Australia's Summit Minerals soars on plans to buy rare-earth project

Western Ridge Resources

06/01/2025 24:29

** Shares of Summit Minerals  SUM.AX  rise as much as 50% to
A$0.225, their largest-ever intraday jump
    ** Stock hits highest level since Oct. 7
    ** Battery mineral explorer executes agreement to buy Mundo
Novo niobium-rare earth elements project in Brazil
    ** Co has not provided any transactional details regarding
acquisition
    ** Says project has shown substantial potential for niobium,
rare earth element, and phosphate mineralisation
    ** More than 2.9 mln shares change hands, 11.7 times the
30-day avg
    ** Stock up 33.3% YTD, including current session's moves

 (Reporting by Nikita Maria Jino in Bengaluru)
 ((Nikita.Jino@thomsonreuters.com;))