Resource Explorer Surges on Iron Ore Project Funding

Macarthur Minerals Limited (TSXV: MMS), a resource explorer, climbed after announcing an agreement to raise up to A$200 million to develop its Australian iron ore project

Sean Mason | February 14, 2017 | SmallCapPower

More than a few speculators were attracted to an iron ore resource explorer Tuesday. Here’s some small stocks making big moves on Tuesday, February 14, 2017 (as of 4 pm EST):

Macarthur Minerals Limited (TSXV: MMS) shares moved 69% higher to $0.135 on Tuesday after the resource explorer announced that it has entered into a non-exclusive mandate with the Tulshyan Group to raise up to A$200 million with an initial tranche of A$50 million to develop the Company’s Ularring hematite iron ore project located in Western Australia.

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As well, shares of Northern Dynasty Minerals Ltd. (TSX: NDM) sank 22% to $3.25 after hedge fund manager Kerrisdale Capital Management published a report asserting that Northern Dynasty’s Pebble copper/gold deposit in Alaska is not “commercially viable.”

Tirex Resources Ltd. (TSXV: TXX), meanwhile, reported that the mining license application for the Rehova mining property, a past-producing copper mine, in Albania had been approved by the Ministry of Energy and Industry. Tirex Resources stock moved up 36% to $0.095 following the announcement.

Finally, Melior Resources Inc. (TSXV: MLR) shares rose 40% to $0.07 after the junior miner announced that it is looking to prepare for the restart of production at its Goondicum ilmenite mine in Queensland, Australia in response to favorable recent market developments, including stronger demand and higher prices for its ilmenite product.

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