Centamin PLC (OTCMKTS:CELTF) Stock Trades In a Narrow Range

Although it is true that the Centamin PLC (OTCMKTS:CELTF) stock was trading within a range on Wednesday, the company did make a key announcement that investors need to look into.

Market Stats

On Wednesday, CELTF stock fell 0.82% to $1.21 with more than 4k shares, compared to its average volume of 8k shares. The stock has moved within a range of $1.1950 – 1.2200 after opening trading at $1.22.

Issues 3-yr Production Outlook

The company was in the news yesterday after it made an announcement with regards to its targets for the fiscal year of 2022. The company noted that it has targeted unit production in the range of 430000 to 460000 ounces and a capital expenditure to the tune of as much as $215 million. In addition to that, the company also announced that in the fiscal year of 2022 it wishes to take the production levels to the 450000 to 475000 ounces. The capital expenditure for the fiscal year 2023 has been targeted at $165 million.

Those are ambitious plans and it may be a good time for investors to start taking a bigger interest in the Centamin stock in the coming days. In addition to that, Centamin also noted that the mineral reserve growth now stood at more than a million ounces net after accounting for mining depletion over six months. That represents a rise of as much as 23%. It now remains to be seen if the stock gets any attention from investors today and tomorrow.

Key Quote

“Our improved geological model underpins our new robust 12+ year mine schedule and from this we have identified a clear roadmap to consistently producing greater than 500,000 ounces per annum from the Sukari Gold Mine over the next decade,” Martin Horgan, CEO, said.

Traders Corner

CELTF stock has a pivot point at $1.2083. Key supports for the stock are 1.1717, 1.1833, 1.1967 and resistances are 1.2217, 1.2333, 1.2467. Moreover, RSI stands at 36.