Wed Sep 18 02:34:03 UTC 2024: ## ASX Shares Soar: Austal, Core Lithium, Origin Energy, and Sayona Mining Lead the Charge

**Sydney, Australia – September 17, 2024** – While the S&P/ASX 200 Index (ASX: XJO) experienced a slight decline in afternoon trade, several ASX shares bucked the trend, recording impressive gains.

**Austal Limited (ASX: ASB)** surged 5% to $2.84, driven by a positive broker note from Bell Potter. The note highlighted Austal’s recent $450 million contract from General Dynamics Electric Boat, which will see the company expand its shipyard to support the U.S. Navy Submarine Industrial Base. Bell Potter believes this development will diversify Austal’s operations, boost long-term revenue growth, and solidify its position in the US naval industry. The brokerage has assigned a “buy” rating and a $3.15 price target to Austal shares.

**Core Lithium Ltd (ASX: CXO)** also saw a 5% jump to 10 cents, fueled by promising drilling results from its 100%-owned Shoobridge Project in the Northern Territory. The company released results from 28 reverse circulation (RC) drill holes, which revealed shallow gold mineralization, including a standout intercept of 2m @ 12.9g/t Au from 54 metres. Core Lithium believes that the best gold targets are yet to be drilled.

**Origin Energy Ltd (ASX: ORG)** climbed 3% to $9.82, following an upgrade from Macquarie analysts. The brokerage has assigned an “outperform” rating and a $10.43 price target, predicting a generous 6% dividend yield from Origin shares. While forward electricity prices are expected to remain elevated in FY 2026, Macquarie notes that coal costs are heading back toward FY 2024 levels, a positive sign for Origin and its dividend prospects.

**Sayona Mining Ltd (ASX: SYA)** experienced the most significant gain, soaring 8% to 2.6 cents. Investors reacted positively to an investor update released this morning, which highlighted the company’s North American operations. Sayona Mining expects its North American Lithium (NAL) operation to produce 190kt to 210kt of lithium in FY 2025. The update also featured positive news regarding the Moblan project, emphasizing the exceptional increase in mineral resources following recent drilling and geological modeling.

These positive developments demonstrate continued investor confidence in the Australian market, despite the broader index’s slight decline.

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