The company said in a statement to the ASX on Thursday that the Kasiya project, once in production, would be the world's largest producer of both natural rutile and flake graphite.

The DFS indicates the project could run for at least 25 years, producing 222,000 tonnes of rutile per year and 275,000 tonnes of graphite.

Strong cash flow

This would generate US$476 million in EBITDA per year and total revenue over the life of the mine of US$16.5 billion, the company said.

The project would cost US$727 million to bring into production, the company said, and would be the lowest-cost graphite producer globally, even when compared to Chinese producers.

Sovereign said it had already signed non-binding memoranda of understanding for offtake agreements covering more than 50% of the rutile produced during stage one of the mine and more than 35% of the graphite.

The potential for heavy rare earths extraction as part of the rutile production was not included in the DFS, but was being evaluated, the company said.

This could provide a third income stream, producing dysprosium, terbium, and yttrium, which were all subject to Chinese export controls, at minimal incremental cost.

Sovereign Managing Director Frank Eager said regarding the DFS:

The completion of this DFS marks a defining milestone for Kasiya and for the global titanium and graphite supply chains. To deliver a DFS of this quality, depth and confidence, rarely achieved by a pre-production company, reflects the calibre of partnerships that Sovereign has assembled around this project: Rio Tinto's technical expertise, alignment with IFC Performance Standards under our Collaboration Agreement, and offtake interest driven by U.S. and Japanese supply chain security priorities. The successful completion of large-scale field trials, combined with the expertise of our experienced owner's team and the technical support provided by Rio Tinto, reinforces Kasiya's potential to be a long-life, low-cost, and reliable source of two critical and globally strategic minerals. Kasiya is not simply a mining project – it is a globally strategic asset.

Titanium in short supply

Sovereign said that rutile is the purest and highest-grade form of naturally-occurring titanium feedstock, and was the preferred feedstock "for titanium sponge production and high-specification titanium alloy applications in aerospace, defence and medical industries''.

The US is currently 100% reliant on imports for its titanium sponge needs, the company said, and added that primary global rutile supply was in structural decline.

The company added that "Kasiya's natural rutile has demonstrated premium chemical characteristics and suitability across all major end-use applications, with high titanium dioxide content, low impurity levels, and favourable particle size distribution – positioning it as a preferred high-purity feedstock within a structurally undersupplied market''.

Sovereign Metals shares were 0.7% higher in early trade at 72 cents. The company was valued at $463 million.

The post This ASX critical minerals company says its mining project could be the world's largest appeared first on The Motley Fool Australia.

At the time of writing, the ASX rare earths stock is up 27% to 76 cents.

Why is this ASX rare earths stock rocketing?

Investors have been bidding the rare earths explorer's shares higher after it announced a major breakthrough at its flagship Kasiya Project in Malawi.

According to the release, Sovereign Metals has recovered strategic heavy rare earth elements from material that was previously considered waste, potentially opening up a valuable new revenue stream at very little extra cost.

Sovereign revealed that it has recovered a monazite concentrate rich in heavy rare earths from the tailings produced during rutile processing at Kasiya. Essentially, this means the company has found valuable rare earths in leftover material that would normally be discarded.

Early testing showed the monazite contains exceptionally high levels of dysprosium, terbium, and yttrium. These are heavy rare earth elements that are critical for advanced technologies such as electric vehicles, defence systems, jet engines, and high-performance magnets.

The release reveals that the concentration of these heavy rare earths at Kasiya is much higher than at the world's largest rare earth mines, which are mostly dominated by lower-value light rare earth elements.

Why is this important?

Heavy rare earths are rare, expensive, and strategically important. Dysprosium and terbium are essential for high-temperature magnets used in defence and clean energy technologies, while yttrium is critical for aerospace and semiconductor applications.

Adding to their appeal, China has recently restricted exports of these elements, which has increased global concern around supply security. As a result, ASX rare earths stocks with exposure to heavy rare earths have become increasingly attractive to investors.

Commenting on the news, the company's CEO, Frank Eagar, said:

This is an exceptional development that has the potential to fundamentally enhance Kasiya's strategic significance. With simple processing, our upgraded laboratory has recovered a valuable monazite concentrate product from the rutile tailings stream, with heavy rare earth content that the world's major producers simply cannot match. These are precisely the elements that matter most to nations seeking to protect and grow their critical mineral supply chains.

