Stocks of the Hour: Codrus, PhosCo, Warrego Energy

Codrus (ASX:CDR) has announced that outstanding grades support potential for high-grade permanent magnet REE’s at a recently secured project. The pegmatite system hosts significant kneeobeum, a critical metal used in the steel industry with applications including wind turbines and high-performance batteries. Shares are trading over 70 per cent higher at 21 cents.

PhosCo (ASX:PHO) announced the results of a Scoping Study for the development of a potential large-scale, world-class mining operation at its Phosphate Project. PhosCo Executive Director, Taz Aldaoud commented: “The robust project economics confirm the potential to generate excellent financial returns over a long mine life of 46 years.These results confirm that the Chaketma Phosphate project truly is world class.” Shares are trading 8 per cent higher at 14 cents.

In the latest news about Warrego Energy (ASX:WGO), the company has now been advised that Beach energy does not want to match the revised Hancock takeover bid. This comes after earlier announcements that Hancock Energy had increased the offer price under its takeover bid for Warrego from $0.23 per share to $0.28 per share and that Warrego had then commenced the matching rights process in the Scheme Implementation Deed with Beach Energy Limited, under which Beach had 5 business days to match the revised Hancock Takeover Offer. Shares in Warrego Energy are trading 3.3 per cent higher at 30 cents.
 
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Source: Finance News Network