ComparablesThere appears to be a significant amount of negativity with regards to the near term price action of SUNM (by a few individuals). Just for shits and giggles I would like to draw a few parallels.
Firstly, let’s look at SUNM...
“Following completion of the acquisition,
Sun Metals' issued and outstanding shares totals approximately 120.5 million and its market capitalization amounts to approximately
$77.1 million, based on
Sun Metals' closing price on the
TSX Venture Exchange on
April 11, 2019.”
Here are a few mining stocks that have experienced or are currently experiencing break-outs:
- Auryn Res (AUG): Currently have no drilling done, but a lot of promise.
- O/S 94.5 Million
- Market Cap $216.5 Million
- Novo Res (NVO): Good story before break-out in July 2017. Went from $0.80 to $8.00
- O/S 93.0 Million at break-out
- Market Cap went from $74.5 Million to $745 Million (currently at $397.8 Million)
- Garilbaldi Res (GGI): Before break-out in July 2017. Went from $0.18 to $4.50
- O/S 74.5 Million at break-out
- Market Cap went from $13.5 Million to $335.3 Million (currently at $96 Million)
I could give some more examples, but I won’t. What I am driving at is that we have only just begun. The selling will most likely come when we start to exceed a market cap of $250M. However, if results are comparable to hole 421, then I believe our market cap could hit anywhere’s from $0.5B to $0.75B.