ARU, OBM and SLC: ASX Shares Defy Market Weakness with Strong Gains: Here's Why

July 02, 2024 02:39 PM AEST | By Team Kalkine Media

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ARU, OBM and SLC: ASX Shares Defy Market Weakness with Strong Gains: Here's Why — Image source: Shutterstock.com

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Amidst a lackluster session for the S&P/ASX 200 Index on Tuesday, several ASX-listed shares are demonstrating resilience and posting notable gains. Here’s a closer look at the key drivers behind their rise:

Arafura Rare Earths Ltd (ASX: ARU)

The Arafura Rare Earths share price has climbed 4% to 18.7 cents. This increase follows an announcement from the rare earths developer regarding significant progress with financing for its Nolans Project. Arafura has conditionally secured up to US$150 million in debt financing from The Export-Import Bank of Korea (KEXIM). This loan guarantee is pivotal in facilitating credit approvals from commercial lenders, advancing Arafura towards its targeted US$775 million senior debt funding goal for the Nolans Project.

Ora Banda Mining Ltd (ASX: OBM)

Ora Banda Mining shares have surged 8% to 32.5 cents after the company provided updates on its mineral resources and ore reserves at the Davyhurst Gold Project (DGP). The Sand King underground resource has expanded by 176% to 3.4 million tonnes at 2.8g/t, equivalent to 306,000 ounces, while the Riverina underground resource increased by 54% to 4.0 million tonnes at 3.7g/t, amounting to 468,000 ounces. Ore reserves for total underground resources have risen by 94% to 1.2 million tonnes at 3.7g/t, totaling 142,000 ounces.

Superloop Ltd (ASX: SLC)

Superloop shares have risen 3% to $1.60, driven by positive investor sentiment following a trading update from the telco company. Superloop reported robust performance in the high-value segment of the residential broadband market, with over 50% of its customer base now subscribed to high-speed plans (100Mbps or greater). Management anticipates this trend will persist due to increasing consumer demand for faster internet speeds, reliability, and value. Consequently, Superloop expects its FY 2024 underlying EBITDA to meet or exceed the upper end of the guidance range of AU$51 million to AU$53 million.

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