Hello everyone, great to have your company on Kalkine TV. I'm Rose and you’re watching
Buzzing Trends. Today we are going to talk about ASX listed mining stocks and their recent
price movements.
The ASX 200 Resources Index underperformed yesterday but there were a few exceptions
which scripted significant gains. The index fell 1.08% yesterday. Similarly, the benchmark
ASX 200 index also fell 0.69%. Today, the narrative is different as ASX 200 Resources
Index is trading up by 1.79% during the afternoon session. ASX 200 is also posted gain trading
up by 0.81%. 9 of 11 sectors are higher along with the S&P/ASX 200 Index. Energy is the
best performing sector, gaining 1.60% today and 1.48% for the past five days. Looking
at the metals and mining space, some of the mining stocks rose on price-sensitive announcements
by the companies or some new discoveries. The ASX-listed miners have performed on a
strong note so far this year, with several stocks even posting triple-digit gains. These
gains are primarily on account of steady rise in commodity prices in the recent past. Mining
stocks comprise more than a third of the benchmark ASX 200 index. On this note, let’s discuss
three ASX-listed mining shares which rose over 27% on 26th May.
Starting with Galileo Mining.
It is focused on the discovery of base metals in Western Australia. The company explores
large scale magmatic nickel copper deposits. Galileo Mining posted a gain of 49.21% on
26th May. The shares closed at AU$1.41. The stock advanced following results from six
drill holes, which confirmed palladium, platinum, gold, copper, and nickel at the company’s
Norseman Project’s Callisto discovery. The narrative of posting gains continued today.
Galileo Mining shares were trading at AU$1.78 up by 26.24% during the afternoon session.
Next on our list is Resource Mining Corporation. It is a Perth-based mineral exploration company
with mineral deposits in Papua New Guinea. Resource Mining Corporation posted a gain
of 28.57% on 26th May. The shares closed at 14 cents: a new 52-week high for the stock. While
there is no major price-sensitive news from the miner since 17 May 2022, the company released
an investor presentation on 26th May. Resource Mining is working towards acquisition of five
nickel projects in Tanzania. The stock has gained significantly on account of rising
commodity prices in the past few weeks. Today, it is maintaining their 52-week high that
was gained yesterday on 26th May. Resource Mining shares today were trading at 14 cents
up by 3.70% during the afternoon session.
Lastly. We talk about, Ragusa Minerals.
It operates in the mineral exploration sector and focuses on exploration for gold and associated
minerals. Ragusa Minerals posted a gain of 27.27% on 26th May. The shares closed at 14
cents. The company recently inked a tenement farm-in agreement with drilling contractor
May Drilling for the exclusive right to earn an initial 90% stake in a tract of lithium
prospective tenements. Today, Ragusa Minerals shares are performing better than yesterday.
It was trading at 18 cents up by 25% during the afternoon session.
To sum it up, the market conditions are favoring certain commodities right now due to the ongoing
Russia-Ukraine War. It’ll be interesting to see till how long commodity prices will
rise and how much mining stocks listed on ASX could gain.
Well, That’s all for now. We will be back with our Buzzing Trends show to share the
latest market insights with you. Till then, Stay tuned with Kalkine TV for more stock,
business and economy related hot trends.