Palladium has just surpassed its key breakout point of $2,380 per oz and is currently up this morning by $165.02 or 7.1% to $2,490 per oz! This is by far the highest price that palladium has traded at since Clean Air Metals (TSXV: AIR) went public on May 22nd.
On July 9th, AIR was trading for $0.415 per share or 1.137X Generation Mining (TSX: GENM)'s share price of $0.365 per share. Since then, GENM has rallied by 28.77% to $0.47 per share vs. AIR dipping by 15.66% to $0.35 per share. AIR has been pressured down to artificially low levels due to investors who entered at the February pre-IPO private placement price of $0.20 per share taking profits but we believe this resistance is now gone.
AIR's most recent private placement was priced at $0.50 per share. AIR is sitting on CAD$14.1 million in cash. AIR's current enterprise value is only USD$26.09 million.
AIR is currently conducting a 20,000m drilling campaign consisting of 40 drill holes and recently added a second drilling rig. Only 7 drill holes have been announced so far with 33 more to come. Already, AIR has announced two drill holes that had the highest grades in the history of the property!
NIA's President began accumulating AIR late last week. Investors have overlooked AIR in recent weeks focusing their attention primarily on gold and silver stocks, but with palladium surpassing its key breakout point we expect this to change in the days ahead.
AIR's Chairman sold his last company North American Palladium in December for $1 billion!
Past performance is not an indicator of future returns. NIA is not an investment advisor and does not provide investment advice. Always do your own research and make your own investment decisions. NIA's President has purchased 218,000 shares of AIR in the open market. He can continue adding additional shares and can also sell his shares at any time. This message is not a solicitation or recommendation to buy, sell, or hold securities. Never make investment decisions based on anything NIA says. This message is meant for informational and educational purposes only and does not provide investment advice.