CAPITAL MARKETS

Pacton peaks on backing for Pilbara play

Shares in conglomerate gold hopeful Pacton Gold (TSXV: PAC) hit a 52-week high on Friday in the wake of high profile backing for its Pilbara gold project.

Staff reporter
 Conglomerate gold hopeful hits 52-week high

Conglomerate gold hopeful hits 52-week high

Eric Sprott last week invested C$2 million as part of the company's $5.5 million raising for exploration at its Australian and Canadian projects.

Pacton had struck a deal to acquire nine tenements in the Pilbara in February from CTTR Gold, and added to its holdings in the region through an earn-in in April with Arrow Minerals.  

Its shares had trebled in mid-November to reach the C36c mark after appointing Australian-based Alec Pismiris as interim CEO.

Its shares then shot up 27.91% on Friday to close at 55c, a 52-week high representing a gain of almost 90% year-to-date and capitalising it at $47.3 million.

The conglomerate gold story and frontrunner Novo Resources garnered fervent attention in 2017.

The gold price meanwhile rose slightly over the course of last week and was earlier trading around US$1,321 an ounce on the spot market.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

A growing series of reports, each focused on a key discussion point for the farming sector, brought to you by the Kondinin team.

editions

Mining Journal Intelligence Investor Sentiment Report 2024

Survey revealing the plans, priorities, and preferences of 120+ mining investors and their expectations for the sector in 2024.

editions

Mining Journal Intelligence Mining Equities Report 2023

Access an exclusive, inside look on the quarterly mining IPOs and secondary raisings data and mining equities performance tables with an annual Stock Exchange Comparisons supplement.

editions

Mining Journal Intelligence World Risk Report 2023 (feat. MineHutte ratings)

A detailed analysis of mining investment risks across 121 jurisdictions globally, built on 11 ‘hard risk’ metrics and an industrywide survey.

editions

Mining Journal Intelligence Global Leadership Report 2023: Social licence

Gain insights into social licence trends and best practices from interviews with 20+ top mining company executives and an industrywide survey.