RE:we have breakoutThere are numerous reasons why MGG is moving up. First, speaking from a technical viewpoint, the stock has been building a base for a couple of years now, all while gold was in the dumps. Once above 20 cents, there is plenty of room on the upside if one can believe the charts.
Fundamentally, the company has bided it's time until it found a property worth adding, at the right price--La Quintera. Just as an aside, one of MGG's directors, Peter Megaw, is receiving an award at this year's PDAC:
Thayer Lindsley Award: Peter Megaw, Mag Silver
Peter Megaw, a Professional Geologist and co-founder of MAG Silver, made a blind discovery, known as the Juanicipio silver deposit, containing more than 200 million ounces silver. The discovery resulted from an understanding of structural controls and mineral zoning patterns of epithermal vein systems and persistent application of field-based exploration methods. It was discovered in the 500 kilometre Fresnillo epithermal belt in Mexico. The discovery renewed exploration of the region and led to the discovery of further 600 million ounces silver.
According to MGG's IR director, Sunny Pannu, Megaw is quite happy with the La Quintera property.
Second, MGG is closely held with most of the shareholders based in the EU area. That's partly due to the CEO, Darrel Rader, who has extensive fundraising experience in Europe and the desire on management's part find long-term investors willing to support the company. Contrast that to raising money via PIPEs, only to watch the hedge funds flip the shares for a quick profit.
Finally, MGG has a lot of properties, some of which warrant development and management is looking for other companies to partner with to extract value from those properties. Maybe they will get something done at PDAC, who knows. Regardless, if MGG can just get some good drilling results, either from La Quintera or Biricu, the stock will look very inexpensive at these prices, imo.