Stocks of the Hour: Alliance Aviation, Vulcan Energy Resources, Cirrus Networks
Alliance Aviation (ASX:AQZ) has upgraded profit guidance due to increased flying activity. Estimated full-year profit before tax is now expected to be $56.9m, surpassing previous guidance. The company also confirmed it has renewed its contract with Incitec Pivot for a further 5 years and has acquired 4 additional Embraer E190 airframes to address capacity shortfall in Q1 2024. On funding outlook, the Company announced it has secured a $100m debt facility from Pricoa for aircraft settlements and working capital. Shares are trading 12.37 per cent higher $3.18.
Vulcan Energy Resources (ASX:VUL) has announced that the Landau City Council has formally approved a decision to enter into contractual negotiations with Vulcan to acquire an area of land for the construction of its integrated geothermal renewable energy and lithium extraction plant. In addition to land negotiations, the State Mining Directorate has approved Vulcan's plan for new wells in its Insheim license. These developments are crucial for Phase One execution of the project. Vulcan’s Chief Development Officer, commented: “We are now working closely with the Landau city council. The relationship is strong, and we will continue to move forward as planned with consistent communication and transparency.”Shares are trading 2.78 per cent higher at $4.44.
Leading IT solutions provider, Cirrus Networks Holdings (ASX:CNW) has announced a collaboration with NVIDIA to leverage the power of accelerated computing and artificial intelligence (AI) to drive innovation, improve efficiency, and promote sustainability across the Australian resources sector. Shares are trading 20 per cent higher at 4.8 cents.