Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:

Arafura Rare Earths Ltd (ASX: ARU)

The Arafura Rare Earths share price is down almost 3% to 17.5 cents. This may have been driven by news that Rare Earths Norway has just discovered Europe's largest proven deposit of rare earth elements. Trond Watne, Chief Geologist of Rare Earths Norway, said: "We have now, through an independent third party, confirmed that we have a significant Mineral Resource at Fen. This is a milestone for us that could be extremely important for the local community in Nome, but also Norway and Europe for generations."

Bigtincan Holdings Ltd (ASX: BTH)

The Bigtincan share price is down 14% to 12 cents. This follows the completion of a $10 million institutional entitlement offer and news that Vector Capital has formally withdrawn its non-binding indicative proposal to acquire the company. Though, in respect to the latter, it has requested ongoing engagement with the company with a view of making a new offer to acquire the struggling tech company.

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is down 1.5% to $3.70. This morning, this gold miner warned that its Cowal and Mt Rawdon operations have been impacted by continued high levels of rainfall. Restrictions to open-pit operations at Cowal and Mt Rawdon have necessitated the processing of lower grade stockpile ore at various stages during the past two months to maintain full processing feed rates. The good news is that the Cowal underground operation has not been impacted by weather and has continued its planned ramp up following successful commencement of commercial production in April. In addition, material handling systems at Red Lake have been disrupted by localised seismic events at the Balmer and Cochenour areas.

Galileo Mining Ltd (ASX: GAL)

The Galileo Mining share price is down 5.5% to 25 cents. This is despite the release of an update which reveals that its Mineral Resources Ltd (ASX: MIN) farm-in agreement is now complete. Managing director, Brad Underwood, commented: "With completion of the MinRes lithium joint venture agreement, lithium exploration will now begin at the Norseman project. MinRes have an incredible depth of experience in the lithium business and have secured the rights to work on our untested lithium potential at Norseman."

The post Why Arafura Rare Earths, Bigtincan, Evolution Mining, and Galileo Mining shares are dropping appeared first on The Motley Fool Australia.

The small-cap mineral exploration company's shares ended the day 12% higher after announcing a deal with ASX 200 mining giant Mineral Resources Ltd (ASX: MIN).

Why has it signed a deal with this ASX 200 mining stock?

According to the release, Galileo Mining has entered into a farm-in and joint venture agreement (JVA) with Mineral Resources.

Under the agreement, the company will sell 30% of all lithium rights held by Galileo on the Norseman tenement to Mineral Resources for a $7.5 million cash consideration.

The release notes that Mineral Resources has already completed comprehensive due diligence prior to execution. As a result, there are no conditions precedent to completion of the transaction with the ASX 200 mining stock and the deal is expected to close within five business days of the execution of the JVA.

From completion, Mineral Resources and Galileo will form a 30%/70% unincorporated joint venture. However, Mineral Resources has the ability to increase its stake to 55% by sole funding an additional $15 million of exploration expenditure on the tenements over the four years following completion.

The ASX 200 mining stock also has the further ability to elect to increase its stake to 70% by sole funding expenditure through to a decision to mine. At that point, Galileo Mining must elect to either remain in a joint venture and contribute to development costs or convert its interest into a royalty.

'Excited'

Galileo's managing director, Brad Underwood, was very pleased with the deal. He commented:

We are excited to add a lithium exploration joint venture to our ongoing exploration programs for PGEs and nickel at our Norseman Project. The Norseman project has excellent lithium potential and is strategically located in the world's most prospective region for lithium. The project's outstanding location relative to existing infrastructure provides a short cut to development for any lithium resources discovered through the joint venture.

Galileo will benefit from a focussed program of lithium exploration by MinRes, one of Australia's pre-eminent lithium companies, as well as increasing our cash reserves to aggressively pursue other high value resource discoveries at both our Norseman and Fraser Range projects. With $5 million of additional funding to be received within five days of execution of the agreement, a further $2.5 million to be received within 12 months, and $10 million in the bank, Galileo is fully funded to undertake all of its planned exploration programs.

The post Mineral Resources is joining forces with this micro-cap lithium share appeared first on The Motley Fool Australia.

