Those who are currently looking into some of the stocks which may have clocked significant gains on Friday could consider tracking the NioCorp Developments Ltd (OTCMKTS:NIOBF) stock. It was one of the biggest movers on Friday amidst heavy interest and ended up with gains of as much as 38% as a consequence.
Trading Data
On Friday, NIOBF stock soared 37.80% to $0.9646 with more than 1.64 million shares traded, compared to a volume of 193K shares. The stock moved within a range of $0.7900 – 1.1500 after opening trading at $0.8590.
NioCorp’s Elk Creek Project Confirmed as the Second Largest Indicated-Or-Better Rare Earth Resource in the U.S.
While it is true that there was no news about the company on Friday, it should be noted that the day before the company had made a major announcement with regard to its Elk Creek Project. NioCorp announced that as per the updated feasibility study into the project, it was the second biggest indicated rare earth materials resource in the United States.
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Considering the massive demand for rare earth materials in different industries, such an announcement may have come as a source of significant encouragement to investors. The project is possibly behind only one other project, the Mountain Pass rare earth deposit which belongs to MP Materials. At this point in time, it may be a good idea for investors to consider adding the NioCorp stock to their watch lists and watch out for further developments on this particular front.
Key Quote
“The results of this updated feasibility study are very good news, and they validate our belief that the Elk Creek ore body represents one of America’s largest indicated rare earth resources,” said Mark A. Smith, CEO and Executive Chairman of NioCorp. “With the addition of the magnetic rare earths, the Elk Creek Project will stand out from virtually every other greenfield project in the U.S. in terms of its potential ability to produce multiple critical minerals that are essential to electrified transportation, renewable energy production, green mega-infrastructure projects, and many other applications that are in increasing demand around the world. If we elect to add rare earths to our product offering, the Elk Creek Project will represent a unique critical minerals project once financing is obtained.”
Technical Data
NIOBF stock is trading above the 20-Day and 50-Day Moving averages of $0.77 and $0.83 respectively. Moreover, the stock is trading above the 200-Day moving average of $0.90.
