Why the Estrella (ASX:ESR) share price has rocketed 450% today

The Estrella share price is up a huge 400% today as the company announced they have discovered a significant nickel deposit.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The Estrella Resources Ltd (ASX: ESR) share price has been reinstated to the market today with a bang. It comes as the exploration company found a significant amount of nickel sulphide in Western Australia.

Following a recent trading halt, Estrella's share price is trading 457% higher today, up to a price of 7.8 cents.

What's powering the Estrella share price?

The driver behind Estrella's share price gain is a significant nickel sulphide discovery at Carr Boyd. The discovery announced this morning represents a major change of fortune for the company's T5 project that was initiated in 2019. It comes after the company's drill team spent the last 7 weeks on the ground drilling and setting up at T5.

CEO Chris Daws said:

It is certainly an unprecedented time for all those involved with Estrella and the Carr Boyd Rocks Ni-Cu Project. Modern science, technology, belief, and persistence has led to this highly significant discovery which is now beginning to unlock the true potential of T5.

The company is still drilling and expects to find more high grade nickel deposits. Other miners such as Poseidon Nickel Ltd (ASX: POS) and Chalice Gold Mines Limited (ASX: CHN) have also had recent success in Western Australia.

What now

The discovery could be perfect timing for the mineral exploration company as batteries take front stage around the world. Nickel is essential in powering the electric vehicle revolution, providing higher energy capacity than other substances.

The Estrella share price is currently trading a 457% higher at the time of writing, after reaching a high of 8.4 cents in earlier trade.

Should you invest $1,000 in Humm Group Limited right now?

Before you buy Humm Group Limited shares, consider this:

Motley Fool investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now... and Humm Group Limited wasn't one of them.

The online investing service he’s run for over a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

And right now, Scott thinks there are 5 stocks that may be better buys...

See The 5 Stocks *Returns as of 30 April 2025

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Market News

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why HMC Capital, Platinum, Sigma, and Skycity shares are dropping today

These shares are having a tough session on Tuesday. But why?

Read more »

A close-up photo of a ballot box with an Australian flag in front of it and a gentleman's hands placing his vote in the 2022 election inside the box
Share Market News

How these ASX 200 stocks are primed to gain from Labor's resounding Federal election win

With the Federal election in the rear-view, which ASX 200 stocks should I buy now?

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why Dimerix, Evolution Mining, Inghams, and NextDC shares are charging higher today

These shares are rising when many are falling today. But why?

Read more »

Smiling young woman eating chocolate outdoors.
Share Market News

The See's Candies playbook for ASX investors

Two ASX businesses that remind me of Buffett’s sweetest investment.

Read more »

Man smiling at a laptop because of a rising share price.
Opinions

My 2 favourite ASX sectors to invest in

Finding your groove can help your investing success.

Read more »

Legendary share market investing expert and owner of Berkshire Hathaway Warren Buffett
Opinions

3 things I learned from Warren Buffett being the CEO of Berkshire Hathaway

The Oracle from Omaha is in his last year as CEO.

Read more »

A male ASX 200 broker wearing a blue shirt and black tie holds one hand to his chin with the other arm crossed across his body as he watches stock prices on a digital screen while deep in thought
Share Market News

5 things to watch on the ASX 200 on Tuesday

Here's what to expect on the local market today.

Read more »

A neon sign says 'Top Ten'.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a rough trading day for ASX stocks this Monday.

Read more »