The Galileo Mining Ltd (ASX: GAL) share price soared 57% from 54 cents to 85 cents today. However, the company's share price has since retreated and is up 30% at the time of writing.

Let's take a look at what is going on with this ASX mining share.

What's going on?

Galileo shares are soaring today after the company discovered a "new sulphide zone" with a "72 metre drill hit".

Drilling at the company's Callisto palladium-nickel discovery within the Norseman project in Western Australia revealed a thick sulphide zone.

Assays from the drilling delivered results including:

• 72 metres at 1.16 g/t 3E (palladium 0.95 g/t, platinum 0.16 g/t and gold 0.05 g/t), 0.2% copper, and 0.24% nickel from 498 metres
• 39 metres at 1.46 g/t 3E (palladium 1.19 g/t, platinum 0.2 g/t and gold 0.06 g/t), 0.26% copper and 0.28% nickel from 503 metres.

The company is already working on more drilling and has $20 million of cash available to fund what lies ahead.

This means Galileo does not need to raise any short-term capital during the "current market volatility".

Commenting on the results, Galileo managing director Brad Underwood said:

Today's results are firm confirmation of our view that we have only just started to comprehend the full extent and potential of our Callisto discovery.

To intercept 72 metres of sulphides from our northernmost drill line targeting the centre of the host intrusion is an extraordinary result and a highly encouraging sign for the potential discovery of more mineralisation along strike to the north.

Galileo has five kilometres of prospective rocks to the north of Callisto, Underwood said.

Share price snapshot.

The Galileo Mining share price has returned a mammoth 245% to investors in the past year.

This ASX mining share has a market capitalisation of about $143 million based on the current share price.

The post Why is this ASX mining share exploding 57% today? appeared first on The Motley Fool Australia.

Besra Gold Inc (ASX: BEZ), TNG Ltd (ASX: TNG), and Galileo Mining Ltd (ASX: GAL) all surged by more than 10%. The Materials Index fell nearly 1%.

Let's take a look at why these three ASX mining shares had such a good day.

Besra Gold

Besra Gold shares exploded 61% today. At one point, Besra shares soared 103%. Besra is exploring the Bau Gold project.

The company announced a capital raise at a premium to the last closing price of 3.2 cents. Besra signed an agreement with US-based Quantum Metal Recovery to issue 11.1 million shares at 9 cents per share. This will raise $1 million. Besra is also in discussions with Quantum for broader funding support.

Commenting on the news, Besra Gold CEO Dr Ray Shaw said:

I am very excited with the enthusiasm Quantum has shown for Bau and I look forward to further developing our relationship.

TNG

The TNG share price soared 15% today. TNG is exploring the Mount Peake vanadium, titanium and iron project in the Northern Territory.

Today, TNG advised it has appointed senior mining executive Rowan Johnston to the board as a non-executive director. Johnston has 30 years of experience in the mining and processing industry.

Commenting on the news, TNG chairman Neil Biddle said:

I have had a long association with Rowan, most recently at Bardoc Gold, and I know him to be a man of great integrity, vast experience, strong commercial acumen and a keen strategic mindset.

Galileo Mining

Galileo Mining shares soared 13% today. The company is exploring palladium, platinum, gold, rhodium, nickel and copper in Western Australia.

Drilling at the company's Callisto discovery intersected with nickel sulphide mineralisation up to 51 metres. Lab assays will be conducted to find out if other metals, including palladium and platinum, are present.

Managing director Brad Underwood said:

We are very excited to be rapidly progressing this new discovery and look forward to updating the market as results become available.

The post Three ASX mining shares that blasted 13 to 61% higher on Monday appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Actinogen Medical Ltd (ASX: ACW)

The Actinogen share price has jumped 28% to 12.3 cents. Investors have been buying this biotechnology company's shares after it announced positive Alzheimer's Disease clinical results. The new clinical results show that Actinogen's Xanamem product had a therapeutic effect in patients with a biomarker-positive blood profile.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 1% to $1.17. This follows news that Core Lithium has transitioned from being a lithium developer to a lithium miner following the official opening of its Finniss Lithium mine. This makes it the first operating mine in the Northern Territory and Australia's only lithium mine outside Western Australia.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price is up over 2% to $17.71. This is despite news that Morgans has downgraded the iron ore miner's shares to a reduce rating and cut the price target of them to $14.50. However, it is worth noting that a number of materials shares are outperforming today.

