While it is true that the Defense Metals Corp (OTCMKTS:DFMTF) stock was in the middle of a selloff this past Friday, it is also important to keep in mind that the company did make a major announcement on Friday and investors could do well to take a closer look.
Trading Data
On Friday, DFMTF stock fell 2.35% to $0.1870 with more than 43k shares traded, compared to its average volume of 111k shares. The stock has moved within a range of $0.1822 – 0.2000 after opening trading at $0.1915.
Files PEA NI 43-101 Technical Report for the Wicheeda Rare Earth Element Project
The company announced on Friday that the Preliminary Economic Assessment NI 43-101 Technical Report in relation to the Wichita Rare Element Project had been filed on SEDAR. It was a major announcement from the company but it did not prove to be a positive trigger for the Defense Metals Corp. The stock suffered from a selloff on Friday and ended the days with a decline of as much as 5% as a consequence.
In this context, it is perhaps also necessary to point out that although the date on the technical report is January 6, 2022, it had actually become effective back on November 7, 2021. The report, which is titled “Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project” was actually prepared by the company SRK Consulting. It is now going to be interesting to track the stock and see if it can bounce back this week.
Technical Data
DFMTF stock is trading below the 20-Day and 50-Day Moving averages of $0.19 and $0.20 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.22.