Dysprosium and terbium enable permanent magnets to function in advanced technologies, including robotics, fighter jets, guided missiles, and naval propulsion systems. Yttrium protects jet engines and hypersonic vehicles from extreme temperatures. China imposed export controls on all three in April 2025, and Western supply chains are now acutely exposed. What makes this value addition particularly significant is that this product was recovered from our rutile processing tailings stream.

The post This ASX rare earths stock is rocketing 27% on big news 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:

Evolution Mining Ltd (ASX: EVN)

The Evolution Mining share price is up 8% to $14.64. Investors have been buying this gold miner's shares following the release of its quarterly update. For the three months, Evolution Mining reported record group operating mine cash flow of $1.1 billion and underlying group cash flow of $541 million. This was driven by gold production of 191,000 ounces, copper production of 18,000 tonnes, and its sector-leading all-in sustaining cost (AISC) of $1,275 per ounce. At the end of the period, its cash balance stood at $967 million.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas Rare Earths share price is up 6% to $16.13. This has been driven by the release of the rare earths producer's second quarter update. Lynas reported a modest increase in gross sales revenue to $201.9 million for the quarter. Though, this was a sizeable 43% increase on the prior corresponding period. Positively, the company's average selling price increased to $85.60 per kg across all rare earth products. At the end of December, the company had cash and short term deposits of $1,030.9 million.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price is up over 12% to $13.09. The catalyst for this has been the release of the uranium producer's quarterly update. Paladin Energy revealed that its uranium production increased 16% on the previous quarter to 1.24M pounds. This was driven by an uplift in ore feed grade as a result of a higher proportion of mined ore processed. The company's CEO, Paul Hemburrow, was pleased with the quarter. He said: "As global interest in nuclear energy continues to strengthen, I am delighted by our progress in ramping-up operations at Langer Heinrich Mine. The new level of production achieved during the quarter provides insight into the robust performance that can be achieved from this strategic uranium asset."

Sovereign Metals Ltd (ASX: SVM)

The Sovereign Metals share price is up 23% to 74 cents. This morning, the mineral exploration company announced a significant and strategic rare earth value addition to its Kasiya Rutile-Graphite Project in Malawi. Sovereign Metals advised that it has successfully recovered a monazite product containing high-value heavy rare earth elements (REE) from the tailings stream generated during rutile processing at its upgraded Lilongwe laboratory facilities.

The post Why Evolution Mining, Lynas Rare Earths, Paladin Energy, and Sovereign Metals shares are racing higher 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 dropping:

DroneShield Ltd (ASX: DRO)

The DroneShield share price is down almost 9% to $3.80. This follows the release of an update from the counter drone technology company relating to share options. It revealed that almost 44.5 million performance options were vested yesterday after it achieved its performance hurdle of $200 million cash receipts in a 12-month rolling period. DroneShield's CEO, Oleg Vornik, commented: "Performance Options align the DroneShield team and its investors, enabling DroneShield to attract the best talent and incentivise performance, whilst reducing the cash burden on the Company as it continues to rapidly grow."

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is down 1.5% to $23.60. Investors have been selling this gold miner's shares following a pullback in the gold price overnight. It isn't just Northern Star's shares that are declining today. Most gold miners are in the red, which has dragged the S&P/ASX All Ordinaries Gold index down by 2.1% in afternoon trade.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down over 4% to $2.95. This follows a poor night of trade on Wall Street for lithium stocks. The catalyst for this could have been profit taking from some investors. After all, a number of lithium stocks have rallied strongly in recent weeks. Pilbara Minerals is one of them. Its shares remain up by 13.5% since this time last month despite today's weakness.

Sovereign Metals Ltd (ASX: SVM)

The Sovereign Metals share price is down 7.5% to 56 cents. This is likely to have been driven by the release of a broker note out of Macquarie Group Ltd (ASX: MQG) this morning. According to the note, the broker has downgraded this rutile and graphite developer's shares to a neutral rating (from outperform) with a heavily reduced price target of 65 cents. It said: "Despite project advancement at SVM, we note the Kasiya project is currently behind schedule given the lapse of 10m Performance Rights, which were subject to the Definitive Feasibility Study Milestone targeted in Oct 2025. Revised funding assumptions and Kasiya delays drive mixed earnings: FY27E losses shrink 30%, but FY28–30E earnings fall 32–87%. Target price cut 35% to A$0.65; downgrade to Neutral."

