Guess which ASX All Ords mining share is exploding 43% today

Why are the shares of this gold explorer soaring?

| 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
  • This ASX All Ords share is soaring 31% at the time of writing
  • Earlier today, this company's share price exploded by nearly 43%
  • This mining company is exploring gold in Tanzania 

The All Ordinaries Index (ASX: XAO) is climbing 0.24% today, but one mining share is soaring far higher.

The OreCorp Ltd (ASX: ORR) share price is surging 31% at the time of writing to 55 cents. In earlier trade, the company's share price exploded nearly 43% to 60 cents.

Let's take a look at what is going on with this ASX All Ords gold share.

rising gold share price represented by a green arrow on piles of gold block

Image source: Getty Images

What's going on?

OreCorp is exploring the Nyanzaga Gold Project in Tanzania.

The spot gold price is up just 0.15% to US$1,812.30 an ounce, according to CNBC.

Recently, OreCorp received debt funding proposals to fund the development of this project.

OreCorp received non-binding expressions of interest from banks in Europe, Africa and Tanzania for more than US$400 million. This is US$100 million more than the company's US$300 million debt target.

Commenting on this news, OreCorp executive chairman Matthew Yates said:

We are pleased with the strong interest we have received to date from banks with respect to
financing the project.

OreCorp is aiming to produce 242,000 ounces of gold per year for 10 years from this project at an all-in sustaining cost (AISC) of US$954/oz.

In early November, OreCorp announced changes to its board and management team. Henk Diedericks was appointed CEO and managing director, while Matthew Yates was appointed executive chairman.

The company is aiming for first gold production from the Nyanzaga project by 2025.

OreCorp share price snapshot

OreCorp shares have fallen 19% in the last year, while they have descended 31% in the year to date.

For perspective, the ASX All Ords has climbed 0.29% in the last year.

OreCorp has a market capitalisation of about $219.4 million based on the current share price.

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.

More on Share Gainers

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Kingsgate, Neuren, Newcrest, and Pushpay shares are rising today

These ASX shares are avoiding the market selloff on Tuesday.

Read more »

A young woman wearing overalls and a yellow t-shirt kicks one leg in the air showing excitement over the latest ASX 200 shares to hit 52-week highs
Share Gainers

Why Neuren, Northern Star, Race Oncology, and Westgold shares are storming higher

These ASX shares are starting the week in a positive fashion.

Read more »

A woman wearing yellow smiles and drinks coffee while on laptop.
Share Gainers

Why APM, Macquarie Telecom, Northern Star, and Origin shares are rising today

These ASX shares are having a strong session despite the market selloff.

Read more »

Two boys with cardboard rockets strapped to their backs, indicating two ASX companies with rocketing share prices
Share Gainers

Catch these fast-rising 2 ASX shares before it's too late: Celeste

This pair of stocks rocketed up in February during reporting season, but are still great value for those willing to…

Read more »

three businessmen high five each other outside an office building with graphic images of graphs and metrics superimposed on the shot.
Share Gainers

Why Arafura, Myer, Volpara, and Xero shares are zooming higher

These ASX shares are making their shareholders smile on Thursday.

Read more »

medical asx share price represented by doctor giving thumbs up
Healthcare Shares

Guess which ASX biotech stock just rocketed 29% on big FDA news

The ASX healthcare share is attracting investor interest following FDA approval for its targeted cancer therapy compound.

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why Mesoblast, PolyNovo, Pushpay, and Weebit Nano shares are charging higher

These ASX shares are having a strong session despite the market selloff.

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why InvoCare, Pentanet, Sayona Mining, and Weebit Nano shares are storming higher

These ASX shares are having a strong session on Tuesday.

Read more »