The market may be starting the week in the red but that hasn't stopped a couple of ASX mining shares from surging higher.

Here's why these mining shares are starting the week on a high:

Nico Resources Ltd (ASX: NC1)

The Nico Resources share price has jumped 25% to 77.5 cents.

Interestingly, this is despite there being no news out of the nickel focused mineral exploration company on Monday, which could mean it gets hit with a price query from the ASX later.

It seems that some investors are keen to get hold of the company's shares ahead of the release of an updated mineral resource estimate in early 2023 for the Central Musgrave Project.

Management recently stated that more detailed geological and grade modelling is expected to result in an uplift in the projects high-grade tonnage, which is expected to contribute positively to the project economics and payback period for the project.

Odyssey Gold Ltd (ASX: ODY)

The Odyssey Gold share price is up 18% to 4.6 cents this morning.

This follows the release of an update on drilling activities at the Highway Zone at the gold explorer's Tuckanarra JV Project.

According to the release, the company made an exceptional bonanza-grade gold oxide intersection during recent drilling. It also revealed that high grades were intersected in a predicted high grade shoot.

Managing Director, Matt Briggs, commented:

This stunning result continues to confirm the extent of wide, high-grade mineralisation which has already been intersected in the adjacent drill holes, again highlighted by this exceptional intercept of 43m @ 8.3g/t Au from 41m.

Extensive mineralisation of this grade and width further establishes the Highway Zone as a broad structure that reinforces the project's potential for open pit mining.

The post 2 ASX mining shares flying over 18% higher on Monday appeared first on The Motley Fool Australia.

The market has come to a close for the week and all (or at least most) seems well. That's especially true in the camps of these ASX mining shares.

Despite a spot of trouble through the week, the All Ordinaries Index (ASX: XAO) finished it 1% higher than it started. It was a similar story for the S&P/ASX 200 Index (ASX: XJO), which recorded a gain of 0.9% over this week.

It was a better outcome for these ASX mining shares. They each recorded gains of up to 20% on Friday. Let's take a look at what pushed them upwards.

3 ASX mining shares rocking the market on Friday

Chalice Mining Ltd (ASX: CHN)

First up is ASX 200 mining share, Chalice Mining. The mineral exploration company recorded a gain of 19.06% on Friday, closing the week at $6.81.

The company released good news about its Julimar Project today. The project is being explored for commodities including nickel, copper, platinum group elements, cobalt, and gold.

Excitingly, Chalice Mining today announced it has been granted approvals needed to start low-impact exploration drilling at the project's Hartog-Dampier targets. The drilling will test for green metals in the area.

Nico Resources Ltd (ASX: NC1)

Next up is the Nico Resources share price. The ASX mining share surged 11.06% today to close the week at $1.16.

Interestingly, there's been no news from the recently listed nickel explorer since late last month.

However, the price of nickel surged 8% on the London Metal Exchange overnight, rising to trade at around US$28,200 a tonne. That's the highest it's been since 10 May.

Resource Mining Corporation Limited (ASX: RMI)

The third ASX mining share recording a major gain on Friday is Resource Mining. It's share price soared 19.57% to close at 11 cents.

Market watchers will be forgiven for not instantly recognising Resource Mining. The company is focused on nickel exploration in Tanzania and has a market capitalisation of around $36 million.

Thus, it could also have gained on the back of higher commodity prices. Though, today's gains might also be related to a capital raise and debt repayment the company announced on Tuesday.

The post 3 ASX mining shares that went gangbusters on Friday appeared first on The Motley Fool Australia.

The ASX nickel share Nico Resources Ltd (ASX: NC1) share price has spiked into the green today, peaking 23.68% higher in afternoon trade. Nico shares closed trading on Wednesday 15.79% higher at $1.10.

While there's been no news from the $86.4 million company by market value today, its share price has surged 452% this year. Nico Resources first listed in mid-January.

A quick refresher on ASX nickel share Nico Resources

Nico is a mineral exploration and development company. It aims to grow and create value through development of mineral resource projects throughout Western Australia and South Australia.

Earlier in the year, Nico completed the purchase of a nickel asset portfolio. This was pursuant to a share sale and subscription agreement with Metals X Limited (ASX: MLX).

