3 ASX mining shares that rocketed more than 15% on Monday

Why did these explorers surge today?

| More on:
Three happy miners standing with arms crossed at a quarry.

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 mining shares soared between 17 and 42% today 
  • Two are exploring rare earths, while the other is an iron ore explorer 
  • The ASX 200 Materials Index also lifted today, up 1.94%

ASX mining shares Southern Palladium Ltd (ASX: SPD), Arafura Resources Ltd (ASX: ARU) and Flinders Mines Limited (ASX: FMS) had a massive day today, soaring between 17% and 42% higher.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) rose 1.94%.

Let's take a look at what may have caused these three ASX mining shares to reach for the stars.

Southern Palladium

The Southern Palladium share price exploded 21% higher, closing on Monday at $1.15. The monster trading day came after the company updated the market on drilling progress at its Bengwenyama PGM project.

Southern Palladium has a 70% stake in the palladium and rhodium-rich project located at the Bushveld Complex in South Africa.

The explorer advised that drillhole E062 had intersected the first UG2 reef at 31.2m below the surface. Commenting on the news, managing director Johan Odendaal said:

Confirmation of the UG2 Reef intersection is an important early barometer for the company as it advances the Phase 1a drill program.

Arafura Resources

The Arafura Resources Ltd (ASX: ARU) share price also shot the lights out today, surging 17.24% to close at 34 cents.

Arafura has been added to the ASX 300 Index as part of a quarterly rebalance. S&P Dow Jones Indices advised of the changes to multiple S&P/ASX indices after market close on Friday.

Arafura is developing the Nolans Rare Earths Project in the Northern Territory. The mineral explorer aims to supply 5% of the world's neodymium and praseodymium (NDPr) 99% pure oxide from the Nolan's project.

Flinders Mines

Finally, the Flinders Mines share price soared a whopping 41.51% today to 75 cents at the close.

Flinders advised the market this morning that BBIG Group Pty Ltd had terminated a farm-in agreement with it. This meant Flinders would be able to negotiate a staged development of its Pilbara Iron Ore Project in Western Australia.

The company's chair Cheryl Edwardes said the move would provide Flinders with a "more certain pathway to near term cash flow".

Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. 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 Scott Phillips.

More on Materials Shares

A man looking at his laptop and thinking.
Materials Shares

What's happening with Lake Resources shares today?

Lake Resources is eyeing technology improvements to help cut costs.

Read more »

two men in hard hats and high visibility jackets look together at a laptop screen that one of the men in holding at a mine site.
Dividend Investing

How big will the BHP dividend be in 2025?

Let's see if the mining giant will be rewarding shareholders with more generous dividends.

Read more »

Three miners stand together at a mine site studying documents with equipment in the background
Materials Shares

Fortescue share price falls after cost-cutting decision

The mining giant is cutting down its workforce materially to save money.

Read more »

A happy construction worker or miner holds a fistfull of Australian money, indicating a dividends windfall
Materials Shares

Could BHP shares provide an 18% return for investors?

Let's see what Goldman Sachs is saying about this mining giant following its update.

Read more »

Two young risk-taking men pose for the camera as they jump off a cliff into the sea.
Materials Shares

How risky is buying ASX lithium shares right now?

Despite recent losses, this fund manager is holding onto these top ASX lithium stocks. Here’s why.

Read more »

A person wears a roaring lion mask.
Materials Shares

Who is buying 55,000 Liontown shares this week?

Lithium prices remain at multi-year lows, but this insider is putting $53,350 into the industry.

Read more »

Miner looking at a tablet.
Materials Shares

Core Lithium share price rockets 14% amid 'positive achievements'

Investors are sending the Core Lithium share price surging today. But why?

Read more »

Image from either construction, mining or the oil industry of a friendly worker.
Materials Shares

BHP share price on watch after record-breaking FY24 iron ore production

BHP's iron ore operations were on form during the fourth quarter and full year.

Read more »