These 3 ASX resources shares exploded more than 35% on Monday

Which ASX resources shares had a superb run on Monday?

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points
  • The three companies on this list all reported positive developments in their fundamentals
  • Meanwhile, the resources sector was also one of the best-performing sectors on Monday
  • Some of these companies gained more than 44% during today's trading session

Three ASX resources shares had a stellar run in Monday's trading session.

Meanwhile, the S&P/ASX 200 Resources Index (ASX: XJR) also outperformed most other sectors, closing 3.33% higher today.

The broader market experienced a bit of a lift, too, with the S&P/ASX 200 Index (ASX: XJO) up 0.50% at the close.

Let's take a look at which companies were off to the races on Monday.

Three rockets heading to space

Image source: Getty Images

Winsome Resources Ltd (ASX: WR1)

Winsome Resources shares closed today's trading 36.49% higher at $1.01, after touching an all-time high of $1.12 early this afternoon. There's no news today from the company to explain its share price surge.

However, last week the lithium explorer posted results from its numerous drill holes at its Adina site in Quebec, Canada. Samples from the drilling are being taken to the lab for further analysis.

The company also posted its investors' presentation to the market on Friday. Highlights included that it has detected high grades of lithium and tantalum at its discovery sites and is ready to access Quebec's hydro-power infrastructure.

Trek Metals Ltd (ASX: TKM)

Shares in Trek Metals also had a great start to the week, closing 37.50% higher at 8.8 cents after surging to 10 cents apiece in early trade. Trek Metals announced a new discovery to the market this morning, making the reason behind its share price rise today easier to discern.

Specifically, the lithium share posted results from its rock chip assays for its Tambourah site in Western Australia.

The assay samples returned lithium concentrations of up to 3.07% Li2O.

Trek Metals CEO Derek Marshall gave a bullish interpretation of the result, stating:

Confirming very high-grade lithium at surface in multiple spodumene-bearing pegmatite dykes is about as good as it gets for this stage of exploration, highlighting the enormous prospectivity of the mineralised system at Tambourah.

Boab Metals Ltd (ASX: BML)

Finally, the Boab Metals share price gained 29.17% to 31 cents at the close of trading on Monday. The precious metals explorer reached a high of 34 cents around midday and responded to an ASX price and volume query this afternoon.

The company noted that it had released an investors presentation on 2 November as its share price surged to new heights.

In the presentation, the company updated the market on its recent operations, including the completion of tenders for its process plant EPC and early work projects.

Other efforts included almost finishing its project's definitive feasibility study and offtake award process.

Finally, the company notes that its share price has been strongly correlated with the silver price, noting that the price of this precious metal has risen by nearly 7% since the presentation was released.

Motley Fool contributor Matthew Farley 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.

More on Resources Shares

Two miners standing together with a smile on their faces.
Resources Shares

These are the best ASX 200 mining shares to buy in March: Morgans

These mining shares are on Morgans' best ideas list in March.

Read more »

A man in his 30s holds his laptop and operates it with his other hand as he has a look of pleasant surprise on his face as though he is learning something new or finding hidden value in something on the screen.
Resources Shares

Rio Tinto share price dips despite copper mega-mine milestone

Rio Tinto owns 66% of what will soon become the world's fourth-largest copper mine.

Read more »

Miner looking at his notes.
ESG

'Not sure if that's the way we should go': Why BHP shares are making news today

BHP is trialling renewable diesel made from Hydrotreated Vegetable Oil (HVO) at its Western Australian Yandi iron ore mine.

Read more »

A young woman sits at her desk in deep contemplation with her hand to her chin while seriously considering information she is reading on her laptop
Resources Shares

Are Fortescue shares back on the menu amid job cuts?

Can cost reductions be the key to driving Fortescue ahead?

Read more »

A man wearing a hard hat and high visibility vest looks out over a vast plain where heavy mining equipment can be seen in the background.
Resources Shares

Could buying Fortescue shares at under $22 make me rich?

The iron ore miner Fortescue has seen volatility. Is it time to buy?

Read more »

Australian Strategic Materials employee wearing a hard hat at a mine looks into the distance as he checks a folder.
Resources Shares

Sayona Mining share price dumps 6% amid lithium lows

Lithium prices have fallen to their lowest level in more than a year.

Read more »

Rede arrow on a stock market chart going down.
Resources Shares

Why are ASX 200 lithium shares falling so hard today?

The lithium carbonate price has fallen to its lowest level in more than a year.

Read more »

A young man sits at his desk with a laptop and documents with a gas heater visible behind him as though he is considering the information in front of him. about the BHP share price
Resources Shares

Why is the BHP share price taking a flogging on Friday?

The commodity growth engine may not be firing on all cylinders.

Read more »