Galileo Mining Ltd (ASX: GAL)

The Galileo Mining share price has jumped 14% to $1.37. This morning this nickel explorer announced that four RC drill holes completed 400 metres north of the Callisto discovery have intersected disseminated nickel sulphide mineralisation up to 51 metres thick. Management notes that the results confirm Galileo's geological model that the five kilometres of ground to the north of Callisto is highly prospective for new discoveries.

The post Why Actinogen, Core Lithium, Fortescue, and Galileo Mining shares are pushing higher appeared first on The Motley Fool Australia.

Galileo Mining shares closed yesterday trading for $1.20 and are currently trading for $1.22 apiece.

So, what's driving investor interest in the ASX resource explorer?

What's piquing ASX investor interest today?

The Galileo Mining share price is marching higher after the miner reported new high grade assay results.

The assays come from Galileo's ongoing reverse circulation (RC) drill campaign at its Callisto palladium-platinum-gold-rhodium-copper-nickel discovery. Callisto is situated within Galileo's 100% owned Norseman project, located in Western Australia.

According to the release, the latest assays confirm consistent high grade palladium mineralisation at the discovery. The drill holes also intersected platinum and gold.

Galileo has now completed 8,600 metres of RC drilling and 1,400 metres of diamond drilling in the ongoing exploration campaign. The company is awaiting assays on all the diamond drill holes, which include a massive sulphide intersection. It expects the first diamond core drill assays within four weeks.

Commenting on the results that are driving the Galileo Mining share price higher today, managing director Brad Underwood said:

Assay results from a further four drill holes each returned consistent palladium grades over greater than 20 metre thickness with every palladium zone accompanied by platinum, gold, copper, and nickel.

We are also seeing copper and nickel zones in [drill hole] NRC299 above 0.6% and 0.5% respectively. This is a great sign for the potential development of even higher-grade zones particularly where we have previously encountered massive sulphides.

The miner has an RC rig and a diamond rig continuing to drill at the Callisto discovery.

"We have a lot to learn about the overall mineralised system and the opportunities that may present themselves as we continue with our large-scale drill campaigns," Underwood said.

Galileo Mining share price snapshot

The Galileo Mining share price has been a stellar performer this year, up a whopping 439%. And that's in a calendar year that's seen the All Ordinaries Index (ASX: XAO) fall by 11%.

The post Why is the Galileo Mining share price marching higher on Tuesday? appeared first on The Motley Fool Australia.

Since market close on 6 May, the company's share price has exploded 510%. Today alone, Galileo shares are rising 11%.

Let's take a look at the outlook for the Galileo Mining share price.

Can Galileo go higher?

Galileo Mining is exploring metals for an electric future in Western Australia. These include nickel, copper, cobalt, palladium, nickel, platinum and rhodium.

Seneca investment advisor Arthur Garipoli is optimistic Galileo can keep rising into the future.

Garipoli highlighted that the company's significant palladium and platinum discovery in May "resulted in a soaring share price". He said.

We believe the company is set up for an extended, uninterrupted period of drilling, assays and results.

Recently, Galileo shared news of massive sulphides discovered at the Callisto palladium project. Further assay results from the project are due in mid to late September.

Galileo, in a recent presentation, highlighted a strong cash position of $7 million. Major shareholders include investor Mark Creasy and IGO Ltd (ASX: IGO).

Galileo share price snapshot

The Galileo share price has soared 442% in the year to date, while it has risen 275% in the past year.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has fallen nearly 5% in the year to date.

Galileo has a market capitalisation of more than $240 million based on the current share price.

The post Up 500% since May, can the Galileo Mining share price keep shooting for the stars? appeared first on The Motley Fool Australia.

Most ASX shares lost much value in 2022, especially through the first half, as rampant inflation, rising interest rates, war in Europe, and supply constraints put unprecedented pressure on performance.

So if a stock can rise through that muck, then its business model must operate reasonably independently of those external factors.

