Stocks of the Hour: Tamboran Resources, RareX, Black Canyon

Company News

by Abbey Phillipps

Tamboran Resources (ASX:TBN) has commenced stimulation activities at the Shenandoah South 1H well pad within its 38.75 per cent owned and operated EP 117 permit. The program, which is planned to include 10 stimulation stages over a 500-metre (1,640-foot) horizontal section within the Mid-Velkerri B Shale, is expected to be completed in December 2023. Shares are trading 11.54 per cent higher at 14.5 cents.

RareX Limited (ASX:REE) has taken another important step towards de-risking the infrastructure supply and export pathway for its 100%-owned Cummins Range Rare Earths & Phosphate Project after securing a strategically located parcel of land at Wyndham Port for product storage and transfer. The deal is an agreed option fee of A$25k annually for up to five years with a purchase price of A$650k at RareX’s election. Shares are trading 3.33 per cent higher at 3.1 cents.

Black Canyon (ASX:BCA) has announced that there KR1 and KR2 mineral resource estimate now exceeds 100Mt. In response, Black Canyon Executive Director, Brendan Cummins, said, “To put this into perspective, in the two and half years since 1 ASX release 24/11/2022 Mineral Resource increases by 64% at Flanagan Bore 2 listing, Black Canyon has discovered more manganese than is held by any other company in Western Australia with a massive inventory of 28.4 Mt of contained manganese.” Shares are trading 7.14 per cent higher at 15 cents.

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