The WA1 Resources Ltd (ASX: WA1) share price entered a trading halt today after soaring more than 60% this morning.
Shares in the ASX mineral explorer rocketed up 60.48% to $1.99 a share before being placed on ice. The company's previous closing price was $1.24.
Let's take a look at what's going on at WA1 Resources.
Image source: Getty Images
What's going on?
WA1 Resources was placed in a voluntary trading halt pending the release of a statement to the market.
The company expects to resume trading on the release of this announcement, or by market open on Thursday.
Commenting on the freeze, WA1 said:
The company requests a trading halt, pending the release of an announcement to the market in relation to a price query from the ASX.
WA1 Resources shares have soared an incredible 1374% from 13.5 cents each at market close on 21 October to the current share price of $1.99.
On Wednesday, the company released maiden drilling results from the West Arunta Project in Western Australia.
They showed significant mineralisation at drill hole PARC003. This included 54m at 0.62% niobium pentoxide, 0.18% total rare oxides, and 3.85% phosphorus pentoxide from 162 metres.
Managing director Paul Savich hailed the discovery as the first of its kind in the region. He said:
Niobium has been identified as a critical mineral by a number of countries and is a key input to future global technology needs, with ferroniobium metal (65% Nb) selling for US$45,000/tonne.
On Thursday, WA1 Resources released a corporate presentation highlighting its focus on "essential metals for a clean energy future". Niobium improves battery performance via improved chargeability and stability.
WA1 Resources listed on the ASX on 8 February.
Share price snapshot
WA1 Resources shares have soared 895% year to date, while they have risen 1,184% in the last month.
For perspective, the ASX 200 has lost 7% in 2022 so far.
This ASX mining share has a market capitalisation of nearly $58 million based on the current share price.
