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.
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.
Related Articles
Bubs Announces $68 Million Capital Raise
[ASX:BUB] is rattling the can to raise $68 million to support ‘growth opportunities.’
Is Stock Analysis Worth It? Finding Your Investment Edge
Is stock analysis worth your time? The question boils down to a key academic topic: market efficiency.
Bubs (ASX:BUB) Shares up on US Supply Deal Update
Infant nutrition producer Bubs Australia [ASX:BUB] came out with another supplier update today, signing supply agreements with two more US retailers.
NeuRizer [ASX:NRZ] Shares Soar on $1.5 Billion Binding Offtake
NeuRizer [ASX:NRZ] opened 35% higher on Monday after announcing a binding $1.5 billion offtake agreement with Daelim.
[WATCH] Closing Bell — In the Eye of the Storm
It’s a sea of bad news out there at the moment. Equities have cracked and they are continuing to drift lower.
AVZ Minerals Extends Voluntary Suspension
Lithium developer AVZ Minerals [ASX:AVZ] has extended its voluntary suspension on Friday as it continues to work through regulatory and ownership issues concerning its Manono Lithium Project.