Massive Insider Buying in Westward Gold (CSE: WG)
One of the most overlooked aspects of Westward Gold (CSE: WG) right now may be the sheer scale of long-term insider accumulation that has quietly taken place during the past several years.
After reviewing insider filings in detail, NIA discovered that multiple key insiders and major shareholders of WG have collectively accumulated millions of shares through:
- Open market purchases
- Private placements
- Strategic transactions
- Corporate investment vehicles
Most importantly, many of these insiders were accumulating shares at prices significantly ABOVE current WG trading levels.
Westward Gold CEO Colin Moore originally acquired 1.2 million shares in July of 2021 through the acquisition of private Nevada-focused explorer Momentum Minerals by what later became Westward Gold. The implied transaction valuation for these shares was $0.27 per share.
Even after later direct sales, Moore continued aggressively accumulating shares through his private company Bridgeview Consulting Ltd., which purchased approximately 2.7 million shares through financings and open market purchases.
Combining Moore’s:
- Direct ownership
- Bridgeview Consulting ownership
Moore currently appears to control approximately 3.5+ million WG shares, with an estimated blended historical acquisition cost near $0.14-$0.15 per share.
Andrew Nelson, through GNA Financial Advisors Inc., disclosed an opening position of approximately 2.06 million shares in October of 2021 before beginning an even larger accumulation campaign.
Since then, Nelson has accumulated shares through dozens of additional purchases in both the open market and financings, increasing GNA’s ownership position to approximately 9 million shares.
Based on NIA’s calculations, Nelson’s disclosed acquisitions since 2021 represent approximately:
- 7.6+ million additional shares acquired
- ~$683,000 invested
- Estimated blended acquisition cost near $0.09/share
Importantly, Nelson’s buying was not limited to cheap financings. Multiple purchases occurred at prices ranging from $0.12-$0.17/share, well above current WG trading levels.
Major shareholder Mark Monaghan may be even more impressive.
Through:
- Direct ownership
- Dalvay Capital Corp.
- East River Management Ltd.
Monaghan appears to control nearly 6 million WG shares.
Unlike many junior mining insiders, Monaghan’s filings show:
- No meaningful insider selling
- Repeated financing participation
- Aggressive open market buying
- Large purchases at prices as high as $0.15/share
One particularly notable transaction was a massive 987,000-share open market purchase through East River Management at $0.12/share.
Quinton Hennigh, one of the mining industry’s most respected exploration geologists, also became a major WG shareholder after joining the company.
Hennigh accumulated approximately 950,000 additional shares through:
- Private transactions at $0.08/share
- Open market purchases at $0.095/share
- Open market purchases at $0.105/share
Importantly, Hennigh continued buying shares as the price increased.
Additional insiders including Robert John Edie and David Kelley also participated in multiple WG financings.
Overall, NIA believes Westward Gold may currently possess one of the strongest insider ownership and insider accumulation profiles anywhere in the junior Nevada gold sector.
WG’s district scale land package is in Nevada’s best possible location… directly adjacent to Nevada Gold Mines’ Cortez gold complex and Barrick’s 100% owned Fourmile Project, one of the most significant and highest-grade gold discoveries of the 21st century!
WG is directly adjacent to the gold assets that will anchor the #1 largest gold IPO in history later this year! The gold industry’s smartest investors own a massive percentage of the company!
WG will soon launch drilling in the SSD Zone where geologists have identified features that are distinctly reminiscent of the surface geology above Barrick’s Fourmile Project, including silica alteration and quartz porphyry hosted mineralization. Fourmile’s discovery began with precisely these same geological signatures!
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 has received compensation from WG of US$60,000 cash for a six-month marketing contract. This message is meant for informational and educational purposes only and does not provide investment advice.