Winners and Losers: Uranium approval boosts mining firm
Shares in Australian Rare Earths spiked after the state government approved the expansion of a uranium mining project in the South Australian outback.
The company enjoyed a 56.67 per cent uplift in its share price last week following news that the state government approved an expansion of the Overland Uranium Project.
Australian Rare Earths is now approved for a total combined area of 733 square kilometres.
As a result, more than $2 million was added to the company’s valuation, with shareholders clamouring for a piece of the growing uranium pie.
Adelaide-based Australian Rare Earths has also awarded a works contract to Wallis Drilling and secured a drill rig which will be mobilised to the site northeast of Adelaide in the Murray Basin.
The first phase of the drilling program will run from mid-October to December 2024.
“The additional EPER approval, ahead of schedule, is a most timely and welcome step forward in our exploration efforts at overland, allowing us to access more of our high-priority targets during our inaugural drill program,” Australian Rare Earths CEO and managing director Travis Beinke said.
“Securing rig access with experienced drilling contractor, Wallis Drilling, will enable us to commence drilling in mid-October.”
But Power Minerals was the biggest riser of the week, with shares up 59 per cent over the five days.
The company exited a trading halt on Wednesday to announce the expansion of a niobium project in Brazil. Niobium is used in iron and steel production as an alloy.
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Hillgrove Resources was another Winner, rising alongside the price of copper (up 6 per cent).
The week’s Losers announced no major news this week, but the top three in the list – Whitebark Energy, Otto Energy and Cooper Energy – all fell in line with weaker oil prices.
The full list of Winners and Losers for the week ending 27 September:
Data compiled by Baker Young Limited analysts.
