In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decent gain. At the time of writing, the benchmark index is up 0.35% to 7,437.3 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:
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29Metals Ltd (ASX: 29M)
The 29Metals share price is up 16% to 83.5 cents. Investors have been scrambling to buy this copper producer's shares after it announced the restart of its Capricorn Copper operation. These operations were suspended in early March due to the impact of an extreme weather event.
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price is up 20% to $2. This follows the release of the baby products company's unaudited full-year results after the market close yesterday. While Baby Bunting reported a halving of its profits, this was still at the upper end of its guidance range. This went down well with analysts at Wilsons, which put an overweight rating and $2.10 price target on its shares.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price is up 3% to $6.95. This morning, this rare earths producer announced the signing of a follow on contract with the United States Department of Defense (DoD). This contract relates to the construction of the heavy rare earths component of the Lynas U.S. Rare Earths Processing Facility in Texas. The US DoD will now contribute a total of approximately US$258 million to the project.
Patriot Battery Metals Inc. (ASX: PMT)
The Patriot Battery Metals share price is up 10% to $1.66. This follows news that Albemarle Corp (NYSE: ALB) has made a C$109 million (A$123 million) strategic investment into the lithium developer. This will lead to the lithium giant owning around 4.9% of Patriot. Management plans to use the proceeds to accelerate development activities at the Corvette Lithium Project alongside general corporate purposes.
