BUY Andean Silver Limited (ASL)
*** GENERAL AVICE ONLY***
Trade Date: 25/07/2024
Andean Silver Limited (ASL, formerly Mitre Mining Corporation Limited) is a mineral exploration and development company in Australia focused on gold and base metals discoveries. The Company holds a 100% interest in the Cerro Bayo Silver-Gold Project and Los Domos Project in Chile
Recommendation
Andean Silver
Entry price: Up to 83c
Target Price: $1.10 (longer term target $1.50)
Stop Loss: 60c
Rationale:
Andean Silver (ASL) has been in a strong uptrend for most of 2024 and recently traded as high as $1.05. It has since traded as low as 73c, which is a decent pullback. It has bounced from this level so has now formed a possible higher low, so we have an opportunity to buy a retracement in ASL where it will be easy to manage the downside risk
Fundamentally ASL acquired Cerro Bayo for a very low price and have since put in a good drilling plan to expand the resouce. Management have runs on the board also, as they have been behind the success in Bellevue Gold
Silver prices have fallen recently, so a bounce in the spot price will also help ASL resume the uptrend
Disclaimer: The recommendation given is general advice only. It does not take into account your personal objectives, financial situation, or specific needs. This information should not be your sole resource when making such decisions. We strongly recommend you to seek the advice of financial, taxation, and legal professionals before finalising any investment decisions.