Production is about to get a boost at the Ashdown molybdenum mine in Nevada and with just about a tiny $20 million market cap, 13 million or so fully diluted shares, tight float, no debt, and 40% exposure to the Ashdown property, WEX.V remains my top moly pick and has been so for many years.

Last week, WEX.V’s partner in the project, Golden Phoenix Minerals / GPXM / (which holds the remaining 60% of the project) announced additional progress in ramping up production to the full 100/tons per day capacity. Although cash flow has been slow to arrive due to limited initial start-up of the mine, over the next months it is targeted to increase. This combined with the relative size of WEX.V along with the molymania which appears to be developing makes this an opportune time to take a look back at this investment.

For those looking to keep on top of the molybdenum market, point your browsers to the MolySeek.com website.

WEX.V has moved higher on good volume last week, heading back above $2 after breaking its year-long downtrend resistance. The C$1.50-$1.75 is an area of good support; the stock does have a tight float and can be illiquid at times. The move back to above C$2 on strong volume portends to additional gains in the coming weeks and months, most likely along with positive productions news. Pullbacks appear to be good buying opportunities, although there appears to be some supply just overhead that needs to be swallowed up first – not a difficult feat with even minimal investment interest in this low float company.

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