Stocks of the Hour: Dreadnought Resources, Tyro Payments, Fortescue Metals

Dreadnought Resources (ASX:DRE) has announced that assay results have extended the strike length REE by 13 kms to 43 kms. In response, Dreadnought’s Managing Director, Dean Tuck, commented: “ With over 43kms of mineralised ironstones, a multi-metal, regional source at C3 and six more potential source carbonatites, we are extremely excited about what the drill rigs will deliver for us in 2023.” Shares are trading 3.2 per cent higher at 9.7 cents.

Tyro Payments (ASX:TYR) rejected two non-binding indicative offers from Potentia, stating that they significantly undervalued the company. The Tyro board offered Potentia a 4 week period of due diligence to develop a significantly improved proposal and confirm funding commitments for any possible future offer, but there is no guarantee that a further offer or any kind of transaction will happen. Shares are trading 5.4 per cent higher at $1.57.

Fortescue Metals (ASX:FMG) shipped a record volume of iron ore in the six months to December 2022, 4% higher than the same period in the previous year, and 17% higher than four years earlier. This puts the company on track to meet its full-year export target, despite the Iron Bridge magnetite project suffering cost and schedule blowouts, and likely to make a weaker-than-expected contribution to the goal. Shares are trading 1.42 per cent higher at $22.80.