In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a modest gain. At the time of writing, the benchmark index is up 0.2% to 6,993.1 points.
Four ASX shares that are climbing more than most are listed below. Here's why they are charging higher:
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Atlantic Lithium Ltd (ASX: A11)
The Atlantic Lithium share price is up 33% to 94 cents. Investors have been buying this lithium explorer's shares following the release of an update on drilling activities at its Ewoyaa Main deposit in Ghana. CEO Lennard Kolff commented: "The latest infill drilling results from within the current Resource at the Ewoyaa Main deposit have returned multiple high-grade pegmatite intervals over 1.5% Li2O and up to 95m long with the hole ending in mineralisation, providing further confidence in future Resource to Reserve conversion."
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global share price is up 9% to $2.10. This morning the team at Morgans retained its add rating on this coal miner's shares with an improved price target of $2.40. The broker notes that Coronado Global delivered stronger than expected revenue and earnings during the last quarter. It was also pleased to see a special dividend declared.
Lake Resources N.L. (ASX: LKE)
The Lake Resources share price is up 5.5% to $1.12. The catalyst for this was the release of a positive update on the lithium developer's demonstration plant at the Kachi project in Argentina. Lake revealed that it is now processing Kachi brines and has delivered an at-spec product in initial test work.
Rio Tinto Limited (ASX: RIO)
The Rio Tinto share price is up 2.5% to $92.79. This morning the mining giant revealed that it made a breakthrough with its quest to acquire the rest of Turquoise Hill. If successful, the company will increase its stake in the massive Oyu Tolgoi copper and gold project in Mongolia to 66%.
