Currently, the Russia-Ukraine war has created huge volatility in the market worldwide. Amid the existing situation, it would be impossible to predict the situation in the upcoming 12 months. Other than this, like many other countries, Australia, too, was impacted by COVID-19. Besides, it also experienced challenges due to the Wooroloo bushfire, two cyclones, and lately Eastern Australia flood.
Despite these challenges, in the past 1 year, a few ASX-listed stocks have delivered huge returns. In this article, we will be looking at three such stocks.
Oil and gas exploration company 88 Energy Limited witnessed a growth of ~439% in the last one year. 88 Energy Limited is an oil and gas company that focuses on solving value from the portfolio of superlative assets on the North Slope of Alaska.
On 01 March 2022, the Company announced the completion of the Mobilisation of the Arctic Fox rig. The Merlin-2 spud date is planned for the week beginning 7 March 2022. Now, the Company is entering the last stage of pre-spud preparations. 88 Energy highlighted in the announcement that the success at Merlin-2 has the clear potential to be transformational for its shareholders.
The Merlin-2 appraisal well is allowed to a total depth of 8,000 feet. Merlin-2 aims for a net mean aggregate prospective resource of 652 million barrels across the N20, N19, and N18 horizons. The location of this well has been chosen from the 3 allowed locations and will be situated east and downdip of the successful Merlin-1 well. The Company believes that this might come across thicker reservoir sections and higher permeability/porosity sands.
Mineral resources company Prospect Resources Limited noted a growth of 401.33% in the last one year. Prospect Resources is an Australia-based mineral company that focuses on exploring and evaluating mineral resources. The Company’s projects comprise the Arcadia Lithium Project & Penhalonga Gold Project.
On 25 February 2022, the Company provided an update on the status of conditions precedent to the transaction between Prospect’s 100%-owned subsidiary Prospect Minerals Pte Ltd and Huayou International Mining (Hong Kong) Limited. The transaction is related to the sale of Prospect’s 87% interest in the Arcadia Lithium Project and related intercompany loan. PSC confirmed that shareholders approved the transaction by passing the resolution in the EGM.
During December 2021 quarter, the Company completed Staged and Direct Optimised Feasibility Studies for Arcadia Lithium Project. It acquired Step Aside Lithium Project. It completed AU$18 million placement at AU$0.40 per share to accelerate engineering studies, operate the pilot plant, and progress the partnership process.
Australia-based mineral exploration company AVZ Minerals Ltd delivered growth of ~449% in the last one year. The Company is focused on developing the Manono Lithium and Tin Project.
On 16 February 2022, the Company announced that it reached a deal with the Suzhou CATH Energy Technologies to complete its US$240 million investment into the Manono Lithium & Tin Project.
On 10 February 2022, AVZ announced that it has committed to invest AU$25 million to progress its drilling program at Roche Dure and early works program for the Manono Lithium and Tin Project. The fund would assist in upholding the achievement of the Manono Project schedule. It will also fund an extension drilling program at Roche Dure, with the potential to considerably increase the earlier stated JORC mineral resource and ore reserves.
The above three companies have delivered strong growth in the last one year. These stocks seem to have gained huge market attention. The Companies have made significant progress lately. Thus, it would be interesting to see how they perform in the coming period.
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