{australien_flagge} With high turnover, the shares of Australian copper explorer American West Metals Limited (ASX: AW1; FRA: WKN A3DE4Y) marked a new all-time high of AUD 0.355 in Australian trading today. Intraday, the stock traded as high as AUD 0.37. A total of 52 million shares with an equivalent value of AUD 17.68 million were traded.
With high turnover, the shares of Australian copper explorer American West Metals Limited (ASX: AW1; FRA: WKN A3DE4Y) marked a new all-time high of AUD 0.355 in Australian trading today. Intraday, the stock traded as high as AUD 0.37. A total of 52 million shares with an equivalent value of AUD 17.68 million were traded.
Since the publication of the spectacular copper discovery last Wednesday a week ago (August 2, see our articles https://goldinvest.de/weitere-meldungen/goldinvest-english-news/american-west-stock-rises-sharply-again-after-additional-spectacular-copper-discovery and https://goldinvest.de/weitere-meldungen/goldinvest-english-news/american-west-announces-large-african-type-copper-discovery-west-of-greenland), the stockprice has thus risen by a further 50 percent despite the stock had already risen sharply before that. The high turnover suggests that large addresses are positioning themselves. Last Wednesday alone (August 2), 84 million shares were traded, this Monday 64 million and yesterday another 24 million shares.
American West’s success has now spread to its JV project partner Aston Bay (TSXV: BAY; FRA: WKN A2AUFP) in Canada. Shares in Aston Bay quintupled in the past few days and closed yesterday at CAD 0.20 (35 million market cap). Aston Bay and American West entered into an option agreement in March 2021 under which American West can acquire 80 percent of the Storm copper project on Somerset Island, Nunavut. The condition is that American West invest CAD 10 million in exploration within 9 years. Once this condition is met (which should be shortly), American West and Aston Bay will form an 80/20 joint venture. Only then would the two partners’ stakes be diluted if one of them does not invest further. In case Aston Bay was unable to raise its contribution and gets diluted to below 10%, Aston Bay’s interest would be converted to a 2% net smelter return. So Aston Bay has effectively secured the royalty for the project in any event. We believe that royalty alone could be worth a lot of money in the future.
We will keep a close eye on both companies from now on.
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