HK Stock Market Move | CSMALL (01815) fell 22% in early trading, the company plans to rename to Mount Everest Gold. Breakthrough in gold exploration in Shannan City, Tibet.
21/01/2025
GMT Eight
CSMALL (01815) rose more than 100% yesterday, closing up 36% for the day. The stock fell 22% today, dropping 18.75% to HK$0.455 as of press time, with a trading volume of HK$6.6884 million.
On the news front, CSMALL announced that the board of directors intends to change the company's Chinese and English name from "CSMALL Group Limited" to "ZhuFeng Gold Group Limited". The proposed name change will not only demonstrate the group's long-term focus on gold-related business operations in China, but also reflect the group's expansion into mineral exploration activities related to gold in the Himalayas near Mount Everest.
It is worth noting that China Silver and CSMALL completed the acquisition of Jiangxi Letong New Materials Co., Ltd. (holding 100% equity of Tibet Longtianyong Mining Co., Ltd.) in August 2024. In the second half of 2024, Tibet Longtianyong hired independent third-party geological experts to conduct a survey. The report revealed the discovery of several gold mineralization zones and gold ore bodies in the region, with an estimated inferred ore volume of approximately 2.1 million tons, gold metal content of approximately 5,800 kilograms, and an average gold grade of approximately 2.77 grams per ton. It is preliminarily expected that the prospective gold metal content in the Shannan survey area could reach approximately 20 to 25 tons, demonstrating the potential for a large-scale gold mine.