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All of these ASX mining stocks increased more than 10% today. One of these businesses raised financing, another added a director, and a third announced encouraging drilling findings.
The Materials Index lost almost 1% of its value for the day.
Today, the S&P ASX 200 Materials Index (ASX: XMJ) was surpassed by these three ASX mining stocks.
TNG Ltd (ASX: TNG), Besra Gold Inc (ASX: BEZ), and Galileo Mining Ltd (ASX: GAL) all had a more than 10% increase. The Materials Index decreased by almost 1%.
Let’s examine the factors that led to the strong performance of these three ASX mining stocks.
Gold Besra
Shares of Besra Gold surged 61% today. Shares of Besra increased by 103% at one point. Bau Gold is a project that Besra is looking into.
A capital increase was announced by the corporation at a price higher than the previous closing price of 3.2 cents. Besra and US-based Quantum Metal Recovery have a contract in place for Besra to issue 11.1 million shares at a price of 9 cents each. It will bring in $1 million. Besra is also in talks with Quantum about receiving more extensive financial backing.
TNG
Today, the price of TNG stock increased 15%. The Mount Peake vanadium, titanium, and iron project in the Northern Territory is being investigated by TNG.
Rowan Johnston, a veteran mining executive, has been added to the board as a non-executive director, TNG announced today. Johnston has worked in the mining and processing sector for 30 years.
Mines Galileo
Shares of Galileo Mining rose 13% today. In Western Australia, the corporation is looking for palladium, platinum, gold, rhodium, nickel, and copper.
Nickel sulphide mineralization was encountered during drilling at the company’s Callisto find for up to 51 metres. Palladium and platinum are two other metals that will be tested for in the lab.
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Construction, Infrastructure and Mining
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