Why the Neometals (ASX:NMT) share price is shooting 8% higher

The Neometals Ltd (ASX: NMT) share price is rocketing today after the company reported the latest nickel and palladium finds at its Western Australia mine.

As of writing, the miner’s share price is trading at 45 cents, up 8.5%. By comparison, the S&P/ASX All Ordinaries Index (ASX: XAO) is 0.08% lower.

Let’s take a closer look at the announcement and how it’s affecting the Neometals share price.

What’s in the update?

In today’s release, Neometals gave an update to the nickel and palladium deposits at its Armstrong Deposit at its Mt Edwards Project in WA.

Nickel

Neometals advised there were at least 13,200 tonnes of pure nickel at the…