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Wednesday, November 29, 2023

5 Top Weekly TSXV Performers: QuestEx Rises on Skeena Acquisition News

The S&P/TSX Venture Composite Index (INDEXTSI:JX) entered the last trading week of March with strength, holding in the 887 range before stumbling to a five day low of 873 on Tuesday (March 29).

The decline was short-lived, as Canada’s junior index recovered its losses a day later, ascending to 888 before another brief dip pushed the TSXV to the 883 threshold on Wednesday (March 30).

Across North America, major indexes sank broadly on Thursday (March 31) on the back of a large quarterly options trade made by JPMorgan Chase (NYSE:JPM), which added to existing market weakness.

While the TSX moved into the red on Thursday, the TSXV retained its earlier gains to hit a five day high on Friday (April 1) of 897.04. The five TSXV-listed mining stocks that saw the biggest rises last week are as follows:

  • Leucrotta Exploration (TSXV:LXE)
  • QuestEx Gold and Copper (TSXV:QEX)
  • Atex Resources (TSXV:ATX)
  • Western Magnesium (TSXV:WMG)
  • Val-d’Or Mining (TSXV:VZZ)

Here’s a look at those companies and the factors that moved their share prices last week.

​1. Leucrotta Exploration

Leucrotta Exploration is focused on oil and natural gas exploration and development in Northeast BC, Canada, and has acres in the Mica area of the province.

Last Monday (March 28), Leucrotta announced it will be acquired by Vermilion Energy (TSX:VET,NYSE:VET) for an aggregate price of C$500 million. The deal will also see the creation of a new pure-play Montney company, dubbed ExploreCo, which will be led by Leucrotta President and CEO Robert Zakresky.

Shares of Leucrotta rose 53.46 last week, closing at C$1.99.

​2. QuestEx Gold and Copper

Precious and base metals exploration company QuestEx Gold and Copper is also engaged in discovery in BC, specifically the province’s Golden Triangle region.

QuestEx ended Q1 with a major announcement, with the gold- and copper-focused explorer announcing it will be acquired by gold-focused Skeena Resources (TSX:SKE,NYSE:SKE) for C$48.6 million in total.

Concurrent to the acquisition, Skeena has entered into an asset purchase agreement with sector major Newmont (TSX:NGT,NYSE:NEM) that will see the latter acquire several QuestEx properties for C$27 million.

The deals pushed QuestEx shares 47.13 percent higher for the week, ending the session at C$1.13.

​3. Atex Resources

Explorer Atex Resources’ flagship asset is the Valeriano copper-gold project in Chile’s El Indio Mineral Belt. The company’s goal is to acquire, develop and monetize operations located in the Americas.

The company did not release any updates last week, but shares rose 38.99 percent by Friday to trade for C$0.68.

​4. Western Magnesium

Western Magnesium’s aim is to become a low-cost producer of eco-friendly and high-quality magnesium. It intends to use a continuous silicothermic process to produce the metal.

Last Wednesday, Western Magnesium told investors its commercial pilot plant is nearing completion following the delivery and installation of much of the required equipment. According to the statement, the company is now awaiting the final two pieces of necessary equipment.

“I am pleased that we are in the final stage of the commercialized pilot plant build out, this undertaking has required a methodical approach to ensure a safe and successful operation of our proprietary technology,” Ed Lee, executive chairman, noted in a press release.

Western Magnesium shares climbed 38.62 percent over the last trading week of March, closing at C$0.36.

​5. Val-d’Or Mining

Diversified explorer Val-d’Or Mining is engaged in the acquisition of properties in Canada’s Abitibi Greenstone Belt, a region that lies in both Ontario and Quebec.

The exploration firm has not released an update since mid-March, when it closed a previously announced non-brokered private placement for C$1.39 million. At the time, it said that the funds raised would be used for general corporate purposes. Val-d’Or saw its shares up 29.77 percent last week to end March at C$0.17.

Data for 5 Top Weekly TSXV Performers articles is retrieved each Friday at 10:30 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.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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