Australia's Dynamic Metals sees best day ever on Mineral Resources JV

Dynamic Metals

05/03/2024 01:19

** Shares of Dynamic Metals  DYM.AX  surge as much as 93.8%
to A$0.310, a record intraday percentage gain
    ** Stock hits its highest level since July 13, 2023
    ** Lithium miner says it executed binding joint venture and
farm-in agreement with a unit of Mineral Resources  MIN.AX  
    ** Says, under agreement, co will sell 40% of its lithium
rights on the Widgiemooltha Project tenements in Western
Australia for A$5 mln ($3.25 mln) to MIN
    ** Adds co and MIN will form a 60-40 JV to advance lithium
exploration on Project
    ** MIN shares fall as much as 3.2% to A$64.280, their
biggest intraday decline since Feb. 14
    ** Over 8.4 mln DYM shares change hands, compared with the
30-day average volume of 251,278
    ** DYM up 14.3% YTD as of last close

($1 = 1.5366 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))