Today Mustang Resources Ltd [ASX:MUS] shares soared by 45.83%.
Despite increasing so drastically, they were in a better place last October when they were trading at 17 cents a share. After the massive surge the company is now valued at 4 cents a share at time of writing.
Mustang have a market cap of $25.457 million and an enterprise value of $13.32 million.
Mustang resources explore and develop mineral properties in Mozambique, and are primarily focused on the development of a Montepuez ruby project in Cabo Delgado.
How is business fairing for Mustang?
Recently, Mustang have closed its sales facilities in Mauritius and are focused on establishing a marketing office in Thailand.
The purpose of this move is to generate consistent cash flow as they continue to explore and sample new activities which align with their business module.
The minerals exploration company sees great opportunity in trading with Thailand, due to the fact that the Asian country is considered to be the world leader in trading in gemstones.
Mustang have appointed two new board members, Dr Bernard Olivier as managing director and Cobus Van Wyk as chief operating officer.
Proactive Investors reported, Chairman Ian Daymond stated:
‘Bernard brings significant experience in all aspects of coloured gemstone mining, marketing and sales and was a key person in the development of the TanzaniteOne coloured gemstone mining operation in Tanzania where he managed a team of over 600 employees.’
Back in January, Mustang Resources secured a $19.95 million funding facility with US investor Arena.
Based in New York city, Arena has over US$750 million in assets under management.
This funding will help ensure Mustang has a stable funding, so they plan further exploration and continue to work on their ruby and graphite projects.
Mustang hope the funding agreement will provide the company with a stable capital and will contribute to the acceleration of their projects in Mozambique.
For Markets & Money
PS: Australian property still has massive potential. Phil Anderson from Markets & Money has written a free report, ‘Why Australian Property Is On The Verge Of A Decade Long Boom’, with the details.