Let's take a closer look at the updates driving these stocks to market-beating heights on Tuesday.

4 ASX All Ords shares soaring on exciting updates

First up is Race Oncology Ltd (ASX: RAC). The All Ords biotech share is surging 5.18% to trade at $1.93 after the company released market research conducted by a third party.

Life science strategy firm Triangle Insights found Zantrene, the company's cardio-protective and anti-cancer agent, could boast a market opportunity of up to US$5 billion. The company's chair Dr John Cullity commented on the report, saying:

The findings have been entirely useful, informing potential treatment scenarios for Zantrene in breast cancer, an area in which we have promising historical data.

Joining the Race Oncology share price in the green is that of Aeris Resources Ltd (ASX: AIS).

The All Ords copper-gold producer announced a maiden mineral resource estimate (MRE) for its Kurrajong deposit this morning. The news has sent its shares 6.6% higher to trade at 70 cents at the time of writing.

The deposit, located within the Tritton tenement package, has an MRE of 2.2 million tonnes at 1.7% copper, including a high-grade massive sulphide lens of 1.1 million tonnes at 2.5% copper.

Another All Ords share posting a whopping gain on Tuesday is Queensland Pacific Metals Ltd (ASX: QPM).

The stock is up 23.8% right now, trading at 13 cents, on news of a collaboration agreement with a group of German companies.

The group has agreed to help advance and supply capital equipment to the All Ords company's Townsville Energy Chemicals Hub (TECH) project.

Additionally, the ASX company has received a receipt of financing support from two German financial institutions. They've confirmed their interest in lending a combined $857 million.

Finally, shares in All Ords gold explorer Predictive Discovery Ltd (ASX: PDI) are soaring today. They're up 6.25%, trading at 17 cents, on assay results from the company's Bankan Gold Project.

Managing director Andrew Pardey commented on the findings, saying:

[The company] is working diligently towards completion of a scoping study by the end of 2023 to facilitate permitting in the first half of 2024.

Infill drilling to support further mineral resource upgrades in Q3 2023 is a crucial part of our strategy and will enable [Predictive Discovery] to deliver a robust scoping study based on a significant proportion of indicated mineral resources.

The post 4 ASX All Ords shares smashing the market on big news 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:

Bubs Australia Ltd (ASX: BUB)

The Bubs share price is down a further 3.5% to 29 cents. Investors have been selling this infant formula company's shares after a disappointing update at yesterday's annual general meeting. Bubs' under-fire CEO, Kristy Carr, revealed that revenue is expected be flat during the first half. That's despite its revenue growing 29% during the first quarter and management hyping up its US expansion.

City Chic Collective Ltd (ASX: CCX)

The City Chic share price is down a further 15% to 63 cents. This latest decline means the struggling plus sized fashion retailer's shares are now down 54% over the last three trading sessions. Investors have been hitting the sell button following a very disappointing trading update. City Chic's sales are down and its margins are being crunched. It also expects to finish the first half with inventory of $168 million to $174 million. That's more than its currently market cap!

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price has sunk over 18% to $8.19. Investors have been selling this quick service restaurant operator's shares following the release of its half year results. While Collins Foods delivered strong sales growth, its margins are being hit by cost inflation. In addition, the company revealed that it was pausing the Taco Bell expansion amid its deteriorating performance. It also took an $11.9 million non-cash impairment of eight Taco Bell restaurants.

Queensland Pacific Metals Ltd (ASX: QPM)

The Queensland Pacific Metals share price is under pressure again and down a further 6% to 11.7 cents. Investors have been selling this energy chemicals company's shares this week after it released the results of the advanced feasibility study on stage 1 of the Townsville Energy Chemicals Hub (TECH) project. The company expects stage one's capital expenditure to be $1.9 billion. This is almost 10x Queensland Pacific Metals' market capitalisation.

The post Why Bubs, City Chic, Collins Foods, and Queensland Pacific Metals are sinking today appeared first on The Motley Fool Australia.

At the time of writing, the energy chemicals developer's shares are down 8% to 11.5 cents.

This means the Queensland Pacific Metals share price is now down 34% in the space of two days.

Why is the Queensland Pacific Metals share price crashing this week?

Investors have been hitting the sell button this week after the company released the results of the advanced feasibility study on stage 1 of the Townsville Energy Chemicals Hub (TECH) project.

Investors appear alarmed at the capital expenditure estimate for stage one of $1.9 billion plus contingency allowance. This compares to the 2020 pre-feasibility study (PFS) estimate of $650 million.

Though, it is worth noting that the plant scale has increased 2.7x since the PFS and global equipment costs have increased over the past two years.

Nevertheless, the big question is how will the company fund this massive cost? With a market capitalisation now under $200 million, Queensland Pacific Metals needs to raise 10x its market cap in debt or equity to get the project up and running.

Though, with a base case stage one annual EBITDA estimate of $546 million and a pre-tax IRR of 18.4%, there might be some takers.

The company also has a conditional commitment of $250 million from Export Finance Australia and interest from other export credit agencies and commercial banks.

