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We take a look at why these ASX shares are rising.
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The S&P/ASX 200 Materials Index (ASX: XMJ) is rising 3% today, but two ASX battery minerals shares are soaring far higher.
The Arcadia Minerals Ltd (ASX: AM7) and Evolution Energy Minerals Ltd (ASX: EV1) share prices are leaping ahead today.
Let’s take a look at why these two ASX battery minerals shares are lifting today.
Evolution Energy shares are soaring nearly 17% today. Investors are buying up Evolution shares after the company executed a binding term sheet for a joint venture with Yichang Xincheng Graphite Co Ltd.
The companies are aiming to work together to develop a downstream processing plant. This would process 25,000 tonnes per annum of coarse flake concentrate from Evolution’s Chilalo Graphite Project in Tanzania. Following a scoping study, the companies plan to form a joint venture.
Commenting on the news, Evolution managing director Phil Hoskins said:
We look forward to this initiative being the next step change beyond our immediate focus of financing the Chilalo mine development.
The Arcadia Minerals share price is surging 13% today. Arcadia is exploring lithium, tantalum, nickel, copper and gold in Namibia. Acadia announced today it has made progress toward a definitive feasibility study (DFS) at the company’s Swanson Tantalum Project in Namibia. This includes securing water and electricity supply and signing a land use agreement. The DFS is within budget and due to be complete by the end of October.
Motley Fool contributor Monica O'Shea has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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 Scott Phillips.
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