Australia's DiscovEx Resources surges on deal with Rio Tinto unit

Latitude 66

03/05/2022 03:40

** Shares of DiscovEx Resources  DCX.AX  leap as much as
35.7% to a four-week high of A$0.0095 after an agreement with
Rio Tinto  RIO.AX   
    ** Co says a unit of Rio Tinto has executed two option
agreements with DCX, to acquire iron ore rights of four
tenements in its Sylvania Project in Western Australia
 urn:newsml:reuters.com:*:nASX1ntSQ3 
    ** Total deal value up to A$9.3 mln ($6.60 mln), including
all option extension fees 
    ** Rio Tinto to only acquire iron ore rights of the project,
other minerals' rights remain unchanged 
    ** Stock set for best day since April 4 if gains hold
    ** Trading volumes cross 5 times the 30-day average, with
about 17.1 million shares traded so far 
    ** DCX down by nearly a half in value YTD, as of last close

($1 = 1.4096 Australian dollars)

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))