United Paragon Mining Corporation (UPM) made an official announcement today, August 28, 2018. The information is about the issuance of Permit No. EP-016-2016-V by the Mines and Geosciences Bureau Regional Office of Exploration dated August 20, 2018.
The company, through an operating agreement with Camarines Minerals, Inc (CMI), has exclusive rights to operate CMI’s mineral properties in Longos, Paracale, Camarines Norte.
Before the expiration of the mining lease contracts, UPM applied for conversion of the contracts to mineral production sharing agreements (APSA).
On February 4, 2013, UPM and CPI converted through an Exploratory Permit, APSA V-375, which covers 56 mining claims owned by CMI.
The total area covered by APSA V-375 totaled to 395 hectares. It changed to EXPA-000180-V on October 4, 2013.
UPM amended its application in 2016 to conform with DENR-MGB’s policy on meridional blocking. It expanded the total area covered from 395 hectares to 580.272 hectares.
However, the plan was put on hold after then DENR Secretary Gina Lopez issued a memorandum on an extensive audit of all mines and a moratorium on new mining projects.
Incumbent DENR Secretary Roy Cimatu issued DENR Administrative Order (DAO) 2018-13 — lifting Lopez’ memorandum and moratorium.
Operations Still Suspended
However, UPM has not registered any revenues for the second quarter and first half of 2018. It resulted in no operating income for the first six months and a net loss of PHP 33.50 million.
The income is slightly higher than the recorded PHP 25.60 million in the same period in 2017. The figure was attributable to the interest expense accrual and foreign exchange losses.
Nonetheless, the revenue was somehow offset by lower administrative expense after the company terminated onsite personnel.
Spiked Up But Slipping Away?
UPM spiked up today but was unable to hold the highs. The 15 EMA has just made a bullish crossover with the 50 SMA.
Furthermore, the 20 SMA is about to do the same. The 200 SMA is also acting as support.
Volume supports a bullish outlook. MACD is bullish. RSI is also bullish but has hit overbought levels.
0.0082 is the estimated support, followed by 0.0074. On the other hand, 0.0093 is the expected resistance.
As of August 28, 2018, at 03:30 PM, the volume of UPM is 8,466.67% of the previous trading day.
UPM has an EXTREMELY HIGH-RISK level due to its risk percentage of 136.99%.
Foreign Fund Flow
UPM has a zero foreign fund flow as of August 28, 2018.
On a 30-day trading period, UPM is on a Net Foreign Buying worth PHP72,300.0000.
Top 10 Players’ Sentiment
Trading participants of UPM with a 100% Buying and Selling Activity as of Aug-28-2018 at 03:30 PM:
4 out of 55 participants or 7.27% of all participants registered a 100% BUYING activity
22 out of 55 participants or 40.00% of all participants registered a 100% SELLING activity
Top 10 Players’ Buying Average: 38.9466
Top 10 Players’ Selling Average: 38.9356
The psychological average price of the top 10 players as of Aug-28-2018 is from 38.9356 to 38.9356.