable energy sources and both are used in infrastructure and building construction. Copper prices reached 8-year highs last Thursday, trading at US$8,179 (AU$10,622) per tonne.

Year-to-date, the Legend Mining share price is up 9.1%. That compares to a 0.3% gain for the broader All Ordinaries Index (ASX: XAO).

Despite shares crashing more than 45% during the wider COVID-19 market selloff in February and March last year, patient Legend Mining shareholders are unlikely to be complaining.

Over the past 12 months the Legend Share price is up 50%. The All Ords, over that same time, remains down 0.7%.

More reading

• The Neuren (ASX:NEU) share price is falling today despite positive news
• Why the Cann Group (ASX:CAN) share price is moving today
• Why the IMEXHS (ASX:IME) share price soared 6% higher today
• Why the DroneShield (ASX:DRO) share price is surging higher
• Here are the best All Ordinaries performers of 2020

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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