This week in Rockets and Tanks, Latin Resources’ (ASX:LRS) share price spiked 45% to $0.175 yesterday (15 August), after Pilbara Minerals (ASX:PLS) announced its proposed merger.
Pilbara Minerals, which has a market capitalisation of $8.57 billion, entered into a binding scheme to acquire Latin Resources.
Latin Resources shareholders will receive 0.07 shares in the new merged company for each Latin share held, and will also own about 6.5% of Pilbara’s shares upon implementing the agreement.
Lightning Minerals’ (ASX:L1M) share price had increased 37.73% to $0.073.
On 14 August, the critical minerals and lithium-focused explorer announced it was expanding its lithium potential in Brazil with an option agreement to acquire the Esperança Project.
Meanwhile, Nex Metals Exploration (ASX:NME) also saw its share price jump 34.61% to $0.035, after announcing it had appointed Maki Petkovski as the CEO.
The company says Petkovski has been brought in to optimise and accelerate the monetising of the Kookynie Gold Tailings Project.
Critical and battery minerals-focused explorer Volt Resources’ (ASX:VRC) share price increased 33.33% to $0.004, after announcing its plans to raise $500,000 via a convertible note.
The company plans to use the funds raised to refinance a loan, drive US downstream operations, and general working capital.
Tanks
Meanwhile, the tanks for this week starts with Euro Manganese (ASX:EMN), which saw its share price decrease 24.99% to $0.033 after announcing its financial results and key developments during the third fiscal quarter and to date.
According to its latest quarterly report, the $17.71 million market capitalisation company had C$13.2 million in cash and cash equivalents at hand as of 30 June 2024.
This is a decrease from the second quarter, when Euro Manganese reported it had C$20.1 million in cash and cash equivalents at hand.
On the back of no news, Corella Resources’ (ASX:CR9) share price decreased 23% to $0.005.
The Australian explorer has not released any news since its quarterly activities report on 31 July 2024.
Godolphin Resources’ (ASX:GRL) share price decreased 15.38% to $0.011, also on the back of no news.
The mineral explorer has also not released any news since its quarterly activities report on 30 July 2024.
Further, natural resources explorer Nagambie Resources’ (ASX:NAG) share price fell 9.99% to $0.009. The company has not announced any news since its quarterly activities report on 31 July 2024.
Write to Aaliyah Rogan at Mining.com.au
Images: Latin Resources