Two ASX shares that fit this logic were named this week by Seneca investment advisor Arthur Garipoli as buys:

Growth by shopping spree

DGL Group Ltd (ASX: DGL) is in the business of making, distributing, and warehousing industrial chemicals.

It's an industry that's notoriously difficult for newcomers to enter and seriously challenge the incumbents. In fact, DGL has been busy acquiring smaller players such as Temples' chemical storage business and Flexichem Australia.

Perhaps this is why the share price has risen 40.6% over the past 12 months.

Garipoli is definitely impressed with DGL's growth.

"Since listing in May 2021, the company has beaten prospectus forecasts and continued to grow aggressively via organic acquisitions," he told The Bull.

"All acquisitions are, or have the potential to be earnings per share accretive, adding growth to the company going forward."

Coverage is sparse for the $765 million company, but both analysts currently surveyed on CMC Markets rate DGL shares as a strong buy.

The company is due to report its financials on 30 August.

'A significant discovery' that sets up the future

The Galileo Mining Ltd (ASX: GAL) share price is now, incredibly, 359% higher than where it started this year.

Most of that mind-blowing climb came in May, to close Monday at $2.35.

"In early May, Galileo announced a significant discovery of palladium and platinum, which has since resulted in a soaring share price," said Garipoli.

"The company recently completed a placement at $1.20 a share, with cornerstone investments from major shareholders Mark Creasy and IGO Ltd (ASX: IGO)."

Despite the massive share price, Garipoli feels the May announcement simply puts Galileo in pole position for further gains in the future. 

"We believe the company is set up for an extended, uninterrupted period of drilling, assays and results."

The post Expert names 2 ASX shares to buy for 'extended, uninterrupted' good times appeared first on The Motley Fool Australia.

The miner's share price is currently trading at $1.135, a 4% gain. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) is down 1.44% today.

So what did Galileo report to the market today?

Drilling starts at Callisto discovery

Galileo has restarted drilling at the company's Callisto discovery near Norseman in Western Australia.

The explorer will follow up palladium, platinum, gold, copper and nickel sulphide intersections reported to the market in May, June and July. 

RC drilling is now underway at about 50 drill holes. Priority targets will be tested for mineralisation.

Laboratory assay results are predicted to be ready from September.

Commenting on the news, managing director Brad Underwood said:

Following the approval of our work program from the Department of Mines (DMIRS), we are now able to begin testing the true extent of mineralisation discovered at Callisto.

We will be drilling on a 50-metre spacing around the previously announced drill results
as well as stepping out up to one kilometre to the north.

We believe the opportunity for discovering a large mineralised system is significant and we look forward to progressing this exciting new discovery.

A diamond drilling contract is also now signed with drilling to start from mid-August.

Galileo share price snapshot

The Galileo share price has exploded nearly 285% in the past year, while it has surged 404% year to date.

However, in the past month, the company's share price has fallen 14%.

For comparison, the ASX 200 Materials Index has lost nearly 16% in a year and 7% year to date.

This mining company has a market capitalisation of 224 million based on the current share price.

The post Exploding 400% this year, Galileo share price climbs further as work kicks off at 'exciting new discovery' appeared first on The Motley Fool Australia.

At the time of writing, shares in the miner are trading 9% higher at $1.27 apiece, despite no market-sensitive updates.

In wider market moves, the S&P/ASX 300 Metals & Mining index (ASX: XMM) is also strengthening and is up 2% on the day.

What's up with the Galileo Mining share price?

While mining stocks are gaining, it is noteworthy that Galileo posted a change in substantial holding today indicating a key investor had upped their stake.

Successful Western Australian mining investor Mark Creasy, and relevant interests, increased the equity stake in Galileo to more than 26.21%. Previously, Creasy held a 24.82% voting power in Galileo.

Creasy is a mining entrepreneur who has a long and successful track record of investing in prospective and wildcat mining companies.

Shares were purchased on market and via a placement at $1.20 per share through his investment vehicles Yandal Investments Pty Ltd, Australian Gold Resources Pty Ltd, and Dunstan Holdings Pty Ltd.

History tells us that investment from Creasy is a vote of approval in many ways, with many names in the ASX mining space catching a bid on the back of his interest.

