Shares of Riverside Resources Inc. (CVE:RRI) experienced a significant increase of 21.4% on March 15, 2024. The stock reached a peak of C$0.26 during trading and closed at the same price, marking a notable rise from its previous close of C$0.21. This surge in share price came alongside increased trading activity, with approximately 788,798 shares changing hands, reflecting a substantial 409% increase from the average daily trading volume of 154,978 shares.
Riverside Resources has shown a marked improvement in its price performance. The firm’s 50-day moving average price stands at C$0.21, while the 200-day moving average is recorded at C$0.19. With a market capitalization of C$26.57 million, the company also reports a price-to-earnings (P/E) ratio of -14.25 and a beta of 1.32, indicating its stock’s volatility relative to the market.
Company Overview and Exploration Focus
Riverside Resources Inc. is actively engaged in the acquisition, exploration, and assessment of mineral assets across Canada, the United States, and Mexico. The company primarily focuses on exploring deposits of gold, silver, rare earth elements (REE), and copper.
Among its key projects, Riverside holds a 100% interest in the Oakes Gold project, which spans an area of approximately 5,600 hectares. Other significant holdings include the Pichette project, covering 1,650 hectares, and the Longrose and Vincent projects located in northwestern Ontario. Additionally, the Duc project encompasses about 600 hectares in Ontario, while the Revel project includes 1,100 hectares situated north of Revelstoke, British Columbia.
Investors are closely monitoring Riverside Resources as the company continues to develop its exploration initiatives and potentially expand its asset portfolio. The recent spike in share price may indicate growing investor confidence and interest in the company’s future prospects.
