Exploration success in NSW drives AGC share price higher

There were no new themes at play in the markets last week; just more of the same. Markets were moving according to interest rate expectations with the stronger economic performances sending share prices down.

Although it is always a point of conjecture as to when a discovery is actually a discovery, I feel fairly safe in declaring Australian Gold and Copper's Achilles Project a discovery. It was first disclosed to the ASX in a release dated 23/4/24, and subsequent drilling has delivered excellent results.

AGC will provide good trading opportunities in the coming months as the market awaits further results. Now is the time when speculation will be at its highest level. If drill results keep getting better, the share price will power to even higher levels. However, we have already seen > 500% rise in the share price from the levels seen a month ago. To some extent the discovery has already been factored into the share price, but who knows just how big this is going to become. We watch with interest. This is an example of how dramatically fortunes can change with a few good drill holes.
 

 WeeklyComm25May2024.pdf