Back in May, investors rallied Galileo shares on the back of Creasy's first investment when he scaled up his position by around 3 million shares.

As of today's rebalance, he now owns more than 51 million Galileo shares (up from roughly 44 million), at an unknown average share price.

What else is happening with Galileo Mining?

The move likely follows on from the mining company's update yesterday in which it advised all 11 holes at its second drilling program at the Norseman Project are now complete.

As reported by my Foolish colleague Bernd yesterday, "all 11 holes intersected disseminated sulphide mineralisation similar to what was intersected in its first round of drilling".

"Assays show the sulphide layer to be associated with palladium, platinum, gold, rhodium, nickel and copper metal."

Creasy made a similar move back in May when Galileo first made the discovery of these resources at the Norseman Project.

In the last 12 months, the Galileo share price has gained almost 300%. It is also up around 450% this year to date.

The post Why the Galileo Mining share price is charging 9% higher today appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Galileo Mining Ltd (ASX: GAL)

The Galileo Mining share price is down 4.5% to $1.17. This is despite the mineral exploration company releasing positive drilling results from the Callisto discovery. However, it is worth noting that this morning the company issued 17 million shares to institutional and sophisticated investors following its recent $20.4 million capital raising. Some of these could have been sold today.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is down over 2% to $1.71. Investors have been selling this fund manager's shares following the release of its latest funds under management update. That update revealed that its funds under management dropped to $18.2 billion at the end of June.

Sezzle Inc (ASX: SZL)

The Sezzle share price has fallen a further 16% to 21.5 cents. Investors have been selling this buy now pay later (BNPL) provider's shares this week after its merger with Zip Co Ltd (ASX: ZIP) was terminated. This latest decline means that Sezzle's market capitalisation has now dropped to almost $40 million. A far cry from its ~$2 billion peak.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is down 2.5% to $30.20. Investors have been selling Woodside and other energy shares on Wednesday after oil prices tumbled overnight. Traders were selling down oil prices amid concerns over demand. The S&P/ASX 200 Energy index is down 1.6% in afternoon trade.

The post Why Galileo Mining, Platinum, Sezzle, and Woodside shares are dropping appeared first on The Motley Fool Australia.

Shares in the ASX resource explorer closed yesterday at $1.23 and are currently trading for $1.21. That puts shares down 1.6% at the time of writing after opening 2% higher.

This comes after the miner reported on a fresh round of promising drill results.

What results did Galileo announce?

The Galileo share price is dipping into the red despite a positive update. The news is regarding its second reverse circulation (RC) drill campaign at Galileo's Callisto discovery at the Norseman project in Western Australia.

The miner has completed 11 new drill holes. It reports that all 11 holes intersected disseminated sulphide mineralisation similar to what was intersected in its first round of drilling. Assays show the sulphide layer to be associated with palladium, platinum, gold, rhodium, nickel and copper metal.

According to the release, mineralisation is open in all directions and dipping to the east further onto Galileo's granted mine lease.

Galileo managing director Brad Underwood commented on the fresh results:

The results again confirm the consistency of the geology over the target area and all drill samples are now at the laboratory for analyses with assays expected in August.

A new Program of Works has been approved by the Department of Mines which allows us to complete wide-ranging drill programs along two kilometres of prospective strike length. Preparation for the next round of drilling will now begin and we expect to have RC drilling commencing again in late July, followed by diamond drilling in August.

With a nod to the costs involved in the ongoing exploration, Underwood adds, "Our recent well-supported capital raise means we are fully funded to undertake the significant amount of drilling required to define a discovery of this nature."

Galileo share price snapshot

The Galileo share price has been a top performer for 2022 since lifting off in early May.

Year to date shares in the ASX resource explorer are up 432%. For context, that compares to a calendar year loss of 15% posted by the All Ordinaries Index (ASX: XAO).

The post Up 430% in 2022, Galileo share price wobbles today despite strong drill results appeared first on The Motley Fool Australia.

The ASX resource explorer ended Friday's trade at $1.28 per share and is currently trading for $1.50 per share. However, Galileo shares spiked in earlier trade to $1.575, a 23.5% rise.

So, what's piquing ASX investor interest?

