After investing in an unknown mining stock, a Swedish-Canadian family struck gold. The price of the stock exploded by 21 times in one year.
Bloomberg reported that the Lundins had invested $17.5 Million CAD (12.88 million dollars) into Montage Gold Corp. (MAUTF), a Vancouver-based company dedicated to metals exploration, development and production, in March 2024 when its shares were trading for $0.70 CAD (0.52 USD) per share.
The Lundins, who already owned a significant stake in Montage Mining Company at the time of the investment decision, decided to add additional capital for the mine’s Ivory Coast flagship to be operational.
Toronto’s MAUTF started its rise in January, after it announced its Ivory Coast gold mine will begin production earlier than anticipated by 2026. In just one year, the stock rose to $11.07 CAD and reached $15.04 Canadian dollars. This was a staggering 2,409% gain for Lundins.
Montage’s Ivory Coast gold mine contained $3.1 billion in January. This is assuming that the metal will average $3,000 per year for the 16 years of the project. Gold is currently $5,183, which is about 7.58% lower than its record high of $5 602, reached in late January.
Montage is worth around $759,000,000 to the Lundins. Bloomberg Billionaire Index data shows the Lundins to have a total net worth of 18.1 billion dollars.
The Lundin Family did not reply to any requests for comments.
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Sources of Images include Pixabay Creative Commons & Midjourney
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