- The S&P/ASX 200 index ended sharply lower on Thursday, but few ASX-listed stocks defied the overall market weakness and closed higher
- Regener8 Resources (ASX: R8R) has signed two option agreements to acquire the Grasshopper and Seven Sisters prospects
- Tambourah Metals (ASX: TMB) has entered into a earn-in lithium agreement with Sociedad Quimica y Minera de Chile S.A
The Australian equity benchmark index, S&P/ASX 200 ended in red on Thursday (6 July 2022), falling 1.24% to close at 7,163.40 points. However, few stocks outperformed the benchmark index by a wide margin and ended sharply higher. Two such stocks are Regener8 Resources NL (ASX: R8R) and Tambourah Metals Ltd (ASX: TMB).
Shares of Regener8 closed at AU$0.210 apiece, 31.25% higher than its previous closing price and shares of Tambourah Metals closed at AU$0.145 apiece, 36.36% higher than the closing price of Wednesday. Whereas the materials sector index, S&P/ASX 200 Materials (INDEXASX: XMJ) dropped by 1.86% to close at 17,884.40.
Let’s find out the reason behind the surge in the share price of Regener8 Resources and Tambourah Metals.
Regener8 Resources (ASX: R8R)
Australian gold miner, Regener8 Resources shared via an ASX update that it has inked two option agreements with Beau Resources Pty Ltd. As part of this agreement, the company has gained an option to acquire East Ponton Future Metals Project. It consists of Grasshopper and Seven Sisters prospects. The ‘potentially transformative exploration tenements’ are situated around 220km east of Kalgoorlie.
The prospects are located near the known Rare Earth Elements (REE) -bearing carbonatites which include the Ponton Dyke and the Cundeelee Intrusion.
In a statement, the company said that it considers both tenements to have high prospects of rare earth elements along with prospectivity of gold and lithium. Experienced prospectors - Ross Chandler and Drew Money identified these opportunities.
Ross Chandler carries expertise in REE deposits and was part of the early discovery stages of Dreadnought Resources Ltd (ASX: DRE) Yin REE deposit.
Source: Company update
Tambourah Metals Ltd (ASX: TMB)
Western Australian-based exploration company, Tambourah announced that it has signed a lithium earn-in agreement with Sociedad Quimica y Minera de Chile S.A. (SQM) for Tambourah’s Julimar Nth projects. SQM is a chemical ad mining company with operations in Western Australia and Chile. According to the ASX announcement, SQM is amongst the largest lithium producer globally. In addition to this, SQM is a global leader in potassium nitrate, thermos-solar salts and iodine markets.
Under the agreement, SQM gets the right to earn an interest of 50% initially, and up to 70% in all mineral rights at the project, by sole funding the expenditure of AU$ 1.5 million, up to AU$ 3 million. As stated in the ASX update, SQM would take control of exploration and report plans, exploration and results expenditure.
Source: Company update