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.
Image source: Getty Images
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.
