Red Metal jumps most in over 5 months on NE Australia project test results

Red Metal

01/02/2024 02:33

** Shares of Australia's Red Metal  RDM.AX  rise as much as
30.2% to A$0.125, biggest intraday gain since Aug. 24
    ** Stock at its highest level since Aug. 28
    ** Mineral explorer says outstanding leach results received
from initial metallurgical testing at co's Sybella discovery in
Northeastern (NE) Australia 
    ** Leaching tests provides good overview of mobility of
heavy metals
    ** Adds perceives results as source of rare earth oxide
minerals with potential for highly competitive capital
    ** 3.6 mln shares change hands as of 0218 GMT, vs 30-day
average volume of 318,604 shares 
    ** RDM stock up 2.1% this year as of last close

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))