Yesterday, White Mountain Titanium Corporation (OTC:WMTM) crossed the $2 border again, closing the session at $2.05 per share. What is more, the 5.67% improvement in value occurred on a major volume spike. By the end of the session, more than 180 thousand shares of WMTM stock had changed hands. Thus, WMTM scored not only the highest volume since late April, but also a five-fold increase over the 30-day average trading volume.
A quick glance at WMTM’s six-month chart performance shows that WMTM shares have generally been on the increase as revealed by both the MA (200) and MA (50). What is more, WMTM has managed to break the resistance level for four times throughout that same period, which suggests that it could do so again very soon. Whether we will see such a scenario in the upcoming session is fairly dependent upon the strength of the brand-new press release which came up earlier today.
As its name suggests, WMTM focuses on exploring and developing properties that might contain titanium deposits and reserves. The company already holds concessions in Northern Chile encompassing in excess of 8,000 hectares.
Just as any other regular SEC filer, WMTM submitted a full-on 10-Q report on Aug. 15. According to the document, the company finished the second calendar quarter of 2011 with:
- cash reserves of $3.4 million;
- working capital surplus in excess of $3.5 million;
- a quarterly net loss of $1.23 million.
While WMTM’s current financial condition is good enough to cover the prospective losses the company might incur within the next several quarters, coming up with some commercially viable results in the near future could increase shareholder value considerably.
