Stocks of the Hour: RareX, Magnis Energy, DevEx Resources

RareX Limited (ASX:REE) today provided an update on the growth drilling program currently underway at its Cummins Range Rare Earths Project in the Kimberleys, Western Australia. The drilling is making excellent progress with a total of twenty six drill holes with ten diamond holes completed so far in the 2022 program. The ten diamond holes have been completed over a strike length of 500m, testing multiple mineralised positions to depths greater than 600m. Share are trading 3.2 per cent higher at 6 cents.

Magnis Energy (ASX:MNS) shares have risen today as new US legislation includes the requirements for domestic manufacturing of EVs and their battery components. The law requires that 40% of battery components be sourced from factories in the US or its free trade agreement partners; that batteries be U S made by 2029; and that Chinese components and minerals be phased out beginning in 2024. The market is anticipating an update on Magnis’s IM3-New-York Battery plant in the coming weeks as it progresses to becoming North America’s first operation EV battery plant. Shares are trading 6.2 per cent higher at 39 cents.

DevEx Resources (ASX:DEV) today announced that initial diamond drilling has intersected high-grade uranium mineralisation at its 100%-owned Nabarlek Uranium Project, located in the Northern Territory. Diamond drilling at both the Nabarlek South and North Buffalo Prospects has intersected significant zones of uranium mineralisation adjacent to historical intercepts, highlighting the endowment and exploration upside of the brownfields Nabarlek Project. DevEx Managing Director, Brendan Bradley said: “Our 2022 drilling programme at Nabarlek is off to a flying start, “We are very excited by these early results, which provide the basis for expanding the drill programme with a second rig arriving shortly.” Share are trading 38.3 per cent higher at 42 cents.

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Source: Finance News Network