The Chalice Mining Ltd (ASX: CHN) share price has rocketed up by 51% since early March. Let’s take a deep dive into what’s been moving it.
The post Why the Chalice Mining (ASX:CHN) share price has grown 51% in a month appeared first on The Motley Fool Australia. –
The Chalice Mining Ltd (ASX: CHN) share price has been growing steadily since this time last year. In fact, it’s up a whopping 1,023% over the last 12 months.
But in the last month, something has changed for the mineral miner. The company’s share price has rocketed up by 51% since 5 March.
At the time of writing, its shares are selling for $6.21 a piece, up 5.79% from yesterday’s close.
Let’s take a deep dive into what’s been moving the Chalice Mining share price lately.
Chalice Mining’s Mad March
For a month of impressive share price gains, the mining company, which has 11 projects across Australia underway, was curiously quiet throughout most of it.
While not much news came out of the company early in the month, it was caught up in the S&P/ASX 300 quarterly rebalance. On 12 March it was announced the miner had been added to the index, effective 22 March.
On 25 March, the company announced two pieces of news.
The survey found a cluster of 29 low to moderate conductance in a new area of the Project. Signalling the potential of nickel, copper, and platinum.
An earn-in agreement is one where one mining company agrees to mine a site owned by another company. Both companies then receive a part of any proceeds from the activity.
In this case, the mine is owned by Metal Hawk Limited (ASX: MHK) and Chalice’s subsidiary CGM Pty Ltd would be charged with the activities.
Since these two announcements, the Chalice Mining share price has rocketed 34%.
Whether the Chalice Mining share price has the energy to continue its upwards power is still to be seen. Though, shareholders who bought in early March must be grinning from the win.
Chalice Mining share price snapshot
While 2021 has been a good year so far on the ASX for the Chalice Mining share price, being up 44% year to date, its comparatively ordinary next to the last month’s growth.
The mining company has a market capitalisation of around $2 billion, with approximately 345 million shares outstanding.
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Motley Fool contributor Brooke Cooper 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.