Canadian markets were upbeat on the week’s last trading day, even though US markets opened lower.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) entered the five day period at 904.59, but slipped to 857.78 by mid-week as cities delayed return-to-office initiatives and new airport restrictions were introduced.
The venture exchange shook off some of Wednesday’s (December 15) uncertainty early on Thursday (December 16), when it moved back towards 900. However, the momentum was not enough to breach that level, and the junior exchange closed Friday (December 17) at 892.75.
The risk-off sentiment benefited precious metals explorers and developers, with some registering share price upticks. Last week’s five TSXV-listed mining stocks that saw the biggest gains are as follows:
- NorthIsle Copper and Gold (TSXV:NCX)
- Noront Resources (TSXV:NOT)
- Kootenay Silver (TSXV:KTN)
- Angold Resources (TSXV:AAU)
- BCM Resources (TSXV:B)
Here’s a look at what may have moved their share prices during the period.
1. NorthIsle Copper and Gold
Based in BC, NorthIsle Copper and Gold is developing its polymetallic North Island project. The company recently completed an updated preliminary economic assessment (PEA) and is now working towards a prefeasibility study.
Last Monday (December 13), the explorer announced plans for a C$1.9 million private placement funded by sector veteran Michael Gentile and Pierre Beaudoin. Once complete, Gentile will own 7.7 percent of NorthIsle.
“I’ve been an investor in NCX since 2020 as I believe that the North Island Project is a very buildable mine trading at a small fraction of its economic value,” Gentile said. The project benefits from great infrastructure and Tier 1 location, large scale, economic grades and robust PEA economics indicating strong returns.”
The strategic investment pushed NorthIsle 47.38 percent higher for the week, ending at C$0.28.
2. Noront Resources
Diversified explorer Noront Resources is focused on the development of its high-grade Eagle’s Nest nickel, copper, platinum and palladium deposit located in Ontario’s Ring of Fire region.
Last Tuesday (December 14), Noront acknowledged the receipt of a proposal from Wyloo Metals, a private Australian company. The deal would see Wyloo acquire Noront for C$1.10 per common share. Major miner BHP (ASX:BHP,LSE:BHP,NYSE:BHP) also has an offer out for Noront.
The proposed acquisition drove Noront shares 46.77 percent higher by Friday to trade for C$1.07.
3. Kootenay Silver
Exploration company Kootenay Silver is engaged in the discovery and development of mineral projects in the Sierra Madre region of Mexico and in BC, Canada.
Shares of the precious metals explorer rose 45.85 percent last week on the release of drill results from the final three holes of its 2021 Phase III program on the Columba high-grade silver project in Mexico.
Highlights include: “1,050 grams per tonne silver over 2-meters within 667 grams per tonne over 7.05 meters.” Kootenay Silver shares were trading for C$0.24 on Friday
4. Angold Resources
Precious metals explorer Angold Resources also made a private placement announcement last week.
The company, which has gold projects in Nevada and Ontario, closed a C$2.5 million private placement for 22,727,273 units on Thursday. It plans to use the money to fund its assets and for general corporate use.
5. BCM Resources
BCM Resources is a diversified mineral exploration company focused on its Thompson Knolls porphyry copper, gold and molybdenum property in Utah.
Earlier this month, BCM resumed diamond drilling at its Thompson Knolls property. Drill activity had been suspended at the site due to complications in the drill hole.
Shares of BCM were up 30.16 percent for the last full trading week of the year to sit at C$0.19.
Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday at 11:00 a.m. EST using TradingView’s stock screener. Only companies with market capitalizations greater than C$10 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.