In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher. At the time of writing, the benchmark index is up 0.7% to 7,987.2 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Arafura Rare Earths Ltd (ASX: ARU)
The Arafura Rare Earths share price is up 2.5% to 19.5 cents. Investors have been buying this rare earths developer's shares after it announced a major debt funding milestone. Arafura's debt funding is now complete after securing the remaining conditional approvals from commercial lenders for the US$775 million of senior debt facilities and an US$80 million Cost Overrun Facility (COF). Including other facilities, this brings total debt funding to more than US$1 billion (A$1.5 billion). This means Arafura is a step closer to making a final investment decision for its Nolans Project.
Dropsuite Ltd (ASX: DSE)
The Dropsuite share price is up 4.5% to $3.55. This cloud backup and archiving software provider's shares have been racing higher since the release of a trading update on Monday. Dropsuite reported a 31% increase in annual recurring revenue (ARR) to $39.9 million. This was driven by record seat adds of 112,000, which grew its total paid user count to 1.35 million. Analysts at Ord Minnett were pleased with the update. So much so, the broker has retained its buy rating with an improved price target of $3.84.
Spartan Resources Ltd (ASX: SPR)
The Spartan Resources share price is up 21% to $1.20. Investors have been buying this gold explorer's shares after it released an updated mineral resource estimate (MRE) for the Dalgaranga Project in Western Australia. The company advised that its latest MRE is now 16.1Mt @ 4.79g/t gold for 2,482,200 ounces. This represents a 47% increase in ounces and a 91% increase in grade. Management commented: "The delivery of this landmark MRE update is a pivotal moment in our journey and firmly stamps the high-grade Spartan brand on our key project at Dalgaranga."
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price is up 3% to $5.95. This appears to have been driven by a broker note out of Bell Potter this morning. In response to the youth fashion retailer's quarterly update, the broker has retained its buy rating and lifted its price target to $6.65 (from $6.15). It said: "We maintain our BUY rating given the company's store roll-out & brand growth strategy, gross margin expansion via private label product penetration (currently ~43%) and earnings trajectory through to FY25/26e."
