These two ASX mines bounced back after a 3 day losing streak powering up over 12% at yesterday’s close. Here’s the scoop.
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Piedmont Lithium Ltd (ASX: PLL) and Ramelius Resources Limited (ASX: RMS) shares both blew up by over 12% yesterday. And despite a volatile week of trade on the ASX, these two miners are both outperforming the All Ordinaries Index (ASX: XAO) for the week so far.
Let’s take a closer look at what the companies have been up to.
Piedmont Lithium share price shoots up
The Piedmont Lithium share price zoomed 12.2% higher during yesterday’s trading session and finished the day at $1.05. However, at the time of writing on Thursday, Piedmont shares have slumped 10.38% to 95 cents. Despite today’s falls, this still puts the company’s shares up by more than 14% for the week so far.
Earlier this week, Piedmont announced that the business has made progress pursuing re-domiciliation from Australia to the United States.
If the proposal is passed by the court, Piedmont US, a newly formed US corporation, will acquire Piedmont.
The Supreme Court of Western Australia has now ordered the proposed Scheme Booklet be circulated to shareholders for consideration and, if seen fit, approved.
A shareholder meeting will be held in Perth on 7 April 2021.
Presently, Piedmont has a market capitalisation of around $1.5 billion and there are 1.4 billion shares outstanding. Over the past 12 months, the Piedmont share price has soared by more than 740%.
Ramelius Resources share price bangs 14% up
The Ramelius Resources share price finished yesterday’s session with a 14.5% gain.
According to the company’s latest earnings statement, HY21 net profit after taxes (NPAT) jumped 297% to $81.3 million.
Gold production soared 57% with the miner producing 144,240 ounces for the period.
Total sales revenue also flew higher with a 116% boost to come in at $342.2 million.
Earnings before interest, tax, depreciation and amortisation (EBITDA) was $192.8 million at the end of the HY21 period. That’s a 193% improvement compared to the HY20 $65.9 million EBITDA reported.
At the time of writing, the Ramelius share price has jumped 1.64% to $1.3925. Over the past year, Ramelius shares have climbed by around 12%. The company has a current market capitalisation of approximately $1.1 billion with there are 814 million shares outstanding.
Following a three day losing streak, Australia’s mining sub-index posted its biggest intraday trading bounce yesterday since 22 February 2021.
The metals & mining sector is the largest industry sector by number of companies on the ASX.
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- The Piedmont (ASX:PLL) share price surged 12% today. Here’s why
Motley Fool contributor Gretchen Kennedy 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.
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