John Teeling, the Irish businessman, provided some direct insights on the poor performance of the stock in Arkle Resources PLC (AIM:ARK), the mining exploration firm he currently chairs.
“In recent months the Arkle share price has been volatile mainly due to one investor who purchased over 25 million shares equal to 6.8% of the issued equity only to sell off the block in large chunks a short time later,” he said in commentary accompanying Arkle's 2022’s results.
Since April 21, the shares have halved in value, giving Arkle (presumably named after the Irish racehorse of the same name) a very micro market capitalisation of £1.2 million.
The company is focused on zinc and gold, although it has recently expanded its portfolio and geographic footprint to take in platinum group and battery metals.
It exited 2022 having booked a loss just shy of €300,000.
The shares, meanwhile, were off 22% at 0.31p on Tuesday.