The post Why DroneShield, Northern Star, Pilbara Minerals, and Sovereign Metals shares are falling 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 falling:

KMD Brands Ltd (ASX: KMD)

The KMD Brands share price is down 3% to 32.5 cents. This follows the release of the retailer's half year results this morning. The Rip Curl, Kathmandu, and Oboz owner reported a 0.5% increase in sales to NZ$470.9 million but a whopping 74.3% decline in underlying EBITDA to NZ$3.9 million. This ultimately led to the company recording an underlying loss after tax of NZ$16.1 million for the period.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price is down almost 11% to $5.72. Investors have been selling this uranium producer's shares following the release of an update on the Langer Heinrich Mine (LHM) in Namibia. Due to a one-in-fifty-year rainfall event, the operation has been disrupted, delaying its ramp up. As a result, management does not expect the LHM to achieve nameplate run-rate guidance of 6Mlb by the end of the year and has withdrawn its production guidance for FY 2025.

Sovereign Metals Ltd (ASX: SVM)

The Sovereign Metals share price is down 14% to 84 cents. This follows the completion of an institutional placement today. The rutile and graphite company revealed that it has received firm commitments for a $40 million placement at an issue price of A$0.85 per new share. This represents a 12.8% discount to its last close price. Proceeds from the placement will be used for development activities at the company's Kasiya Rutile-Graphite Project, located in Malawi. This includes permitting, studies, general working capital, and other corporate purposes.

Tuas Ltd (ASX: TUA)

The Tuas share price is down 20% to $5.01. Investors have been hitting the sell button after the Singapore based telco released its half year results before the market open. Tuas reported revenue of $73.2 million and a maiden net profit after tax of $3 million. While both were up sharply on the prior corresponding period, they appear to have fallen short of the market's expectations. Looking ahead, management believes the company is on track to achieve its first full year profit. Tuas shares remain up almost 25% over the past 12 months despite today's weakness.

The post Why KMD, Paladin Energy, Sovereign Metals, and Tuas shares are falling today appeared first on The Motley Fool Australia.

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

ALS Ltd (ASX: ALQ)

The ALS share price is up 2% to $16.06. This appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has retained its buy rating with an improved price target of $17.75. Goldman said: "With sustainably higher margins, faster last-5Y organic growth, and consensus forecasting higher growth, ALQ is still trading nearer the peer set median than the high. With the Minerals cycle potentially inflecting after ALQ's margins held up in a downturn, we believe it deserves to trade near the top of the set."

Life360 Inc (ASX: 360)

The Life360 share price is up 2% to $22.71. This follows news that S&P Dow Jones Indices has announced changes in the S&P/ASX Indices as a result of the March quarterly review. One change is that Life360 is being added to the illustrious ASX 100 index on 24 March along with Sigma Healthcare Ltd (ASX: SIG). They are replacing mineral sands producer Iluka Resources Ltd (ASX: ILU) and private health insurer NIB Holdings Limited (ASX: NHF) in the index.

Nuix Ltd (ASX: NXL)

The Nuix share price is up 7% to $3.57. This also appears to have been driven by S&P Dow Jones Indices announcing changing to the S&P/ASX Indices. The investigative analytics and intelligence software provider is one of seven shares that are being added to the ASX 200 index at the rebalance later this month.

Sovereign Metals Ltd (ASX: SVM)

The Sovereign Metals share price is up 2% to 95 cents. This morning, the graphite company announced the results of purification testing of coarse flake graphite concentrate from its Kasiya Rutile-Graphite Project. This is for applications requiring a higher-grade product, such as powder metallurgy, isostatically-pressed refractory products and high-grade expandables. The good news is that the company successfully demonstrated purification of Kasiya's coarse flake graphite via two methods. Management believes this showcases the potential for future downstream customers to reduce reagent consumption and waste generation.

The post Why ALS, Life360, Nuix, and Sovereign Metals shares are pushing higher today appeared first on The Motley Fool Australia.

