The All Ordinaries Index (ASX: XAO) is higher today, but three ASX mining shares are outperforming the index.
The All Ordinaries Index is up 0.27% today to 7,345.8 points. For context, the S&P/ASX 200 Resources Index (ASX: XJR) is 1.25% higher at the time of writing, while the S&P/ASX 200 Materials Index (ASX: XMJ) is 0.86% in the green.
Let's take a look at three ASX explorers doing well today.
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Red 5 Ltd (ASX: RED)
The Red 5 share price is surging 9.09% today. Red 5 is exploring gold at the King of the Hills Gold Project in Western Australia. The spot gold price rebounded 0.8% overnight due to softening US bond yields. The company's share price has leapt 5% since market close on 11 May. On 12 May, Red 5 revealed ore processing had started at the company's King of the Hills project. Red 5 managing director Mark Williams said:
This is a key milestone for King of the Hills, delivered on time and on budget, and puts us on track for first gold production in the near future.
Renascor Resources Ltd (ASX: RNU)
The Renascor Resources share price is soaring 6.67% today. Renascor is developing the Siviour Graphite project in South Australia. Graphite is the anode material for batteries in electric vehicles (EV). The company's share price appears to be jumping amid strong market sentiment among ASX graphite shares. The Novonix Ltd (ASX: NVX) share price is up 1.32% today, Syrah Resources Ltd (ASX: SYR) is leaping 5.62% and Black Rock Mining Ltd (ASX: BKT) is climbing 1.25%. Renascor raised $65 million via a share placement in late April to push expansion and development of the Siviour project.
Ioneer Ltd (ASX: INR)
The Ioneer share price is up 8.66% at the time of writing, settling from its intraday high of more than 10% higher. Ioneer is exploring the Rhyolite Ridge Lithium-Boron project in Nevada, USA. The company's shares are rising amid strong lithium sentiment. ASX lithium explorers Mineral Resources Limited (ASX: MIN) and Core Lithium Ltd (ASX: CXO) are also up 5.36% and 7.17% respectively today. Lithium is a critical component in EV batteries. In a recent presentation in Sydney, Ioneer said its Rhyolite Ridge project is "ideally positioned" to serve the US battery supply chain.