Record intersections boost Galileo share price

Investors are bidding up the Galileo share price today after the company reported on promising drill assays at its 100% owned Norseman project in Western Australia.

The results come from the first four reverse circulation (RC) holes at Norseman's Callisto palladium-platinum-gold-copper-nickel discovery. The current drilling is part of the second RC drill program at the site.

All four holes returned significant palladium-platinum-gold-copper-nickel assays. The Galileo share price looks to be getting a big boost from one hole in particular, which returned the highest-grade palladium and platinum results the explorer has recorded to date – 8.25 g/t Pd and 1.94 g/t Pt over one metre.

Samples from all the reported intersections are currently undergoing analysis for rhodium content.

What did management say?

Commenting on the strong results helping propel the Galileo share price higher today, managing director Brad Underwood said:

The latest assays from our Callisto discovery demonstrate the extensive continuity of mineralisation intercepted. We are very pleased to report significant thicknesses over 20 metres at the 1.0 g/t 3E cut-off grade and over 30 metres at the lower 0.5 g/t 3E cut-off.

Most importantly, the mineralisation is open at the end of the 6,448,000 drill line where it starts to dip east, further onto our granted mine lease.

Underwood said one RC hole ended with mineralisation. The miner will complete the dig with a diamond drill rig and additional step-out holes.

There's more RC drilling to come too.

"The third round of RC drilling is scheduled to begin in late July with diamond drilling planned to start in August. With over five kilometres of prospective strike length at Callisto we have a lot more drilling to come," Underwood said.

Galileo share price snapshot

The Galileo share price has been a standout performer in 2022, up a whopping 556%. That compares to a year-to-date loss of 14% posted by the All Ordinaries Index (ASX: XAO).

The post Why is the Galileo Mining share price galloping 17% higher today? appeared first on The Motley Fool Australia.

This comes after the company requested that its shares be placed in a trading halt before market open today.

At the time of writing, shares in the cobalt and nickel explorer remain frozen at $1.275 apiece.

Why is the Galileo Mining share price halted?

In a statement to the ASX, Galileo Mining advised it is preparing to make an important announcement to investors.

This is in relation to material drill assay results from the company's flagship Callisto discovery.

Galileo Mining requested the trading halt remain in place until Tuesday 12 July or when the announcement is made, whichever comes first.

A brief rundown on Galileo Mining

Based in Western Australia, Galileo Mining is focused on exploring its Norseman and Fraser Range projects for base metals.

The company wholly owns the Norseman Project and has joint ventures with the Creasy Group in the Fraser Range.

The Callisto palladium-nickel discovery is located within the Norseman project, near the town of Kalgoorlie in Western Australia.

Earlier this week, the company received firm commitments for a $20.4 million placement to expand its drilling program at Callisto.

Galileo Mining managing director Brad Underwood commented:

The placement will increase our total cash to approximately $26.5 million and allow us to aggressively explore this significant new palladium province within our Norseman Project area.

Galileo Mining share price snapshot

Since this time last year, Galileo Mining shares have registered an incredible gain of more than 360%.

However, in 2022, the company's shares have zipped further with a 460% gain on the back of positive investor sentiment.

Based on valuation grounds, Galileo Mining presides a market capitalisation of roughly $227.98 million.

The post What's behind the frozen Galileo Mining share price today? appeared first on The Motley Fool Australia.

Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:

Beach Energy Ltd (ASX: BPT)

The Beach share price is down over 7% to $1.62. Investors have been selling energy shares after oil prices crashed during overnight trade. According to Bloomberg, the WTI crude oil price fell more than 10% before closing the session 8.2% lower at US$99.50 per barrel. Brent crude oil ended the session 9.45% lower at US$102.77 a barrel. Recession fears are weighing on prices.

BHP Group Ltd (ASX: BHP)

The BHP share price is down over 5% to $37.83. The Big Australian and other mining shares are falling heavily today after recession concerns put pressure on commodity prices. This has led to the S&P/ASX 200 Resources index trading a sizeable 5.4% lower at the time of writing.

Bubs Australia Ltd (ASX: BUB)

The Bubs share price is down 5% to 60.5 cents. The catalyst for this was the completion of the junior infant formula company's institutional placement and entitlement offer. Bubs has raised a total of $40.1 million at a sizeable 18.8% discount of 52 cents per new share. The company will now aim to raise $22.9 million from retail shareholders. These funds will be used to support its growth plans.

