In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decent gain. At the time of writing, the benchmark index is up 0.4% to 7,231.3 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
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Argosy Minerals Limited (ASX: AGY)
The Argosy Minerals share price is up over 6% to 41.5 cents. This morning, this lithium developer revealed that its 2,000tpa operation commissioning works have advanced to a 24-hour trial of continuous operations. This has led to the production of ~20 tonnes of battery-quality lithium carbonate product, with product quality of 99.79%.
Galan Lithium Ltd (ASX: GLN)
The Galan Lithium share price is up 8% to 94 cents. This follows the release of the phase one definitive feasibility study (DFS) of the Hombre Muerto West (HMW) project. Management advised that the DFS delivers compelling economics from an initial 5.37ktpa LCE operation at HMW, targeting a high-quality 6% concentrated lithium chloride product in the first half of 2025. Phase 1 has an estimated post-tax net present value of US$460 million with an internal rate of return of 36% and free cash flow of US$54 million per year.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 4% to $5.09. Investors have been buying this lithium miner's shares following the release of an update on its mid-stream plans. Management advised that it has made significant progress in the detailed front-end engineering and design (FEED) of a proposed mid-stream demonstration plant. A final investment decision is expected in the very near future.
United Malt Group Ltd (ASX: UMG)
The United Malt share price is up 9% to $4.79. This morning, this maltster announced that it has entered into a scheme implementation deed with Malteries Soufflet. This will see the French maltster acquire United Malt by way of a scheme of arrangement. United Malt shareholders will receive $5.00 per share in cash.
