Let me begin by wishing all a Happy New Year: let's hope that it would be much better than the one we just closed. It would not be "that difficult" as 2023 saw the share price losing 32% down to a market cap of $34M CAD, drifting steadily and slowy on low volume. Kevin mentionned a couple of times that we are/were in a "challenging market", but looking at the stats for the minors, both GDX (10%) and GDXJ (7.1%) finished the year in positive territory with a pretty nice performance for the last 2 months. The bullion also got an excellent year with people paying 15% more on average than 2022.
SGNL did not follow the trend. Looking at the stats, we got the yearly high of 42.5 cents during the second week and it has been down after that. That down trend started at the same time some new negative posters appeared on the bullboard. A coincidence? Let's go through the NR headlines to see if that drop in the SP is justified:
- Point Rousse: care and maintenance and selling to Maritime Resources for $3M + 24M shares
- $21M Bridge financing with Nebari
- $6.7M Financing (30 cents or 36 cents FT) and $5M (15 cents and 17 cents FT)
- Consolidation of properties around Goldboro property (making it a district)
- IP survey and discovering of new drilling targets west of the existing future pits
- Permitting progress
- Drilling results demonstrating gold mineralization up to 450m west of Goldboro deposit
I do not see anything that could justify the price drop. Some people say that Point Rousse made some investors sell their position, but the sell happened in June and the SP already got a 50% hair cut at the time. Some also said that the Nebari bridge financing added risks, but this allowed for aggressive drilling while keeping the dilution to a minimum. 40% of the buying was done in the first 4 months over 30 cents and since the SP was not able to recover to the forties, tax loss selling brought the SP down to the yearly low of 11.5 cents.
Let's hope that those sellers jump back into the story after the publishing of drilling results in the coming weeks. We will also have an update about the resource estimate and hopefully get all the required permits to bring the project to be shovel ready. We might have interested parties (buy out? JV with Saint Barbara?) when this happens. Some conservative analysts say that gold might reach $2500 this year... hopefully management will be aggressive on the promo side when that happens.
GLTA
| Date | Open | Close | Yield | Volume ** | VWAP*** | VWAP Var. | WAGP**** | WAGP Var. |
| Year 2023 | 0.34 | 0.135 | -32.54% | 22 843 091 | 0.235 | -59.57% | 2 067.60 | 15.24% |
| Dec 25, 2023 * | 0.13 | 0.135 | 3.85% | 386 599 | 0.135 | 2.27% | 2 073.90 | 1.88% |
| Dec 18, 2023 ! | 0.13 | 0.13 | 4.00% | 973 067 | 0.132 | 5.60% | 2 035.60 | 1.49% |
| Dec 11, 2023 | 0.135 | 0.125 | -7.41% | 805 095 | 0.125 | -11.97% | 2 005.70 | -1.04% |
| Dec 4, 2023 ! | 0.145 | 0.135 | -3.57% | 1 528 157 | 0.142 | 1.07% | 2 026.80 | -0.32% |
| Nov 27, 2023 ! | 0.13 | 0.14 | 12.00% | 1 502 469 | 0.141 | 8.08% | 2 033.40 | 2.01% |
| Nov 20, 2023 ! | 0.14 | 0.125 | -3.85% | 570 032 | 0.13 | -8.45% | 1 993.30 | 1.50% |
| Nov 13, 2023 | 0.145 | 0.13 | -13.33% | 628 117 | 0.142 | -10.69% | 1 963.90 | 0.16% |
| Nov 6, 2023 ! | 0.17 | 0.15 | -9.09% | 168 165 | 0.159 | -7.02% | 1 960.80 | -1.56% |
| Oct 30, 2023 ! | 0.18 | 0.165 | -5.71% | 96 582 | 0.171 | -2.84% | 1 991.80 | 0.82% |
| Oct 23, 2023 | 0.185 | 0.175 | 0.00% | 121 693 | 0.176 | -6.38% | 1 975.60 | 1.38% |
| Oct 16, 2023 | 0.185 | 0.175 | -7.89% | 226 287 | 0.188 | -1.05% | 1 948.80 | 4.14% |
| Oct 9, 2023 *! | 0.195 | 0.19 | 0.00% | 300 903 | 0.19 | -2.06% | 1 871.40 | 2.67% |
| Oct 2, 2023 | 0.20 | 0.19 | -5.00% | 209 050 | 0.194 | -1.02% | 1 822.70 | -3.69% |
