Australia's Strickland Metals jumps most in 1 year on project spin-off

Strickland Metals

21/10/2022 02:07

** Shares of Strickland Metals Ltd  STK.AX  jump as much as
30.4% to A$0.06, their best intraday rise since Oct 14, 2021
    ** Co says it will spin-off its Earaheedy Basin Iroquois
Zinc-Lead project in Western Australia and the Byrah Basin
project  urn:newsml:reuters.com:*:nASX9VcVsp 
    ** Assets will be demerged to a new ASX-listed company,
pending necessary approvals
    ** "The work completed to date has shown that Iroquois
warrants development as a standalone ASX-listed base metals
company... this allows for much more dedicated and focused
exploration programs," says Chief Executive Officer Andrew Bray
    ** Stock hits highest level since Aug 11
    ** Strickland stock down 34% YTD, as of last close
 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))