Companies only have to utter the words “rare earths” right now and their shares take off.
Clancy Exploration (ASX:CLY), which is now known as Sagon Resources, put out a simple update on the progress of its planned acquisition of the Cummins Range rare earths project and investors went nuts.
Shares jumped 225 per cent to 6.5c on Friday morning on the trading of over 2 million shares.
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It may well have been the mere mention of the fact the project that the newly rebranded Sagon planned to buy showed early potential for rare earths much like what heavyweight Lynas (ASX:LYC) has at its “world class” Mt Weld project.
Or it could have been the fact that the ASX reckons Sagon doesn’t need to comply with certain listing rules regarding the acquisition...
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