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Highlights
Stocks of Inomin Mines Inc (TSXV:MINE), a Canadian miner, has been taking quite a tumble today after surging quite notably earlier in the week.
The junior metal stock catapulted by a whopping 257 per cent on Tuesday, March 29, and then by nearly 55 per cent the following day.
At the time of writing this on Friday morning, April 1, Inomin stock was down by about 24 per cent at 10.10AM EST.
Stocks of Inomin Mines Inc (TSXV:MINE), a Canadian miner, has been taking quite a tumble today after surging quite notably earlier in the week.
The junior metal stock catapulted by a whopping 257 per cent on Tuesday, March 29, and then by nearly 55 per cent the following day.
After surging up by almost 14 per cent at a point on Thursday, March 31, MINE stock fell by about three per cent to close at C$ 0.56 apiece.
At the time of writing this on Friday morning, April 1, Inomin stock was down by about 24 per cent at 10.10AM EST.
What could be triggering these fluctuations in MINE stock? Let’s see.
Why is Inomin Mines Inc (TSXV:MINE) fluctuating?
Inomin stock is said to have hit its highest price in five years this week after the company announced on Tuesday that it has made fresh discoveries of nickel, magnesium and chromium at its BC-based Beaver nickel-cobalt property.
On Wednesday, the junior metal company reported that one of its directors and contractors have been granted 350,000 stock options.
The options, Inomin pointed, are subject to the TSXV’s approval and for $0.375 apiece exercisable till March 30, 2027, and vest immediately.
In February, the micro-cap company also said that its Lynx nickel property in British Columbia was going through a ground magnetic survey.
All these developments could be having an impact on Inomin.
Inomin Mines Inc (TSXV:MINE) financial performance in Q3 FY2022
Inomin Mines incurred a net loss of C$ 0.15 million in Q3 FY2021 compared to C$ 0.04 million a year ago.
Its 2021 net loss also expanded to C$ 0.06 million from C$ 0.04 million in 2020.
The metal company has total assets worth C$ 1.18 million as of December 31, 2021, up from C$ 0.77 million a year ago.
Also read: Sigma (SGML) & Standard (SLI): Are these 2 TSXV lithium stocks a buy?
Inomin Mines Inc (TSXV:MINE) stock performance
MINE stock rocketed by about 450 per cent in the last six months and swelled by roughly 319 per cent week-to-date (WTD).
The metal stock, however, was trading in the red at C$ 0.425 apiece at the time of writing this.
Inomin Mines (TSXV:MINE)’ stock performance
Bottomline
Investors looking to explore Inomin Mines should ideally bear in mind the risk attached to micro-cap companies. While they are known to be significantly smaller in size than small-cap, mid-cap or blue-chip stocks in terms of market cap, such junior stocks are also often volatile in nature.
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