Insights

The Province Resources (ASX: PRL) share price zooms 10% higher today. Here’s why

The Province Resources Ltd (ASX: PRL) share price ripped as much as 460% last month. Here’s why its on watch again.
The post The Province Resources (ASX: PRL) share price zooms 10% higher today. Here’s why appeared first on The Motley Fool Australia. –

A drawing of a white rocket streaking up, indicating a surging share pirce movement

The Province Resources Ltd (ASX: PRL) share price ripped as much as 460% on 17 February after the acquisition of a Zero Carbon Hydrogen project located in the north of Western Australia.

After surging from 2.6 cents to a high of 14.5 cents, its shares cooled off in recent days to around the 8.5 cent range.

Today, the Province Resources share price has soared again, up 10.47% to 9.5 cents at the time of writing. This after the company announced the start of its feasibility studies data collection at the Zero Carbon Hydrogen project. 

Why the Province Resources share price is lifting again

Province Resources announced that it has secured the normally long lead time Fulcrum3D SODAR (sonic detection and ranging) weather monitoring station.

The monitoring station will be deployed in the next 4 weeks at its HyEnergy Zero Carbon Hydrogen project for data collection required to support feasibility studies.

The station plays a critical role in collecting preliminary wind and solar data every 10 minutes within the project area to assess the wind and solar resource potential. The data collected will enable the proposed wind turbines and solar array network to be optimised, prior to the final project scope and scale decision point. 

The Carnarvon region in Western Australia possesses significant solar and wind potential. Its annual mean wind speed of 25.5 km/h makes it the 4th windiest location in the state. Furthermore, the region does not have the same record of risks such as cyclones compared to high profile mining regions such as Pilbara, making it a low-risk wind farm location. 

In terms of solar, the region has a very rich solar resource averaging 211 sunny days per year. Low competing land use and high solar resource are ideal for a large scale solar array network. 

The next 12-18 months 

Province Resources has already hit the ground running with renewable power generation feasibility studies. 

Following the studies, the company has cited plans to execute a binding memorandum of understanding (MOU) with an independent power provider to develop the renewable power required for the plant. As well as initiate discussions with potential offtake agreements and with the Australian Gas and Infrastructure Group. 

Based on the current Province Resources share price, the company has a market capitalisation of $80.8 million.

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 Kerry Sun 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 Province Resources (ASX: PRL) share price zooms 10% higher today. Here’s why 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!