| Sept 25, 2023 | 0.21 | 0.20 | -2.44% | 213 848 | 0.196 | -5.31% | 1 892.60 | -1.72% |
| Sept 18, 2023 ! | 0.215 | 0.205 | -4.65% | 129 555 | 0.207 | -2.82% | 1 925.80 | 0.54% |
| Sept 11, 2023 ! | 0.215 | 0.215 | 2.38% | 319 922 | 0.213 | 1.43% | 1 915.40 | -0.57% |
| Sept 4, 2023 *! | 0.21 | 0.21 | 0.00% | 92 970 | 0.21 | 4.48% | 1 926.30 | -0.71% |
| Aug 28, 2023 | 0.205 | 0.21 | 0.00% | 202 900 | 0.201 | -4.29% | 1 940.10 | 1.77% |
| Aug 21, 2023 ! | 0.22 | 0.21 | -2.33% | 101 050 | 0.21 | -4.55% | 1 906.40 | 0.32% |
| Aug 14, 2023 | 0.22 | 0.215 | -4.44% | 117 950 | 0.22 | -2.65% | 1 900.40 | -1.20% |
| Aug 7, 2023 * | 0.225 | 0.225 | 0.00% | 189 593 | 0.226 | 0.89% | 1 923.50 | -0.94% |
| July 31, 2023 | 0.24 | 0.225 | -2.17% | 263 401 | 0.224 | -5.49% | 1 941.80 | -0.77% |
| July 24, 2023 | 0.235 | 0.23 | 0.00% | 418 206 | 0.237 | 4.41% | 1 956.90 | -0.53% |
| July 17, 2023 | 0.22 | 0.23 | 4.55% | 162 910 | 0.227 | 1.79% | 1 967.30 | 1.18% |
| July 10, 2023 ! | 0.23 | 0.22 | -4.35% | 213 292 | 0.223 | -2.62% | 1 944.40 | 1.14% |
| July 3, 2023 *! | 0.235 | 0.23 | 2.22% | 90 348 | 0.229 | -6.53% | 1 922.40 | 0.52% |
| June 26, 2023 | 0.22 | 0.225 | 9.76% | 400 427 | 0.245 | 13.95% | 1 912.40 | -0.68% |
| June 19, 2023 ! | 0.24 | 0.205 | -14.58% | 677 700 | 0.215 | -11.52% | 1 925.40 | -1.51% |
| June 12, 2023 ! | 0.245 | 0.24 | -2.04% | 718 018 | 0.243 | -1.22% | 1 955.00 | -0.37% |
| June 5, 2023 ! | 0.26 | 0.245 | -5.77% | 744 404 | 0.246 | -2.38% | 1 962.20 | -0.07% |
| May 29, 2023 ! | 0.26 | 0.26 | 0.00% | 626 609 | 0.252 | -5.62% | 1 963.60 | 0.13% |
| May 22, 2023 *! | 0.28 | 0.26 | -3.70% | 470 743 | 0.267 | -6.97% | 1 961.10 | -1.19% |
| May 15, 2023 ! | 0.295 | 0.27 | -6.90% | 583 135 | 0.287 | -1.03% | 1 984.70 | -2.03% |
| May 8, 2023 | 0.305 | 0.29 | -4.92% | 399 568 | 0.29 | -4.29% | 2 025.80 | 0.60% |
| May 1, 2023 ! | 0.315 | 0.305 | -6.15% | 382 092 | 0.303 | -6.77% | 2 013.80 | 1.33% |
| Apr 24, 2023 | 0.33 | 0.325 | -2.99% | 284 706 | 0.325 | -6.61% | 1 987.40 | -0.30% |
| Apr 17, 2023 ! | 0.35 | 0.335 | -1.47% | 120 859 | 0.348 | 1.16% | 1 993.30 | -1.31% |
| Apr 10, 2023 | 0.35 | 0.34 | 0.00% | 287 060 | 0.344 | 1.18% | 2 019.70 | 0.66% |
| Apr 3, 2023 * | 0.345 | 0.34 | 0.00% | 346 063 | 0.34 | 1.49% | 2 006.40 | 2.16% |
| Mar 27, 2023 | 0.30 | 0.34 | 9.68% | 258 132 | 0.335 | 7.37% | 1 963.90 | -0.24% |
| Mar 20, 2023 ! | 0.31 | 0.31 | 0.00% | 120 859 | 0.312 | -2.50% | 1 968.60 | 2.24% |
| Mar 13, 2023 | 0.325 | 0.31 | -4.62% | 329 536 | 0.32 | 0.00% | 1 925.40 | 4.82% |
| Mar 6, 2023 | 0.295 | 0.325 | 4.84% | 581 722 | 0.32 | 10.73% | 1 836.90 | 0.25% |
| Feb 27, 2023 ! | 0.29 | 0.31 | 10.71% | 679 303 | 0.289 | 0.00% | 1 832.40 | 0.07% |
| Feb 20, 2023 *! | 0.295 | 0.28 | -3.45% | 1 211 785 | 0.289 | -0.69% | 1 831.10 | -0.63% |
| Feb 13, 2023 ! | 0.30 | 0.29 | -1.69% | 1 248 995 | 0.291 | -3.00% | 1 842.80 | -1.51% |
| Feb 06, 2023 | 0.33 | 0.295 | -13.24% | 1 197 198 | 0.30 | -12.02% | 1 871.10 | -2.25% |
| Jan 30, 2023 ! | 0.34 | 0.34 | 0.00% | 208 613 | 0.341 | -0.58% | 1 914.20 | -0.53% |
| Jan 23, 2023 | 0.35 | 0.34 | 0.00% | 125 038 | 0.343 | 1.18% | 1 924.40 | 0.23% |
| Jan 16, 2023 | 0.37 | 0.34 | -6.85% | 171 748 | 0.339 | -11.49% | 1 919.90 | 1.91% |
| Jan 9, 2023 | 0.42 | 0.365 | -8.75% | 249 405 | 0.383 | -0.78% | 1 883.90 | 1.90% |
| Jan 2, 2023 | 0.34 | 0.40 | 25.00% | 387 212 | 0.386 | 23.72% | 1 848.70 | 2.22% |
| | | | | | | | | |
| * Market was open 4 days or less during the week in Canada | | | | |
| ** Volume on the TSX only | | | | | |
| *** Volume Weighted Average Price | | | | | |
| **** Weekly Averaged Gold Price in $US | | | | | |
| An exclamation mark (!) indicates that news were published during the week |