The acquisition gave the company a 100% legal and beneficial interest in the Wingellina and Claude Hills nickel projects located in WA and SA respectively.

Nico Resources is also 15% owned by Blackstone Resources Ltd (ASX: BSX).

Nickel still top-heavy

The price of nickel turned sharply in mid-March and has been softening ever since. It's currently down more than 20% in the last month.

However, the nickel price still remains up 46% for the last 12 months. The surge comes amid tensions in Europe and a lumpy outlook for steel production out of China.

Moreover, the enormous spike in nickel – where prices thrust past US$48,000 per tonne – occurred after a short squeeze on the industrial metal, not unlike that seen in the Gamestop saga.

The spike was due to fears of a supply shock from Russia, one of the world's top nickel producers. However, fears were soon calmed once traders regained control of the market and with the intervention of the London Metals Exchange (LME). It now trades at US$26,328 per tonne.

Nevertheless, prices remain top-heavy, especially considering supply woes haven't been completely squashed. That's amid weaker than expected economic data from China this week which has hurt the outlook for steel production. Nickel is a key ingredient in the production of stainless steel.

With that outlook, nickel players like Nico Resources are in a good position to benefit from the longer-term trend in the underlying market.

Nico Resources share price summary

Shares in Nico shot to fame early on, first exhibiting a gradual climb northward. The ASX nickel share spiked hard in March and then again in April.

On the latter occasion, the company released an investor presentation outlining its value proposition and upcoming projections.

The market for nickel remained strong in April, and investors no doubt were responsive to the company's investor presentation given the reaction.

Shares shot to a high of $1.72 before turning sharply to eventually find a bottom at the 89.5 cent mark on Monday.

They've since rallied hard again and are now trading 23% higher to current levels.

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Key points

• The Nico Resources share price debuted on the ASX on Wednesday after raising $12 million in its IPO
• The ASX newbie's stock is currently trading 55% higher than yesterday's close at 56 cents
• That's 195% higher than its offer price of 20 cents

The Nico Resources Ltd (ASX: NC1) share price is continuing its breathtaking rally in its second day of trading on the ASX.

The nickel and cobalt explorer floated at midday yesterday (AEDT) after an initial public offering (IPO) that saw its shares sold for 20 cents apiece.

At the time of writing, the Nico Resources share price is 59 cents, 63.89% higher than its previous close and 195% higher than its offer price.

However, earlier today it was trading at a new record high of 69.5 cents – representing a 93% gain on its previous close and a 247.5% gain on its offer price.

Let's take a closer look at how the company has performed on the ASX so far.

Nico Resources share price continues its upwards momentum

The Nico Resources share price is taking off once more as the market continues to warmly welcome its newest face.

Since its ASX debut, 16 million of the company's shares have swapped hands. For context, Nico Resources expected to list with around 91 million outstanding shares.

It seems many in the market are as optimistic about Nico Resources as its management. Talking on the company's float, its CEO and managing director Rod Corps commented:

Nico Resources is well placed to be able to partner with some of the largest end users in the world to create a long-term supply option for the rapidly growing EV sector…

The board believes that with the increasing demand for both nickel and cobalt associated with the battery minerals sector requires a substantial increase in environmentally and ethically sustainable nickel production.

The company's Wilgellina Project, located within its Central Musgrave Project, is a large undeveloped nickel deposit.

As of its first close, Nico Resources had a market capitalisation of around $31.4 million, according to CommSec.

Assuming it does indeed have 91 million shares on offer, the current Nico Resources share price would leave the company with a valuation of around $53 million.

The post The Nico Resources (ASX:NC1) share price just surged 93% on second day of trade appeared first on The Motley Fool Australia.

Key points

• Nico Resources debuted on the ASX at midday AEDT Wednesday
• The Nico Resources share price is currently 36.5 cents – 82.5% higher than its offer price
• The company is a spin-out of Metals X, taking over its Central Musgrave Project nickel and cobalt prospects

Nico Resources Limited (ASX: NC1) has finished its initial public offering (IPO), launching onto the market this afternoon to the delight of investors.

In the wake of its debut, the Nico Resources share price has surged a massive 82.5% higher than the offer price in its prospectus.

