Why did MetalNRG shares spike up 11%?
The energy investment company’s share price has been climbing steadily for a month.
- MetalNRG (LON: MNRG) share price closed nearly 11% higher on Thursday (08 September 2021)
- The micro-cap stock has rallied 27% in the last 30 trading days
- The company said last week an initial data compilation programme at its GoldRidge, Arizona, project was completed ‘within budget and timeframes’
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MetalNRG stock price: what’s the latest?
MetalNRG shares soared over 10% on Thursday, as investor interest in the company continued to climb this week.
In the last one month alone, the small-cap stock has rallied some 27%, as the company issued new equities and project updates.
MetalNRG made its debut on the London Stock Exchange in July 2019 at 0.30 pence a share. It hit an all-time high of 1.20p on 16 October 2020.
Year to date, however, the natural resources and energy investment company’s shares are down by 25%.
Positive project updates
Earlier this week, the company said that an initial programme of data compilation at its fully owned GoldRidge project in Arizona, first announced in May 2021, has been completed.
MetalNRG said the programme, which it had said was essential to recover and assimilate the substantial number of maps and quantity of digital and paper files into a useable archive, was ‘completed within budget and the timeframes set’.
The company intends now to turn its attention to turn-key prospects to develop vein-hosted mineral resources from drilling at the GoldRidge property, as well as pursue the potential discovery of satellite gold deposits.
Rolf Gerritsen, CEO of MetalNRG Plc, commented: ‘The GoldRidge Project appears to offer a considerable larger opportunity than previously anticipated and the work completed to date by Bart confirms that the area has been under explored and under developed with solid indicators of mineralisation throughout the property.’
He added: ‘Between now and November we will be on site and we will further validate our assumptions via detailed field work. We have the waste dumps and the remaining pillars that are available to us but going after them without a plan to capture the additional opportunities would not be right to ensure we maximise returns for our shareholders.’
BritNRG is ‘now profitable’
Last week, MetalNRG also provided an update on BritNRG Limited’s production and revenues, asset development and key activities over the last few months.
It said BritNRG, which it owns, is ‘now profitable’, thanks to ‘the effects of the operational improvements carried out during 1H 2021’.
BritNRG is currently producing an average of 3,500 bbls/month compared with production of less than 1,500 bbls/month averaged in Q1 2021, it stated in the update.
BritNRG also sold 3,780 bbls in July at an average price of US$73.88 per barrel (equivalent to US$280,000 of gross revenue). Similar levels of sales have been achieved in August with monthly oil sales projected to exceed 4,000 bbls.
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