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ATU - Atrum Coal

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ATU looking good today. Announcement this morning concerning the company's Panorama North Anthracite Project.


ATU is currently up about 30% from yesterday's close and looking strong.
 
ATU have updated the Elan South JORC Resource Estimate to 97 Mt (31 Mt Indicated and 66 Mt Inferred), representing an increase of 61 Mt from the 2017 estimate of 36 Mt. The updated resource estimate is underpinned by the 2018 exploration program, consisting of 37 boreholes completed in three phases of drilling.

Today's announcement has boosted ATU's share price which is currently up 11.11% to be trading at 10c and sitting right at resistance. Volume of one million shares is solid but not exceptional and it will probably need more volume and momentum to get it above 11c.

 
ATU has broken out in the last couple of days. There was good news on Monday but the real share price gains didn't start until yesterday, so I'm wondering why there was a delay of a day or two before the buying commenced?

Here's the relevant part of Monday's announcement:



 
ATU successfully raised $20 million in early March through the issue of 114.3 million shares at 17.5c a share.

The share price started to move on 4 April, the day before the company announced that final coking and coke property testing on composite samples representative of Seam 1 and 2 blends from the 2018 Large Diameter Coring program at Elan South has further confirmed Tier 1 HCC quality.

After consolidating between 29c and 35c for most of the last month, the ATU share price has spiked 12.9% to 35c today. No news but it smells like something is around the corner.

Watching for a break above 35c on volume.

 
Huge volume of more than 40 million shares traded yesterday for Atrum Coal and a share price increase of 12.90%. The volume is totally out of character and comes two days after the company announced that the 2019 field exploration program at Elan South has commenced.

ATU has been struggling to break above 35c so it will be interesting to see how things play out today. Something is definitely up.

 
A bit of recent history. A change in government in Alberta, Canada halted the progress of the coking coal project of ATU. The price fell 75% to next to nothing. Consultation process with the new government established and they've finally agreed on the seating arrangements. ATU price falls another 40% much closer to zero. They must have been seated near the kitchen door.

Now, this is interesting, in the last three days price has rallied from 0.03 to 0.063. Somebody must know something new but there's been no news from ATU. Where's the speeding ticket from the ASX?

 
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