Why the Clean TeQ (ASX: CLQ) share price is up today

The Clean TeQ share price was higher today after the company released its report for the September quarter.

| More on:
positive asx share price represented by lots of hands all making thumbs up gesture

Image source: Getty Images

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 Clean TeQ Holdings Ltd (ASX: CLQ) share price today climbed 3.33% to 31 cents before dropping back to 30.05 cents at the time of writing. This came after the company released its report for the quarter to 30 September 2020.  

What was in the report?

Highlights during the September quarter included discussions with potential funding partners to develop Clean TeQ's Sunrise asset, which the company described as "one of the world's lowest cost sources of sustainable nickel and cobalt".

Clean TeQ also discussed its collaboration with Relativity Space Inc. to provide scandium oxide from the Sunrise project. The scandium will be used to develop scandium-aluminium alloys for the 3D printing of launchers for commercial orbital launch services. 

During the quarter, the company also announced that a high grade platinum resource had been identified within the Sunrise project named the Phoenix platinum zone.

Clean TeQ said Sunrise hosted 103.1 million tonnes at 0.33 grams per tonne of platinum for 1,076,170 total ounces of platinum with 90% of this resource in the measured and indicated categories. Within the Phoenix platinum zone, significant historic downhole intersections included 4m at 7.4 grams per tonne platinum, 0.13% nickel and 0.01% copper in addition to 1 metre at 6.5 grams per tonne platinum, 0.15% nickel and 0.01% copper and 1 metre at 4.2 grams per tonne platinum, 0.15% nickel and 0.01% copper. A 6 drill hole diamond core drilling program is planned for the current half of the 2020 calendar year.

Clean TeQ is continuing with its plan to separate its water division from the remainder of the business, including the Sunrise Project and its other mineral exploration activities. It is also considering delisting from the Toronto Stock Exchange, with a cost benefit analysis being undertaken. 

CleanTeQ had cash of $34.02 million at 30 September 2020, down from $40.08 million at the end of the previous quarter. The company's biggest cost during the quarter was exploration, costing $3.18 million.

About the Clean TeQ share price

Clean TeQ is a minerals development company that also holds patented technology which can be used for water purification and resource extraction. It has been listed on the ASX since 2007.

Earlier this month, Clean TeQ advised it was consolidating its securities, with security holders receiving 1 share for every 10 held.

The Clean TeQ share price is up 210% from its 52-week low of 10 cents. It has risen 40.91% since the beginning of the year. The CleanTeQ share price is up 14.81% since this time last year.

Motley Fool contributor Chris Chitty 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 in a blue collared shirt sits at his desk doing a single fist pump as he watches the Appen share price rise on his laptop
Broker Notes

These ASX 200 stocks could rise 30% to 40%

Analysts are tipping these shares to go to the moon. Let's find out why.

Read more »

A man and woman dance back to back as they cook in kitchen.
Share Market News

ASX 200 'safe-haven' shares delivered divergent performances last week

ASX 200 utilities shares lifted while healthcare shares tanked last week.

Read more »

A businessman looking at his digital tablet or strategy planning in hotel conference lobby. He is happy at achieving financial goals.
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

A businessman hugs his computer and smiles.
Opinions

2 ASX 300 shares I plan to own forever

Both of these businesses have good ultra-long-term outlooks.

Read more »

Businessman using a digital tablet with a graphical chart, symbolising the stock market.
Share Market News

$10,000 invested in the ASX 200 5 years ago is now worth…

Guess how much $10,000 invested in the ASX 200 five years ago is worth today!

Read more »

Retired couple hugging and laughing.
Share Market News

Eyeing retirement: Do you really need $1 million?

AustralianSuper recently weighed in.

Read more »

Happy woman working on a laptop.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a pleasant end to the trading week for investors this Friday.

Read more »

Close-up of a business man's hand stacking gold coins into piles on a desktop.
Opinions

If I had a big cash pile like Warren Buffett, here's how I'd spend it in 2025

I'd put Buffett's billions to work straight away.

Read more »