MNB, GSR, CNJ: Why these ASX mining shares rose over 19% yesterday

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Highlights

  • The ASX 200 settled 0.37% higher to 7,155.20 on Wednesday.

  • Even the ASX All Ordinaries index ended the day 0.25% higher.

  • There were some mining stocks which jumped on price-sensitive announcements.


The Australian share market ended Wednesday on a positive note, with ASX 200 settling 0.37% higher at 7,155.20. Even the ASX All Ordinaries index ended the day 0.25% higher. However, the overall stock market gains were paled by the stellar performance of ASX-listed mining stocks, which have continued their upbeat performance this week.

These mining stocks jumped on price-sensitive announcements by the companies or some new discoveries. So far in 2022, ASX miners have continued to record strong gains, with several names even eclipsing triple-digit gains.

On this note, let’s discuss why these three ASX-listed mining shares rose over 19% on Wednesday:

Minbos Resources Ltd (ASX:MNB)

Minbos Resources is an Australia-based metals and mining company which aims for low-cost mineral projects and has keen interest in phosphate ore mining.

Minbos’ share price ended Wednesday with a gain of 19.23% at AU$0.16. The share is up 10.71% on a year-to-date (YTD) basis.

The stock may have advanced after the firm reported that it would complete the definitive feasibility studies at Cabinda Phosphate Project and its Capanda Green Hydrogen-Ammonia Project.

Greenstone Resources Ltd (ASX:GSR)

Greenstone Resources is a gold exploration and development company which owns the high-grade Burbanks Gold Project located in Western Australia.

Greenstone’s share price ended Wednesday with a gain of 24.44% at AU$0.056. The share is up 86.67% on a YTD basis.

The company’s shares rose after its announced positive drill results from its Burbanks Gold Project. The gold explorer said that the ongoing drill campaign “continues to return multiple high-grade intercepts”.

“We are highly encouraged by these most recent results from Burbanks North, having returned multiple bonanza grade intercepts in quick succession which are in line with the historical underground production grades from the Burbanks Mining Centre,” said Greenstone CEO, Chris Hansen.

Conico Ltd (ASX:CNJ)

Conico Ltd (formerly Fission Energy Ltd) is a mineral exploration company, which is focused on cobalt, nickel, and manganese exploration.

Conico’s share price ended Wednesday with a gain of 83.33% at AU$0.044. The share is up 10% on a YTD basis.

The company’s share price advanced despite no major price-sensitive news or announcement of any major discovery.

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