The Krakatoa Resources Ltd (ASX: KTA) share price is back in the red today following yesterday's 94.92% surge.

At the time of writing, the Krakatoa share price is 10.5 cents, 8.7% lower than its previous close.

For context, the broader market is in the green on Wednesday. Right now, the All Ordinaries Index (ASX: XAO) has gained 0.28% while the S&P/ASX 200 Index (ASX: XJO) is up 0.19%.

Let's take a closer look at what's been going on with the precious metals explorer's stock lately.

What's weighing on Krakatoa shares today?

The Krakatoa share price is trading in the red on Wednesday despite no news being released by the company.

It's possible the slip could be due to investors cashing in at a higher price, spurred by yesterday's whopping gain.

That lift was inspired by a major ionic rare earth elements discovery at the company's Mt Clere Project.

Drilling at the project's Tower Prospects found thick intersections of clay hosting the elements.

For those unaware, rare earth elements are essential for all sorts of technology, including gadgets, cameras, machinery, and lights.

Krakatoa CEO Mark Major also pointed out that demand for rare earth elements was expected to take off over the coming decade. Major said:

We are now in a strong position to capitalise on this potential as we have only covered a six square kilometre area, mineralisation is open, thick, and close to surface.

Significantly, we have multiple other high priority targets within the extensive 2,300 square kilometre property.

About the Krakatoa share price

While today's drop is likely to be disappointing for some, the Krakatoa Resources share price is still in a pretty good position.

Right now, it's 19% lower than its 52-week high, reached in intraday trade yesterday. Comparatively, it's trading for 162.5% more than its 52-week low of 4 cents.

It's also trading 114% higher right now than it was at the start of 2022.

The post Krakatoa share price sinks 9% following Tuesday's surge appeared first on The Motley Fool Australia.

The S&P/ASX 200 Index (ASX: XJO) may have fallen 0.42% today, but these shares were not holding it back. Three ASX mining shares skyrocketed on the ASX today after new discoveries.

Let's take a look at why these shares had such a good day.

Krakatoa Resources Ltd (ASX: KTA)

The Krakatoa Resources share price exploded a massive 95% on a rare earth discovery at the Mt Clere project in Western Australia. Krakatoa found widespread clay hosted iconic rare earth element mineralisation. Rare earths are critical components in electric vehicle (EV) batteries. Commenting on the news, Krakatoa CEO Mark Major said:

This discovery has come at a great time for the company and our shareholders. Demand for these magnetic and critical rare earth elements are expected to increase over the next ten years, as the world embarks on the electric revolution.

Ragnar Metals Ltd (ASX: RAG)

The Ragnar Metals share price surged a whopping 65.65% on the back of drilling results. The company reported promising assay results at the Tullsta nickel project in Sweden. Diamond drilling intersected with nickel, copper, and cobalt, including a high grade zone at 34m.

Anax Metals Ltd (ASX: ANX)

The Anax Metals share price surged nearly 55% in intraday trade before retreating back to 10.5 cents, an 8.25% gain. Anax reported "spectacular" drilling results at the company's Whim Creek project in Western Australia. Massive copper and zinc sulphide mineralisation was discovered up to 15m wide. Final assay results are still on the way.

The post 3 ASX mining shares skyrocketing on major new discoveries appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back today are listed below. Here's why they are pushing higher:

Iress Ltd (ASX: IRE)

The Iress share price is up 2% to $11.82. This morning the financial technology company announced that it has decided against divesting its UK Mortgages business. Management believes the recent weakness in tech valuations means it will create more value retaining the business. Iress also reaffirmed its underlying net profit after tax growth guidance of 25% to 37% in FY 2022.

Krakatoa Resources Ltd (ASX: KTA)

The Krakatoa Resources share price has rocketed 117% to 12.8 cents. This morning the rare earths explorer reported that it has discovered "widespread clay hosted ionic type REE in the regolith" at its Mt Clere project in Western Australia.

Paradigm Biopharmaceuticals Ltd (ASX: PAR)

The Paradigm share price is up 20% to $1.39. This afternoon the biopharmaceutical company revealed that the U.S. Food and Drug Administration (FDA) has granted Fast Track Designation for Paradigm's phase 3 program investigating Pentosan Polysulfate Sodium (PPS) for the treatment of osteoarthritis (OA). The release highlights that the Fast Track Designation from the FDA acknowledges that OA can be a serious disease with an unmet medical need and that preliminary data demonstrate that PPS has the potential to address this unmet need.

5E Advanced Materials Inc (ASX: 5EA)

The 5E Advanced Materials share price is up 12% to $3.10. This morning the boron-focused advanced materials company entered into a research collaboration agreement with Georgetown University. The agreement will see the two parties aim to advance boron based materials research in permanent magnets.

The post Why Iress, Krakatoa Resources, Paradigm, and SE Advanced Materials are pushing higher appeared first on The Motley Fool Australia.

The Krakatoa Resources Ltd (ASX: KTA) share price is heading for the sky today, up 94.9% to 12 cents at the time of writing.

Shares in the ASX resource minnow were placed in a trading halt on Friday before market open "pending the announcement of material exploration results from its 100% owned Mt Clere REE Project".

REE, if you're not familiar, stands for rare earth elements. These are comprised of a group of 17 metals. Many REEs are critical components in gadgets like your smartphone, alongside high-tech military hardware, modern vehicles, and much more.

Below we look at the exploration results, released this morning, that are sending the Krakatoa share price soaring.

What exploration results were announced?

The Krakatoa Resources share price is rocketing after the ASX resource explorer reported it's discovered "widespread clay hosted ionic type REE in the regolith" at its Mt Clere project in Western Australia.

The initial batch of drill results, taken at the Tower prospect, indicate high levels of regolith-hosted REEs. According to the release, these include significant enrichment in the magnetic elements, concentrated in the clay saprolite profiles.

Commenting on the initial results, Krakatoa's CEO Mark Major said:

These results have now confirmed that widespread clay hosted, ready soluble REEs exist at significant concentrations within the thick saprolite regolith of the Mt Clere project…

Demand for these magnetic and critical REEs are expected to increase over the next ten years, as the world embarks on the electric revolution. We are now in a strong position to capitalise on this potential as we have only covered a six square kilometre area, mineralisation is open, thick and close to surface.

Investors could also be bidding up the Krakatoa Resources share price today on the potential of other juicy REE targets within its property.

"Significantly, we have multiple other high priority targets within the extensive 2,300 square kilometre property," Major said.

The company is still awaiting results for 18 more drill holes at its Tower Prospects. It intends to fast track a comprehensive infill and extensional drill program at Tower Prospect, along with reconnaissance drilling of other "highly prospective areas".

Krakatoa Resources share price snapshot

With today's intraday gains factored in, the Krakatoa Resources share price is up 130% in 2022. That compares to a year-to-date loss of 2% posted by the All Ordinaries Index (ASX: XAO).

The post Krakatoa Resources share price explodes 95% on major discovery appeared first on The Motley Fool Australia.