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Three ASX mining shares that blasted 13 to 61% higher on Monday

Why did these three ASX explorers do so well today?

Monica O'Shea
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Three miners wearing hard hats and high vis vests take a break on site at a mine as the Fortescue share price drops in FY22

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Key points

  • These ASX mining shares all soared more than 10% today 
  • One of these companies conducted a capital raise, another appointed a new board member and the other reported positive drilling results 
  • The Materials Index finished the day nearly 1% in the red 

These three ASX mining shares soared higher than the S&P ASX 200 Materials Index (ASX: XMJ) today.

Besra Gold Inc (ASX: BEZ), TNG Ltd (ASX: TNG), and Galileo Mining Ltd (ASX: GAL) all surged by more than 10%. The Materials Index fell nearly 1%.

Let's take a look at why these three ASX mining shares had such a good day.

Besra Gold

Besra Gold shares exploded 61% today. At one point, Besra shares soared 103%. Besra is exploring the Bau Gold project.

The company announced a capital raise at a premium to the last closing price of 3.2 cents. Besra signed an agreement with US-based Quantum Metal Recovery to issue 11.1 million shares at 9 cents per share. This will raise $1 million. Besra is also in discussions with Quantum for broader funding support.

Commenting on the news, Besra Gold CEO Dr Ray Shaw said:

I am very excited with the enthusiasm Quantum has shown for Bau and I look forward to further developing our relationship.

TNG

The TNG share price soared 15% today. TNG is exploring the Mount Peake vanadium, titanium and iron project in the Northern Territory.

Today, TNG advised it has appointed senior mining executive Rowan Johnston to the board as a non-executive director. Johnston has 30 years of experience in the mining and processing industry.

Commenting on the news, TNG chairman Neil Biddle said:

I have had a long association with Rowan, most recently at Bardoc Gold, and I know him to be a man of great integrity, vast experience, strong commercial acumen and a keen strategic mindset.

Galileo Mining

Galileo Mining shares soared 13% today. The company is exploring palladium, platinum, gold, rhodium, nickel and copper in Western Australia.

Drilling at the company's Callisto discovery intersected with nickel sulphide mineralisation up to 51 metres. Lab assays will be conducted to find out if other metals, including palladium and platinum, are present.

Managing director Brad Underwood said:

We are very excited to be rapidly progressing this new discovery and look forward to updating the market as results become available.

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.

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