Hot Stocks: Fortescue, Tower, Bayan Mining, Connected Minerals

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Fortescue (ASX:FMG) has secured over 75% of Red Hawk Mining (ASX: RHK) under its takeover bid, increasing the offer price to $1.20 per share. Shareholders who accepted earlier will receive the higher price. The offer remains open until 3 March 2025, unless extended. Shares are trading 2.6% higher at $19.10.

Tower (NZX/ASX:TWR) has raised its FY25 profit forecast to $60m–$70m, up from $50m–$60m, citing strong Q1 performance and lower claims. Premium growth guidance is lowered to 7%–12%, while the combined operating ratio improves to 84%–86%. Further details are due on 11 February. Shares are trading 6.4% higher at $1.25.

Bayan Mining (ASX:BMM) has raised $750,000 through a share placement, attracting strong investor demand. The company will issue 9,574,468 new shares and 6,382,978 director placement shares at $0.047 each. Shares opened flat at 5.1 cents.

Connected Minerals (ASX:CML) has completed its extended trenching and sampling program at the Etango North-East Project in Namibia. Managing Director Warrick Clent highlighted high-grade mineralisation from 132 rock chip samples and multiple target zones identified for further exploration. Shares opened flat at 20 cents.

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Source: Finance News Network