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The momentum hit by gold on June 17 had been a major trigger behind the rally in the Clifton Mining Company (OTC:CFTN) stock. The stock soared by 25% amidst strong trading volumes as well. On November 7 last year, Clifton Mining announced that its venture partner, Desert Hawk Gold Corp., had come up with the production report for the July to September 2023 period. It was revealed that during the period Desert Hawk had managed to sell as much as 391 ounces of gold to go along with 594 ounces of silver.
All the ounces had been extracted from the leach pad. The metal exploration business has been a particularly challenging space over the past two decades. Due to the extended bear market in metal prices, many companies filed for bankruptcy due to low revenues and low investor interest. Many companies with strong reserves had also failed to perform well.
However, amidst the doom and gloom, Clifton Mining Company has been one of the few companies to have emerged as an exception. Instead of selling off its properties, the company acquired new assets, and instead of diluting its shares, Clifton Mining bought back 4 million shares. More importantly, the company has also successfully built up a cash balance of $1.2 million and more than $1 million in shares of a related company.
The company has demonstrated its staying power in the industry and attained a position from which it could benefit significantly when the bull market eventually starts in the metals sector. The management has also managed to explore a tough market through prudence, diligence, and a long-term view.
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