The S&P/ASX 200 Index (ASX: XJO) is back on form on Thursday and charging higher. In afternoon trade, the benchmark index is up 0.6% to 8,632 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:
Brazilian Rare Earths Ltd (ASX: BRE)
The Brazilian Rare Earths share price is up 7.5% to $3.98. This follows the release of the results of a scoping study for its bauxite project. The study was very successful and estimates that it will generate average EBITDA of US$102 million and free cash flow (FCF) of US$84 million per annum over a 17-year life. This is based on a spot bauxite price of US$71 per tonne. This means the project is forecast to have an after-tax net present value (8%) of US$630 million and a payback of 1.2 years. Brazilian Rare Earths also confirmed that it continues to target a demerger of the asset into a separate listing in 2026.
Fenix Resources Ltd (ASX: FEX)
The Fenix Resources share price is up 13% to 49.2 cents. This morning, this iron ore miner released its three-year production plan. After delivering production of 2.4Mt in FY 2025, it is now aiming to increase this materially over the next three years thanks to the Weld Range Project. Fenix is targeting production of 4.2 to 4.8 million tonnes in FY 2026, 4.7 to 5.3 million tonnes in FY 2027, and then 5.4 to 6 million tonnes in FY 2028. The miner also reaffirmed its FY 2026 cost guidance of A$70 to A$80 per tonne, with sustaining capital for the three-year period estimated at $35 million to $45 million.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is up over 5% to $14.73. This follows news that the travel agent giant is making an acquisition. Flight Centre plans to acquire the United Kingdom-based online cruise agency Iglu for 100 million pounds (A$201 million) upfront. There will also be 27 million pounds (A$54 million) in performance-based earnouts. Flight Centre's managing director, Graham Turner, said: "This acquisition delivers immediate shareholder value through EPS accretion and is a game-changer in terms of the future opportunities it unlocks in the global cruise market. Iglu brings a strong brand and a scalable technology platform that aligns with FLT's strategic objectives."
Guzman Y Gomez Ltd (ASX: GYG)
The Guzman Y Gomez share price is up 3% to $21.87. This appears to have been driven by a broker note out of Morgans this morning. According to the note, in response to its latest limited time offer, the broker has reaffirmed its buy rating and $32.30 price target on the burrito seller's shares. It said: "The product leverages existing ingredients, meaning no incremental complexity or cost for stores, a margin-friendly innovation that aligns with GYG's operational discipline. Management has repeatedly emphasised that menu innovation is a key lever for same-store sales (SSS) growth, and this launch reinforces that commitment. We reiterate our BUY rating."
