Shares of Alba Mineral Resources plc (LON: ALBA) have been trading sideways since late May despite making several positive announcements leaving its shareholders wanting more.
The mining company’s last major announcement was regarding the successful completion of its Phase 2 drilling campaign at its Thule Black Sands Project in northern Greenland on August 25.
Since then, its shares increased slightly and then pulled back to trade near the lower end of the 0.05p broad trading range outlined in the chart below.
Alba Minerals intends to upgrade the resources available at its flagship Thule Black Sands project, which could soon move to the development and production stages.
Earlier in August, the company completed the drilling process at Amitsoq in Greenland with drill holes intersecting the Upper Graphite Layer (UGL), Lower Graphite Layer (LGL), or both.
At the time, Alba’s COO commented: “We are delighted to have encountered thick graphite intersections at Amitsoq, well in excess of the modelled projections. Also pleasantly surprised by the condition of the mine workings, a very important factor as we move towards long-term development.”
Some of Alba’s shareholders are waiting to release the final JROC estimates for its two Greenland projects, but they might have to wait a bit longer for the announcement.
Alba also has the Clogau-St David's gold mine in Wales with significant production potential. The company is reprocessing some of the debris from previous mining activity before the mine was decommissioned.
All in all, Alba Minerals has significant tailwinds that should push its prices higher, but we are yet to get a final rally from the stock. As a result, long-term investors may have to wait much longer before we can get a significant rally in Alba’s stock price.
*This is not investment advice.
Alba Minerals share price.
Alba Mineral's shares have been trading sideways since May. Can they break out?
Should you invest in Alba Mineral Resources shares?
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