Mustang is currently trading at $0.051 per share, or 50% higher than their lows in May.
The company's focus remains on the Montepuez ruby field in Mozambique, where it recently revealed that it had swelled its inventory to 120,397 cts.
Mustang is therefore comfortably on schedule to meet its target of 200,000cts in time for its first closed bid tender in October this year.
Ruby demand is being driven from the U.S., Europe, India, Thailand and China, with prices up by over 60% in the past eight years.
Mustang is therefore strategically positioned to fill this void.
Mining in the Montepuez field can provide low-cost and high-margin operations, with Montepuez ruby deposits typically <15 metres from surface, free-digging and simple to process with potential for good in-situ grades.
Highlighting the pathway to market, next door neighbour Gemfields (LON:GEM) generated US$225 million in ruby sales up to December 2016 - which was all during the exploration period.
Before the 2009 discovery of the Montepuez field, supply was highly fragmented and unreliable, and was sourced from countries such as Myanmar, Afghanistan and Madagascar.
The consistency of supply from Montepuez provides Mustang with the opportunity to deliver product into the rapidly growing ruby market.
Mustang now has work underway to select a safe-house facility and tender location, which are expected to be finalised within two months.
Mustang is one of only two listed ruby miners in the world, along with Gemfields.
Gemfields currently has a market valuation of circa $300 million, with Mustang just $25 million.