Insights

Why the Tietto (ASX:TIE) share price is surging 7%

The Tietto Minerals Ltd (ASX: TIE) share price is climbing today after the company’s latest update. Click here to find out more on it.
The post Why the Tietto (ASX:TIE) share price is surging 7% appeared first on The Motley Fool Australia. –

surging asx share price represented by man in hard hat making excited fists

The Tietto Minerals Ltd (ASX: TIE) share price is in the green today. At the time of writing, shares in the gold-focused company are trading at 31 cents each – up 6.9%. At one point during intraday trading, the Tietto share price surged by as much as 12.06% before partially retreating.

By comparison, the All Ordinaries Index (ASX: XAO) is currently trading 1.23% lower for the day.

Today’s price rise comes after the company announced “multiple shallow high-grade gold” results from a recent drill at its Côte d’Ivoire gold mine.

Let’s take a closer look at today’s news.

What’s boosting the Tietto share price?

In a statement to the ASX, Tietto Minerals says initial drill results at its Abujar Gold Project are promising.

Highlights from the results include a:

  • 5-metre-wide ore with 109g per tonne of gold.
  • 4-metre-wide ore with 26g per tonne of gold.
  • 12-metre-wide ore with 3.3g per tonne of gold.
  • 3-metre-wide ore with 8.4g per tonne of gold.

The company claims drilling results show a “contiguous zone of shallow ultra-high-grade” gold with a 200m strike.

Tietto says it had $52 million of cash on hand at the end of March and, as such, is “very well positioned” to fast-track and pursue further development of the Abujar Gold Project.

Management commentary

Tietto managing director Dr Caigen Wang said:

Our infill drilling program at AG South has again exceeded our expectations with multiple ultra-high grade gold hits, including a project best intercept of just over 1m at 0.53kg/t gold in the holes reported today.

These high impact holes have potential to add material shallow high‐grade ounces early in the mine schedule, which we expect to be positive for our open pit optimisation. 

Once the infill program is completed, we intend to use our diamond drill rigs to test the multitude of exploration targets around our proposed mill at Abujar to drive future resource growth.

Gold commodity pricing

Presently, gold is trading on the commodities market at US$1,836 per troy ounce. It’s up 3.24% this week and 5.98% this month, but down 3.18% since the beginning of the year.

The website Trading Economics expects the price of gold to continue to slide over the next 12 months. It tips the precious metal to be around US$1,700 in one year’s time. Moving forward, the gold price could have a material effect on the Tietto share price, as most commodity prices do for mineral explorers.

Tietto share price snapshot

Over the past 12 months, the Tietto share price has fallen by 18.4%. The company hit its 12-month low of 28.5 cents only last week.

Tietto Minerals has a market capitalisation of $141.4 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 Marc Sidarous has no position in any of the stocks mentioned. Motley Fool contributor Marc Sidarous 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 Tietto (ASX:TIE) share price is surging 7% 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!