Nice big jump on decent volume.
Here's my analysis for those interested:
Technical - very strong closing prices over last two trading days (on both occasions the price closed at the intraday high). I see resistance at approx. 15c, 19c, and 23c. Noting in June 23 it moved very quickly from 6c to 36c so anything is possible on this one. RSI is currently at 66, and has spiked nicely. Volume has picked up nicely, but is still relatively lowish so hopefully it will continue to build. Hope for some more momentum on Monday, rather than a pull back given the large percentage rise recently from 10.5 to 14.5c. This one can move quickly in either direction (volatility).The last 600% spike I referred to (June 23) occurred in 30 days. I like copper and indium, and am very happy to hold this one - despite still being underwater.
Fundamental - very difficult to value the company because it is not yet profitable (mind you, it doesn't need to be to rise 600% as we've seen). It's book value (assets - liabilities) is only $3.3M which is tiny. Its market cap is currently 20x its book value, which some would say is relatively high compared to its peer average. Again, this is not cause for alarm, but something to keep in mind. In June 2023, it attained a price to book ratio of 47, so when the rush is on, it doesn't seem to matter. Its highest book value to date was 68 in Sep 2022. Both times it rapidly fell from these levels. In terms of financial health (if you are still reading), the company has assets of approx $5M and liabilities of $1.9M, with zero debt. But their cash burn is quite high with some decent salaries being paid. This leaves us in a position where cash will need to be raised to keep the lights on, and the company recently entered into a binding agreement with Taurus to help with this. I can't comment on whether a capital raise is incoming, others are better than me at financial analysis - the company itself expects to be able to continue its business operations. The other concern is that recent insider transactions have been more focused on selling rather than buying. That is a little concerning - but still not a reliable indicator of what is to come - just worth noting. Another thing worth noting is that company insiders own roughly 15% of the shares, and the general public owns 78%. Institutions only own 5%. This may explain some of the volatility in the price - some would say a higher institutional ownership would possibly lead to more stability.
None of this is meant to be financial advice, I am just hoping it is useful info for the younger/less experienced people out there who maybe don't have time or skills to look deeper into the company. I personally remain excited at the discoveries to date and the recent encouraging results (which may be why the share price has gone up).
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