Stocks of the Hour: TNG, Eastern Resources & Neometals

Company News

by Lauren Evans

Australian resources company TNG (ASX:TNG) has received a letter of support from Export Finance Australia for the provision of up to $300 million in debt funding for the company's Mount Peake project in the Northern Territory. Chief executive officer Paul Burton said, “this non-binding letter of support lays a solid foundation for the company to secure the debt financing package for the development of its Mount Peake project.” Shares are trading 39.2 per cent higher at 7 cents.

Eastern Resources (ASX:EFE) has announced “outstanding” results from its Trigg Hill lithium project in Western Australia. The mining company noted that rock-chip assays confirm extensive lithium-caesium-tantalum (LCT) pegmatites. Of the samples collected from the East Curlew pegmatite swarm, the miner said that at least 80 per cent were from LCT pegmatites. Shares are trading 19.2 per cent higher at 3 cents.

Neometals (ASX:NMT) has completed the class 3 engineering cost study component of its Vanadium recovery study, which confirms the potential for lowest quartile operating costs. Managing director Chris Reed, said “completion of the engineering cost study has provided additional confidence in the operating and capital costs of Vanadium Recovery project, and the teams have significantly reduced the technical risk of the project.” Shares are trading 5.1 per cent higher at $1.03. 

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