Why Aurora Labs, Coronado Global, Latin Resources, and Newmont shares are rising

The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped deep into the red. In afternoon trade, the benchmark index is down 1% to 7,882.1 points.

Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:

Aurora Labs Ltd (ASX: A3D)

The Aurora Labs share price is up 6.5% to 9.9 cents. This morning, this industrial technology company announced the maiden aerial test flight for its 200 Class micro gas turbine in regional Western Australia. Management notes that test flight aimed to validate the performance and functionality of its in-house 3D printed engine. The good news is the micro gas turbine performed to specification, producing 22kg of thrust at full throttle. Aurora Labs' CEO, Rebekah Letheby, said: "A3D's development of the 3D printed turbine underscores our commitment to innovation, positioning the Company at the forefront of micro gas turbine technology development advancing new frontiers."

Coronado Global Resources Inc (ASX: CRN)

The Coronado Global share price is up over 5% to $1.32. Investors have been buying this coal miner's shares following the release of its quarterly update. The miner had a strong quarter, reporting group ROM coal production up 23.8% to 7.4Mt and group saleable production up 21.5% to 4.1Mt. Another positive was that its group average mining costs per tonne sold were down 27.5% to US$91.10 per tonne for the quarter. In light of this solid performance, management has reaffirmed its FY 2024 guidance.

Latin Resources Ltd (ASX: LRS)

The Latin Resources share price is up 1.5% to 15.3 cents. This follows the release of an update on the Planalto Prospect exploration drilling program at the lithium developer's 100% owned Salinas Lithium Project in Brazil. Management notes that the latest drilling results have confirmed the presence of a thick high-grade core of mineralisation which extends down dip and up-plunge to the south-west.

Newmont Corporation (ASX: NEM)

The Newmont Corporation share price is up 1% to $72.13. This has been driven by the release of the gold miner's second quarter update. For the three months, Newmont produced 1.6 million attributable ounces of gold along with 477,000 gold equivalent ounces. This underpinned the generation of US$1.4 billion of cash from operating activities and US$594 million in free cash flow. Looking ahead, management advised that it is on track to meet its 2024 guidance for production, costs and capital spend. This is expected to be driven by an improvement in production in the second half, which will be weighted towards the fourth quarter.

The post Why Aurora Labs, Coronado Global, Latin Resources, and Newmont shares are rising appeared first on The Motley Fool Australia.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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