Wednesday, March 29, 2023
HomeBusinessStocks of the Hour: Magmatic Resources, BluGlass, Babylon Pump & Power

Stocks of the Hour: Magmatic Resources, BluGlass, Babylon Pump & Power

Magmatic Resources (ASX:MAG) announces that their step-out drilling has intersected visible sulphide mineralisation. Commenting on the rapidly expanding footprint at the Corvette Prospect, Magmatic Resources’ Managing Director Dr. Adam McKinnon said: “this represents our biggest step-out on the Corvette trend to date, what we’ve observed in this hole is a clear indication of the potentially massive scale of the Corvette system.” Shares are trading 4.8 per cent higher at 11 cents.

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BluGlass (ASX:BLG) has launched six laser products at a leading industry conference, Photonics West. Commenting on the product launches, BluGlass President Jim Haden said, “The release of these laser diodes reflects the significant performance and reliability improvements we have made over the past year.” Shares are trading 33.3 per cent higher at 4.8 cents.

Babylon Pump & Power (ASX:BPP) announced positive EBITDA for the first half of the financial year and a 55% improvement in operating cash flow compared to the same period last year. In response, Managing Director Michael Shelby said, “The timing of certain payments plus a growth in receivables from some major, highly regarded clients means Babylon enters the second half of the financial year with significant momentum and is well-placed to deliver further record performances.” Shares are trading 11.1 per cent higher at 0.5 cents.

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