Orezone Gold (ORE.T) is getting crushed. It fell another nickel today to end up at $0.84.
Several hundred miles from its Bomboré Gold Mine there is a bit of nasty fighting with Islamist insurgents. This has spooked the market.
I just bought a small trading position for my trading account. My investment shares are safe in a registered account. I suspect the share price may go lower. In which case I will buy more shares for the trading account.
The CEO, a Director and my pal Vanessa Pickering, everyone’s favourite IR gal, have all been buying below $0.90.
The company is producing 35,000+ ounces of gold per quarter and has a treasury full of cash.
There are a lot of moving pieces here: the price of gold, the improvement of the mining operations, the end of the Islamic insurgency. Any one of them can move these shares a lot.
My investment shares are staying put, but I am more than happy to take advantage of a significant over-correction and make a dollar or two.
[UPDATE 08-22-23: Sold the trading position for $0.92, paid $0.83…No one was ever fired for taking a profit. I still hold plenty of ORE.V in a Registered account and have no intentions of selling that.
[Disclaimer: This is not investment advice. I am not an investment professional. I am down about 30% at the moment on my overall portfolio. I will write about companies that I hold. I will disclose any holdings. Do your own due diligence. Do it hard. Call the CEO.
I currently own Orezone shares which I intend to hold but which I may sell at any time.]