While it is true that the Sabina Gold & Silver Corp (OTCMKTS:SGSVF) stock was trading in a range on Wednesday, it ought to be remembered that the company also announced its financial results for the fiscal year that ended on December 31, 2021.
Market Reaction
On Wednesday, SGSVF stock moved up 2.50% to $1.29 with 86K shares, compared to its average volume of 239K shares. The stock moved within a range of $1.2500 – 1.3500 after opening trade at $1.35.
Key Details
The President and Chief Executive Officer of the company Bruce McLeod spoke about the financial results. He noted that throughout the course of 2021, Sabina Gold & Silver had been focussed on reducing risks in relation to the Back River Project. He went on to note that the company had also been able to conclude as much as 40% of the civil works related to the project.
On the other hand, the company announced that as of December 31, 2021 it had cash and cash equivalent to the tune of $25.6 million. It also noted that it had a senior secured debt facility worth as much as $225 million with Orion. In addition to that, Sabina Gold & Silver also had gold stream arrangement worth as much as $125 million with Wheaton Precious Metals Corp. It will now be interesting to see if the stock can actually make a move either way over the coming days.
Traders Review
SGSVF stock is trading above the 20-Day and 50-Day Moving averages of $1.25 and $1.13 respectively. Moreover, the stock is trading above the 100-Day moving average of $1.22.
