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Pelangio Exploration ( (TSE:PX) ) has provided an announcement.
Pelangio Exploration Inc. has announced an updated Mineral Resource Estimate for its Manfo Gold Project in Ghana, revealing a substantial increase in both the Indicated and Inferred gold resources. The updated estimate, which incorporates new drilling data and a higher gold price for economic calculations, shows a 126% increase in Indicated gold ounces and a 395% increase in Inferred gold ounces compared to the 2013 estimate. This development enhances the project’s scale and potential, positioning Pelangio for further exploration and technical studies to support future development decisions.
Spark’s Take on TSE:PX Stock
According to Spark, TipRanks’ AI Analyst, TSE:PX is a Underperform.
Pelangio Exploration’s overall stock score is driven primarily by its troubling financial performance, marked by zero revenue and significant losses, which raises concerns about its sustainability. Technical analysis shows some short-term stability, but with potential volatility. Additionally, while corporate events suggest strategic exploration initiatives, these are speculative and not guaranteed to improve financial performance. The stock’s valuation indicates distress, with negative earnings and no dividend yield, highlighting inherent risks.
To see Spark’s full report on TSE:PX stock, click here.
More about Pelangio Exploration
Pelangio Exploration Inc. operates in the mining industry, focusing on the exploration and development of gold properties. The company primarily engages in identifying and advancing gold projects, with a significant market focus on its assets in Ghana.
Average Trading Volume: 115,643
Technical Sentiment Signal: Buy
Current Market Cap: C$30.79M
Learn more about PX stock on TipRanks’ Stock Analysis page.