The S&P/ASX 200 Index (ASX: XJO) is back on form on Friday. At the time of writing, the benchmark index is up 0.9% to 7,930.7 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Develop Global Ltd (ASX: DVP)
The Develop Global share price is up 6% to $2.00. Investors have been buying this future-facing metals exploration company's shares following the release of its quarterly update. Management notes that it made strong progress at its Woodlawn and Pioneer Dome projects during the quarter and drove significant growth in its mining services business. Managing Director Bill Beament said: "Woodlawn's enviable status as a high-quality copper and zinc asset with a developed mine and near-new processing plant is reflected in the strong interest we have received from global financiers and commodity traders."
Empire Energy Group Ltd (ASX: EEG)
The Empire Energy share price is up 7% to 30 cents. This has been driven by news that the oil and gas company has signed a binding long-term gas sales agreement to supply the Northern Territory Government. The company will supply up to 25 terajoules of gas per day for 10 years from its Beetaloo Basin properties commencing in 2025. Managing director Alex Underwood said: "Empire has been actively pursuing production from the Beetaloo Basin since 2011, with strong support from the NT Government for this objective since 2018. Subject to final approvals, we anticipate being the first company to provide gas supply from the Beetaloo, commencing next year."
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is up 6.5% to $55.26. This follows the release of the mining and mining services company's quarterly update. Mineral Resources reported a 6% increase in quarterly iron ore shipments to 4.8Mt, which was ahead of the consensus estimate of 4.7Mt. This resulted in FY 2024 shipments of 18.1Mt, which was within guidance. Also achieving guidance was its mining services business. It reported a 9% increase in FY 2024 production volumes to 269 Mt. This was in the middle of its guidance range of 260 Mt to 280 Mt.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is up 5.5% to $3.03. This morning, analysts at Bell Potter released a note which suggested that this lithium miner's shares are undervalued. The broker has reaffirmed its hold rating, but its price target of $3.30 was 15% higher than yesterday's close price. It said: "We are confident that EV-led demand will see strong long-term lithium market fundamentals. However, weak near-term lithium market sentiment results in us retaining our Hold recommendation."
