- Positive drilling results at the company’s Andover Lithium Project in Western Australia have sent the share price skyrocketing.
- The soaring share price of Azure Minerals has at least one analyst recommending investors consider taking profits.
- The positive drilling announcements continue, and Azure is now a potential takeover target.
Year to date, the Azure Minerals share price is up 1.162%, with five months of flat movement before exploding in mid-June.
Source: ASX
On 13 June, the company announced exceptional drilling results from lithium deposits in Azure’s 60% owned Andover Project in Western Australia. Andover also has nickel/copper/cobalt deposits. With the price of lithium rising and more penetration of electric vehicles in the auto industry, investors flocked to the shares and have continued to do so as the company continued to release positive announcements. Azure expects to have a maiden resource estimate in the first quarter of 2024, with management claiming Andover is “one of the best lithium plays globally.”
A successful capital raise and speculation that Chile’s SQM chemical company – the biggest lithium producer on the planet – had expressed interest in the company (now confirmed) kept the upward movement intact.
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An analyst at Tradethestructure has a SELL recommendation on AZS shares, suggesting investors take some gains following the massive increase in share price.
An analyst at Bell Potter has maintained a Speculative BUY recommendation, raising the price target for AZS from $3 per share to $5.15 per share.
Walletinvestor.com is a research platform using artificial intelligence (AI) to predict stock price performance. Walletinvestor’s forecast system rates AZS shares as a “bad” investment.
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