The S&P/TSX Venture Composite Index (INDEXTSI:JX) spent the third full week of January trending lower.
Starting the period at the 906 level, it went as high as 911 before waning investor sentiment sent the index to 863.11 on Friday (January 21) morning, a 4 percent decline for the five day period. It closed at 856.6.
Reports showing that investors continue to turn to US tech and foreign stocks weighed on the market. According to Statistics Canada, January through November 2021 saw Canadian net purchases of foreign investments grow to C$144.4 billion, almost double the previously set record in 2006.
“Investment in November mainly focused on US corporate bonds ($2.8 billion) and US government bonds ($1.6 billion),” a Statistics Canada press release notes. “In November, Canadian long-term interest rates exceeded their US counterpart with the largest value increase since August 2011.”
The five TSXV-listed mining stocks that saw the biggest gains are as follows:
- Atex Resources (TSXV:ATX)
- Contact Gold (TSXV:C)
- Titanium (TSXV:TIC)
- Vital Energy (TSXV:VUX)
- Mangazeya Mining (TSXV:MGZ.H)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Atex Resources
Diversified explorer Atex Resources is focused on acquiring, developing and monetizing projects in the Americas. The company’s flagship asset is the Valeriano copper-gold project located in Chile’s El Indio mineral belt.
In early January, Atex updated shareholders on its 2022 drill plans. In a press release, the company said it had contracted two diamond drill rigs for mobilization at the Valeriano project for mid-January. Additionally, a third rig was being considered in order to expedite the exploration campaign.
Shares of Atex rose 50.14 percent last week to end the session at C$0.63.
2. Contact Gold
Looking to discover district-scale gold plays in Nevada, Contact Gold holds land on the Carlin and Cortez trends.
On January 11, Contact released an initial mineral resource estimate for its Pony Creek gold project in Elko County, Nevada. The report outlines an inferred 433,000 pit-constrained ounces at an average grade of 0.52 grams per tonne gold; according to the company, those numbers use a US$1,600 per ounce pit shell and cut-off grades of 0.14 and 0.22 grams per tonne gold, depending on the recovery profile.
Last week company shares rose 44.79 percent to hit C$0.65 by the end of the period.
Described as a cleantech innovator, Titanium provides solutions to Canada’s oil sands industry. Its Creating Value from Waste platform offers sustainable solutions to reduce the environmental footprint of the oil sands industry.
Titanium started the year by closing a C$5 million previously announced non-brokered private placement of 25 million units priced at $0.20 each. Following the money raising, the company granted 4.5 million stock options to executives and directors. Last week, shares of Titanium climbed 38.05 percent to hold at C$0.58.
4. Vital Energy
Junior oil and gas company Vital Energy is based in Calgary, Alberta, and is focused on conventional crude oil exploration, development and production in Western Canada.
The last news Vital released was in October 2021, when it announced the successful completion of three horizontal wells in Lampman, Saskatchewan.
“From August 29 to now (October 4), the three horizontal wells total average daily oil production has stabilized at approximately 630 barrels per day,” the statement reads.
5. Mangazeya Mining
Gold-focused Mangazeya Mining is currently developing three deposits in Russia.
Last November, the company provided investors with its Q3 report. Highlights from the third quarter overview include a year-over-year production increase of 50,800 ounces or 48 percent.
Shares of Mangazeya rose 33.43 percent for the third week of January to close at C$0.80.
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.