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An announcement from Unigold ( (TSE:UGD) ) is now available.
Unigold has secured a renewed drilling permit from the Dominican Republic’s environment ministry for its Neita Sur concession, allowing the company to resume sulphide-focused exploration at the Candelones deposits after a five-year pause. The permit follows strong 2021 step-out drill results that extended high-grade sulphide mineralization west of the current resource envelope and supports Unigold’s strategy to grow its larger sulphide resource alongside an established oxide reserve.
The company has also strengthened its balance sheet with approximately $8.9 million in proceeds from warrant exercises, bolstering funding as it advances development of the Candelones oxide project, which delivered a positive feasibility study in 2022 with a robust internal rate of return at conservative gold prices. The combination of renewed exploration momentum, progressing environmental and social approvals for the oxide project, and strategic partnerships such as the Barrick earn-in at Neita Norte positions Unigold to accelerate its transition from explorer toward producer while enhancing the long-term development potential of its Dominican assets.
The most recent analyst rating on (TSE:UGD) stock is a Hold with a C$0.22 price target. To see the full list of analyst forecasts on Unigold stock, see the TSE:UGD Stock Forecast page.
Spark’s Take on UGD Stock
According to Spark, TipRanks’ AI Analyst, UGD is a Neutral.
The score is primarily held down by weak financial performance (no revenue, continuing losses, and ongoing cash burn despite being debt-free) and a negative P/E tied to lack of profitability. Technicals provide partial support with a price trend above key moving averages and positive MACD, but overbought readings (RSI/Stoch) temper the upside.
To see Spark’s full report on UGD stock, click here.
More about Unigold
Unigold Inc. is a Canadian-based mineral exploration company focused on discovering and developing gold deposits in the Caribbean, with its flagship multi-million ounce Candelones gold deposits located within the 100% owned Neita Sur concession in northwest Dominican Republic. Listed on the TSX Venture Exchange and Frankfurt Stock Exchange, the company also holds the Neita Norte exploration concession, where a major earn-in agreement with Barrick Gold underscores the district-scale potential of its volcanic-hosted gold and polymetallic systems.
Average Trading Volume: 367,193
Technical Sentiment Signal: Buy
Current Market Cap: C$124.8M
See more data about UGD stock on TipRanks’ Stock Analysis page.