Veteran mining investor Paul Johnson has pushed his stake in Irish gold exploration company Conroy Gold to more than 6 per cent – worth around £250,000 – and expects to build it higher as the Irish gold rush builds.
Johnson – who has acknowledged that the company “has been a serial poor performer” in the past – said that he believes that Conroy has been substantially undervalued by the markets.
He pointed out that he expects more “superb results” from the company and “a move by other players to secure strong positions in Irish gold exploration and development” as “gold in Ireland is drawing considerable interest”.
Johnson “participated heavily in the financing in December 2017” when the company raised £1 million of fresh equity after a turbulent boardroom battle, and since then he has built his stake even further.
In January, stock exchange filings showed that Johnson and his wife Michelle had 4.68 per cent of the company’s shares, which had risen to 5.15 per cent in February, and currently stands at 6.04 per cent.
The value of his 1.2 million shares stands at £240,000 (€275,000), as Conroy Gold’s shares finished the week at 20 pence.
Johnson believes the shares will push higher, however, and in a statement issued to British financial blog Share Talk, he said that it was a combination of Conroy’s recent discoveries and the wider Irish gold boom that is driving his stake building.
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