CAMB has had one of the most eventful weeks in its recent history, with the stock climbing 33% in a single week to CAD 1.91 — and up 57% over the past month — driven by a pair of catalyst-rich announcements that have clearly caught the market's attention.
The catalyst is squarely fundamental. On April 21 Cambria released drill results from its Premier Mine showing 17.95 g/t gold over 22 metres, including a high-grade intercept of 552 g/t Au over half a metre. Then, on April 22 and again April 27, the company announced the expansion of its Mt. Margaret copper-gold porphyry claim package in the US and an intention to spin out that asset into a separate US-focused company. For a small TSXV gold developer, both events are material. The market treated the combination as a genuine re-rating.
Short interest tells a quiet story beneath the noise. At roughly 1.4% of free float, the bearish position is modest, and it has been pulling back — down 12.5% over the week to approximately 3.16 million shares. That retreat tracks neatly with the price surge: some shorts appear to have exited as the stock ripped higher. Cost to borrow, meanwhile, has been elevated and volatile, fluctuating between 18% and 34% APR over the past six weeks and landing near 24.7% most recently. That level reflects a genuinely thin lending market but not a squeeze — the ORTEX short score of 62.7 is notable but well below distress territory, and availability remains meaningful.
Insider buying from earlier in the year adds a constructive backdrop. CEO Robert McLeod purchased 5.3 million shares at CAD 0.60 in February, alongside Executive Vice President Ryan Weymark's 4.35 million share purchase at the same price. Lead Director Alexander Morrison has bought on three separate occasions. In total, net insider acquisitions over the past 90 days reached approximately 10 million shares for a combined value near USD 4.5 million. Those purchases, made at less than a third of the current price, now look prescient. The two largest shareholders — Peruvian entity Ccori Apu S.A.C. with a 20% stake and Luz Arias Vargas de Sologuren with 8.7% — also built their positions in late December 2025 at the same CAD 0.60 placement price.
Among the loosely correlated peer group, the week's moves were mixed. TSXV peer CTV surged 42% on the week — the strongest move in the comp set — while MQM fell 3.7% and Nasdaq-listed USAR slipped 0.4%. The divergence suggests the rally in smaller gold and base-metal developers has been stock-specific rather than sector-wide, which makes the fundamental news the more credible explanation for CAMB's move.
The full-year 2025 earnings posted earlier in April are a reminder of the development-stage reality. The company reported a net loss of CAD 390 million for the year, against CAD 31.5 million the prior year. Loss per share was CAD 13.40, a sharp deterioration that largely reflects non-cash charges. Valuation multiples are negative throughout — P/E and EV/EBITDA are both negative — which is typical for pre-production miners. What the market is buying here is not earnings; it's drill results and the optionality created by the proposed copper spin-out.
The next key watch points are the formal spin-out mechanics and any additional assay results from the Premier Mine programme. The speed and scale of the stock's move means the structure of the US copper vehicle — how it is financed, when it lists, and what Cambria shareholders receive — will determine whether the re-rating holds.
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