Finding undervalued penny stocks is a forte we have been able to hang our hats on throughout 2012. Beyond looking for the pre-promotion stocks to get a head start on due diligence and what to look out for, companies trading below where their insiders purchased shares is an almost guaranteed method of finding a runner while its still trying to stretch its legs. This brought us to our latest scanning of up and coming mining exploration company, Buckingham Exploration Inc. (BUKX), whose shares are so undervalued and insiders so well seasoned, we had to give it some attention. Based on the insiders purchases and the current share price, this is literally a potential 5 bagger staring traders in the face which could breakout at any moment.
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BUKX Stock Chart
Market Cap: 1.18M
Last Trade: 0.015
Authorized: 300,000,000
Issued and Outstanding: 78,769,712
Insider Ownership: 32.9%
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One of the hidden highlights we spotted when reviewing Buckingham exploration was that they had absolutely no toxic financing on their books whatsoever. In fact, as of August 31, 2012, the Company had $218,634 cash in the bank, $18,634 more than they expect to need in order to proceed with their plan of operations over the next twelve months. Their plan, having already engaged in advanced negotiations to acquire a gold exploration project in Indonesia, the Company is also investigating the potential acquisition of a near-term coal producing asset in a nearby region.
Yeah, yeah, been there, done that. But, looking even further into the situation, this Company is captained by one Simon Eley, an Australian solicitor with wide experience in the resources sector and current director of Auricup Resources Ltd. as well as a director of Aragon Resources Ltd. During his tenure at Aragon, he quarterbacked securing the Central Murchison Gold Project which became the Company’s core asset. With roughly 2 million ounces in JORC compliant resources, Aragon was taken over by Westgold Resources Ltd in 2011 valuing the Company at $76 million. KaChing!
The reason why BUKS appears so undervalued at its current 0.015 price wall is because a) on June 14, 2012, Eley acquired 50,000 shares of BUKS stock at 0.10 per share in a private placement, $5,000 from his personal funds, and b) the proposed gold project Buckingham was negotiating is located in Sulawesi, Indonesia and covers nearly 14,000 hectares where numerous artisanal miners have been operating in the area extracting gold from hydrothermal vein type mineralization. Add A + B and what you come up with is a penny stock that could easily see a 566% increase from its current level just to match what Eley paid for his shares. Take another gamble on the inherent value a domain is worth and take a guess what www.buckingham.com could fetch.
About BUKX Stock
Buckingham Exploration Inc. is engaged in the acquisition and exploration of mineral properties. Click here to view the SEC filings for BUKX.
Last 5 Trading Sessions:
| Date | Last | Change | % Change | Volume |
| 12/12/12 | 0.0150 | unch | unch | 210,000 |
| 12/11/12 | 0.0150 | unch | unch | 20,000 |
| 12/07/12 | 0.0150 | unch | unch | 1,585,800 |
| 12/06/12 | 0.0150 | unch | unch | 164,900 |
| 12/03/12 | 0.0150 | unch | unch | 5,000 |
Bottom Line: The chances of this penny stock falling below 0.015 are minimal in comparison to seeing BUKS hit 0.03, 0.05, and even 0.10. If you can sit tight and wait for an announcement to come, should it come, BUKS stock could be one explosive way to start 2013.
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