Stocks of the Hour: 3 August, 2022

By Finance News Network | More Articles by Finance News Network

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Lynas Rare Earths (ASX:LYC) today announced expansion plans with a $500m project to develop capacity at their Mount Weld mine and concentration plant to meet further market demand for rare earth materials. The project is expected to create up to 300 jobs during the construction phase and over 100 ongoing operational jobs in the Goldfields region of Western Australia. The demand for rare earth materials and magnets continues to accelerate, “driven by growth in electric vehicles and wind energy”. Shares are trading 6.9 per cent higher at $9.49.

Star Minerals (ASX:SMS) today advised that it has received the assay results from its Phase 2 drilling campaign that was undertaken in anticipation of fast tracking its knowledge of the geology and grade characteristics of its Tumblegum South gold project. Star Minerals’ CEO, Greg Almond comments: “We are very satisfied to have completed this Phase 2 Resource definition programme. The assays confirm our initial assessment of Tumblegum South, and further support our decision to progress with our efforts to define and develop this gold deposit”. Shares are trading 9.1 per cent to 12 cents.

Platina Resources (ASX:PGM) today announced its plan to build a gold presence in Western Australia. Platina Resources Limited (ASX: PGM) is seeking to expand its portfolio of gold exploration assets in Western Australia, applying for an exploration licence for its Jubilee gold project. Managing Director Corey Nolan said the Jubilee prospect offered significant potential. Further he added – that once the tenement was granted, Platina could quickly mobilise via the Goldfields Highway and commence field activities. Shares are trading 16.7 per cent to 4 cents.