Insights

Why the Thomson Resources (ASX:TMZ) share price is soaring 14% today

The Thomson Resources (ASX: TMZ) share price is soaring today, up 14% after posting gains of almost 23% earlier today. Here’s why…
The post Why the Thomson Resources (ASX:TMZ) share price is soaring 14% today appeared first on The Motley Fool Australia. –

rising Boral share price asx share price represented by investor in hard had looking excitedly at mobile phone

Thomson Resources Ltd (ASX: TMZ) shares are soaring today, up 13.64% to 12.5 cents at the time of writing. In earlier trade, the Thomson Resources share price posted gains of almost 23% before retreating to its current level. 

This comes after the ASX resource share released a series of market-sensitive updates today, following on from its quarterly activity report released on Friday. We take a look at what’s motivating investors below.

What did Thomson Resources report?

The Thomson Resources share price is rocketing today after the company’s flurry of updates.

First, Thomson Resources reported it had restarted drilling at its Bygoo tin project in New South Wales. Drilling had previously been put on hold due to inclement weather. The drilling program is currently more than half completed, with another 1,500 metres of drilling in the pipeline.

Commenting on the drilling progress, Thomson Resources executive chair David Williams said:

We are happy with the progress of drilling at Bygoo and look forward to receiving first results towards the end of June 2021. Time permitting, we are hopeful of commencing the Bald Hill drilling program in the coming weeks. Due to unexpected laboratory delays caused by heightened activity in the region, the results from the Mallee Hen gold project have taken longer than expected, but we anticipate receiving them in the next few weeks.

Agreement on Mt Carrington gold and silver project

In a separate release this morning, Thomson Resources revealed it has now entered into a definitive agreement with White Rock Minerals Ltd (ASX: WRM) for a “3 stage earn-in and option to joint venture agreement”.

Thomson reported it can now move ahead to earn up to 70% of White Rock’s Mt Carrington gold-silver project. If Thomson so opts, it can also form a joint venture (JV) to fund additional exploration at the Mt Carrington leases for epithermal gold-silver (base metal) mineralisation and conceptual large copper-gold targets.

Commenting on the definitive agreement, Mr Williams said:

The signing of the definitive agreement is a great achievement for both Thomson and our partner at Mt Carrington, White Rock… Thomson has targeted, in aggregate, in ground material available for the strategy’s central processing facility of 100 million ounces of silver equivalent and with this agreement now executed, and following the completion of the Texas acquisition in the near future, we believe we will have achieved that target.

Matt Gill, White Rock CEO added, “Securing a quality partner to advance Mt Carrington is a key and timely step in White Rock’s strategy to unlock the value in all of our projects.”

In a busy few days for the company, Thomson Resources also released its quarterly activity report on Friday 30 April. Thomson reported it has been rapidly advancing its Fold Belt Hub and Spoke strategy, aiming for a centralised processing facility, and making progress at its Lachlan Fold Belt.

Thomson Resources share price snapshot

No doubt about it, Thomson Resources has shot the lights out over the past 12 months, with shares up an eye-popping 1,150%. By comparison, the All Ordinaries Index (ASX: XAO) has gained 36% over that same time.

Year to date, it’s been a bit slower for shareholders, with the Thomson Resources share price up 8.7% so far in 2021.

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 Bernd Struben 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 Why the Thomson Resources (ASX:TMZ) share price is soaring 14% 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!