Stocks of the Hour: Appen, MinRex Resources, Musgrave Minerals

Appen Limited (ASX:APX) today issued an update in relation to the company’s half year results for the six months ended 30 June 2022 and FY2022 outlook. The company has confirmed its May 2022 downgrade with confirmation of a continued slowdown of spending from their Global customers and their exposure to weaker digital advertising demand. The company however does expect higher volumes in the latter part of the second half due to the delivery of seasonal projects and ramp up in existing projects. Shares are trading 23.6 per cent lower at $4.36.

MinRex Resources (ASX:MRR) today announced the granting of an exploration licence and the first pass ground geological mapping and rock chip sampling program over the Sisters Lithium Project. The exploration program identified high grade Lithium mineralisation on the ground. MinRex Resources Managing Director Mr Karageorge commented: “We are excited to have ground confirmation of high-grade lithium mineralisation identified from outcropping pegmatites over the Sisters Lithium Project area.”  Shares are trading 9.6 per cent higher at 6 cents.

Musgrave Minerals (ASX:MGV) today announced further high grade gold assay results. Musgrave Managing Director Rob Waugh said: “It would be hard to find better results from a recent Australian exploration program and the Cue Gold Project is fast becoming one of the richest undeveloped high-grade gold deposits in Australia. Drilling continues to turn up new lodes which we will continue to define with further drilling. We are continuing to grow our understanding of the system and the controls on mineralisation.” Shares are trading 7.7 per cent higher at 28 cents.