One of the hottest stocks around right now is run by management that honestly can’t explain why they’re so hot.
Vancouver-based Minco Gold (TSX:T.MMM
, Stock Forum
) has experienced a share price explosion since the beginning of the year, with their long-time $0.20-$0.30 share price range now blown out of the water and up 165% to $0.53 in the last month.
Shares in the company opened at $0.45 Monday but quickly continued their month-long rally, touching $0.63 at noon before profit-taking, leading management to release a statement confirming they have no idea what’s behind the price spike
Shares rose 12.7% Monday, jumping $0.06 on 198k TSX volume. The upward momentum has taken Minco from a $10 million market cap a month ago to a $26.7 million cap today.
The sudden price spike helps the company in more ways than just expanded market cap, however, as the firm had been informed by the NYSE MKT in November that their listing was in jeopardy
due to continuing low share price. That case is, presumably, now closed.
The company hit a large gold zone at its Yejiaba project
in November, which didn’t shift shares much at all, but interest in the company boomed from the first day of 2014 trading and hasn’t looked back since.