Based on the mining giant's investment, it seems to see a lot of promise in this company's project in Africa.

Which ASX All Ords stock?

This morning, Sovereign Metals Ltd (ASX: SVM) revealed that Rio Tinto has exercised all its share options to increase its shareholding in the company to 19.76%.

The miner exercised a total of 34,549,598 share options to acquire the same number of new fully paid ordinary shares at $0.535 per share. This results in proceeds of $18.5 million for the ASX All Ords stock.

What now?

Management believes Rio Tinto's further investment represents another significant step towards unlocking a major new supply of low-CO2-footprint natural rutile and flake graphite.

It will use the proceeds from Rio Tinto's additional strategic investment to continue advancing its tier one Kasiya Rutile-Graphite Project in Malawi.

This includes progressing the current optimisation study for Kasiya, which is focused on the development of a world-class mine that is capable of supplying critical minerals to the titanium pigment, titanium metal, and lithium-ion battery industries. After which, it will move to a definitive feasibility study.

Under the investment agreement between the parties, Rio Tinto continues to provide assistance and advice on technical and marketing aspects of Kasiya.

'One of the most significant critical minerals projects globally'

The ASX All Ords stock's chairman, Ben Stoikovich, was very pleased with the investment. He appears to see it as confirmation of the quality of the Kasiya project. Stoikovich said:

Rio Tinto's further investment in Sovereign reaffirms Kasiya's position as one of the most significant critical minerals projects globally. With Rio Tinto's wealth of experience as one of the world's largest and most accomplished global mining companies, Kasiya is well positioned to potentially become a market leader in low-CO2-footprint natural rutile and graphite.

Sovereign Metals' managing director, Frank Eagar, adds:

In collaboration with Rio Tinto, we have made significant progress in advancing Kasiya over the course of this year, including the successful launch of the pilot phase mining in May. We are excited about Rio Tinto's further investment in Sovereign, which represents another significant step towards unlocking a major new supply of low-CO2-footprint natural rutile and flake graphite.

Kasiya's mineral resource estimate (MRE) is currently 1.8Bt at 1.0% rutile. This results in 17.9Mt tonnes of contained natural rutile and 24.4Mt of contained graphite. This makes it the largest in the world according to the company.

The post Guess which ASX All Ords stock just received another $18 million investment from Rio Tinto appeared first on The Motley Fool Australia.

The theory is that if they have the confidence to buy shares, it could be interpreted as a sign that things are going well and they expect them to appreciate in value.

Conversely, when directors sell shares, it is often regarded as a bearish indicator. After all, you would be unlikely to sell your shares if you felt they were about to increase in value.

With that in mind, let's now take a look at three ASX All Ords shares that have recently reported meaningful insider selling:

Audinate Group Ltd (ASX: AD8)

The first ASX All Ords share that has reported some major insider selling is audio-visual networking solutions provider Audinate.

A change of director's interest notice reveals that its chair, David Krall, offloaded a total of 100,000 Audinate shares through a series of on-market trades between 22 March and 27 March.

Krall received prices of between $20.70 to $22.36 per share for his sales, which equates to a total consideration in the region of $2.1 million.

Audinate explained that the chairman's sale was undertaken to fund an investment and for personal reasons. It said:

The disposal of 20% David Krall's shareholding in the Company is to allow an investment in a family asset and will be utilised for personal reasons. Following the sale, David Krall will retain 402,308 ordinary shares in the Company, representing approximately 0.5% of shares on issue.

Lycopodium Ltd (ASX: LYL)

This engineering and project delivery services provider is another ASX All Ords share that has experienced insider selling recently.

According to a change of director's interest notice, the company's founder and executive director, Bruno Ruggiero, offloaded a total of 1.35 million shares through off-market trades on 22 March and 25 March.

The release notes that Ruggiero received a total consideration of approximately $16 million from the sale.

Despite the large sale, the executive director still holds 1,650,520 Lycopodium shares.

Sovereign Metals Ltd (ASX: SVM)

Finally, one of this Africa based mineral exploration company's non-executive directors has been selling shares recently.

A change of director's interest notice reveals that Julian Stephens sold 3 million shares between 26 March and 27 March through a special crossing trade. The ASX All Ords share's director received $1.43 million from the sale.

