Loncor Gold Shareholders Approve Acquisition by Chengtun Mining

Loncor Gold ( (TSE:LN) ) just unveiled an update.

Loncor Gold Inc. announced that its shareholders have overwhelmingly approved the acquisition by Chengtun Mining Group Co., Ltd., with 99.70% voting in favor. This acquisition aligns with Chengtun’s strategic focus on gold and precious metals, potentially enhancing its market position in the energy and base metals sector. The transaction is pending a final court order and other closing conditions, with further updates to be provided by the company.

The most recent analyst rating on (TSE:LN) stock is a Buy with a C$1.70 price target. To see the full list of analyst forecasts on Loncor Gold stock, see the TSE:LN Stock Forecast page.

Spark’s Take on TSE:LN Stock

According to Spark, TipRanks’ AI Analyst, TSE:LN is a Underperform.

Loncor Gold’s stock score is primarily impacted by its financial instability, characterized by no revenue, rising losses, and negative cash flows. While technical analysis shows some potential for positive momentum, the company’s valuation remains poor with a negative P/E ratio. Notable corporate events highlight future growth potential but do not offset current financial challenges.

To see Spark’s full report on TSE:LN stock, click here.

More about Loncor Gold

Loncor Gold Inc. is a Canadian gold exploration company focused on the Ngayu Greenstone Gold Belt in the northeast of the Democratic Republic of the Congo. The company has a significant resource base in the Ngayu Belt, particularly at the Imbo Project, where it holds substantial indicated and inferred mineral resources. Loncor has over two decades of operational experience in the DRC.

Average Trading Volume: 596,461

Technical Sentiment Signal: Buy

Current Market Cap: C$243.2M

See more insights into LN stock on TipRanks’ Stock Analysis page.