Australia's Alchemy Resources jumps on sale of gold projects

Forrestania Resources

11/03/2026 02:58

** Shares of Alchemy Resources ALY.AX rise 10% to A$0.011, their largest intraday pct gain since February 24

** Stock hits its highest level since March 3

** Mineral explorer to divest its Karonie and Lake Rebecca gold projects in Western Australia to Forrestania Resources FRS.AX

** Consideration for sale is A$5 million ($3.59 million)

** Alchemy says divestment strengthens financial position and enables co to redirect capital and management focus to projects that offer substantial growth potential

** Forrestania shares down 4.8% at A$0.6

** More than 2 million Alchemy shares change hands vs the 30-day average of around 1.4 million shares

** Alchemy stock up 10% YTD, including the day's moves

($1 = 1.3947 Australian dollars)

(Reporting by Nikita Maria Jino in Bengaluru)

((Nikita.Jino@thomsonreuters.com;))