Stocks of the Hour: NOVONIX, Taruga Minerals, Askari Metals
The big news overnight was the awarding of US$2.8 billion in grants for EV battery production from the Biden administration with the grants subject to some further negotiations. Novonix, Piedmont, and Syrah were the Australian companies amongst the group to receive Biden’s grants.
The ASX listed NOVONIX (ASX:NVX) announced today it will receive US$150m which will be dedicated to expand its domestic production of high-performance, synthetic graphite anode materials. Novonix’s Co-Founder & CEO Dr Chris Burns commented “We are proud to have been selected to negotiate this funding in recognition of our readiness to accelerate the domestic battery supply chain and meet growing global demand from the electric vehicle and stationary grid storage markets. Since inception, our mission has been to enhance batteries through innovation and pave the way for the clean energy transformation. We are excited to partner with the US Department of Energy to further our mission of establishing a domestic supply chain for synthetic graphite used in lithium-based batteries and creating long-term sustainable value for our stakeholders.” Shares in Novonix are trading 15.5 per cent higher at $2.46. Two other Australian companies also received grants Piedmont lithium and Syrah Resources. Piedmont is trading up 8 per cent at 91 cents, whilst Syrah is trading 14 per cent higher at $2.14.
Taruga Minerals Limited (ASX:TAR) announced today that their second batch of key assays have been returned and the results were exceptional. It was the highest grades of rare earths that they have seen at their Morgan Creek’s project. In response, CEO Thomas Line commented, “The new results increase the mineralised strike at Morgans Creek from 1.4km to 4.3km. We are excited to return to complete systematic drilling over the Yednalue formation and other new clay-hosted REE targets at Morgan's Creek early in Q1 2023. “ Shares are trading 7.7 per cent higher at 4 cents.
Askari Metals (ASX:AS2) has today announced that they have signed a Strategic Agreement with Shanghai-Listed Lithium Co to Develop Australian Lithium Assets. The Lithium Strategic Partnership Agreement signed in relation to the development of the Australian-based lithium projects – Barrow Creek (NT) and Eastern Pilbara Lithium (WA). Executive Director, Mr. Gino D’Anna, stated, “Our aggressive exploration mandate has enabled us to delineate areas of high-priority and we are rapidly planning the re-commencement of field activities at our lithium exploration projects, including the recently acquired Myrnas Hill Lithium Project.” Shares are trading 16.5 per cent higher at 46 cents.
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Source: Finance News Network
