GameStop surged 135 per cent overnight and is up more than 20-fold in just 2021 after an army of retail investors colluded on Reddit message boards and other social media platforms under the GME banner to buy shares and force the price up at the expense of short sellers.
Some of the emoji, meme, and social media powered enthusiasm to buy all things GME appears to have spilled over into the, otherwise unremarkable, WA miner this week.
In fairness Mr Sullivan says GME’s nickel mine has some rocket potential of its own due to the nickel price’s leverage to increased demand for the lithium ion batteries used in electric vehicles. “We would ask people to have a closer look at GME’s mineral assets in this region,” he said.
The mining boss didn’t know what to say to its new shareholders given its day out on the speculation, but it could prove a superior bet to its US nemesis. “I think GME has been undervalued over the past few years, but it’s probably a direct result of where the nickel price’s been. A lot of the analysts are now predicting much higher nickel prices over the next couple of years. We think the company will prosper strongly from that,” Mr Sullivan said.
By the close GME had retreated from a 12¢ high, to finish up 13.3 per cent at 8.5¢.
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