On Thursday, Patriot Gold (OTCMKTS:PGOL) was in the news cycle after it came up with an update for its shareholders. The company announced yesterday that it holds a 3% stake in the Moss Mine, which is owned by Golden Vertex Corp and is already in commercial production.
On Thursday, PGOL stock ended flat at $0.0439 with more than 7.79K shares, compared to volume of 16.05K shares. The stock moved within a range of $0.0439 – 0.0439 after opening trade at $0.0439.
Patriot Gold Provides Shareholder Update
The mine in question is an open pit, gold-silver operation and is situated in the northern part of Arizona. Golden Vertex is a subsidiary unit of Elevation Gold Mining Corporation. Not too long ago, Elevation had announced that during the second fiscal quarter of 2022 the Moss Mine had produced as much as 28115 ounce of silver and 6809 ounces of gold. In addition to that, an infill and a resource expansion drilling initiative had also been completed.
In the first half of 2022, Patriot Gold managed to generate revenues of $795,807 and that was considerably lower than the revenues of $980,181 in the first half of last year. The company further noted that it holds a 2% stake in the Bruner Gold Project as well, which is owned by Endeavor Silver Corp. While the project is not in production year, Endeavor is planning to conduct a drilling program at some point this year.
PGOL stock is trading above the 50-Day and 200-Day Moving averages of $0.0411 and $0.0421 respectively. However, the stock is trading below the 20-Day moving average of $0.0595. The company has a total market capitalization of $3.13 million.