Orosur Mining Share Price Forecast July 2021 – Time to Buy OMI?
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Orosur Mining (LSE: OMI) is in the news today after its shares soared by more than 60% on Tuesday due to the release on exploration ongoing at its Columbia-based Anza project. The company’s regional exploration programs consisting of geological mapping, BLEG sampling, and soil and stream sediment sampling have also performed well. Investors are thus wondering whether this is the right time to pick up OMI shares.
Orosur Mining – Technical Analysis
As per the financial statement released by Orosur Mining, the market cap for the company is £26.536 million with total assets worth £10.44 million. On Tuesday, OMI shares skyrocketed to 91.5% above Monday’s 25.65p close. Currently, OMI is valued at £22.6 at the time of writing, with a downtrend of -7.76%.
Moving over to the technical information, we get oscillators like Ultimate Oscillator (7, 14, 28)(56.8), Bull Bear Power(15.9), Williams Percent Range (14)(−31.1) and Stochastic RSI Fast (3, 3, 14, 14)(64.4) all pointing towards neutral. On the other hand, moving averages such as Exponential Moving Average (10)(17.3), Simple Moving Average (10)(16.2), Exponential Moving Average (20)(16.3), Simple Moving Average (20)(15.4) and Simple Moving Average (30)(15.5) point towards buying.
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Recent Developments
As mentioned before Orosur Mining is involved in an ongoing exploration project at its Anza project in Columbia. The shape and nature of gold mineralisation at APTA have been revealed thanks to the company releasing results of nine drill holes. The first phase of drilling has defined high-grade gold mineralization at APTA. The next phase will identify additional centres of mineralisation, along the 20km long strike of the Aragon Fault.
The remaining rig will remain on-site and continue operating once the final hole of the program is finished. The primary objective of the company’s exploration program is the determination of the potential of the Anza land package as a host to a large gold mineralization system. Orosur mining had entered into a non brokered private placement with Newmont Goldcorp back in September 2018. As part of the deal, Newmont will 75% ownership interest in the Anzá Project subject to a minimum spending of $30 million in qualifying expenditures over 12 years.
Should You Buy OMI Shares?
Investors should be aware that OMI share prices are well off the peak they achieved in February of this year. Shares have got as high as 45p last year and have been trending down since early March. The assay results will thus act as a catalyst for management decisions. While OMI shareholders have done very well over the last year, the cash burn of the company is a risky aspect that investors should take into consideration.
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