Yesterday's close — CA$0.38/share, or US$0.29/share
Even after a recent big surge in its share price, Usha Resources Ltd.'s (USHA:TSX.V; USHAF:OTCQB) market cap is scarcely CA$10 million. Granted, its chief lithium asset is not nearly (yet) what EMH's Cinovec is, though one or two resource estimates/upgrades are on tap for 2023.
At my first glance at Usha a while back it did not initially strike me as anything special, somewhat jaded as I am regarding the seeming plethora of little micro-cap companies out there all claiming to have a piece of Nevada's seeming lithium riches.
But after a couple of colleagues independently of one another told me NOT to sleepwalk past this one, I finally did recently spend a fair bit of time with Usha's C.E.O. Deepak Varshney.
Jackpot Lake
Usha's Jackpot Lake Lithium Brine Project very much IS unique among the numerous Nevada-centric exploration stories out there. This flagship asset of the company is very much in a similar basin to the well-known Clayton Valley, but is somewhat in its own "world." With some 9,000 acres, Usha is the only key player in this basin.
By and large, early work has suggested a shallower and richer potential lithium resource here. This is one distinction. Another, reportedly, is the fact that the water source underground Jackpot Lake is independent of any other major aquifer.
So Usha Resources, Ltd. started as a Buy and is added to my list of Speculative-rated stocks.
Small-cap stock "influencer" Penny Queen has recently been hot on the Usha story; this and other excitement helps explain the recent run on very heavy volume (700K shares yesterday.)
Some of her recent thoughts are RIGHT HERE; I'll be following up on this brief intro with more extensive comments imminently.
Besides many of Usha's unique attributes at Jackpot Lake (it has a few other exploration assets of various kinds as well) consider its share count: only 35 million shares or so outstanding, of which but a quarter or so is in the market.
So Usha Resources, Ltd. started as a Buy and is added to my list of Speculative-rated stocks.
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