In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has run of steam and is giving back some of yesterday's stellar gains. At the time of writing, the benchmark index is down 0.65% to 7,831.1 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
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AIC Mines Ltd (ASX: A1M)
The AIC Mines share price is up 4.5% to 56 cents. This follows news that the mining lease for the Jericho Copper Mine has been approved for grant by the Minister for Resources and Critical Minerals Queensland. This allows for surface works at Jericho to commence within a maximum 10ha area and mine development activity to take place with a maximum of 20 people employed on site. Development of the Jericho mine and the expansion of the Eloise processing plant will lift production to over 20,000tpa copper and 7,500ozpa gold.
Bendigo and Adelaide Bank Ltd (ASX: BEN)
The Bendigo and Adelaide Bank share price is up over 7% to $10.67. This follows the release of a trading update from the regional bank. Management advised that its unaudited cash earnings (after tax) year-to-date is approximately $464 million. This is down 2.3% on the prior corresponding period. CEO, Marnie Baker, said: "The margin considerations we outlined in February have helped support a year-to-date margin of 1.87% post revenue share. We look forward to showcasing our growth engines at our Investor Day on 23 May 2024."
Patriot Battery Metals Inc. (ASX: PMT)
The Patriot Battery Metals share price is up a further 11% to 97.5 cents. Investors have been buying this lithium developer's shares since the release of a new batch of core assay results on Thursday. Those results were for drill holes completed this year at the CV5 spodumene pegmatite at its Corvette Lithium Project in Canada. The company's vice president of exploration, Darren L. Smith, said: "Another round of CV5 core assays from our infill program and it continues to deliver to expectations. Coupled with the new high grade discovery at CV13, the 2024 winter program's results continue to demonstrate the quality and scale on show at Corvette."
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price is up almost 14% to $5.41. This morning, this lithium developer announced the formal launch of the second and final phase of its Project-level debt and equity funding package. Phase one of the Finance Process is now complete, with the company receiving significant interest from strategic and financial investors, commercial banks, the European Investment Bank (EIB), and major government-backed export credit agencies.
