Premier African Minerals Share Price Forecast June 2021 – Time to Buy PREM?
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Premier African Minerals Limited (LSE: PREM) has been in the eye of investors lately due to its recent positive movements. It’s a natural resource development and multi-commodity mining company focused on Southern Africa with its RHA Tungsten and Zulu Lithium projects in Zimbabwe. The company was founded by George Greville Roach and Bruce Cummingand is headquartered in Johannesburg, South Africa. The shares of the company have been soaring 0.07 points starting from March this year, which was the norm from December 2020. The shares peaked at £0.3970 on March 15th before suddenly decreasing to £0.2320 3 days later. Analysts however have seen the shares doing better, which are now oscillating around 0.2 points, grabbing the attention of investors.
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Premier African Minerals Limited – Technical Analysis
The financial statement of Premier African Minerals Limited reveals a current market capitalization of £40.151 million. They have total assets worth £5.66 million and liabilities worth £1.92 million. Other metrics include a Price to Book (FY) of 1.9818, a Net Income (FY) of -£961795.4913, and a Gross Profit (FY) of -£69763.4871. It has a total debt (MRQ) of £1.016M and Total Assets (MRQ) of £6.727 million.
When we move over to the technical information of the company, it reveals a mixed picture. Stochastic RSI Fast (3, 3, 14, 14)(89.742), Average Directional Index (14)(22.426), Relative Strength Index (14)(67.706) and other oscillators reveal an overall neutral sentiment. On the other hand, Volume Weighted Moving Average (20)(0.20), Exponential Moving Average (200)(0.131), Simple Moving Average (50)(0.180) and other moving averages point towards buying. PREM shares opened on June 24th at £0.231 with a downtrend of -7.06%.
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Recent Developments
Founded in 2007, Premier African Minerals Limited has engaged in the evaluation, development, mining, exploration, and investment of natural resource properties in the African continent. Initially, the company was named G&B African Resources Limited before changing its name in April 2012. The company announced on 3rd June that they are raising £1,000,000 before expenses at an issue price of 0.16 pence per share. The company’s issued a share capital increase to 8,418,009,831 Ordinary Shares, with voting rights, following the issue of the placing shares.
Should You Buy PREM Shares?
Given the lack of news coverage on the development of the company, it is difficult to see any positive pointers to recommend this company. The company announced a second price monitoring extension on 23rd June 2021, after announcing the first one earlier that day. Investors would be wise to stay away from this company till more news comes out.
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