The S&P/ASX 200 Materials Index (ASX: XMJ) is 0.1% in the red today, but these three ASX 300 mining shares are bucking the trend.
Santa Barbara Ltd (ASX: SBM), Nickel Industries Ltd (ASX: NIC), and Resolute Mining Ltd (ASX: RSG) shares are all lifting today.
Let's take a look at what these three ASX 300 mining shares reported to the market.
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St Barbara
St Barbara shares are up 2.52% at the time of writing to 61 cents apiece. The company reported gold production of 58,567 ounces, down 4% in the third quarter. Realised gold price rose 5.4% on the previous quarter to $2,713 an ounce.
Gold production at Leonora and Simberi fell, while it improved at the company's Atlantic operations. The company achieved a group All-In Sustaining Cost (AISC) of $2,553 a tonne, 4% better than the previous quarter.
Even with today's gain, St Barbara shares have slid 54% in the last year.
Nickel Industries
Nickel Industries shares are up 0.53% to 95 cents each. The company reported record quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) from operations of US$113.2 million. Nickel Industries achieved record RKEF [rotary kiln-electric furnace] quarterly production of 26,665 tonnes of nickel metal, up 15.6% on the previous quarter. Quarterly sales were also a record, reaching US$487.9 million.
Commenting on the outlook for the future, managing director Justin Werner said:
We look forward to another strong second quarter in 2023 as we should start to realise improved margins at ONI and continued increased production and sales
Nickel Industries shares have slid 17.5% in the last 12 months.
Resolute Mining
Resolute Mining shares are 2.73% higher this afternoon, fetching 45.2 cents apiece. The company reported 92,259 ounces of gold poured, up 1% on the previous quarter. The average realised gold price jumped 4% to $1,890 an ounce. The All-In Sustaining Cost (AISC) fell 6% on the previous quarter to $1,453 an ounce. The company's net debt has fallen 37% to $19.9 million.
Commenting on the results, CEO and managing director Terry Holohan said:
I am pleased to report another solid quarter for Resolute, recording a sixth consecutive increase in production with 92,259 oz of gold poured, underpinned by improved productivity at all three mines (Syama Sulphide, Syama Oxide and Mako).
Resolute Mining shares have returned nearly 58% in the past 52 weeks.
