Australian gold prices are going crazy; but small cap gold stocks are going cheap.
Which means now is the perfect time for cashed up miners to restock their project pipeline by buying out struggling, but fundamentally attractive, juniors.
Today, one-time market darling Artemis Resources (ASX:ARV) has appointed UK-based corporate advisor CF&Co following “numerous” unsolicited offers and joint venture approaches.
In November 2017, Artemis peaked at about 59c a share as conglomerate gold mania swept the Pilbara. But it has been on a steady March southward since then, last trading for 3.1c per share. It received a small bump on today’s news, up 3.5 per cent to 3.2c in morning trade.
Artemis, which recently refocussed on “near-term gold production opportunities”, says the unsolicited approaches indicate significant interest in the company’s West Pilbara assets.
Notably, there have been ongoing discussions with a so-called large private group which wants to use proprietary technology to identify large-scale targets across the Artemis portfolio.
Artemis is also in ongoing discussions with several parties over some non-core projects.
“Based on the numbers of enquiries we have been receiving regarding potential divestment or JVs of our non-core assets, we considered it prudent to appoint a well-regarded mining finance and advisory firm,” Artemis chairman Sheik Maktoum says.
“CF&Co has significant experience across the sector, and given their headquarters in London, they are a great fit for Artemis and our strategic plans.”
CF&Co advises major mining clients down to single asset juniors, says Artemis. In February, CF&Co helped private company Cupric Canyon secure $US565m towards developing its copper-silver project in Botswana.