3 ASX mining shares going gangbusters on Monday

These mining shares are outperforming the materials index today

| More on:
Three rockets heading to space

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

  • These three ASX mining shares are currently trading between 12 and 19% higher 
  • The companies are explorers in lithium, rare earth elements or gold 
  • The S&P/ASX 200 Materials index is also in the green today 

The S&P/ASX 200 Materials index (ASX: XMJ) is climbing 0.09% today, but three ASX mining shares are soaring far higher.

The Ioneer Ltd (ASX: INR), Victory Metals Ltd (ASX: VTM) and Black Cat Syndicate Ltd (ASX: BC8) share prices are all charging higher today.

So why are these three ASX mining shares all lifting today?

Black Cat Syndicate

Shares in Black Cat Syndicate shares are up 13%, trading at 43 cents apiece at the time of writing after the company provided a mineral resource update to the market.

Black Cat today advised the underground resource at Coyote Central in Western Australia had lifted to 356 koz at 14.6 grams per tonne of gold (51% indicated).

Describing Coyote Central as "one of the highest-grade deposits in Australia", the company will continue exploration drilling and test work at the project.

Commenting on the news, managing director Gareth Solly said:

It is exciting to have already demonstrated the grade and scale potential of Coyote within such a short period of time.

Despite today's major gains, Black Cat shares have slid 32% in the last 12 months.

Ioneer

Ioneer is developing the Rhyolite Ridge lithium and boron project in Nevada, USA. The company's shares are rocketing 19.2% at the time of writing.

In news released today, Ioneer has received a conditional commitment from the US Department of Energy for a $700 million loan to develop the Rhyolite Ridge project. A significant equity contribution from Sibanye Stillwater Ltd (NYSE: SBSW) to secure a 50% interest in the project will also help fund capital expenditure at the project.

Managing director Bernard Rowe welcomed the news, saying:

The conditional commitment is the culmination of 23 months of discussions with and due diligence by the Loan Programs Office and it represents a significant milestone for Rhyolite Ridge.

We look forward to working with the DOE and Sibanye-Stillwater to complete the remaining milestones to start construction of Rhyolite Ridge.

The Ioneer share price has slid 33.4% in the last year. However, it has gained 28% in the last week.

Victory Metals

Victory Metals shares are soaring 11.9% today. The company advised the market of a "high-grade rare earth extension" at the company's North Stanmore project in Western Australia.

Assay results showed a significant total rare earth oxide (TREO) grade of 1001 parts per million (ppm) from 1m samples and up to 5239 ppm with a cut-off of 500 ppm.

Commenting on the news, executive director Brendan Clark said:

What an extraordinary moment for Victory with confirmation of a significant rare earth element mineralisation extension at our North Stanmore REE discovery

Victory Metals shares have climbed 9.3% in the past 52 weeks.

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 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.
Materials Shares

Why are ASX lithium shares like Pilbara Minerals crashing on Tuesday?

Lithium stocks are getting another whack today.

Read more »

Miner looking at a tablet.
Share Gainers

Guess which ASX lithium stock just surged 94% on a deal with Mineral Resources

Investors are sending the ASX lithium stock rocketing following a joint venture agreement with Mineral Resources.

Read more »

Miner and company person analysing results of a mining company.
Materials Shares

Up 2,150% in a year, why is the Wildcat Resources share price crashing today?

Investors appear displeased with Wildcat's latest update on the Tabba Tabba project.

Read more »

A man in a business suit whose face isn't shown hands over two australian hundred dollar notes from a pile of notes in his other hand to an outstretched hand of another person.
Materials Shares

Insiders have been buying these ASX 200 mining shares

These miners have reported meaningful insider buying in recent days.

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.
Materials Shares

Why the 2024 outlook for these rebounding ASX 200 lithium shares looks 'better than market expectations'

ASX 200 lithium stocks have been soaring recently, and these experts think there are more tailwinds ahead.

Read more »

Businessman puts hand over eyes on a sinking boat in ocean
Materials Shares

Down 80% in a year why are Lake Resources shares tumbling again today?

ASX lithium stock Lake Resources is under selling pressure again on Monday.

Read more »

Man holding fifty Australian Dollar banknote in his hands, symbolising dividends, symbolising dividends.
Dividend Investing

Want the next BHP dividend? You don't have long to act

Pay day is looming for this mining giant's shareholders.

Read more »

A white EV car and an electric vehicle pump with green highlighted swirls representing ASX lithium shares
Materials Shares

Here's the latest lithium price forecast through to 2027

Where next for this battery material? Here's what Goldman Sachs is forecasting.

Read more »