The S&P/ASX 300 Index (ASX: XKO) is again taking investors on a rollercoaster ride, partly erasing Monday’s gains of 1.25%.
At the closing bell, the ASX 300 finished down 0.46% to 7,246.3 points. This means the index has dropped close to 4% over the past month.
Let’s take a look at which ASX 300 companies are the strong performers today.
De Grey Mining Ltd (ASX: DEG)
The De Grey share price shot out the lights on the ASX 300 today, closing 9.84% higher to $1.06.
The gold mining company provided investors with a positive update in regards to its Mallina Gold Project. The results from a scoping study identified “clear opportunities” for improvement.
In addition, the board approved the progression of the project to a pre-feasibility study with results expected in H2 2022.
Gold Road Resources Ltd (ASX: GOR)
The Gold Road share price pushed higher with a 7.23% gain to $1.33.
The Australian-based gold miner didn’t release any market-sensitive news today. However, investors are riding on the back of yesterday’s production update and December quarter guidance from this ASX 300 share.
Gold Road advised its process plant has returned to normal production rates following unscheduled ball mill maintenance. As such, the December production guidance is forecasted to come in between 71,000 and 81,000 ounces.
Annual guidance has been revised to between 250,000 and 260,000 ounces. That’s down from original estimates of between 260,000 and 300,000 ounces of gold. It appears the market is being buoyed by the rebound in the price of gold.
Silver Lake Resources Limited (ASX: SLR)
Also flying higher is the Silver Lake share price, which finished up 5.67% to $1.49 apiece.
The gold producing and exploration company hasn’t released any news in the past few weeks. However, the rising price of gold has likely provided a boost to its share price.
In mid-September, investment firm Macquarie raised its price target on Silver Lake shares by 5% to $2.10. Based on the current share price, this implies an upside of around 42%.
Now, let’s take a look at the weaker ASX 300 companies.
Novonix Ltd (ASX: NVX)
One ASX 300 share being weighed down today is Novonix. Its share price fell 8.95% to $5.19.
The lithium company’s shares appear to be cooling off after registering a sharp upwards trajectory since August. Novonix shares have doubled in value from 2 August, and are up 320% in 2021.
Vulcan Energy Resources Ltd (ASX: VUL)
Also falling today is the Vulcan share price. It finished 8.29% lower to $11.50, with no new market announcements from the company.
Investors have sold off the lithium developer’s shares after the company reached a record high of $16.65 on 13 September. Its share price has now declined 20% in a month.
Nonetheless, Vulcan shares are still up an astounding 900% since this time last year.