The release notes that Stephens made the sale in order to settle outstanding personal tax obligations. He is left owning a sizeable 13,557,518 shares.

The post 3 ASX All Ords insiders selling over $1 million worth of their company shares appeared first on The Motley Fool Australia.

Four ASX shares that are rising more than most today are listed below. Here's why they are racing higher:

Bravura Solutions Ltd (ASX: BVS)

The Bravura Solutions share price is up 18% to 81.5 cents. This follows the release of the wealth management software company's annual general meeting update. At the meeting, management provided a guidance update and revealed that it expects flat revenue in FY 2024 but with EBITDA of $10 million to $15 million. This is up from a small EBITDA loss in FY 2023. This is being underpinned by a major cost out.

Resmed Inc (ASX: RMD)

The ResMed share price is up 4% to $23.59. This follows another strong gain for the sleep treatment company's NYSE-listed shares overnight. It appears that some investors are snapping up the company's shares on the belief that they were oversold recently.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is up 8% to 7.8 cents. This morning, this lithium miner released promising drilling results from the North American Lithium (NAL) project. Management believes the results from the 57 new drillholes totalling 14,350 metres have significantly increased the potential for a resource upgrade at the hard rock lithium project. In addition, there are still the results for 152 drillholes to come.

Sovereign Metals Ltd (ASX: SVM)

The Sovereign Metals share price is up 11% to 50 cents. Investors have been buying the graphite developer's shares following an update on its Kasiya lithium-ion battery graphite program. Management advised that a bulk sampling program is underway at Kasiya to extract 100 tonnes of ore to produce over 1,000kg of natural graphite for lithium-ion battery anode testwork and product qualification. This will support a partnership with Rio Tinto Ltd (ASX: RIO).

The post Why Bravura, ResMed, Sayona Mining, and Sovereign Metals shares are racing higher appeared first on The Motley Fool Australia.

The company announced a broker briefing presentation this morning, which might have influenced the rally this morning.

What was announced?

The Sovereign Metals share price enjoyed a strong rally this morning after the explorer advised it has in its possession a "company making asset" in the Kasiya rutile deposit in Malawi.

Previously, on 9 June, Sovereign Metals released a maiden resource estimate for Kasiya, with assay results revealing 644 million tonnes at 1.01% rutile, including 137 metric tonnes at 1.41% rutile.

The positive announcement witnessed the Sovereign Metals share price surge 13% on the day to a record close of 77 cents.

According to today's presentation, the company is accelerating its work programs in order to meet key short-term objectives at Kasiya.

This includes aggressive drilling programs to drive additional resource growth and extensions, as well as a scoping study, which is expected to be completed in late 2021.

While the Kasiya deposit is still in an exploration phase, the company highlighted Malawi as a "stable, transparent jurisdiction" with "operation-ready infrastructure".

In addition, Sovereign Metals has a memorandum of understanding in place with rail and port operators to, in the future, export to global rutile markets.

Sovereign Metals share price rallies in 2021

The Sovereign Metals share price has rallied by more than 75% year to date.

The company believes there is "the perfect storm" to support rutile prices in both the short, medium and long term.

It pointed to factors including, a "resurgence in demand for titanium pigment and from the welding sector" as well as "strong market fundamentals driving a robust long-term price".

The post Why the Sovereign Metals (ASX:SVM) share price spiked today appeared first on The Motley Fool Australia.

Let's take a look at what may be driving the Sovereign Metals share price today.

Today's news from Sovereign Metals

Today, the mineral exploration company released the maiden resource estimate for its Kasiya rutile deposit – located in Malawi.

The site's assay results include 644 metric tonnes at 1.01% rutile, including a high-grade component of 137 metric tonnes at 1.41% rutile.

According to Sovereign Metals, this makes Kasiya the second largest rutile resource in the world behind Iluka Resources Limited's (ASX: ILU) Sierra Rutile.

Sovereign Metals says the project's mineralisation occurs in a large, coherent deposit. A lot of the deposit's high-grade material exists just 5 metres from the surface.

The maiden resource estimate only covered 43% of the project's ~114 square kilometre rutile footprint.

Thus, the company is expecting future resource growth.

