Copper Fox Metals’ share price has been on the rise as of late, and on Monday it continued to see gains. At close of day, it was up 17.86 percent, trading at $0.33. Roughly 1.73 million shares traded hands, or about five times the company’s daily average.
At close of day, it was up 17.86 percent, trading at $0.33. Roughly 1.73 million shares traded hands, or about five times the company’s daily average. All in all, Copper Fox’s share price has gained an impressive 164 percent, or 21 cents, over the past month.
To be sure, that increase is nothing to shake a stick at, especially given the copper price’s relatively lackluster performance for most of the first quarter. Still, it’s unclear what’s been driving the company’s share price up.
Certainly, Copper Fox has put out some good news this month. For instance, on March 13, it received a cash refund of approximately $3.63 million from British Columbia’s Mineral Exploration Tax Credit.
CEO Elmer Stewart said at the time that the money will cover the company’s general and administrative costs while allowing it to complete planned 2015 activities at its Van Dyke and Sombrero Butte copper projects in Arizona. The company will also be able to maintain or increase its equity interest in Carmax Mining (TSXV:CXM), which owns and operates the Eaglehead copper-moly–gold porphyry in B
Five days later, Copper Fox announced a $4.8-million program for the Schaft Creek project in British Columbia. It will include continued optimization studies, geotechnical and geometallurgical modeling and further exploration of the LaCasse zone. Copper Fox holds a 25-percent interest in the project, with its partner being Teck Resources (TSX:TCK.B), which holds a 75-percent interest and is its operator.
Interestingly, Copper Fox’s share price dipped the day the program was announced, but promptly continued to rise even higher.
Looking at the broader picture, the copper price has started to move higher recently on the back of a production halt at Freeport-McMoRan’s (NYSE:FCX) massive Grasberg mine in Indonesia; that has contributed to improved sentiment in the space overall.
Even so, all of that doesn’t necessarily explain Copper Fox’s 164-percent monthly gain. Indeed, a representative of Copper Fox simply said that while the company is proud of the work it has been doing, it’s unsure as to what exactly is causing its share price to move up. “We’re just not sure why we’ve hit the radar,” the spokesperson said.
One final possibility is that speculation regarding a takeover could be fueling the rise. However, Resource Investing News was unable to confirm that rumor, and the company representative was not aware of any such thing.
For now, investors will have to wait and see what happens next.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Copper Fox is a client of the Investing News Network. This article is not paid-for content.