The ASX 200 opened the session in negative territory (down 15.8 points 5713.10), tracking the US market, which was unsettled by the unfolding Trump junior email scandal.
Wednesday’s hot stocks
Shares in New Talisman Gold Mines Ltd (ASX:NTL, NZE:NTL) shot up 85% after the company said its resource estimate for the Talisman Gold Mine in New Zealand had doubled. It is now sitting on an estimated 312,800 ounces of the precious metal in the measured, indicated and inferred categories under the JORC code. The updated metrics place the asset among the top five high-grade underground mines in the world at an average 21.98 grams per tonne of the precious metal. Read Proactive's coverage here.
There’s plenty of chatter in the market about Kidman Resources Ltd (ASX:KDR), with the latest speculation suggesting interest from Chilean chemicals giant SQM. Trading in Kidman was halted on Tuesday pending an update. A report in the Western Australian newspaper says the deal may include SQM taking an equity stake in the firm’s lithium project and possibly Kidman itself. Read the full article here.
88 Energy continues to divide opinion
Investors were still keen to discuss the fortunes 88 Energy Ltd (ASX:88E, LON:88E), which is trying to work out how best to tackle the shale oil resources of Alaska’s North Slope. The stock bounced back 13% Wednesday to $0.034 after a two-day sell-off that followed Monday’s update on the Icewine-2 well. Read our latest story.
Finally, Vimy Resources Ltd (ASX:VMY) rose 6% early on after it unveiled a significant resource upgrade to the Mulga Rock Uranium Project in Western Australia. It is now sitting on 90.1Mlbs of triuranium octoxide, up from 76.8Mlbs. A total of 45.4Mlb is in the higher-confidence measured and indicated categories. The upgrade is expected to significantly improve the project economics, Vimy said.