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This morning, Clifton Mining Company (OTC:CFTN) could be the one to watch after the company announced its mining and production report for the period between July and September 2023. The company announced that in the three-month period, Desert Hawk managed to sell an aggregate of 391 ounces of gold and 594 ounces of silver.
All the ounces had been recovered from the leach pad. The company also noted that over the previous two decades, many precious metals exploration companies struggled due to the long-drawn bear market in prices. As a result, many companies went bankrupt due to a paucity of investor interest and low revenues.
However, Clifton Mining had proven to be one of the companies to have bucked the trend. Instead of selling off its properties, it had managed to acquire new ones. More importantly, it did not dilute its stock through secondary share offerings and, in fact, bought back more than 4 million shares. It has also built up its financial base. The company boasted $1.2 million in cash, more than $1 million in shares of a related mining firm, and many millions of dollars worth of membership shares that it owned in a biotechnology firm.
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