Here's why the Province Resources (ASX:PRL) share price is up 7% today

The company's shares have been a stellar performer in 2021.

| More on:
Miner standing and smiling in a mine field.

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 on the move after the company provided a positive update today.

During market open, the minerals producer's shares were fetching for an intraday high of 15 cents, up 7.14%. They have since given up some of those gains and now trade for 14.8 cents, up 5.36%.

What did Province announce?

Investors appear excited by the company's latest announcement, sending the Province Resources share price higher.

In its announcement, the company advised its HyEnergy Project has been awarded lead agency status by the Western Australian government.

The official status enables a higher level of collaboration between a state agency and the company. As such, the Department of Jobs, Tourism, Science and Innovation (JTSI) will lead the facilitation on the project.

This will see more coordinated and streamlined support to assist the HyEnergy Project through the government approvals processes.

Recently, Province Resources lodged a Project Definition Document with the JTSI department, outlining key details of the project.

Earlier in the year, the company entered into a memorandum of understanding (MoU) with global renewable energy leader, Total Eren.

The framework paved the way for a feasibility study on potentially developing the proposed HyEnergy Zero Carbon Hydrogen project. This included installing up to an 8-gigawatt renewable power facility, and creating an integrated hybrid renewable energy capacity.

Province managing director, David Frances commented:

The formal appointment of the Department of Jobs, Tourism, Science and Innovation as lead agency will provide significant assistance in obtaining government approvals.

The decision also elevates the status of the HyEnergy Project as a significant development for the State, and one which will make a major economic contribution to the Gascoyne region and beyond.

We are thrilled with the support the HyEnergy Project is receiving from our major stakeholders as we progress this important green energy development.

About the Province Resources share price

It's been an outstanding 12 months for Province Resources shares, delivering astronomical gains of 1,035% to investors.

On valuation metrics, Province Resources has a market capitalisation of $166.62 million, with about 1.13 billion shares on issue.

Motley Fool contributor Aaron Teboneras 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 Resources Shares

Miner looking at a tablet.
Broker Notes

Why Macquarie expects this ASX 200 copper stock to surge 36% in a year

Macquarie forecasts some hefty gains ahead for the ASX 200 copper miner. But why?

Read more »

A young African mine worker is standing with a smile in front of a large haul dump truck wearing his personal protective wear.
Resources Shares

Following its FY25 result, Macquarie tips more than 40% upside for this ASX All Ords mining stock

Let’s dig into why this is such an exciting stock.

Read more »

Miner looking at a tablet.
Resources Shares

Macquarie forecasts 30% upside for this ASX All Ords mining stock

If a broker is right, investors have a lot to gain with this stock.

Read more »

Miner looking at a tablet.
Resources Shares

Should I buy Pilbara Minerals or Mineral Resources shares? Here's Macquarie's take

Mineral Resources and Pilbara Minerals shares are both down more than 60% in a year, but Macquarie forecasts a big…

Read more »

Miner looking at a tablet.
Resources Shares

Does Macquarie rate Fortescue shares a buy, hold or sell?

Down 42% in a year, does Macquarie think Fortescue shares are now a good buy?

Read more »

Cheerful businessman with a mining hat on the table sitting back with his arms behind his head while looking at his laptop's screen.
Resources Shares

Rock solid: How have mining and metals shares fared in 2025?

Who is leading so far?

Read more »

Miner looking at a tablet.
Resources Shares

Mineral Resources share price slides despite significant reserves growth

An 89% resources upgrade hasn’t boosted Mineral Resources shares today.

Read more »

Copal miner standing in front of coal.
Resources Shares

How much upside does Macquarie tip for New Hope shares?

A softer-than-expected quarter has impacted the broker's view.

Read more »