At the time of writing, the company's stock is swapping hands for 36.5 cents apiece. That's well up on its offer price of 20 cents.

Let's take a look at the company and what went down during its IPO.

What does Nico Resources do?

Nico Resources is a spin-out of Metals X Limited (ASX: MLX), taking on its former parent company's nickel assets.

The ASX newbie has walked away from Metals X with the Central Musgrave Project – made up of around 2,000 square kilometres of prospective exploration tenure, including the Wingellina Project, the Claude Hills nickel deposit, and the Mt Davies exploration prospects.

The project's tenements host mineral resources of more than 200 million tonnes. They contain 1.95 million tonnes of nickel and 150 thousand tonnes of cobalt.

It also has a probable ore reserve of 164.8 million tonnes containing 1.56 million tonnes of nickel and 123,000 tonnes of cobalt.

Nico Resources share price surges 82% on ASX IPO

Not all ASX IPOs turn out as well as Nico Resources' has. The company's stock has soared a massive 82.5% higher than its offer price within a few hours of its debut.

The company floated at midday AEDT and reached an intraday high of 37.5 cents – representing an 87.5% gain.

Nico Resources' IPO saw it offering 60 million shares at 20 cents apiece. That raised $12 million – the pinnacle of its prospectus' expected range.

The funds will go towards advancing the Wingellina nickel-cobalt-scandium project to development as well as various exploration programs determining how to exploit potential high-grade zones of nickel, cobalt, and scandium.

It will also help fund one review of mineral processing routes to maximise the Central Musgrave Project's minerals' value and another of historical data to find information or programs needed to undertake a feasibility study update.

Following Nico Resources' IPO, the company's CEO Rod Corps and chair Warren Hallam are expected to hold respective stakes of 25% and 29.17%.

Additionally, Metals X will hold 18.33% of the company's outstanding shares. Nico Resources' IPO is expected to include a distribution to eligible Metals X shareholders.

Following the IPO, Nico Resources expects to have 91 million shares on offer – giving it an assumed market capitalisation of around $18.2 million based on its offer price.

However, at its current share price, it has an assumed valuation of approximately $31.5 million.  

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The ASX will soon welcome a number of new faces as the 2022 initial public offering (IPO) season kicks off.

Here are 3 shares expected to float on the market that might be worth keeping an eye on.

3 shares expected to IPO on the ASX next week

ChemX Materials Limited

ChemX Materials is on track to list on the ASX on Friday 14 January under the ticker code CMX.

It raised $8 million through its oversubscribed ASX IPO, issuing shares for 20 cents apiece. That sees it expecting to list with a valuation of approximately $18 million.

The raised funds will be put towards an exploration drilling program set to go ahead this quarter.

ChemX holds 2 exploration licences in South Australia, each for kaolin/halloysite manganese prospects.

It also has an agreement to acquire HiPurA and its high purity alumina (HPA) processing technology. The company believes demand for HPA is surging as manufacturers scramble to create lithium-ion batteries.

NICO Resources Limited

According to the ASX, NICO Resources is expected to list on Tuesday 11 January under the ticker NC1. However, its float has previously faced delays.

The company is a spin out of Metals X Limited's (ASX: MLX) nickel assets.

Its prospectus aimed to raise between $10 million and $12 million through issuing shares in the company for 20 cents apiece.

The proceeds will go towards exploration programs for potentially high-grade zones of nickel, cobalt, and scandium. It will also fund a review of mineral processing routes and the identification of information for a feasibility study update.

The company's major project will be the Central Musgrave Project, located on the intersection of the border of South Australia, Western Australia, and the Northern Territory.

Careteq Limited

Careteq is expected to IPO on the ASX on Monday 10 January under the ticker code CTQ.

It creates and provides software-as-a-service-based solutions to assist the elderly and those with disabilities to continue living their best lives.

To do so, the company has created its Sofihub platform.

It raised $6 million through its prospectus' offer, wherein its shares were sold for 20 cents apiece. That sees the company expecting to list with a market capitalisation of $24.7 million.

The raised funds will go towards Careteq's growth and cross-selling opportunities, as well as the development of new products, features, and applications.

Additionally, the company is planning to expand internationally, partnering with the SiTa Foundation in the United States to develop a safety device to be used against domestic violence.

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