The share price of Nova Mining Corp. (NVMN), a growth-focused entity looking to acquire high-demand mineral mining assets, is back at its starting point. NVMN stock price is down -26.83%to $1.20 after rising to as high as $1.63 since it began trading earlier this month. Considering how small the public float is, you would think that with the explosion in iProducts, a lithium miner might be worth speculating on.
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NVMN Stock Chart
Market Cap (intraday): 36.00M
52-Week High
(Jun 26, 2012): 1.63
52-Week Low
(Apr 26, 2012): 1.01
Avg Vol (3 month): 9,647
Avg Vol (10 day): 59,825
Shares Outstanding: 30.00M
Float: 5.00M
Two days ago when Nova Mining’s penny stock hit $1.63, the Company had issued a statement that it had received encouraging due diligence documents, including 3rd party lithium estimate reports and government license documents, regarding one of their leased properites. The Dornogobi property is one of three major licensed lithium fields owned by Mongolian National Mining Consultants Limited (MNMC).
Early last week, the Company made a move to secure valuable Lithium supplies by executing a Letter of Intent with MNMC for the exclusive right to purchase 100% of the Lithium produced from the MNMC mining properties at a discount to market price. Today, Nova Mining’s President, James Dilger, stated that witnessing the boom in iPad sales in regards to the Lithium market, the Company believes that further product releases will exponentially escalate lithium prices.
The problem is, Nova Mining ain’t got no Lithium for sale at present. Should that change for the Company that has yet to report any revenues, the share price of this penny stock could break past $3 based on the size of the public float.
About NVMN Stock
Nova Mining Corp. is a growth-focused entity that seeks to acquire an international portfolio of strategic high-demand mineral mining assets. The Company operations philosophy includes securing local partners with strong management abilities and proven records for low production cost and high return on investment.
To view the SEC filings for NVMN, clcik here.
Bottom Line: Lithium focused penny stocks have been running around for years and that may be what killed the first little rally NVMNstock was on. Then again, it could just be a bunch of front loaders who dumped out to put the shares into the trading arena. Either way, Lithium is hot and NVMN should be on the list of penny stocks to watch. Next week is a weird schedule with the 4th falling in the middle so entry points may open up for long investors.
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