The Hawsons Iron Ltd (ASX: HIO) share price completed an impressive turnaround on Tuesday after spending the morning in the red.
At the close of trading today, the resource developer’s shares were swapping hands for 52 cents apiece, up 4%.
For context, its shares were trading at an intraday low of 42 cents, down 16%, during market open.
What caused the significant turnaround?
The broader recovery on the All Ordinaries Index (ASX: XAO) provided support for the Hawsons Iron share price.
The index was recording heavy losses within the first hour of trade, however, bargain hunters swooped in, leading to a turnaround. The All Ords ended the day down 0.99% to 7,285 points, a far cry from 7,158 points in the morning.
Investors appear to have taken advantage of the recent Hawsons Iron share price weakness. A fall of 23% yesterday followed three other big losses over the past week, which has seen it drop back to mid-April levels. This is after the company’s shares went on a wild ride from 26 cents at the start of April to $1.08 on 3 May.
Hawsons Iron is developing the Hawsons Iron project in Broken Hill, New South Wales.
Management is focused on turning the project into a producer of high-quality iron ore products for the global steel industry.
Following the successful pre-feasibility study results in 2017, the company is now focused on progressing the Hawsons Iron project. This includes advancing a bankable feasibility study, securing a mining lease, and commencing production by mid-2024.
Hawsons Iron share price snapshot
The Hawsons Iron share price has rocketed an astonishing 1,040% over the past 12 months.
The incredible feat led the company, formerly known as Carpentaria Resources, to touch an all-time high of $1.08 earlier this month. However, the strong acceleration was short-lived with its shares crashing back to the 50-cent mark.
Based on today’s price, Hawsons Iron commands a market capitalisation of roughly $378.98 million.