Stocks of the Hour: Omega Oil & Gas, Future Battery Minerals, RareX

Company News

by Abbey Phillipps

Omega Oil & Gas (ASX:OMA) has achieved outstanding exploration success, in which their canyon 2 well in the Bowen Basin has intersected 293 metres of gas. Managing Director Lauren Bennett commented: “Omega’s proximity to well established QLD gas infrastructure and the clear requirement for more gas places Omega in a favourable position to build on this exploration success.” Shares are trading 48.72 per cent higher at 29 cents.

Future Battery Minerals (ASX:FBM) announced that assay results have confirmed the discovery of Lithium bearing claystone at the Nevada Lithium Project in the US. In response, Technical Director Robin Cox commented: “The results have far exceeded all expectations, which is a credit to our in-country team who have done a remarkable job planning and executing the maiden drill programme.” Shares are trading 25 per cent at 10 cents.

RareX (ASX:REE) has announced an update to their recent Mineral Resource, re-framing the Cummins Range Project as a highly significant phosphate-hosted rare earths deposit commencing from surface. The recent Mineral Resource update, will be followed by a further significant Resource update due by late April 2023. Shares are trading 1.64 per cent higher at 6.2 cents.

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