Errawarra Resources Ltd (ASX: ERW) responded to an ASX price query following a significant rise in its share price from AU$0.061 to AU$0.105 and an increase in trading volume on 25 November 2024. The company clarified that, at the time of the price movement, it was engaged in advanced discussions on a joint venture (JV) transaction, but it did not consider this information sufficient to explain the trading activity. Subsequently, during a trading halt requested on 25 November, Errawarra finalized and announced the JV on 27 November.
The company suggested market speculation regarding neighboring exploration firm Raiden Resources Ltd, which entered a trading halt pending drilling results, may have influenced trading in Errawarra shares due to proximity of their operations. Errawarra confirmed compliance with ASX Listing Rules and adherence to its continuous disclosure obligations. This development underscores the company's commitment to strategic growth and transparency.
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