Here's why the Tesoro (ASX:TSO) share price is flying 9% higher today

Shares in the mining company entered a trading halt today before being reinstated. Here are the details

| 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 Tesoro Resources Limited (ASX: TSO) share price is soaring 9% higher today. At the time of writing, shares are up 8.7% to 12.5 cents, having earlier seen gains of 13%.

After rallying in early trade, shares in the mining company entered a trading halt before being reinstated.

Here's why the company was in a trading halt and why investors are jumping on shares in Tesoro.

Man in overalls at mine cheering

Image source: Getty Images

Tesoro share price reinstated after temporary pause

Earlier today, Tesoro notified investors that shares in the company would be temporarily paused. The company cited a further announcement as reasoning for the pause in trading.

Shares in Tesoro were shortly reinstated after the company retracted and replaced a previous presentation.

The company told investors unclassified material in the previous investor presentation was not in accordance with guidelines. As a result, Tesoro retracted the statements from the previous presentation and provided a replacement presentation.

The announcement follows the company's managing director presenting a webinar on Tesoro's El Zorro Gold Project earlier today.

Overview of Tesoro

Tesoro is a mining exploration and development company with projects in the Coastal Cordillera region in Chile. The region hosts multiple copper and gold mines, with much of the area remaining unexplored due to the nature of mining concession ownership in Chile.

Via its in-country network, Tesoro has secured the rights to scale gold projects in the region, with the company holding the rights to 85% of the El Zorro Gold Project.

Snapshot of the Tesoro share price

The Tesoro share price has come under fire recently.

Despite rallying in today's trading session, shares in Tesoro are more than 58% lower since the start of the year.

Shares in the mining exploration company suffered a blow yesterday, tumbling by more than 30%.

The Tesoro share price was on the receiving end of hard selling after reporting its maiden Mineral Resource Estimate (MRE) for the Ternera Deposit at its El Zorro Gold Project.

The company reported an MRE of 25.1 million tonnes at 0.8 grams per tonne for 660,000 ounces of gold. Investors did not seem pleased with the result, sending the Tesoro share price tumbling.

As noted previously, shares in Tesoro are stronger today. At the time of writing shares in the mining explorer are 8.7% higher for the day at 12.5 cents, down from an intra-day high of 13 cents.

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. 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

Australian dollar notes in the pocket of a man's jeans, symbolising dividends.
Opinions

Why buying ASX shares in March could supercharge your wealth

I think there are opportunities galore right now.

Read more »

A woman gives two fist pumps with a big smile as she learns of her windfall, sitting at her desk.
Share Market News

Why these Vanguard ETFs could be best buys in 2026

From global markets to emerging Asia, these Vanguard ETFs provide diversified exposure for investors in 2026.

Read more »

A little boy in flying goggles and wings rides high on his mum's back with blue skies above.
Opinions

Why I think now is a great time to buy Qantas shares for long-term passive income

Qantas shares are now trading on a fully franked dividend yield of 5.5%.

Read more »

Red line going down on an ASX market chart, symbolising a falling share price.
Opinions

Worried about an ASX share market correction? I'm following Warren Buffett's advice

The market is going through a volatility bump.

Read more »

Winning woman smiles and holds big cup while losing woman looks unhappy with small cup.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a rough end to a tough week.

Read more »

Graphic showing yellow arrow above vertical columns indicating a rising share price
Share Market News

$10,000 invested in this ASX ETF a month ago is now worth $14,500

Investors in this ASX ETF are sitting on very appealing short-term gains.

Read more »

Businessman looks with one eye through magnifying glass.
Share Market News

Pulse check: How are the top 10 ASX 200 shares performing amid a new war?

What's happening with CBA, BHP, Wesfarmers, Woodside, Telstra, and other large-cap shares?

Read more »

Happy man working on his laptop.
Broker Notes

Brokers name 3 ASX shares to buy right now

Here's why brokers are feeling bullish about these three shares this week.

Read more »