The market is rebounding on Tuesday and a large number of shares are pushing higher.
Three ASX All Ords mining shares that are standouts with particularly strong gains are listed below. Here's why they are surging today:
Predictive Discovery Ltd (ASX: PDI)
The Predictive Discovery share price is up 7.5% to 28.5 cents. Investors have been buying this gold miner's shares after it announced a strategic placement.
According to the release, the Lundin Family will invest approximately $45.1 million to acquire a 6.5% shareholding and Zijin Mining Group will invest approximately $24.1 million to acquire a 3.5% shareholding.
The ASX All Ords mining share advised that funds are being raised at 26.5 cents per new share, which is in line with its last close price. Proceeds from the strategic placement will be used to advance the Bankan Gold Project's Definitive Feasibility Study, progress environmental and social programs, continue regional exploration programs, and conduct selected early development activities.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan Energy share price was up over 3% to $4.31 until pulling back.
This morning, this lithium developer announced the start of execution works on its integrated Phase One integrated renewable energy and lithium project. This includes the mobilisation of its V20 drilling rig (V20) to the Phase One Schleidberg well site near Landau, Germany.
Vulcan Energy's Phase One Lionheart Project is targeting production of around 24,000 tonnes per annum lithium hydroxide monohydrate. This is for electric vehicle batteries, as well as renewable heating and power production, from hot, lithium-rich brines in the Upper Rhine Valley Brine Field.
Management notes that increasing brine production from deep wells to augment Vulcan's existing brine production is a key part of Phase One.
WA1 Resources Ltd (ASX: WA1)
The WA1 Resources share price is up 12% to $14.60. This has been driven by the niobium explorer announcing results from continued metallurgical testwork that is being undertaken on niobium concentrate from the Luni deposit at the 100% owned West Arunta Project in Western Australia.
It reported excellent results from the first conversion testwork completed on refined concentrate from Luni. Management highlights that this demonstrates the final stage in a conventional process flowsheet and completes proof-of-concept testwork to produce ferroniobium.
The ASX All Ords mining share's managing director, Paul Savich, commented:
To have progressed from our first process testwork to the production of a small amount of ferroniobium in just over one year is an incredible achievement and demonstrates the amenability of Luni's mineralisation to a conventional ferroniobium flowsheet.
