The Galileo Mining Ltd (ASX: GAL) share price has exploded in recent times, but could it keep going higher?
Since market close on 6 May, the company’s share price has exploded 510%. Today alone, Galileo shares are rising 11%.
Let’s take a look at the outlook for the Galileo Mining share price.
Can Galileo go higher?
Galileo Mining is exploring metals for an electric future in Western Australia. These include nickel, copper, cobalt, palladium, nickel, platinum and rhodium.
Seneca investment advisor Arthur Garipoli is optimistic Galileo can keep rising into the future.
Garipoli highlighted that the company’s significant palladium and platinum discovery in May “resulted in a soaring share price”. He said.
We believe the company is set up for an extended, uninterrupted period of drilling, assays and results.
Recently, Galileo shared news of massive sulphides discovered at the Callisto palladium project. Further assay results from the project are due in mid to late September.
Galileo, in a recent presentation, highlighted a strong cash position of $7 million. Major shareholders include investor Mark Creasy and IGO Ltd (ASX: IGO).
Galileo share price snapshot
The Galileo share price has soared 442% in the year to date, while it has risen 275% in the past year.
For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has fallen nearly 5% in the year to date.
Galileo has a market capitalisation of more than $240 million based on the current share price.
The post Up 500% since May, can the Galileo Mining share price keep shooting for the stars? appeared first on The Motley Fool Australia.
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Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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