Jim Cambon's Hudson Resources Inc. (HUD) remains all cashed up and ready to roll -- but to where is the question. Hudson, founded by Jamie Tuer 21 years ago, and managed by him as president until he was replaced by Mr. Cambon four years ago, traded as high as $2.41 in 2007 on the strength of its Garnet Lake diamond project in southwestern Greenland.
After a 2009 crash and a Garnet Lake mini-bulk flop, Hudson got back to $1.86 on enthusiasm for its Sarfartoq rare earth project, also in southwestern Greenland -- only to shrivel anew when the rare earth sector did its typical cyclical crash later that year. In 2017, Hudson fought its way back to 80 cents on the strength of its White Mountain anorthosite project, another mineral on another southwestern Greenland prospect.
Two years later, with White Mountain struggling, and with Hudson's stock hanging tough just above the 40-cent mark, the company sent Mr. Tuer packing. It has not been a good four years since then and so Hudson closed unchanged at 3.5 cents on 8,000 shares today. That price implies a market value of $6.3-million, not much beyond the $3.6-million in cash on hand at the end of June. With essentially zero liabilities, investors are contemplating a renewed effort by Hudson -- somewhere.
Garnet Lake and its diamonds are long gone of course, and White Mountain has certainly shrivelled out of Hudson's grasp. Mr. Cambon, president, and his crew applaud Hudson's focus "on being a leader in the exploration, development and production of green mineral products and technologies from anorthosite," pointing to its "over eight years of developing and marketing anorthosite products" by bringing its White Mountain mine into production.
Unfortunately, the construction took longer than expected and the production delivered much less than expected, and so Hudson, which indeed discovered and shepherded the project through construction in the late 2010s, now owns just a 31.1-per-cent interest. As for how the producing is going, Mr. Cambon and his company say little, but the company does not record any revenue on its latest quarterly financial report.