Galileo Mining Ltd (ASX: GAL)

The Galileo Mining share price is down over 3% to $1.28. This morning the palladium and nickel explorer announced that it has received firm commitments from sophisticated and institutional investors for a $20.4 million placement. These funds are being raised a $1.20 per new share, which represents a 10% discount to its last close price. The proceeds will be used to support accelerated diamond and RC drill programs at the Callisto palladium-nickel discovery.

The post Why Beach, BHP, Bubs, and Galileo Mining shares are sinking appeared first on The Motley Fool Australia.

The ASX mining share closed yesterday trading at $1.54 apiece and is currently trading at $1.62 after shooting to $1.65 shortly after open.

Investor interest appears to be piqued by the latest results from the company's ongoing drill campaign.

What drill results were announced?

The Galileo Mining share is moving higher after the company reported positive results from its reverse circulation (RC) drilling program. The exploratory drilling is taking place at the Callisto discovery at Galileo's Norseman project, located in Western Australia.

The miner said that all four of its first RC drill holes intersected wide zones of disseminated nickel and copper sulphide mineralisation.

The exploratory drilling is taking place in the same area where Galileo intercepted a sulphide layer associated with palladium, platinum, gold, rhodium, nickel, and copper. These results were announced 26 May, sending the Galileo Mining share price soaring higher on the day.

Commenting on the positive results, Galileo's managing director Brad Underwood said:

The results confirm the consistency of the geology over the target area and the drill samples have been sent to the laboratory for analysis. Drilling is ongoing with another 16 holes planned over the next three to four weeks.

Additional Program of Work applications are awaiting approval with the Department of Mines which will allow further drilling along strike to the north. Presently we have shown mineralisation occurs over 250 metres across strike and, with five kilometres of prospective strike to the north, we have a lot more drilling to come.

The company expects the assay results from these first four holes in late July.

With high rainfall slowing the drilling program, Galileo is bringing a second rig to the site. That's expected to arrive tomorrow. The miner plans to drill approximately 16 more holes in the current program.

Galileo Mining share price snapshot

The Galileo Mining share price has been a standout performer on the ASX this year, up 628% since the opening bell on 4 January. For some context, the All Ordinaries Index (ASX: XAO) is down 16% year-to-date.

The post Here's why the Galileo Mining share price is charging higher today appeared first on The Motley Fool Australia.

In broad market moves, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) has slipped around 2% on the day.

What's up with the Galileo share price?

After news surfaced that the company could be a takeover target earlier this week, there was short-term optimism in the Galileo share price, with the stock surging 9% on the day.

Zooming out, however, shares have clamped down from a high of $1.82 since 2 June, and are now continuing in a downtrend since that date.

The company also advised this week it had started drilling at its Callisto discovery, located at its Norseman project in Western Australia.

Nevertheless, investors weren't biting from the update and sent the stock even lower on the day.

An equal weighting factor is the broad-sector weakness currently marring the metals & mining sector.

Over the past month of trade, there's been a striking similarity in the trajectory of both the Metals & Mining index and the Galileo share price, as seen below. Both have slipped from highs in June.

With that in mind, it appears sector weakness may have spilled over to the Galileo Mining share price this week.

Despite the downward pressure, the Galileo Mining share price has returned more than 535% this year to date and has spiked 429% in the last 12 months.

The post Why is the Galileo Mining share price diving 21% this week? appeared first on The Motley Fool Australia.

In early trade, the cobalt and nickel explorer's shares were up as much as 9% to $1.74.

The Galileo Mining share price has since pulled back but remains up 3% to $1.64.

Why did the Galileo Mining share price jump 9%?

Investors were bidding the Galileo Mining share price higher this morning amid speculation that the company could be a takeover target.

According to the AFR, the company has been tipped by fund managers to be a target of battery metals miner IGO Ltd (ASX: IGO).

This wouldn't be an overly big surprise given that IGO currently owns an 8.9% stake in the company. It also has previously worked closely with Galileo Mining's largest shareholder – mining magnate Mark Creasy.

