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Highlights
The ASX 200 witnessed an upbeat July, reporting gains of 5.2% in the month.
The ASX 200 Resources (XJR]) index ended the month flat.
A few exploration stocks gained as high as 200% in the month.
July proved to be a sweet month for ASX-listed resources shares as they rebounded from the losses witnessed in April and May. Despite this, the ASX 200 Resources (XJR]) index ended the month on a flat note. On the other hand, the ASX 200 reported gains of 5.2% in July.
There were a bunch of exploration stocks on the ASX which even gained over 200% in the month. Most small-cap exploration shares turned out to be multibaggers last month in the resources sector.
On this note, let’s discuss five ASX resources stocks with over 85% returns in July.
Cobre Ltd (ASX:CBE)
Cobre is a mineral explorer with a focus on copper and base metals in Botswana and Western Australia (WA). The ASX-listed stock gave an impressive return of 231% in July. The CBE share price has risen 100% on a year-to-date (YTD) basis (as of 2 August 2022). In the past 12 months, the stock has climbed 20%.
Meanwhile, the copper explorer trimmed the compensation of the company’s board in July to ensure “as much capital as possible flows into the exploration programme in Botswana”. These changes are expected to result in an annualised saving of over AU$300,000.
The company on 3 August 2022 announced that it had intersected copper mineralisation at Kalahari Metal’s Ngami copper project in Botswana. Notably, it was the third such intersection announced by the company during its ongoing drill.
Prospect Resources Ltd (ASX:PSC)
Prospect Resources is an Australia-based resources company with operations and exploration activities in Zimbabwe. Shares of Prospect Resources recorded a gain of 150% in July. The share price has fallen over 82% on a YTD basis. In the past 12 months, the stock has dropped over 60%.
The company recently announced the sale of its 72.7Mt Arcadia lithium project situated in Zimbabwe for nearly AU$466 million.
“After payment of transaction costs, Prospect is preparing to distribute almost 95% of the net proceeds from the transaction to its shareholders, with approximately AU$34 million to be retained for future activities,” said Prospect Resources Chairman Mark Wheatley.
Tyranna Resources Ltd (ASX:TYX)
Tyranna Resources, which was formed by the merger of Ironclad Mining and Trafford Resources, is an ASX-listed mineral exploration firm. The stock offered a return of 86% in July. The share price has risen 180% on a YTD basis.
In May, Tyranna Resources forayed into lithium space after it acquired the early stage Namibe project situated in West Africa. Apparently buoyed up by this development, the stock has risen 400% since May this year.
