Why Argosy, Arafura, Beach and De Gray Mining stocks are rising


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In the afternoon discussions, the S&P/ASX 200 Index (ASX: XJO) is on track to end the month in the red. As of this writing, the benchmark is down 0.75% to 7,231.7 points.

Four ASX shares that do not retain them are listed below. Here is why they are increasing:

Argosy Minerals Limited (ASX: AGY)

Argosy Minerals stock price is up 6% to 52 cents. Investors bought the shares of this lithium developer following an update on its Rincon project in Argentina. The release reveals that 83% of the total work is now complete for the development of the 2,000 tpa lithium carbonate production operation. In light of this, Argosy remains on schedule to begin production in the third quarter of calendar year 2022.

Arafura Resources Limited (ASX: ARU)

Arafura Resources share price is up 15% to 48.3 cents. This despite no news from the rare earth developer. However, his shares have stormed in recent sessions. This appears to have been prompted by a belated reaction to recent news that he has signed a swipe deal with car giant Hyundai.

Beach stock price is up 3% at $1.69. This follows a sharp rise in oil prices during overnight trading. The catalyst for stronger oil prices was news that China is easing its COVID-19 restrictions and the EU has agreed to a partial ban on Russian oil imports.

De Gray Mining Limited (ASX: DEG)

De Gray Mining’s stock price is up 4% at $1.12. This follows the release of an update on its Mallina Gold project. The press release notes that the mineral resource estimate for the Hemi deposit is now 25% higher than its previous estimate of 8.5 Moz. This increases the project’s total mineral resource estimate to 10.6 Moz.


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