CEO buying at NioGold

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While yesterday we featured a junior stock which was a contrarian situation, today we look at an example of relative strength in NioGold Mining (NOX). We last featured NioGold in our INK morning report on April 15. The stock has been relatively flat since the report which translates into strong relative performance against the broad iShares S&P/TSX Global Gold Index Fund Units (XGD) which over the same time period is down 25.5%.

The stock has come to our attention because CEO Robert Wares (featured on our Power Player blog last year) was a cofounder of Osisko Mining and has been buying recently. It is also notable that Osisko Gold Royalties (INK Edge Outlook: cloudy; OR), a spin off of Osisko Mining, is the largest insider equity holder at NioGold with 19.36% of shares outstanding.

 

NioGold Mining (NOX) Past 90-Day CEO Buys

NioGold Mining Equity Filing Overview Chart

 

NioGold is a gold exploration company focused on their Marban Block property in the Malartic gold camp in Quebec near the former Osisko Malartic mine. A June 1st, 2013 technical report estimated 296,000 ounces of gold in measured resources with an additional 818,000 oz Au indicated at the Marban Block property. On July 6th, NioGold reported an average recovery rate of 88.3% from leach test results on core samples from the Marban deposit. Average cyanide (NaCN) consumption was 0.17 kilograms per tonne. 

As at February 28th, 2015, NioGold had cash and cash equivalents of $4.7 million. Subsequent to that, on May 28th, they closed a private placement for gross proceeds of $3.6 million. The deal was a combination of units and flow through shares. Units included 1,987,500 warrants exercisable at 50 cents until on or about May 28, 2017.

From July 17th to July 20th, NioGold Mining (NOX) President and CEO Robert Wares (KMT,AZ,BOW,OBM) acquired a total of 13,000 common shares on a direct ownership basis at prices ranging from $0.37 to $0.38. Mr. Wares is the third largest insider equity holder at NioGold with 0.55% of shares outstanding.

Earlier on May 11th, 10% holder André Gaumond (OR,BOW) acquired 20,000 common shares on a direct ownership basis at a price of $0.38 (not shown on chart). Notably, Mr. Gaumond is Senior Vice President of Northern Development and Exploration and a Director at Osisko Gold Royalties and is the third largest insider equity holder at that company with 0.23% of shares outstanding.

 

Disclosures: An earlier version of this article appeared in the INK Research morning report for subscribers before the market open. I own shares in NioGold Mining. As per our website disclaimer, this is not investment advice. 

 

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