CHN, NC1, RMI: Why these ASX mining shares jumped last Friday

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CHN, NC1, RMI: Why these ASX mining shares jumped last Friday

CHN, NC1, RMI: Why these ASX mining shares jumped last Friday
Image source: © Tomas1111 | Megapixl.com

Highlights

  • The Australian share market ended last week on a positive note.

  • The All-Ordinaries Index (ASX:XAO) settled 1% higher.

  • The ASX 200 Index (ASX:XJO) recorded a gain of 0.9% last week.

Despite the ongoing uncertainty, the Australian share market managed to end last week on a positive note. The domestic market faced challenges on account of rising interest rates, soaring inflation and Australia’s federal election results.

While the All-Ordinaries Index (ASX:XAO) settled 1% higher, the ASX 200 Index (ASX:XJO) recorded a gain of 0.9% last week.

ASX-listed mining shares were among the best performers on Friday, and recorded nearly 20% gains. These mining stocks jumped on positive announcements by the company either on Friday or during the week.  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 last Friday:

Chalice Mining Ltd (ASX:CHN)

Chalice Mining, an Australia-based mining company, is engaged in the precious base metal mining business.

On Friday, CHN posted a gain of 19.06%. The shares closed the week at AU$6.81.

The share price jumped after the company released encouraging reports from its Julimar Project, which is currently being explored for commodities, including nickel, copper, platinum group elements, cobalt, and gold. The mineral explorer said that it was given the nod to begin low-impact exploration drilling at the project’s Hartog-Dampier targets.

Nico Resources Ltd (ASX:NC1)

Nico Resources is engaged in exploring, developing, evaluating, acquiring, and exploiting mineral resource projects.

On Friday, NC1 posted a gain of 11.06%. The shares closed the week at AU$1.16.

While the nickel explorer didn’t release any price-sensitive news last week, the stock possibly surged on account of rising nickel prices. On Friday, nickel prices rose 8% on the London Metal Exchange (LME), the highest level seen since 10 May 2022.

Resource Mining Corporation Ltd (ASX:RMI)

Resource Mining Corporation is a Perth-based, mineral exploration company with mineral deposit in Papua New Guinea (PNG). 

On Friday, RMI posted a gain of 19.57%. The shares closed the week at AU$0.11.

The stock may have gained on account of rising commodity prices. Meanwhile, on Tuesday, the company also announced capital raise and debt repayment.

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