Stocks of the Hour: RareX, Sayona Mining & ALS

Company News

by Lauren Evans

RareX (ASX:REE) has announced encouraging visual results at its Cummins Range rare earths project in Western Australia. Results showed mineralisation 250 metres down-dip from the best intercept at Cummins Range. Managing director Jeremy Robinson, “we’ve made a great start to the 2022 program, building on our success in 2021. The drilling completed to date has exceeded our expectations and goes a long way to vindicating the Exploration Target we published earlier this year.” Shares are trading 6.3 per cent higher at 8 cents.

Sayona Mining (ASX:SYA) has entered a trading halt ahead of its $190 million capital raising at 18 cents, expecting to release more details this week. On Tuesday, the emerging lithium producer confirmed the technical and financial viability of its North American Lithium project in Quebec, Canada, following a pre-feasibility study. The study was conducted by Sayona Quebec, 75 per-cent owned by Sayona Mining and the rest by ASX-listed peer Piedmont Lithium. Shares are trading halt, last traded at 21 cents.

ALS (ASX:ALQ) has reported a 24 per cent increase in revenue for the full year to March 31 thanks to a strong performance from Life Sciences and commodities. The inspection company’s net profit rose 12 per cent to $190.5 million, following a better performance in the second half, partially offset by one-off costs. ALS said price increases have allowed the division to manage inflationary pressure to date but the environment remains volatile. Shares are trading 0.3 per cent lower at $11.75.

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