3 ASX mining shares skyrocketing on major new discoveries

Why did these companies have such a cracking day on the ASX on Tuesday?

| More on:
a man in a hard hat and overalls raises his arms and holds them out wide as he smiles widely in an optimistic and welcoming gesture.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • Three ASX resources shares had a stellar day on the market 
  • The companies' share prices surged between 55% and 95% during the day 
  • All three companies are commodities explorers

The S&P/ASX 200 Index (ASX: XJO) may have fallen 0.42% today, but these shares were not holding it back. Three ASX mining shares skyrocketed on the ASX today after new discoveries.

Let’s take a look at why these shares had such a good day.

Krakatoa Resources Ltd (ASX: KTA)

The Krakatoa Resources share price exploded a massive 95% on a rare earth discovery at the Mt Clere project in Western Australia. Krakatoa found widespread clay hosted iconic rare earth element mineralisation. Rare earths are critical components in electric vehicle (EV) batteries. Commenting on the news, Krakatoa CEO Mark Major said:

This discovery has come at a great time for the company and our shareholders. Demand for these magnetic and critical rare earth elements are expected to increase over the next ten years, as the world embarks on the electric revolution.

Ragnar Metals Ltd (ASX: RAG)

The Ragnar Metals share price surged a whopping 65.65% on the back of drilling results. The company reported promising assay results at the Tullsta nickel project in Sweden. Diamond drilling intersected with nickel, copper, and cobalt, including a high grade zone at 34m.

Anax Metals Ltd (ASX: ANX)

The Anax Metals share price surged nearly 55% in intraday trade before retreating back to 10.5 cents, an 8.25% gain. Anax reported “spectacular” drilling results at the company’s Whim Creek project in Western Australia. Massive copper and zinc sulphide mineralisation was discovered up to 15m wide. Final assay results are still on the way.

The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Resources Shares

A male broker wearing a dark blue suit and tie puts his finger to his lips to signal a secret tip about the Xero share price
Resources Shares

‘Clearly under the radar’: Expert reveals hidden gem ASX share he’s holding

One fund manager lets slip a stock about to go crazy that no one else knows about.

Read more »

Scared looking people on a rollercoaster ride representing the volatile Mineral Resources share price in 2022
Resources Shares

Why is the Sayona Mining share price so volatile?

Sayona Mining shares have been all over the place this year. We look at what's going on.

Read more »

Happy woman miner with her thumb up signalling Wyloo's commitment to back IGO's takeover of Western Areas nickel
Resources Shares

Why has the Panoramic Resources share price surged 40% in a month?

Rising global demand for nickel and BHP's play for OZ Minerals have helped propel Panoramic shares in recent times.

Read more »

Graphic drawing of electric vehicles charging batteries at charging station
Resources Shares

Why is nickel such a big deal and which ASX shares have exposure?

Like lithium, nickel is a core element in EV and grid storage batteries.

Read more »

Female miner on a walkie talkie.
Share Gainers

This ASX lithium share is surging 45% today. What’s going on?

This ASX lithium share is one of the best performers on the market today.

Read more »

A group of people in suits and hard hats celebrate the rising share price with champagne.
Resources Shares

3 ASX mining shares rocketing higher today on new finds

The three miners have each reported promising new drill results.

Read more »

a mine worker holds his phone in one hand and a tablet in the other as he stands in front of heavy machinery at a mine site.
Resources Shares

Why is the Rio Tinto share price lagging the ASX 200 on Tuesday?

Investors are pushing Rio Tinto shares down today.

Read more »

a man leans back in his chair with his arms supporting his head as he smiles a satisfied smile while sitting at his desk with his laptop computer open in front of him.
Dividend Investing

Everything you need to know about the latest BHP dividend

BHP announced another sizeable dividend today. Here are the details.

Read more »