RE:Some unusual volume buyingRockLobster1,
RockLobster1 wrote: In the last few days... I'm looking for any reason to see a bottom so maybe this can be a start.... 2024 could be good for commodities, things can eturn around quickly...
Good luck
Yes, it was extraordinary volume last week for Stuhini.
Pretty much record trading volume. A large bid of 525,000 shares was placed in mid December
at $0.17 and it sat there until last week. It appears that PI either dumped their house position or
sold a client or two's position out of 898,000 shares, and also hit the bid on that 525,000 share
bid that had been in pkace for the past month.
Immediately after that whale bid was hit, another bid appeared at $0.17, this time for 728,000 shares.
Seems some of that large bid stepped up the price on Thursday and Friday saw further buying pressure.
I added another 35,000 shares at $0.20 on Friday and have a couple more bids for another 65,000 shares in place for the upcoming week.
Stuhini is still severely under valued, even if you price their 476 million lb moly deposit at
US$0.16 per lb in the ground, which is approx what Zijin Mining paid for the Shapinggou
moly deposit in China in October of 2022
[url=https://www1.hkexnews.hk/listedco/listconews/sehk/2022/1023/2022102300035.pdf[/url]
Molybdenum was trading at US$18.00 / lb when Zijin Mining bought the Shapinggou deposit.
Current moly price is US$20.57 / lb. Shapinggou is an undergound deposit, the world's
largest and is also one of the highest grade molybdenum deposits. Stuhini's Ruby Creek
moly deposit will be a lower operating cost open pit mine,.with lower grade for moly.
At US$0.16 / lb x 476 million lbs = US$76,160,000 × $1.33 exchange rate = C$101,292,800
C$101,292,800 / 46,355,411 shares outstanding = C$2.18 / share
So who's trying to buy into this drastically undervalued company ?
Is someone trying to accumulate shares on the cheap on the open market prior to making a formal offer to either acquire the Ruby Creek moly deposit or come in as a strategic partner ?
Or has some fund manager discovered the underlying value of Stuhini and have decided to try to get a sizeable position on the cheap ?
GLTA !