Meteoric Rise For Meteoric As It Pushes Into Canada
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Until quite recently, the share price performance of Meteoric Resources (ASX:MEI) was anything but meteoric.
Trading at a princely 1c a share in the opening months of the year, the market clearly wasn’t interested in its Webb diamond exploration joint venture in Western Australia or its Warrego North/Tennant Creek copper-gold hunt in the Northern Territory for that matter.
But things started changing around May when Meteoric, originally floated as a gold-copper explorer back in 2004, signalled that after giving its best in the hunt for something meaningful in the back blocks of Australia for the past 13 years, it was off to Canada.
Oh, and there was also the revelation that Tolga “The Brand” Kumova had snapped up a near-10% stake in the company.
Fast forward to this week and Meteoric copped a price and volume inquiry from the ASX, asking for an explanation why its shares had motored from 4.1c on October 3 to 7.3c by Monday.
In its response, Meteoric pointed to the July completion of its deal to secure a number of Canadian exploration properties (copper, nickel, platinum group metals, gold and cobalt), a write-up in a speculative resources newsletter and its recent lodgement of a company presentation for a road show this week taking in Perth, Melbourne and Sydney.
The road show is having the desired effect, with Meteoric continuing its upwards trajectory to 7.6c on Thursday, giving it a none too shabby market cap of $36m.
Fronting the investors on the roadshow was Meteoric’s recently appointed technical director Shastri Ramnath, an exploration geologist with 20 years multi-national experience and named among the top 100 “Global Inspirational Women in Mining’’ by the UK branch of Women in Mining.
More to the point is that it was Ramnath’s multi-commodity project generation firm Exiro Minerals that introduced Meteoric to its Canadian properties, drawing on its expertise in processing historical digital and paper datasets to generate new projects.
Ramnath told the Melbourne leg of the roadshow that she loved collecting 20 year-old boxes full of historical exploration data to uncover early and advanced stage projects. And there are plenty of them thanks to the horrendous drop-off in Canada’s exploration effort in the past five years.
It’s kind of neat that the projects indentified and picked up for Meteoric are found in a northern arc around the Sudbury Basin.
Plus, Macquarie says the price outlook for cobalt is superb, albeit a bit bumpy, for years to come, thanks to electric vehicles. Read more +
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