Stocks of the Hour: Megado Minerals, Etherstack, Sayona Mining

Megado Minerals (ASX:MEG) has entered into a formal and binding agreement with DG Resource Management to acquire the Cyclone Lithium Project in Canada. In response, Megado Managing Director, Ben Pearson, said: ““Acquiring the Cyclone Project significantly enhances our North American footprint and is consistent with our strategy of securing highly prospective exploration projects that provide exposure to the green energy transition and global decarbonisation.” Shares are trading 118.6 per cent higher at 9.4 cents.

Etherstack (ASX:ESK) has released their full year results presentation for 2022. The Company recorded a 14% increase in revenue growth, 33% growth in EBITDA, and a 51% growth in NPAT. In response, David Deacon, Etherstack CEO noted, “Etherstack continued building its recurring revenue base, its intellectual property portfolio and an opportunity pipeline containing top-tier global communications companies.” Shares are trading 3.9 per cent higher at 53 cents.

Sayona Mining (ASX:SYA) has further advanced the restart of lithium production at its flagship North American Lithium (NAL) operation in Canada, with the operation tracking on time and on budget for its March 2023 restart. In response, Sayona’s Managing Director, Brett Lynch commented: “Progress to date has been excellent, and I congratulate the project team for delivering the NAL restart on time and on budget – a remarkable achievement in the current inflationary environment and amid supply chain pressures.” In addition, 19.99% shareholder in Sayona, Piedmont lithium (ASX:PLL), has signed an offtake agreement with LG Chem for a $75 million equity investment. Shares are trading 1.1 per cent higher at 22.25 cents.
 
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Source: Finance News Network