Is the Greatland Gold (GGP) share price about to skyrocket?

| February 9, 2022

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mining site extracting metals from the ground

  • Greatland Gold shares skyrocket nearly 2,000% in 2020
  • The company’s stock is down nearly 45% over the past year. 
  • Greatland Gold plc operates in a low-risk jurisdiction.

The Greatland Gold (LSE:GGP) share price is up by about 6.50% over the past 5 days. But the stock is also down about 8.25% year to date. And The mining company’s stock price has been decimated by nearly 45% in the past year. Is the current price a good bargain or a sign to stay away? Let’s explore this business and its potential.

The business of Greatland Gold

Greatland Gold is first and foremost a development and exploration company with a focus on precious metal, more specifically, tier-one gold and copper deposits.  The firm’s major asset is its world-class Havieron gold-copper project in the Paterson region of Western Australia. This asset is currently being developed in a joint venture with Newcrest Mining

In a recent announcement, the group reported a significant result at Havieron outside of the South East Crescent Zone, and potentials for high-grade mineralisation was confirmed within the separate Eastern Breccia.

Here is how the Greatland Gold share price has performed over the years. 

Greatland Gold plc was founded in 2005 and was admitted to trading on the Alternative Investment Market of the London Stock Exchange on 3 July 2006.

Since then, Greatland Gold’s share price is up about 500%. During this period, the company’s stock has been very volatile. It reached an all-time low of 0.05p on 25 January 2016 and an all-time high of 38.50p on 4 January 2021. Greatland Gold has 52 weeks high and low of 12p and 29p respectively.

In 2020 the stock skyrocketed as price opened the year at 1.80p and closed at 36.90p per share. This was a nearly 2,000% increase. The fact that Greatland Gold plc remained operational throughout the lockdown made the stock to be a market favourite. That being said, is the Greatland Gold share price about to skyrocket again?

Will the Greatland Gold shares skyrocket?

Although it has lost more than half of its value since 2020, I won’t be surprised to see the stock advance towards its all-time high. That notwithstanding, as a cautious investor I am mindful of Greatland Gold. At its current state, the company is full of potential which in themselves are not yet realities. Specifically, it has yet to generate any revenue.

What’s also worth noting is that it’s highly leveraged which is a big issue for me. With that in mind, I will be avoiding the stock for the short term since I believe that Greatland Gold shares have not bottomed. 

But with a long term view, I did consider adding some shares to my portfolio given its growth potential. Of course, this growth will only happen if it can start generating revenue and profits in the future, which remains unclear at this time. For now, I’ll be keeping this business on my watchlist.

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Prosper Ambaka does not own shares in any of the companies mentioned. The Money Cog has no position in any of the companies mentioned. Views expressed on the companies and assets mentioned in this article are those of the writer and therefore may differ from the opinions of analysts in The Money Cog Premium services.