Yesterday, Asia Broadband Inc (OTCMKTS:AABB) was in prime focus among investors after the company made a significant new announcement and the stock ended up with gains of as much as 32% amidst significant interest.
On Wednesday, AABB stock rose 32.49% to $0.0471 with more than 24.32 million shares, compared to its average volume of 10.68 million shares. The stock moved within a range of $0.0360 – 0.0485 after opening trade at $0.0364.
Asia Broadband Completes Third Quarter Production and Continues Facilities Expansion at the Tequila Gold Mine Project in Mexico
The company announced yesterday that it had been successful in concluding an entire quarter of production at the Tequila Gold Mine Project that is situated in the Tequila area in Mexico. The company went on to add that the production revenues for the third fiscal quarter that had ended on September 30, 2022 was also in the final stages of preparation and was going to be publishing at some point in the coming weeks.
More importantly, Asia Broadband noted that the production revenues for the third fiscal quarter were going to be higher than what had been generated in the second fiscal quarter. The reason for that would be the current expansion in production facilities that the company had undertaken.
The upgrade of the production facilities at the Tequila Gold Mine Project has progressed well and eventually it is expected to result in additional production of as much as 50 tons per day. It may be a good time to keep an eye on the Asia Broadband stock.
“Our management team has been laser focused on its mining operations growth initiative to expand the Company’s primary business segment. We are proud of and excited with the progress our mining group has made this year, which has set the stage to achieve significantly higher levels of production in 2023.” expressed Chris Torres, AABB President and CEO.
AABB stock is trading below the 20-Day and 50-Day Moving averages of $0.0446 and $0.0526 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.0831. The company has a total market capitalization of $116 million.