Record high: This ASX stock is surging on new project wins

GR Engineering shares hit a new record high on Tuesday.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

GR Engineering Services Ltd (ASX: GNG) shares are having a big session on Tuesday after the engineering contractor was named across several fresh project updates.

At the time of writing, the GR Engineering share price is up 5.76% to $5.51.

Earlier today, the stock climbed as high as $5.62, marking a new all-time high.

Some profit-taking has since come through, but it has still been a strong day for shareholders.

GR Engineering shares are now up around 24% in 2026 and 92% over the past year.

The latest move comes as investors react to more contract work across the mining and processing sector.

Here's what was announced.

Engineer on a laptop.

Image source: Getty Images

More work at Laverton

GR Engineering said it has locked in an engineering, procurement and construction contract with Brightstar Resources Ltd (ASX: BTR).

The contract relates to Brightstar's Laverton Processing Plant in Western Australia.

The company was appointed as the preferred contractor for the project on 17 February, and early works and long-lead item procurement have already commenced.

The contract sum is $110 million.

Brightstar also released its own update today, confirming a final investment decision for its Goldfields Project.

The company said construction of the 1.5 million tonne per annum Laverton plant has now been approved.

It also said first gold remains on track for June 2027.

Sorby Hills adds another contract

The Laverton contract was not the only update involving GR Engineering today.

Boab Metals Ltd (ASX: BML) also confirmed that it has executed an EPC contract with GR Engineering for its Sorby Hills silver-lead project.

Sorby Hills is located in the Kimberley region of Western Australia.

The contract covers the disassembly, refurbishment, and relocation of the existing DeGrussa processing plant to Sorby Hills.

Once moved, the plant will be reconstructed and commissioned to suit Boab's requirements.

Boab said the EPC contract has a value of $109 million.

Early engineering works and ordering of long-lead items have started, with construction teams expected to mobilise in the coming weeks.

The company said on-site development at Sorby Hills is ramping up, with commercial concentrate production still on track for the second half of 2027.

Why the new work stands out

The market appears to be rewarding the size and spread of the new work.

GR Engineering has now been linked to about $219 million of EPC contract work across the Laverton and Sorby Hills updates.

That is a decent amount of new work for a business that was worth about $887 million before today's rise.

It also comes during a busy run for the contractor, with recent work tied to the Dayhurst Expansion ProjectTower Hill Project, and Beetalo Basin.

The latest contracts also show GR Engineering is still finding work as miners move projects closer to construction.

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Materials Shares

A man wearing a suit holds his arms aloft, attached to a large lithium battery with green charging symbols on it.
Materials Shares

Is the PLS Group share price a buy in August?

Is this lithium miner a good buy?

Read more »

Two miners standing together with a smile on their faces.
Materials Shares

Fortescue posts record FY26 shipments and eyes green future

Total iron ore shipments of 52.7 Mt in Q4 contributed to record shipments of 201.3Mt in FY 2026.

Read more »

a man in a hard hat and high visibility vest smiles as he stands in the foreground of heavy mining equipment on a mine site.
Materials Shares

Capstone Copper posts record Q2 2026 earnings and maintains full-year outlook

This copper miner revealed adjusted EBITDA at a record of US$354 million.

Read more »

A man in a hard hat and high visibility vest speaks on his mobile phone in front of a digging machine with a heavy dump truck vehicle also visible in the background.
Materials Shares

IperionX grows titanium powder capacity and critical minerals platform in June quarter

IperionX grew titanium production capacity and advanced its Titan-Atlas resources, bolstered by strong government and customer support.

Read more »

Man sitting in front of a laptop and analysing an earnings report.
Materials Shares

Champion Iron share price in focus after net loss as DRPF ramps up and Rana Gruber acquisition completes

This iron ore miner posted a loss for the first quarter.

Read more »

A woman smiles as she checks her phone in one hand with a takeaway coffee in the other as she charges her electric vehicle at a charging station.
Materials Shares

Pilbara Minerals posts record sales and robust growth guidance

This lithium miner finished the financial year with a strong operational performance.

Read more »

Two brokers analysing stocks.
Materials Shares

Vulcan Energy Resources quarterly update: Lionheart milestone reached

Momentum is building for the lithium developer's Lionheart Project.

Read more »

A man wearing a shirt, tie and hard hat sits in an office and marks dates in his diary.
Earnings Results

Rio Tinto posts strong H1 2026 earnings, boosts dividend as copper and lithium shine

Shareholders will be receiving a much larger interim dividend compared to last year.

Read more »