Here's why the Province Resources (ASX:PRL) share price has powered up 253% today

The Province Resources (ASX: PRL) share price has rocketed more than 250% today, following the company's latest acquisition news. Here's what we know.

| More on:
ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward

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 Province Resources Ltd (ASX: PRL) share price is going gangbusters right now, currently up by a whopping 253% to 9.2 cents a share.

The Province Resources share price caught fire this morning after the gold and nickel exploration company announced its intention to acquire Ozexco Pty Ltd. Ozexco has 7 exploration licences in the Gascoyne region in Western Australia for areas considered prospective for salt, potash and mineral sands.

Here's what we know.

Province Resources share price soars on green hydrogen news

Earlier today, Province Resources announced that it has entered a conditional agreement to acquire all of the shares of Ozexco. 

According to the release, the acquisition brings "potential for multiple projects and commodities focusing on Industrial Minerals and Renewable Green Hydrogen."

Through the successful acquisition of Ozexco, Province Resources will inherit the company's Gascoyne project and its HyEnergy renewable hydrogen project.

The Gascoyne project's Carnarvon Basin project will produce salt and potash by using an "inexhaustible seawater resource" to be concentrated through solar and wind evaporation.

According to the announcement, the HyEnergy project is projected to generate 1GW (1,000MW) of renewable energy using wind and solar and to produce ~60,000t of green hydrogen or up to ~300,000t of green ammonia.

The company appointed Viaticus Capital to drive the strategy and execution of the deal.

Management commentary

Commenting on the acquisition and the strategic importance of the green hydrogen space, Viaticus Capital principal Gavin Rezos said:

I am very pleased to support the Company's capital raise given their mission and stated objective is to be part of the solution for decarbonisation of the global economy. Western Australia has all the attributes required to be a world class producer of green hydrogen utilising renewable energy sources and Carnarvon is the most ideal area to make the best advantage of those attributes.

He added:

Green Hydrogen will be an increasingly important future energy source, developing alongside the Lithium industry. Rapid advances in Hydrogen Fuel Cells are now demonstrating that Green Hydrogen will have a major role to play in the areas of mass transport, shipping, trucking, and eventually in homes, helping the world reach targets of being net zero carbon by 2050.

The Province Resources share price was up approximately 160% just minutes after the opening bell this morning, demonstrating the news was well received by investors. 

Today's gains put the Province Resources share price up 360% in the past month and 820% year to date.

Should you invest $1,000 in S&P/ASX 200 right now?

Before you buy S&P/ASX 200 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 S&P/ASX 200 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 Gretchen Kennedy has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors sent the market higher once again today.

Read more »

A male investor sits at his desk looking at his laptop screen holding his hand to his chin pondering whether to buy Macquarie shares
Opinions

2 ASX shares I'd buy if the ASX crashes again

I think the best opportunities can be found when the market falls.

Read more »

A man holding a cup of coffee puts his thumb up and smiles while at laptop.
Share Market News

These ASX 200 stocks could rise 20% to 35%

These shares could be destined to deliver big returns over the next 12 months according to analysts.

Read more »

View of a mine site.
Broker Notes

How much upside does Macquarie tip for Deterra Royalties shares?

Deterra Royalties offers ASX investors a different way to invest in global mining.

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

3 reasons to buy this surging ASX All Ords gold stock today

The ASX All Ords gold stock has doubled investors’ money in 12 months, and this leading expert forecasts more outperformance…

Read more »

Woman with $50 notes in her hand thinking, symbolising dividends.
Broker Notes

Broker reveals outlook for ASX dividend shares amid volatile market

Peter Gardner from Plato Investment Management tells ASX investors where to look for dividend income this year.

Read more »

Two colleagues at work looking at a tablet and smiling at a rising share price.
Share Gainers

Why Generation Development, Orica, Pro Medicus, and Zip shares are storming higher today

These shares are having a strong session on Thursday. But why?

Read more »

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 ANZ, Brainchip, Light & Wonder, and Pilbara Minerals shares are falling today

These shares are tumbling on Thursday. But why?

Read more »