Shares of New Jersey Mining Company (OTCMKTS:NJMC) fell in the previous trading session after announcing quarterly updates.
Market Reaction
On Monday, NJMC stock fell 4.35% to $0.44 with more than 92k million shares, compared to its average volume of 154k shares. The stock has moved within a range of $0.4300 – 0.5000 after opening trade at $0.45.
Key Updates
New Jersey Mining Company (OTCMKTS:NJMC) made an announcement on November 15, 2021, about its consolidated operating and financial results for the third quarter of this year. President and CEO, John Swallow emphasizes that both sides of business – Gold and REEs (Rare Earth Elements) have undergone significant advancement during Q3 and YTD.
The high-grade gold drill intercepts released by the company are by far the best, and most consistent in their history. The constant investment in their own drilling continues to reap benefits, while contributing to a growing backlog in the core shed. It is imperative to realize importance of domestic sources of REEs that perfectly aligns with their approach.
Apart from the participation of their Rare Earth Element (REE) properties in the Earth MRI program, the company has advanced Roberts and Diamond Creek and started working with the University of Idaho and Idaho Geologic Survey on a REE focused grant program (focuses mostly on the Diamond Creek project). They firmly believe the reality behind the support for critical mineral programs is where the real story lies, after years of the exact opposite mindset.
The full version of the company’s interim unaudited consolidated financial statements and management’s discussion and analysis is up on the company website and EDGAR.
Traders Review
NJMC stock is trading above the 20-Day and 50-Day Moving averages of $0.44 and $0.38 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.33. The stock is up 37% over the past month.
