Australia's Orion Equities jumps most in 3 years on royalty termination fee

Strike Resources

03/01/2024 04:39

** Shares of Orion Equities  OEQ.AX  rise as much as 76.5%
to A$0.120, their biggest intraday pct gain since September 2020
    ** OEQ stock at its highest level since Nov 30
    ** The investment co says it will receive A$5 mln ($3.38
mln) from Miracle Iron Holdings for termination of iron ore
royalty entitlement
    ** Termination of royalty entitlement after Miracle entered
deal with Strike Resources  SRK.AX  to buy Strike Iron Ore
Holding for A$20.5 mln
    ** Nearly 75,000 OEQ shares change hands, vs the 30-day
average volume of 18,763 shares 
    ** Orion stock lost 43.3% last year, its worst year since
2019

   ($1 = 1.4797 Australian dollars)

 (Reporting by Neha Soni in Bengaluru)
 ((Neha.Soni@thomsonreuters.com))