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Element 29 Resources ( (TSE:ECU) ) just unveiled an update.
Element 29 Resources has received Declaración de Impacto Ambiental (DIA) environmental certification from Peru’s Ministry of Energy and Mines for its Elida porphyry Cu-Mo-Ag deposit, a key step toward obtaining a new drilling permit that would significantly expand the number of authorized drill platforms from 20 to 40 and extend the timeframe for exploration. Together with a recently signed five-year access agreement with the host community and ongoing drilling under its existing permit, the approval advances the company’s ability to continue exploring beyond its current pit-constrained mineral resource estimate and systematically evaluate the larger hydrothermal alteration footprint at Elida, reinforcing the project’s development potential and the company’s longer-term growth prospects in a strong market for copper, molybdenum and silver.
The most recent analyst rating on (TSE:ECU) stock is a Hold with a C$1.00 price target. To see the full list of analyst forecasts on Element 29 Resources stock, see the TSE:ECU Stock Forecast page.
Spark’s Take on TSE:ECU Stock
According to Spark, TipRanks’ AI Analyst, TSE:ECU is a Neutral.
The score is held back primarily by weak financial performance (no revenue, ongoing losses, and negative free cash flow despite a low-debt balance sheet). Technicals are a meaningful positive with the stock above major moving averages and a positive MACD, while valuation is constrained by negative earnings and no dividend. A positive exploration acceleration event adds modest support but does not offset the current cash-burn profile.
To see Spark’s full report on TSE:ECU stock, click here.
More about Element 29 Resources
Element 29 Resources Inc. is a Canadian mineral exploration company focused on copper, molybdenum and silver, with its flagship asset being the Elida porphyry Cu-Mo-Ag deposit in west-central Peru. The company controls 32 contiguous concessions totaling 22,800 hectares at Elida, a road-accessible project located at moderate elevation and supported by nearby transport, port access and power infrastructure, including a 45 MW hydroelectric facility, positioning it for potential future mine development.
Average Trading Volume: 63,348
Technical Sentiment Signal: Buy
Current Market Cap: C$183.5M
For a thorough assessment of ECU stock, go to TipRanks’ Stock Analysis page.