Legend Mining capitalises on share price gain, now a seven-bagger
Mining & Resources
Legend Mining isn’t shy about parading its 160 per cent share price gain for the June quarter, with the junior nickel explorer making sure to point it out to investors in its recent quarterly report.
The share price closed at 6.1c on June 29 before it edged back to its current price of around 5.1c.
Legend hit a new 52-week high of 6.6c on the same day – marking a 633 per cent increase or a seven-bagger from a low of 0.9c in October.
“It is particularly pleasing that this price improvement is off the back of solid exploration news flow coupled with market interest in entities working in the Fraser Range,” boss Mark Wilson said.
“Our entire exploration team including consultants and contractors, can be justly proud of these results”.
Legend has a patch of nickel and copper-prospective land, called the Rockford project, in the renowned Fraser Range region of Western Australia.
The project is a partnership between Legend (70 per cent) and famous prospector Mark Creasy (30 per cent).
The Fraser Range became known as a base metals hot spot back in 2012 when Sirius Resources uncovered the Nova-Bollinger nickel, copper and cobalt mine, which eventually earned the company’s backers – including Mr Creasy – the very large sum of $1.8 billion.
Independence Group (ASX:IGO) acquired Sirius and its Nova mine in 2015 and has several partnerships with other juniors in the region.
The voraciousness with which Independence is doing deals in the Fraser Range has prompted speculation that Legend could also be a takeover target.
“I say to investors who ask me whether they should sell their shares at the moment — we’re either going to make the next discovery or we’re going to get taken over on the journey,” Mr Wilson told Stockhead in June.
Legend believes it has all the right ingredients to turn its Rockford project into the next Nova mine.