Most Exciting News For EGO in a DECADEGood morning traders, today we will cover EGO, a massive gold mining company. EGO let out some big news during a massive week throughout earnings pumping a massive 50%. Not only did EGO release some fantastic news but it just so happened to be after a major breakout which hasn't been tested since 2010. Another impact that should be accounted for is the Coronavirus. As Coronavirus scares grow, economic despair follows.
On a side note, EGO just released some pretty big news about their mine Kisladag. Eldorado NYSE:EGO claims they have a plan for a 35% gold production increase.
Average Volume: 2.20 million shs
Current Volume: 20.22 million shs
Eldorado says completed long-cycle heap leach testwork indicates increased heap leach life of mine recovery at Kisladag to ~56% and extends mine life by 15 years through 2034.
On an unadjusted basis, Q4 net earnings swung to a $91.2 M profit, mainly attributable to the net $85.2M Kisladag impairment reversal, compared with a $218.2M loss in the year-ago quarter.
My Opinion?
10.09 Breakout = Moon
Friday we saw EGO touch over $10 a share after-hours, will we wake up to a bag next week?
As always
