It was not a particularly great day in the markets for investors in Bunker Hill Mining Corp (OTCMKTS:BHLL) as the company’s stock went into a bit of a downward spiral and ended up with a decline of as much as 6%. In this situation, it is perhaps necessary for investors to figure out if the stock could in fact make recovery any time soon and thereby deliver some gains.
On Tuesday, BHLL stock moved down 6.25% to $0.1837 with more than 66K shares, compared to its average volume of 62K shares. The stock moved within a range of $0.1833 – 0.2420 after opening trading at $0.2420.
About Bunker Hill Mining Corp
It should be noted that that company is now under a new leadership based out of Idaho and that the leadership team is focusing on the development of the Bunker Hill Mine as its first order of business. The development of the Bunker Hill Mine is part of a larger initiative from the management to integrate a portfolio of assets it owns that are related to silver production.
Bunker Hill Closes Pend Oreille Mill Purchase and Advances Dismantling and Demobilization Activities
Despite the fall in the stock price yesterday, it is necessary for investors to note that the company was in fact in the news yesterday following a fairly positive development. It announced yesterday that it had managed to finally complete the acquisition of the Pend Oreille Mill. The asset was acquired from a subsidiary unit of Teck Resources Limited.
However, it seems that the investors were not particularly pleased with the announcement from Bunker Hill Mining Corp and headed for the exits. The Chief Executive Officer of the company Sam Ash spoke about the development as well and provided some key insights that investors could look into as well
Ash noted that Bunker Hill Mining Corp had managed to make considerable progress with regard to the demobilization and dismantling process at Pend Oreille. In addition to that, the surface crushing facility at the asset had also been moved and relocated to Bunker Hill.
He went on to add that he expected the demobilization process to be concluded at some point in the third quarter of the year. It is quite clear to see that the acquisition could well prove to be a positive one for the company in the long run and it remains to be seen if the Bunker Hill stock manages to make a recovery or not.
Sam Ash, CEO stated: “We are excited to report significant early progress on the mill dismantling and demobilization process at Pend Oreille, including the successful removal and relocation of the surface crushing facility to Bunker Hill. Completion of the demobilization process is targeted for the end of the third quarter, setting us up well for the start of construction thereafter. We are also very pleased to report that all closing conditions for the purchase of the mill have now been met, a key milestone for the company as we continue to advance towards a restart of the mine by end of 2023.”
BHLL stock is trading below the 20-Day and 50-Day Moving averages of $0.20 and $0.21 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.21.