Fortune Minerals (TSE:FT) Trading 37.5% Higher - Still a Buy?

Key Points

• Fortune Minerals Limited saw its stock price increase by 37.5% to C$0.11, with a trading volume surpassing the average by 354%.
• The company has a market capitalization of C$67.16 million and a debt-to-equity ratio of -111.61, indicating financial instability.
• Fortune Minerals is focused on developing the NICO Cobalt-Gold-Bismuth Copper Project in the Northwest Territories and plans to build a processing plant in southern Canada.

Fortune Minerals Limited (TSE:FT - ) shot up 37.5% on Tuesday . The stock traded as high as C$0.11 and last traded at C$0.11. 1,829,756 shares were traded during mid-day trading, an increase of 354% from the average session volume of 403,439 shares. The stock had previously closed at C$0.08.

Fortune Minerals Stock Performance

The company has a current ratio of 0.39, a quick ratio of 0.04 and a debt-to-equity ratio of -111.61. The stock's 50 day moving average price is C$0.08 and its two-hundred day moving average price is C$0.07. The firm has a market capitalization of C$67.16 million, a PE ratio of -6.00 and a beta of -1.32.

Fortune Minerals Company Profile

Fortune Minerals Ltd is a Canadian mining and mine development company focused on developing the NICO Cobalt-Gold-Bismuth Copper Project in the Northwest Territories. The company plans to build a hydrometallurgical plant in southern Canada to process NICO metal concentrates. It also owns the satellite Sue-Dianne Copper-Silver-Gold Deposit located 25 km north of the NICO Project, which is a potential future source of incremental mill feed to extend the life.

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