Mitre Mining’s (ASX:MMC) shares surge over 35% today; here’s why

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 Mitre Mining’s (ASX:MMC) shares surge over 35% today; here’s why
Image source: © Solucionfotografica | Megapixl.com

Highlights

  • Mitre Mining is acquiring the East Pilbara Lithium and Mount Alexander Lithium Projects.
  • The company also announced that Ray Shorrocks will be joining Mitre Mining board.
  • Mitre Mining has also declared placement of around AU$1.2 million to support the exploration of acquired projects.

The share price of materials firm Mitre Mining Corporation Limited (ASX:MMC) was quoted 29.411% higher at AU$0.220 apiece at 2:30 PM AEDT on the ASX on Wednesday (23 November 2022). The shares had gained more than 34% during the early hours of trade as the company made a couple of announcements today.

Mitre Mining shared via an announcement today that it has acquired the East Pilbara Lithium and Mount Alexander Lithium Projects at the Pilbara region. Also, the company has announced placement of around AU$1.2 million to support exploration of these acquired projects. Adding to the updates, the company mentioned that exploration and corporate finance expert Ray Shorrocks will be joining the Mitre Mining board.

 

Key takeaways from the announcement:

  • Mitre Mining has acquired the East Pilbara Lithium and Mount Alexander Lithium Projects.
  • The East Pilbara Lithium Project is 73kmsq and located in the Pilbara region of Western Australia, an area considered a lithium province.
  • The East Pilbara Lithium Project has known pegmatite outcropping and high-priority untested lithium stream sediment anomalies.
  • The Mount Alexander Lithium Project is located in the Mt Ida Lithium district.
  • The company informed that seasoned exploration and corporate finance executive Ray Shorrocks will join the Mitre Mining board.
  • For supporting the exploration activities on the newly acquired projects, the company has announced the placement of approximately AU$1.2 million.
  • The company has entered into the agreement to acquire 100% of Bellpark Minerals which is held by Ridge Street CTTR Pty Ltd.

The share price performance of Mitre Mining Corporation

The shares of MMC have gained 15.79% in the last month on the ASX. In the previous six months, the shares have surged by 57.14% and have moved up 4.76% in the previous one year on the ASX. On a year-to-date basis, the shares have gained 15.79% on the ASX (as of 3:15 PM AEDT, 23 November 2022).

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