What's next?

A scoping study is currently examining the extent of the rutile deposit.

The study will focus on environmental, social, and governance measures and sustainability, and will be completed late this year.

Sovereign Metals is also undergoing an "aggressive" drilling program to allow for future resource upgrades and extensions at the deposit.

The company expects Kasiya's resource growth could make it the largest rutile deposit in the world.

Rutile's environmental benefits

Natural rutile is the purest form of titanium dioxide and the preferred feedstock for titanium pigment and metal. Titanium pigment can be found in paints, coatings, and plastics.

Rutile's scarcity has seen the titanium industry develop carbon intensive substitutes.

Therefore, the company believes one tonne of natural rutile can save 2.8 tonnes of carbon emissions from being created.

Commentary from management

Sovereign Metal's managing director Dr Julian Stephens commented on the findings, saying:

It is a remarkable result to achieve the maiden JORC mineral resource estimate of this scale, grade and global significance in under 18 months since discovery.

We believe this maiden resource is just the beginning and expect to upgrade and expand the resource over the coming quarters.

Sovereign Metals share price snapshot

2021 has been a good year so far on the ASX for the Sovereign Metals.

Currently, the Sovereign Metals share price is 109% higher than it was at the start of the year. It has gained 307% since this time last year.

The company has a market capitalisation of around $321 million, with approximately 414 million shares outstanding.

The post Here's why the Sovereign Metals (ASX:SVM) share price is up 14% appeared first on The Motley Fool Australia.

While the Province Resources ship may have already left the port, here are three small cap ASX shares in the exploration and commodity space that have received a 'speculative buy' rating from broker Euroz Hartleys. 

Sovereign Metals Limited (ASX: SVM) 

Sovereign Metals has a 100% interest in the Kasiya project located in Malawi. Kasiya is a saprolite-hosted rutile deposit, otherwise known as an eluvial deposit. Rutile prices have been increasing recently.

Hartleys believes that Kasiya has all the hallmarks of developing into a significant rutile producer in the medium term. Based on the broker's speculative assumptions, it seems possible the deposit could likely support a production size of 100 to 130 kt pa based on a 10mtpa plant. Despite the project's medium to long term potential, the broker acknowledges its key risks, including project location (Malawi) and potential challenges in obtaining development capital. 

The broker maintains a target price of 60 cents which represents an upside of 42%. 

Tietto Minerals Ltd (ASX: TIE) 

Tietto Minerals continues to de-risk the development of its Abujar gold project, with the aim of becoming "West Africa's next gold mine". The company recently increased ownership in the project to 88% (at the mining stage) and pending its pre-feasibility study (PFS) results in the coming weeks, which will be the first look at the project's economic parameters. 

Hartleys sees significant exploration upside with its current 3 million oz expected to grow. Ongoing drilling is improving resource confidence for optimised mine plans feeding into development studies. News flow from drilling is expected to be strong, and the PFS delivery a key milestone for the ultimate project development.

The Abujar PFS is due late in the first quarter of the calendar year 2021, with the study investigating a potential 3.5Mtpa open operation.

Hartleys coverage rates the company as a speculative buy with a target price of 70 cents per share or an upside of 89% to its current price. 

Legend Mining Limited (ASX: LEG) 

Legend Mining's early metallurgical test work from the Mawson prospect within the Rockford project, Fraser Range in Western Australia, looks positive with high recoveries for copper and nickel.

Hartleys describes the project as catalyst rich, with a large and growing footprint auguring well for the next major discovery. 

The report cites that although the mineralised intrusive source has not yet been drilled out to economic status, this is just a matter of time. Based on the occurrence of high-grade massive sulphides within ultramafic intrusive rocks, net textures consistent with analogous major deposits and the presence of platinum group elements and gold.

The broker is 'unwavering' in its conviction with a speculative buy maintained and a target price of 30 cents.

Foolish takeaway

Small-cap ASX shares in the mining and exploration sector are fraught with risks as projects attempt to transition closer to producer status.

While Province Resources may have delivered eye-watering returns last week, investors who bought the top would have otherwise found a -40% hole in the pocket. 

The post Broker rates these 3 small cap ASX shares as a speculative buy  appeared first on The Motley Fool Australia.