SMS Finance

Stocks of the Hour: Santos, Desert Metals, Leeuwin Metals

Santos (ASX:STO) agrees to an initial sale of 2.6 per cent of PNG LNG to Kumul and an option for Kumul to acquire a further 2.4 per cent. In response, Managing Director and CEO Kevin Gallagher said, “PNG LNG is a low-cost and low emissions intensity asset that contributes strong cash flows to the project participants and economic and social benefits to the nation.” Shares are trading 1.69 per cent higher at $7.80.

Desert Metals (ASX:DM1) announced that rare earth elements were found at their Dingo Pass project. With the exception of drilling nickel targets at Dingo all of the above work is relatively low cost and budgeted for within the Company’s existing cash reserves. Shares are trading 132.56 per cent higher at 10 cents.

Leeuwin Metals (ASX: LM1) has entered into a binding agreement with Rocas Del Norte Incorporated to acquire additional tenure adjacent to our 100% owned Cross Lake Lithium project in Canada. Shares are trading 9.8 per cent higher at 28 cents.

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