Australia's New World Resources surges on $7 mln funding for US project

Trident Royalties

08/11/2023 24:46

** Shares of New World Resources  NWC.AX  rise as much as
19.2% to A$0.031, posting their biggest intraday pct jump since
April 8, 2021
    ** Mineral explorer enters into binding agreement with
diversified mining royalty co Trident Royalties  TRR.L  
    ** Under deal, Trident will buy a 0.9% net smelter return
royalty on future metal production from NWC's Antler copper
project in the U.S. for A$11 mln ($7.07 mln)
    ** NWC says funds will be used for development activities at
the project 
    ** Shares hit highest level since Sept. 28 
    ** About 4.1 mln shares change hands, compared with 30-day
average trading volume of 2.2 mln shares 
    ** Stock down 23.5% YTD, as of last close 

($1 = 1.5555 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))