Time will tell what happens, but the existing shareholders that have stuck around might need to brace for some major share dilution in the coming months.

The post Why has the Queensland Pacific Metals share price crashed over 30% so far this week? appeared first on The Motley Fool Australia.

So, which ASX miners have surprised the market today? Let's take a look.

3 ASX mining shares soaring on exciting announcements

Wednesday has brought a modest gain for the broader market. The S&P/ASX 200 Index (ASX: XJO) is up 0.35% right now while the All Ordinaries Index (ASX: XAO) has lifted 0.27%.

But the GME Resources Limited (ASX: GME) share price's performance has been anything other than modest. The stock is surging 26% right now to trade at 14.5 cents. And earlier today it hit a 52-week high of 15 cents, representing a 30% gain.

It follows a three-session trading halt within which the company announced an offtake agreement with Stellantis. The European automaker signed a non-binding memorandum of understanding for the future sale of battery grade nickel and cobalt products from the ASX miner's NiWest Project.

GME Resources also launched a successful $4 million capital raise to help fund the project's definitive feasibility study. The placement saw 42.1 million shares offered for 9.5 cents apiece.

Speaking of battery-grade nickel and cobalt offtake agreements, that's exactly what's driving the Queensland Pacific Metals Ltd (ASX: QPM) share price today. The ASX mining share is rocketing 17% right now to trade at 17.5 cents.

Queensland Pacific Metals announced a collaboration that will see General Motors Company (NYSE: GM) spending up to $108 million on an equity stake in the ASX-listed company.

Additionally, an offtake agreement will see General Motors purchasing any uncommitted nickel and cobalt from the TECH Project. The materials will be used to build electric vehicle batteries.

The final ASX mining share posting an eyepopping gain on Wednesday is Azure Minerals Ltd (ASX: AZS). It's up 5% at 22 cents right now.

The company revealed its latest lithium find this morning, with "abundant" targets discovered at the Andover Project.

The visible spodumene identified at multiple locations has been confirmed to house grades of up to 1.62% lithium oxide.

The post 3 ASX mining shares rocketing higher on big news appeared first on The Motley Fool Australia.

General Motors will fork out up to $108 million for an equity stake in the battery metals-focused mineral developer.

The pair have also outlined a long-term offtake agreement. That will see the US-listed company snapping up all uncommitted nickel and cobalt sulphate produced at Queensland Pacific's TECH Project.

The Queensland Pacific Metals share price is surging on the news, gaining 18% to trade at 17.7 cents.

Let's take a closer look at the news driving the All Ordinaries Index (ASX: XAO) share higher today.

Queensland Pacific Metals rockets on General Motors deal

The Queensland Pacific Metals share price is surging on news the company has agreed to supply General Motors with battery-making materials.

General Motors expects to use the materials to produce Ultium battery cells for its electric vehicles.

The partnership will kick off with General Motors investing $31.4 million in the All Ords company.

That will see the car manufacturer buying 174.6 million shares for 18 cents apiece. It will also receive 46.8 million options with a 20-cent exercise price.

The cash will go towards the construction of the TECH Project, expected to kick off next year.

In return, the pair will commit to a 15-year offtake agreement for the first phase of the project. That will see General Motors snapping up around 6,000 tonnes of nickel and around 800 tonnes of cobalt per annum.

That will increase to around 16,000 tonnes and 1,800 tonnes respectively when Queensland Pacific Metals' other commitments are met.

General Motors has also agreed to participate in a capital raise conducted as part of the TECH Project's final investment decision (FID). That will see the automotive giant with offtake rights for the life of the project.

After that, the pair could commit to an additional yearly supply of around 16,000 tonnes of nickel and 1,800 tonnes of cobalt from the project's second phase expansion.

What did management say?

Queensland Pacific Metals managing director Dr Stephen Grocott said the company's "absolutely delighted" with the news driving its share price. He continued:

GM's strategic direction, company values and focus on sustainability in its pursuit of making electric vehicles for all is a perfect fit for Queensland Pacific Metals and our TECH Project.

GM's investment in our company and the associated offtake brings us one step closer towards construction of the TECH Project where we will one day aim to deliver the world's cleanest produced nickel and cobalt.

General Motors vice president of global purchasing and supply chain Jeff Morrison also commented:

The collaboration with Queensland Pacific Metals will provide GM with a secure, cost-competitive and long-term supply of nickel and cobalt from a free-trade agreement partner to help support our fast-growing EV production needs.

GM already has binding agreements securing all battery raw material supporting our goal of 1 million units of annual capacity in North America by the end of 2025.

This new collaboration builds on those commitments as we look to secure supply through the end of the decade, while also helping continue to expand the EV market.

Queensland Pacific Metals share price snapshot

Despite today's performance, the Queensland Pacific Metals share price has had a rough year so far.

Today's gains included, the stock has fallen nearly 3% so far this year. It has also dumped 30% since this time last year.

For comparison, the All Ordinaries has slumped around 14% year to date and 10% over the last 12 months.

The post Queensland Pacific Metals share price soars 18% on General Motors deal appeared first on The Motley Fool Australia.