The De Grey (ASX:DEG) share price is sliding lower today

The De Grey (ASX: DEG) share price is falling today as the company released its quarterly report. We take a closer look.

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The De Grey Mining Limited (ASX: DEG) share price is slipping today after the company announced its quarterly activities report for the period ending 31 December 2020. The De Grey share price is currently trading 2.09% lower at 93.5 cents.

Shares in the ASX miner shot to fame last year on rising an astounding 1,920% in 2020. However, it has been a different story since the start of 2021, with the share price slumping more than 16% so far this year.

A man holds his hands out and shrugs.

Image source: Getty Images

What's new?

In today's update, De Grey advised that its Hemi discovery in Western Australia continued to grow across multiple zones. The Hemi discovery is an intrusion hosted form of gold mineralisation which has not been previously encountered in the Pilbara region. The high value of the discovery is driven by its size and growth potential. Moreover, the overall Hemi system is now more than 400 metres deep and remains open.

What more, the company announced that its exploration activity has accelerated. With the number of drills on the site increased to eight. It comes as more than 900 holes remain open on the company's Mallina gold project.

As of 31 December 2020, the company was well funded with approximately $103.8 million in cash.

Growth strategy

De Grey also released information on the company's near term growth strategy within the report. According to management, the company aims to expand Hemi and drill mineralised intrusives around the site.

Furthermore, the company aims to expand the existing resource base and explore untested areas along the company's 200km of prospective zones.

About the De Grey share price

Shares in the ASX miner had a stellar in 2020 being the best performer on the All Ordinaries Index (ASX: XAO). However, as mentioned this trend has not continued in 2021, falling in the first month of the year.

De Grey has a market capitalisation of $1.21 billion.

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Market News

Focused man entrepreneur with glasses working, looking at laptop screen thinking about something intently while sitting in the office.
Broker Notes

Buy, hold, sell: Northern Star, Telix, and Virgin Australia shares

Let’s see if they are bullish or bearish on these names.

Read more »

Three children wearing athletic short and singlets stand side by side on a running track wearing medals around their necks and standing with their hands on their hips.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a rough start to the trading week this Monday.

Read more »

A man looking at his laptop and thinking.
Broker Notes

Forget CBA shares and buy this ASX ETF: experts

Here's what experts are saying about these two investment options.

Read more »

Middle age caucasian man smiling confident drinking coffee at home.
Broker Notes

Buy, hold, sell: BHP, Guzman Y Gomez, and Pro Medicus shares

Are brokers bullish or bearish on these names? Let's find out.

Read more »

Red buy button on an Apple keyboard with a finger on it.
Broker Notes

Leading brokers name 3 ASX shares to buy today

Here's why brokers believe that now could be the time to buy these shares.

Read more »

Humanoid robot analysing the stock market, symbolising artificial intelligence shares.
Broker Notes

Up 109% since November, are Appen shares still a buy today?

A leading expert digs into the outlook for Appen shares amid the rise of AI.

Read more »

Paper aeroplane going down on a chart, symbolising a falling share price.
Travel Shares

Why Web Travel shares are sliding as fresh takeover hopes return

Web Travel shares sink as investors weigh CEO succession and takeover risk.

Read more »

Shot of a young businesswoman looking stressed out while working in an office.
Share Fallers

Why 4DMedical, Brainchip, Catapult, and Star Entertainment shares are falling today

These shares are starting the week in the red. But why>

Read more »