Why Silver Lake’s Share Price Rose by 5.17% Today

Silver Lake Resources Limited [ASX:SLR] shares are currently trading at 60 cents, up from 58 cents yesterday.

At one point today, their share price increased by 5.17%, reaching a high of 0.62 cents.

Silver Lake is a gold producing company with resources in Western Australia.

Founded in 2004, their main projects are based in Mount Monger, Murchison and Great Southern Projects.

Why did this increase happen?

Silver Lake has endured a rough time on the stock market recently. Investors were not pleased with the 2017 financial year profits.

Silver Lake made a net profit of $2 million from a revenue that totalled at $227.5 million.

Read this BEFORE you buy gold: Why one resource expert believes the gold price could be headed lower in 2018. Free report (download now).

However, things have started to take a turn in the right direction.

Silver Lake’s March quarter results showed great improvement.

The company had a zero debt status along with a cash and bullion balance of $87 million.

Silver Lake were able to achieve these figures due to improved production and the success from their Mount Monger Project.

A record amount of 49koz with 309kt mined at 4.95g/t for the quarter was extracted by the company.

What’s next for Silver Lake?

With no debt and $87 million in cash and bullion, Silver Lake is in a strong position.

Silver lake also recently announced the Daisy North Project (further findings of gold), what they call ‘A potential game changer.’

They are hopeful that this project will maintain their strong cash position, not just for them, but for their investors too.

Regards,

Ryan Clarkson-Ledward,
For Money Morning

PS: If you’re thinking now is the time to jump back into gold investments…you could be making a huge financial blunder! Find out why here.


Ryan Clarkson-Ledward is an Editor at Money Morning.

Ryan holds degrees in both communication and international business. He helps bring Money Morning readers the latest market updates, both locally and abroad. Ryan tackles all the issues investors need to know about that the mainstream media neglects.

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