Sirius Fast Tracks Nova with A$44 Million Placement

What has been the best performing stock of 2012 in the exploration space? Not Gold Standard Ventures. Not Reservoir Minerals. Not even Goldquest when measured from trough to peak.

The correct answer as far as we’re aware is Sirius Resources, propelled along by a nickel discovery in Australia. From pre-discovery to the current price of A$2.46 you’re looking at a 40 bagger or 4,000% return in about 4 months:

It all started on July 26, 2012 with a blind discovery hole that set the price on fire. On day 1 the shares closed nearly 8x higher at 45 cents on 56 million shares, literally hundreds if not thousands of times what had been normal trading volume. Of course that was just the beginning and since then Sirius has traded as high as $3.28, a level within easy reach of a $1 billion fully diluted valuation. Even now at A$2.50 we’re looking at a fully diluted valuation of over A$500 million. Simply incredible, and more so given the carnage visible elsewhere in the exploration space.

At some point we’ll want to take a closer look at the Nova discovery to judge its merits but right now we’re much more interested in finding the next [super]Nova. To that end, at least in the nickel space, we’ve set up a call with an interesting nickel explorer to try to make heads or tails of their chances for a market moving discovery next year — cue shameless plug — it goes without saying that if we like what we hear and decide to buy into the story then Metal Augmentor subscribers will be the first to know.