Stocks of the Hour: Allkem, Cosmos Exploration, Nick Scali

Company News

by Abbey Phillipps

Allkem (ASX:AKE, TSX:AKE) has updated their James Bay Lithium Mineral Resource in Québec, Canada by 173% to 110.2 million tonnes. Managing Director and CEO, Martin Perez de Solay said, “James Bay is now one of the largest spodumene lithium assets and clearly has the potential to grow even further as the boundaries of mineralisation are tested through an additional drilling program commencing later in the year." Shares are trading 1.1 per cent higher at $14.66.

Cosmos Exploration (ASX:C1X) will commence its maiden helicopter-assisted rock sampling exploration program at the highly prospective lithium projects in the James Bay district in Quebec, Canada, near that of Allkem's. Exploration is scheduled to commence on 11 August 2023. Shares are trading 16.22 per cent higher at 43 cents.

Nick Scali (ASX:NCK) has released their results for the year ended 30 June 2023, with a record net profit after tax of $101.1m. The company will now increase their dividend per share by 7.1%. Commenting on the result, the Managing Director, Anthony Scali, said, “In FY23 we completed the full integration of the Plush operations and processes with the sales order process the last key process to be integrated in December 2022.” Shares are trading 9.81 per cent higher at $11.75.


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