The S&P/TSX Venture Composite Index (INDEXTSI:JX) was on the rise last week, opening at 906.83 on Monday (July 26) and finishing on Friday (July 30) at 925.2.
Statistics Canada reported last week that the country’s gross domestic product contracted in May for the second month in a row, shrinking by 0.3 percent. The decline was largely driven by the construction, manufacturing and retail sectors, although the real estate market also declined.
In the commodities sector, the gold price saw an increase last week, rising to about US$1,830 per ounce after the US Federal Reserve’s latest meeting wrapped up on Thursday (July 29).
Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:
- Noront Resources (TSXV:NOT)
- Chakana Copper (TSXV:PERU)
- Omineca Mining and Metals (TSXV:OMM)
- Spruce Ridge Resources (TSXV:SHL)
- Constantine Metal Resources (TSXV:CEM)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Noront Resources
Noront Resources describes itself as having ownership or controlling interests in all the major discoveries in Northern Ontario’s Ring of Fire region. The company’s properties include nickel, copper, chrome and platinum assets; Eagle’s Nest, which Noront says is Canada’s largest high-grade nickel discovery since Voisey’s Bay, is its main priority. It also holds the Blackbird and Black Thor chromite deposits.
There was major news for Noront last week — on Tuesday (July 27), the company entered into a definitive support agreement under which a subsidiary of BHP (ASX:BHP,LSE:BHP,NYSE:BHP) will acquire all Noront’s issued and outstanding common shares for C$0.55 each in cash. The company states that the total equity value of the transaction is C$325 million, and it is recommending that its shareholders accept the offer. Noront’s share price increased 81.54 percent last week to end at C$0.59.
2. Chakana Copper
Peru-focused Chakana Copper is advancing its Soledad gold-copper-silver project. It is located in the country’s Ancash region 35 kilometers south of Barrick Gold’s (TSX:ABX,NYSE:ABX) Pierina mine.
Last Tuesday, the company shared results from nine resource definition and exploration holes at Soledad totaling 1,993.15 meters; the full 2021 program at the asset will cover 26,000 meters. Chakana’s share price increased 48.28 percent on the news to close at C$0.43.
3. Omineca Mining and Metals
Omineca Mining and Metals’ flagship asset is the Wingdam gold exploration and placer recovery project in BC. According to the company, it includes hard-rock tenures totaling over 50,000 hectares and over 15 linear kilometers of placer claims.
The latest news from Omineca came last Tuesday, when it granted 2,100,000 stock options pursuant to its stock option plan. Its share price increased 45 percent over the five day period to end at C$0.29.
4. Spruce Ridge Resources
Spruce Ridge Resources is focused on the acquisition, exploration and development of mineral resources, primarily copper and gold. Its main project is the Newfoundland-based Great Burnt copper-gold property in Central Newfoundland; among other assets, the company holds shares of Canada Nickel Company (TSXV:CNC,OTCQB:CNIKF) and Noble Mineral Exploration (TSXV:NOB,OTCQB:NLPXF).
There was no news from Spruce Ridge last week, but shares jumped 32.14 percent to close at C$0.19.
5. Constantine Metal Resources
Base and precious metals explorer Constantine Metal Resources has honed its efforts on North America. Its main property is the Alaska-based Palmer copper–zinc-silver-gold-barite project, which it is advancing via a joint venture with Dowa Metals & Mining; Constantine is the operator of the joint venture.
The company did not provide any news last week, but its share price rose 40.32 percent to hit C$0.44. Pursuant to terms of certain share purchase agreements, Electrum Strategic Opportunities Fund II reportedly sold 4,411,764 common shares of Constantine during the period for $1,191,176.28.
Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Canada Nickel Company, Noble Mineral Exploration and Spruce Ridge Resources are clients of the Investing News Network. This article is not paid-for content.
The post 5 Top Weekly TSXV Stocks: Noront Soars on BHP Takeover Offer appeared first on Investing News Network.