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Stocks of the Hour: Perenti, NOVONIX, 88 Energy

Perenti Limited (ASX:PRN)announced today that its underground mining business Barminco has been awarded a new contract for the provision of mining services at Regis Resources Duketon Operations in the Goldfields region of Western Australia. The new contract is valued at A$393 million based on an initial 3-year term. Perenti Managing Director & Chief Executive Officer Mark Norwell said “We’re very pleased to continue our partnership with Regis Resources at the Duketon Operations where Barminco has been providing value to our client through both development and production works since February 2019. This award adds Australian based underground earnings to our portfolio, which is aligned with the ongoing delivery of our strategy.” Shares are trading 0.51 per cent higher at 98.5 cents.

NOVONIX Limited (ASX:NVX) has announced the company has been selected to receive a US$103 million tax credit under the US Qualifying Advanced Energy Project Allocation Program, to support production of critical battery materials from its Riverside facility in Chattanooga, Tennessee. Novonix CEO , Dr. Chris Burns, said, “In a period already filled with company milestones, the approval of our 48C application strengthens our financing strategy and demonstrates another significant landmark for NOVONIX…..With this support, we believe we are poised to further expand our operations, create high-quality U.S. jobs, and advance our mission of developing technologies and materials to service the EV and ESS sectors. Shares are trading 8.14 per cent higher at 93 cents.

88 Energy Limited (ASX:88E) has announced the successful flow testing of the Upper SFS reservoir in the Company’s Hickory-1 discovery well, located in Project Phoenix on the North Slope of Alaska. Flow testing confirmed a light oil discovery at Hickory-1. The flow rates were achieved from a low volume frac over a small 20ft vertical interval and are in line with
expectations and results observed from other reservoirs on adjacent acreage. Managing Director, Ashley Gilbert, commented: “Outcomes from this test represent a significant milestone for 88 Energy and its shareholders, with the first successful flow of oil to surface achieved at the Company’s Alaska projects. The completion of flow testing in this zone and recovery to surface of light oil, in addition to NGLs and associated gas, confirms our understanding of the substantial potential of these reservoirs. Shares are trading 10 per cent higher at 0.55 cents.