Stocks of the Hour: Ionic Rare Earths, Arafura Rare Earths, Labyrinth Resources

Ionic Rare Earths (ASX:IXR) has received approval from the Ugandan Ministry of Energy and Mineral Development to commence activity at the Makuutu Rare Earths Project. In response, MD Mr. Tim Harrison commented, “The process of de-risking the operation and providing MREC samples is essential to the next stage of attracting supply chain partners and moving towards a Final Investment Decision.” Shares are trading 4.35 per cent higher at 2.4 cents.

Continuing on the rare earth thematic, Arafura Rare Earths (ASX:ARU) has signed an offtake agreement with Siemens Gamesa Renewable Energy A/S over a five year term. In response, MD Gavin Lockyer said, “Siemens Gamesa is the world’s leading manufacturer of offshore wind turbines, and this agreement compliments our strategy to create supply diversification into the renewable & E-mobility sectors”. Shares are trading 8.33 per cent higher at 52 cents.

Labyrinth Resources (ASX:LRL) announced the completion of the first stage of its growth strategy, in which they have updated their indicated and inferred mineral resource at their Comet Vale Gold Project in WA. In response, Chief Executive Matt Nixon said, “The underground resource grade of 7 grams per tonne shows the high-grade nature and genuine potential of this deposit in a world class gold belt.” Shares are trading 27.27 per cent higher at 1.4 cents.
 
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Source: Finance News Network