At the end of last week, S&P Dow Jones Indices announced its quarterly rebalance of the S&P/ASX Indices.
This will see five ASX shares kicked out of the S&P/ASX 200 Index (ASX: XJO) prior to the open of trading on 22 June. You can read about those shares here.
Replacing them in the benchmark index are the five ASX shares named below. Here's what you need to know:
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Electro Optic Systems Holdings Ltd (ASX: EOS)
Defence and space company Electro Optic Systems will be joining the ASX 200 index later this month. EOS shares have been on fire over the past 12 months as demand for its defence solutions surges. During this time, the company's share price has risen approximately 350%, boosting its market capitalisation to approximately $2.3 billion.
Elevra Lithium Ltd (ASX: ELV)
Another ASX share that has more than quadrupled in value since this time last year is Elevra Lithium. It is the lithium miner that was created when Piedmont Lithium and Sayona Mining merged last year. Its key asset is the North American Lithium (NAL) project. It also has a portfolio of mineral exploration assets in Australia, Canada, Ghana, and the United States.
Firefly Metals Ltd (ASX: FFM)
Firefly Metals is joining the ASX 200 index after its shares doubled in value over the past 12 months, lifting its market capitalisation to $1.5 billion. Firefly Metals owns the Green Bay Copper-Gold Project in Newfoundland and Labrador, Canada. It recently revealed a mineral resource estimate (MRE) of 50.4Mt @ 2.0% copper equivalent in the measured & indicated (M&I) categories. This leaves it well-placed to potentially benefit from increasing demand for copper.
Kingsgate Consolidated Ltd (ASX: KCN)
Another addition to the index is Kingsgate Consolidated. This gold miner joins after a 120% annual gain took its market capitalisation to $1.3 billion. Kingsgate Consolidated owns the Chatree Gold Mine in Thailand. During the last quarter, Chatree produced 21,036 ounces of gold. This was the fifth consecutive quarter of over 20,000 ounces of gold.
Minerals 260 Ltd (ASX: MI6)
A final ASX share that is being added to the ASX 200 index at the quarterly rebalance is Minerals 260. It is another gold stock that has rocketed over the past 12 months. During this time, excitement around the Bullabulling Gold Project has led to its shares rising over 400%, which has taken its market capitalisation to almost $1.7 billion.
