Greatland Gold Share Price Forecast July 2021 – Time to Buy GGP?
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Greatland Gold (LSE: GGP) has been grabbing the headlines for quite some time because of its share price movements. GGP shares increased by 1900% in 2020 before losing roughly half of the gain this year. The share prices have been hovering around £20 for much of the recent months.
Greatland Gold – Technical Analysis
Greatland Gold’s financial statement reveals a market cap of £742.087 million and total assets worth £9.936 million. GGP shares have performed well in the last 12-months with an almost 60% increase despite a significant drop earlier in 2021. However, they have dropped from 20 to 18 points in the last month. GGP shares closed on July 12th at £19.50 with an uptrend of 3.72%.
Oscillators for Greatland Gold such as Stochastic RSI Fast (3, 3, 14, 14)(100.00), Williams Percent Range (14)(−14.71), Bull Bear Power(1.46) and Ultimate Oscillator (7, 14, 28)(56.33) are pointing towards neutral. On the other hand, the majority of moving averages such as Exponential Moving Average (200)(20.71) and Simple Moving Average (200)(23.76) are pointing towards a sell action.
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Recent Developments
Greatland Gold recently announced the appointment of a new Chief Financial Officer, Christopher Toon. With a track record of overseeing the development of fast-growing mining businesses, Toon has previously worked with Sakari Resources Limited, Iluka Resources, Aquila Resources Limited, Sandfire Resources Limited and other SGX and ASX listed organizations. The company also recently published the findings of their drilling results, which were impressive. They found high-grade gold deposits relative close to the surface, allowing it to be abundantly and economically mined.
Should You Buy GGP Shares?
As an early-stage exploration company, GGD shares have been soaring high as a result of its transitioning its mining sites to the production phase. The management team had previously announced that its flagship project Havieron contains almost 4.2 million ounces of gold and other metals, worth approximately £5.4 billion in the current market. This was the main driver behind the explosive performance of GGD shares recently.
Investors should note that although GGP shares are down at the moment, the company has been quite active. Many young mining companies face the problem of lack of capital. However, in this case, the joint venture between Greatland Gold and Newcrest Mining is a promising one. Newcrest has provided the company with loan finance, allowing it to keep up its end of costs related to development. The project provides the company with substantial funds to continue operating until they establish a proper revenue stream. Until the pre-feasibility study is completed, investors should thus hold off from making any investment decisions.
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