Up 834% in a year, guess which ASX mining stock is hitting new all-time highs today

The ASX mining stock has gone from strength to strength over the past year.

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Female miner smiling at a mine site.

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In a sea of red today, one ASX mining stock is shrugging off the broader market concerns and leaping to fresh all-time highs.

Shares in the miner – which is focused on metals essential for the global energy transition – closed yesterday trading for $16.61. In afternoon trade on Friday, shares are swapping hands for $16.84 apiece, up 1.4%.

For some context, the All Ordinaries Index (ASX: XAO) is down 1.5% at this same time.

With today's boost factored in, this top-performing ASX mining stock has now gained a whopping 834% since this time last year.

Any guesses?

If you said WA1 Resources Ltd (ASX: WA1), give yourself a virtual gold star. Or perhaps a virtual niobium star in this case.

Here's why investors have been sending the WA1 Resources share price rocketing.

What's been driving the ASX mining stock to new highs?

Investors' interest has been piqued by the prospects of the company's three projects, West Arunta, Madura and Hidden Valley. All three projects are located in Western Australia.

Over the past year, the ASX mining stock has released a raft of promising drill results, with particular exploration success at its West Arunta project.

WA1 Resources released its March quarterly update last week, on 8 April.

Among the exploration highlights, the miner reported that assays from broad spaced diamond and reverse circulation (RC) drilling received over the three months "extended and demonstrated continuity of niobium mineralisation" at the Luni prospect within the West Arunta project.

The miner also successfully raised $40 million in January via a share issue at an issue price of $10.00 per share, more than 40% below the current WA1 Resources share price.

And to enhance its technical know-how, Clovis Sousa was appointed as Niobium processing advisor. Sousa is a metallurgist with extensive experience at CBMM, the world's largest niobium producer.

While the ASX mining stock remains focused on advancing exploration at its existing projects, management said "continued efforts are being made to identify and assess new opportunities to enhance the company's exploration portfolio".

As at 31 March WA1 Resources held approximately $53 million in cash.

Now what?

With the WA1 Resources share price up 834% over the past 12 months to $16.84 a share today, could there be more gains ahead?

Indeed there could, according to Bell Potter. Though perhaps not another 800%!

On 8 March the broker initiated coverage on the ASX mining stock with a 'speculative buy' rating and a $17.65 12-month target for its share price.

That implies a potential 5% upside from current levels.

"We believe a maiden Indicated Resource for Luni will support initial development studies, with further expansion looking to support a long-life globally significant project," the broker said.

At the time, the ASX mining stock was trading for $12.91 a share.

Motley Fool contributor Bernd Struben 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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