Australia's DeSoto Resources eyes best day ever on rare earths project acquisition
29/05/2024 02:01
** Shares of DeSoto Resources DES.AX more than doubles to
A$0.170, highest level since April 19, 2023
** Stock set for their best day ever, if gains hold
** Gold and battery-metal explorer says to acquire the
Spectrum Project with high-grade rare earth element intercepts
in the Pine Creek region of the Northern Territory
** Says to spend A$2 mln ($1.33 mln) for exploration
activities at Spectrum in its first 15 months, supported by co's
A$6 million cash position
** About 4.5 mln shares change hands, compared with the
30-day average volume of 98,351
** Stock down 17.4% YTD, as of last close
($1 = 1.5063 Australian dollars)
(Reporting by Sneha Kumar in Bengaluru)
((Sneha.Kumar@thomsonreuters.com;))