Here’s what’s been going on with the Chalice share price lately.
The post Why is the Chalice Mining (ASX:CHN) share price surging today? appeared first on The Motley Fool Australia. –
The Chalice Mining Ltd (ASX: CHN) share price is topping off a rocky week with a 3% gain, despite no news having come from the company.
At the time of writing, the Chalice Mining share price is $8.83, 3.15% higher than its previous close.
Let’s take a closer look at the latest news of the former gold explorer turned mineral explorer.
What’s driving the Chalice Mining share price lately?
The Chalice Mining’s stock is once again on the move today. It follows a 1.5% gain on Tuesday and a 1.1% slip on Wednesday.
The small rollercoaster came amid the float of the company’s spin-off, Falcon Metals, which listed with what used to be Chalice Mining’s gold assets.
Today’s gain may well be the market’s way of showing relief the company’s hard work is over.
The company spun out its gold assets to focus on its nickel, copper, and platinum group elements projects. The resulting company, Falcon Metals, debuted on the market on Wednesday.
It also offered $30 million worth of new shares, priced at 50 cents apiece, with Chalice shareholders having priority over the general public.
Fortunately, the Falcon Metals share price recovered 19% yesterday and is currently up 5.3% today. Right now, it is trading at 39.5 cents, still 21% lower than its offer price.
All the excitement might have put pressure on Chalice Mining’s stock this week. Particularly, since it tumbled 4.2% when Falcon Metals was officially demerged on 15 December.
However, the Chalice Mining share price is still 105% higher than it was at the start of 2021. Though, it is 8% lower than it was this time last month.
The post Why is the Chalice Mining (ASX:CHN) share price surging today? appeared first on The Motley Fool Australia.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.