3 ASX shares that exploded 60 to 133% on Wednesday

These three shares were among the top market performers on a day the ASX 200 finished in the green.

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Key points

  • These ASX shares made some big gains on the market today
  • A nickel find, a deal with Ford Motor Company, and acquisition news helped drive up their share prices 
  • The ASX 200 finished the day 0.32% ahead on Wednesday

The S&P/ASX 200 Index (ASX: XJO) gained 0.32% today, but these three ASX shares soared far higher.

Intelligent Monitoring Group (ASX: IMB), Iperionx Ltd (ASX: IPX), and Golden Mile Resources Ltd (ASX: G88) shares all charged ahead today.

So why did these three ASX shares outperform the broader market? Let's take a look.

Golden Mile

Golden Mile shares skyrocketed a massive 133% today. The Western Australian-based resources company discovered the "highest ever" nickel grades at its 100%-owned Quicksilver deposit.

Diamond drilling for stage three metallurgical testwork intersected with "very wide zones" of high-grade nickel mineralisation.

This included 49 metres at 1.74% nickel and 0.071% cobalt from 30 metres at drill hole 23QDD008.

Commenting on the news, Golden Mile managing director Damon Dormer said:

These are spectacular intersections and the highest nickel grade we have ever encountered at Quicksilver.

IperionX

Titanium share IperionX surged 69% today on the back of a deal with the Ford Motor Company. IperionX will supply its 100% recycled, low-carbon titanium metal to the car manufacturer.

IperionX has been working with Ford to design, test, and manufacture high-quality titanium parts for future Ford Performance production vehicles.

Ford has plans to be carbon neutral by 2050.

Commenting on the news, IperionX CEO Anastasios (Taso) Arima said:

We are proud to partner with Ford to accelerate the deployment of a sustainable, circular titanium supply chain for the global automotive market.

Our low-carbon titanium metal is uniquely made with 100% recycled titanium and can significantly improve automotive supply chains by using high-strength titanium components with nearly half the weight of steel.

Intelligent Monitoring

Finally, Intelligent Monitoring shares rocketed 67% ahead today on the back of takeover news. The company has entered into a binding agreement to acquire all the shares of Tyco Australia Group Pty Limited. Tyco is a security monitoring provider with customers in Australia and New Zealand.

Intelligent Monitoring will pay $45 million for the acquisition, which is subject to conditions expected to be settled by 1 August.

Intelligent Monitoring forecasts the new combined business will deliver an EBITDA of about $24.8 million, aside from transaction and restructure costs.

Commenting on the news, managing director Dennison Hambling said:

The opportunity to create a market leading business, with one of the most recognisable security brands in the world, is an exciting new development in the IMG journey.

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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