In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.6% to 8,333.8 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
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Amotiv Ltd (ASX: AOV)
The Amotiv share price is up 10% to $11.00. This morning, this automotive products company, formerly known as GUD Holdings, announced an on-market buyback of up to ~7 million shares at its annual general meeting. This represents approximately 5% of its outstanding share capital. It said: "The Board believes that a share buy-back of this amount represents the best use of that capital and strikes the right balance of delivering sustainable returns to shareholders without compromising the Company's strong capital position or its ability to continue investing in growth."
Bellevue Gold Ltd (ASX: BGL)
The Bellevue Gold share price is up over 6% to $1.57. Investors have been buying this gold miner's shares following the release of its quarterly update. It reported gold production of 35,993 ounces and gold sold of 39,405 ounces. This was achieved with an average realised gold price of A$3,420 per ounce and a project all-in sustaining cost (AISC) of A$1,892 per ounce. Management also revealed that it believes it is on track to ramp up to 200,000 ounces per annum by the fourth quarter of FY 2025. After which, it is targeting 250,000 ounces per annum by 2028.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 9.5% to 11.5 cents. This has been driven by the release of an update on the lithium miner's gold exploration activities. Management advised that additional high-grade gold assay results have been received from drilling at the 100%-owned Shoobridge Project in the Northern Territory. The company believes the results continue to support the deposit model of high-grade gold zones existing within a broad envelope of low-grade mineralisation. Core Lithium's CEO, Paul Brown, feels that the "early successes enhance the project's prospectivity and provide a clear pathway for continued exploration."
Strike Energy Ltd (ASX: STX)
The Strike Energy share price is up 8% to 22.7 cents. This morning, this oil and gas company reported exceptional production testing results of the Kingia Sandstone gas discovery at Erregulla Deep-1. Management notes that it achieved strong flow rates and one of the highest flowing pressures ever measured in the basin.
