Solaris Resources had a big day yesterday (March 17th), as the share price shot up in the final hours of trading. As volume rapidly increased, anyone holding the stock saw their position become over 9% more valuable almost instantly. With volume being far outside the average range, we are beginning to see the Solaris team’s efforts bear fruit as investors expand their appetite for the stock.
Jacqueline Wagenaar, Vice President of Investor Relations for the company, commented, “We believe the increase in share price performance is the market reflecting a lack of sellers and ongoing buying demand from recognition of the outstanding drill results from the Warintza copper project in south-eastern Ecuador, in a structural bull market for copper where new projects are scarce.”
The signal this sends to anyone watching the stock is that investors have more confidence than ever in their new projects like the Warintza mine in Ecuador, and prospects in the immediate and distant future will continue to propel earnings far above their current positions. While the stock is pricier than it was a day ago, if the confidence implicit in yesterday’s buying remains steady, the stock will remain a great buy no matter what the price is.
Any pullback will be seen as a buying opportunity from now on, and with the added attention, Solaris will have no trouble convincing the street that portfolios will be well served with some SLS in it.