In addition, IGO is understood to be looking for ways to offset declining production from its Nova mine, which is in relatively close proximity to Galileo Mining's Norseman project.

Though, IGO is unlikely to make a move until drilling results are released. So, investors may have to wait patiently to see if anything materialises.

What is the Norseman project?

Galileo Mining's 100%-owned Norseman project is 10km from the Western Australian town of Norseman.

It contains a cobalt-nickel JORC resource and additional prospects with potential for copper, nickel and cobalt mineralisation. Galileo notes that its tenure at Norseman comprises exploration and prospecting licenses covering a total area of 306 km2.

Yesterday the company revealed that it has started reverse circulation drilling at the Callisto discovery at Norseman, with a 4,000-metre program planned to run for approximately five weeks.

Galileo's Managing Director, Brad Underwood, appears very optimistic on these drilling activities. He said:

The current drilling aims to expand on the early results with drilling designed at a 50 metre spacing across strike to be followed by drill lines along strike to the north.

The extensive prospective strike, combined with the thick and consistent mineralisation drilled to date, indicates the potential for a large mineralised system. Approximately 20 holes will be undertaken in this round of drilling and we look forward to updating the market with results from this exciting new discovery.

All eyes will be on these results in the coming weeks and months.

The post Why is the Galileo share price soaring 9% on Tuesday? appeared first on The Motley Fool Australia.

It appears the broader All Ordinaries Index (ASX: XAO) is weighing down investor sentiment today with a 0.41% loss. This comes after Wall Street recorded heavy falls late last week.

At the time of writing, Galileo shares are down 7.87% to $1.64.

Galileo commences exploration activities

Investors are driving down the Galileo share price regardless of the news that the company has started drilling operations.

According to its release, Galileo advised that reverse circulation drilling is underway at its Callisto discovery. The site is located in the Norseman Project area in Western Australia.

The company plans to drill 20 holes for a depth of around 200 metres to target the sulphide zone.

In total, the 4,000-metre program is scheduled to run for approximately five weeks.

The miner expects to test priority targets as a follow up to the recent palladium-platinum-gold-nickel-copper-rhodium sulphide intersections.

The drilling results, along with the laboratory assays, will be provided from late July 2022.

Galileo managing director Brad Underwood touched on the company's drilling program:

It is great to be back drilling at Callisto so soon after the release of results from the first drill program in May.

The current drilling aims to expand on the early results with drilling designed at a 50-metre spacing across strike to be followed by drill lines along strike to the north.

The mineralisation intersected to date contains palladium, platinum, gold, copper, nickel, and rhodium, and the grades appear to be increasing towards the eastern target zone.

Galileo share price summary

The past couple of months have seen Galileo shares rocket from around the 20 cent mark to $1.72.

The company's share price reached a 52-week high of $1.95 last month.

Year to date Galileo shares are up an impressive 660%.

Galileo has a market capitalisation of roughly $318 million, with 178.8 million shares on its registry.

The post Galileo share price dips 7% despite project milestone appeared first on The Motley Fool Australia.

At the time of writing, the Galileo Mining share price is trading at $1.55 apiece, as trading volume surges past 2.56 million shares early in the session.

What's up with the Galileo Mining share price?

Investors have been bidding up Galileo Mining today, continuing the longer-term trend in its share price.

Shares had surged more than 750% to a peak of $1.70 on 27 May before consolidating back to $1.34 by close of trade yesterday.

Most recently, market pundits had rallied Galileo on the back of its latest drill results. The company had intersected the rare and precious rhodium from drilling at the Callisto discovery of the Norseman Project.

Earlier in the month, it had intersected a  major discovery of palladium-platinum-copper-nickel-sulphide to the delight of investors.

Also in May, the company earned another vote of confidence when billionaire mining prospector Mark Creasy increased his position by 3 million shares.

The legendary mining investor now has a position of more than 44.37 million shares, according to filings.

Galileo Mining share price snapshot

After a string of recent updates, the Galileo Mining share price has now soared more than 418% in the past 12 months, with a 580% gain this year to date.

The post Galileo Mining share price shrugs off market pressure, soars 16% appeared first on The Motley Fool Australia.