Australia's Chase Mining soars on acquiring advanced graphite project in WA

GCM

15/06/2022 04:58

** Shares of mineral explorer Chase Mining  CML.AX  climb as
much as 42.9% to A$0.020, mark their biggest intraday pct gain
since July 9, 2020
    ** Co enters agreement to acquire Green Critical Minerals
Pty Ltd (GCM), which has the right to acquire up to 80% of the
graphite rights for McIntosh Graphite Project in Western
Australia  urn:newsml:reuters.com:*:nASX6mszNZ
    ** Says McIntosh is a low-impurity graphite project, with
"low-cost, high-yield" downstream processing attributes, and is
geographically well-positioned to port graphite products to key
customer groups in Asia, Europe and the United States
    ** Adds co has received commitments to raise up to A$3 mln
($2.07 mln) at A$0.015 per share to advance the McIntosh project
    ** Shares hit their highest since Sept. 17, 2021
    ** More than 85.7 mln shares change hands, nearly 103 times
the 30-day average of 833,432 shares
    ** As of last close, stock unchanged this year

($1 = 1.4476 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))