The Canadian explorations and development firm Osisko Metals Incorporated (OTCMKTS:OMZNF) may have been trading in a range yesterday but it remains a company that may well be worth tracking at this point by investors.
Trading Data
On Friday, OMZNF stock ended flat at $0.2876 with more than 7k shares, compared to its average volume of 85K shares. The stock moved within a range of $0.2876 – 0.2876 after opening trade at $0.276.
About Osisko Metals
The company is interested in creating value for its shareholders in the base metals segment of the industry. In this regard, it is necessary to note that Osisko Metals owns the Pine Point Project, which is one of the biggest past-producing zinc mining camps in the industry. It remains the crown jewel for the company and could well be the project that eventually results in the growth of Osisko Metals. It may be a good move for investors to keep an eye on any news that may emerge with regard to this particular project over the course of the coming weeks.
Osisko Metals Update on Previously-Announced Option to Acquire Gaspé Copper Project
Yesterday, the company was in the news after it made an announcement with regards to another key property acquisition. It was announced yesterday that Osisko Metals had reached an agreement with Glencore Corporation for extending the date for exercising the option of acquiring a property to July 8, 2022.
The property in question is the Gaspe Copper project, which is situated not far from Murdochville in the Gaspe peninsular area in Quebac. As per the terms of the original agreement, Osisko Metals is supposed to pick up a 100% controlling stake in the project. All of that had been discussed in considerable detail in the discussion and analysis of the management that had been released by the company in the period that ended on March 31, 2022.
Investors who may be interested in taking a look at the discussion and analysis from the management could consider taking a look at the SEDAR website (www.sedar.com) and then go into the issuer profile for Osisko Metals.
The latest development may not seem like much but the agreement is an important one and indicates that the acquisition of the property is still on track. However, it was not a surprise that the stock was trading within a range and it is going to be interesting to see if there is a breakout any time soon.
Technical Data
OMZNF stock is trading below the 20-Day and 50-Day Moving averages of $0.3155 and $0.3642 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.03265.
