Extract's stock price has exploded over the past few months, not least on recent news that major miner Rio Tinto had raised its stake in Extract to 15.6%. Kalahari Minerals, which holds 38.85% of Extract Resources, has also seen its stock price soar. Rio Tinto has also acquired a 15% stake in Kalahari Minerals. Further beneficiaries of this action include NWT Uranium, which holds 34.06% of Niger Uranium, which in turn owns 15.06% of Kalahari Minerals. If that were not enough, Polo Resources last month announced a holding of 5.7% in Extract.
Recent news from Extract on Rössing South, which lies immediately south of Rio Tinto's Rössing mine, can only be classified as confirming a world class deposit. In January Extract announced an initial resource of 108m pounds of uranium oxide at a grade of 430 parts per million at zone I of its Rössing South project. The very latest numbers include 53 meters at 794ppm U3O8, 65m at 1,056ppm and 20m at 3,351ppm, from 90 meters to 247 meters depth.
EXT Price at posting:
$4.90 Sentiment: Buy Disclosure: Held
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