Insights

The Hexagon Energy (ASX:HXG) share price powers up 41% today

The Hexagon Energy (ASX: HXG) share price is rocketing today after the company released its quarterly activities and cash flow report.
The post The Hexagon Energy (ASX:HXG) share price powers up 41% today appeared first on The Motley Fool Australia. –

Two fists connect in a surge of power, indicating strong share price growth or new partnerships for ASC mining and resource companies

The Hexagon Energy Materials Ltd (ASX: HXG) share price is rocketing today after the company released its quarterly activities and cash flow report.

The Hexagon Energy share price is up 40.9% at the time of writing, trading at 15.5 cents per share.

Hexagon Energy is a mineral exploration company focused on downstream graphite and rare earth processing. Its rare earths project includes RAPID SX, and graphite includes the McIntosh Graphite Project in the Kimberley region of Western Australia. Operations are also underway at the Halls Creek Gold & Base Metals Project in WA.

The Hexagon share price has been a fast mover in recent days after the company acquired Ebony Energy on 23 April. This has enabled Hexagon Energy to start the development timeline for Ebony’s Pedirka Blue Hydrogen Project, which will spearhead the company’s shift towards renewable energy production.

Quarterly activities and cash flow report

In the report, Hexagon Energy outlined its plans following the acquisition of Ebony Energy. The acquisition means Hexagon now has full control of the Pedirka Blue Hydrogen Project in the Northern Territory. 

It plans to immediately start a pre-feasibility study for Pedirka, which is slated for completion this year. Hexagon is also gearing up for a drill program at Halls Creek and has secured an electromagnetic survey. It’s also in ongoing discussions to “create shareholder value” at its McIntosh and Alabama projects.

The Pedirka project covers an area of just under 800km. Hexagon said the acquisition was timely, given the Australian government’s commitment to provide $275.5 million in funding to develop four regional clean hydrogen hubs and $263.7 million for carbon capture and storage technology in its upcoming budget.

Hexagon proposes that the project host a surface gasification plant producing “blue” hydrogen to supply domestic and export markets from coal feedstocks with zero carbon emissions.

In addition to being clean, hydrogen is a versatile energy source with applications across the transport, electricity, industrial and heating sectors. Hexagon is working with government and private sector entities to secure agreements that will accelerate the project’s pathway to production of hydrogen to meet the growth in demand in the Asia Pacific region.

What Hexagon Energy management said

Hexagon chair Charles Whitfield said the company had big ambitions in hydrogen production.

We are very excited to have finalised our acquisition of the Pedirka project. We strongly believe that Pedirka has the potential to become a regionally important producer of hydrogen that will help meet the increasing demand for carbon-neutral energy solutions in the Asia-Pacific region.

The acquisition of Pedirka is consistent with our focus on clean energy solutions and will hopefully support the conversion to hydrogen economies in the years ahead. We look forward to rapidly advancing the Pedirka Pre-Feasibility Study while also progressing our mineral assets.

Hexagon Energy share price snapshot

The Hexagon Energy share price has been one of today’s biggest movers on the ASX, but has also been rising strongly for some time.

Since the beginning of 2021, it’s nearly tripled from just over five cents per share. Overall, it’s up 52% this past week and 163% in 2021 to date.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor Lucas Radbourne-Pugh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post The Hexagon Energy (ASX:HXG) share price powers up 41% today appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!