Skeena was a classic case of what I call Sucess In Progress as it repoerted batch after batch of high-grade drill results at its flagship Eskay Creek gold project in norther British Columbia. Some of those were high-grade for an open-pit mine, and some were flat out high-grade. So why sell? Well, I had implemented an Upside Mximizer when I first doubled my money, so I awas already risk-free in the play, but the company has gains a hefty market valuation north of C$800 million, and now it's headed into the "boring engineering" phase of development. Absent much higher gold prices, I could see the stock trading lower until the compa ny's well into the pre-production sweet spot. And that could be an interesting time to re-enter the speculation. Until there, there's the engineering, permitting, and financing to worry about. Back on the plus side, Skeena still a great exploration company with another great project: the past-producing Snip gold mine, also in BC. That could produce exciting exploration results while the company works to advance Eskay, but the budget is in the hand of major JV partner, Hoschchild. That's not a bad thing, but they move at their own pace.
Bottom line: Great company, but not cheap, and I have a big win.
So, for now, I'm taking my profits and looking for something with greater and more immenent upside to speculate on.
Note: I bought and sold in tranches. Both the cost basis and exit price are averages. You can see all the actual prices and dates by clicking on the evidence icons on this page.