Shares of Oriole Resources PLC (LON: ORR) surged 23.83% as investors bought the company’s shares ahead of its management interview regarding the Bibeni gold project in Cameroon.
The mining company’s executives are set to release an interview at their site in Cameroon later today, outlining the project’s progress. Investors seem to be expecting positive updates from the management team.
Oriole Resources has made a stream of positive announcements this year. The latest one is the identification of 12 priority gold targets from a remote sensing study conducted at its district-scale gold mine in Cameroon.
The miner was recently granted five mining licenses in central Cameroon combined with three additional licenses awarded to its partner, Reservoir Minerals, covering a total land area of 3,592 square kilometres.
The recent license awards gave the company permission to start drilling for gold, which is why yesterday’s site visit combined with today’s interview is critical.
Investors expect a positive update from the company’s executives, and any sign of lack of progress could see the shares reverse all of today’s gains and head lower.
Traders who might have missed most of today’s rally should not rush to open new positions at current prices. Today’s gains have left the shares susceptible to a quick decline in case of any adverse developments.
Oriole Resources shares are trading near the top of their current range. There are two possible scenarios: either the stock will keep rallying and break above the resistance level or reverse and head lower. I would wait for the interview’s release before deciding on the way forward.*
*This is not investment advice.
Oriole Resources share price.
Oriole Resources shares soared 23.65% to trade at 1.43p, rising from Tuesday’s closing price of 1.15p.
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