If you have been tracking the NioCorp Developments Ltd (OTCMKTS:NIOBF) stock in the past week, then you might have noticed that the stock suffered from a strong selloff and went down by as much as 5% during the period. In light of that decline, it may be a good time for investors to work out if the decline could be an opportunity to get into it or not.
Trading Data
On Monday, NIOBF stock went up 1% to $1.03 with more than 90k shares, compared to its average volume of 210k shares. The stock has moved within a range of $1.0200 – 1.1200 after opening trade at $1.02.
NioCorp Achieves Positive Results in Metallurgical Testing
Despite the recent decline in the stock, it should be noted that NioCorp Developments did make a major announcement yesterday It was in relation to the positive results related to the metallurgical work that is being conducted for the extraction of rare earth elements from the ore samples collected from the Elk Creek Project.
The study is being conducted by L3 Process Development and small samples from NioCorp. The findings have been positive and it goes without saying that it marks a significant milestone for NioCorp. Some of the recent testing done by L3 Process Development has revealed that there has been rare earth recovery from the samples. Rare earth elements are currently needed across a wide range of industries and hence, this development could be the precursor something big for NioCorp.
Key Quote
“The data from this most recent solvent extraction testwork is very encouraging,” said Tommee Larochelle, Ing. PE, MBA, Chief Technology Officer, L3 Process Development. “Both the phosphate and amide-based extraction testing have performed exactly to plan, and I look forward to continuing our efforts to verify this a cost-effective way to produce commercial rare earth products from the Elk Creek flowsheet.”
Technical Data
NIOBF stock is trading above the 200-Day and 50-Day Moving averages of $1 and $1 respectively. However, the stock is trading below the 200-Day moving average of $1.06.
