The Auris Minerals Ltd (ASX: AUR) share price is up 0.2 cents today, but it all counts when you’re a penny stock as that translates into a 13% rise to 1.7 cents for any shareholders. Around $225,000 worth of the stock has been traded as at 15.00pm AEST.
Auris Minerals shares are lifting after it announced it has earned a 70% interest in the Cheroona Joint Venture with Aussie gold mining giant Northern Star Resources Ltd (ASX: NST).
The deal comes about after Auris effectively invested $1.3 million prospecting WA-based gold tenements, with plans now presumably on hand to start digging the shiny metal out of the ground.
Australian gold miners generally are enjoying a bumper couple of years on the back of a surging Australian dollar gold price that is now topping A$2,000 an ounce thanks to the double whammy of a strengthening US dollar and US dollar gold price.
This morning I reported how mid-cap gold miner Regis Resources Ltd (ASX: RRL) is posting near $1,000 profit margins per ounce of gold, with an all in sustaining cost of A$1,029 per ounce to show just what a profitable space this currently is.
Northern Star shares have more than doubled over the past year and it’s no tiddler, with a near $9 billion market cap now.
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Motley Fool contributor Tom Richardson has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019