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Wednesday, December 6, 2023

5 Top Weekly TSXV Stocks: Palladium One Rises on Glencore Investment

The S&P/TSX Venture Composite Index (INDEXTSI:JX) climbed steadily last week, finishing at 635.71.

New data from Statistics Canada shows that the Canadian economy is estimated to have grown 0.3 percent in February. The country’s gross domestic product increased by 0.5 percent in January, but shrank by 0.1 percent in December.

“There were many indications that the economy got off to a solid start in 2023, but (this) double-barrelled blast of strength is well above even the most optimistic views,” Reuters quotes Doug Porter, chief economist at BMO Capital Markets, as saying.

Read on to see which TSXV-listed resource stocks saw the biggest share price gains last week.

1. Palladium One Mining (TSXV:PDM)

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Company Profile

Weekly gain: 60 percent; current share price: C$0.12; market cap: C$29.64 million

With a focus on exploring and developing platinum-group metals (PGMs), nickel and copper projects, resource junior Palladium One Mining has operations in Finland and Canada. In Finland, the company has its Läntinen Koillismaa PGMs-copper-nickel project, and in Canada it has the Tyko and Canalask high-grade nickel-copper projects.

Last Monday (March 27), Palladium One announced the discovery of a new high-grade nickel-copper zone at Tyko, which it has dubbed the Ember zone. Later in the week, on Thursday (March 30), the company’s share price jumped on the news that Glencore (LSE:GLEN,OTC Pink:GLCNF) will be completing a non-brokered private placement financing of C$4.25 million. Following the placement, the mining giant will own approximately 9.99 percent of Palladium One’s issued and outstanding common shares. Among other things, proceeds from the financing will be used for the exploration and development of Palladium One’s nickel projects.

2. Pure Energy Minerals (TSXV:PE)

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Company Profile

Weekly gain: 56.16 percent; current share price: C$0.57; market cap: C$19.81 million

Lithium company Pure Energy Minerals is focused on its Clayton Valley lithium brine project in Nevada, US, which is operated by its strategic partner Schlumberger (NYSE:SLB). The two companies plan to construct a direct lithium extraction pilot plant at the project that will be used to process brines into lithium hydroxide monohydrate and lithium carbonate.

Last Tuesday (March 28), Pure Energy announced that it has received all permits for the construction and operation of the pilot plant, which will be developed using Schlumberger’s sustainable lithium production process, according to Pure Energy Director Mary Little. “Its state-of-the-art approach to lithium production conserves water, has a considerably smaller footprint, and reduces environmental impact compared to existing evaporation pond design,” she said.

After starting the week at C$0.39, the company’s share price hit a weekly high of C$0.73 on Wednesday (March 29) morning.

3. Callinex Mines (TSXV:CNX)

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Company Profile

Weekly gain: 54.55 percent; current share price: C$4.25; market cap: C$59.42 million

Callinex Mines is a base and precious metals company. Its projects include the Pine Bay and Flin Flon volcanogenic massive sulfide projects in Manitoba’s Flin Flon mining district, as well as multiple projects in New Brunswick’s Bathurst mining district. It also has the Point Leamington zinc-gold volcanogenic massive sulfide project in Newfoundland’s Buchans mining district.

Last Monday, Callinex announced that it has begun its 2023 drill program at Pine Bay. The first phase of drilling will include up to 10,000 meters spread out over multiple areas, with the largest focus on the project’s Rainbow deposit; the second phase will take place in the fall. The company’s share price slowly climbed throughout last week following the news.

4. Altiplano Metals (TSXV:APN)

{“@context”:”http://schema.org”,”@type”:”Corporation”,”name”:”Altiplano Metals”,”url”:”http://www.apnmetals.com”,”description”:”Altiplano Metals Inc. (APN: TSX-V) is a Canadian mineral development company focused on acquiring projects with significant potential for advancement from discovery through to production. Altiplano’s goal is to grow into a mid-tier mining company through developing a portfolio of near-by production and cash flowing assets focusing on copper, gold and silver. Management has a …n”,”tickerSymbol”:”TSXV:APN”,”sameAs”:[],”image”:”https://investingnews.com/media-library/tsxv-apn.png?id=27865664&width=980″,”logo”:”https://investingnews.com/media-library/tsxv-apn.png?id=27865664&width=210″}

Press Releases
Company Profile

Weekly gain: 42.11 percent; current share price: C$0.135; market cap: C$16.34 million

Altiplano Metals is developing its Farellon copper-gold project in Chile from an underground decline and drift system, and material removed during the development program is being processed and sold to fund operations. The company has also constructed and commissioned the nearby El Peñón mill, which is expected to begin processing the material from Farellon in Q1 2023.

Altiplano’s most recent news came back in January, when it shared its Q4 2022 operational results. Underground development at Farellon that quarter resulted in the extraction of 11,340 metric tons and, ultimately, revenue of US$691,103 from copper sales. Even though no news came last week, its share price surged on Tuesday and remained heightened.

5. SPC Nickel (TSXV:SPC)

{“@context”:”http://schema.org”,”@type”:”Corporation”,”name”:”SPC Nickel”,”url”:”http://www.sudburyplatinumcorp.com/”,”description”:”Class 1 Nickel in the Sudbury Mining Camp in Ontarion”,”tickerSymbol”:”TSXV:SPC”,”sameAs”:[],”image”:”https://investingnews.com/media-library/spc-nickel-corp-stock.png?id=27864104&width=980″,”logo”:”https://investingnews.com/media-library/spc-nickel-corp-stock.png?id=27864104&width=210″}

Company Profile

Weekly gain: 37.5 percent; current share price: C$0.11; market cap: C$17.89 million

SPC Nickel has a portfolio of nickel-copper-PGMs projects in Canada. The company’s primary focus is its Lockerby East project in the Sudbury mining camp in Ontario; it also has the Aer-Kidd and Janes projects in Ontario, and the Muskox project in Nunavut.

SPC’s share price jumped last Monday when exploration results from Phase 1 drilling at Lockerby East’s West Graham deposit revealed over 7 meters of massive to semi-massive sulfide mineralization in one of the drill holes.

The following day, the company entered into an option agreement for the right to acquire a 100 percent interest in Bathurst Metals’ (TSXV:BMV,OTC Pink:BMVVF) McGregor Lake and Speers Lake properties in Nunavut. The two properties are part of the Muskox intrusion that hosts SPC’s Muskox project and which SPC plans to consolidate.

Data for 5 Top Weekly TSXV Performers articles is retrieved each Friday after market close 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, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.

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

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