The S&P/TSX Venture Composite Index (INDEXTSI:JX) added 0.21 percent on Friday (June 30) to end at 764.01 points.
The Bank of Canada has hinted that a rate hike could be coming soon, and market watchers appear to believe the move is justified. Avery Shenfeld, chief economist at CIBC Capital Markets, said in a recent research note that the country’s economy is on track to grow at a 2.5-percent pace in Q2, which is “more than enough to justify” the bank’s “recent change in tone.”
On the back of that news and other factors, a number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:
- E3 Metals (TSXV:ETMC)
- Yellowhead Mining (TSXV:YMI)
- Garibaldi Resources (TSXV: GGI)
- Meridian Mining (TSXV:MNO)
- West High Yield Resources (TSXV:WHY)
Read on for a brief overview of those companies and what moved their share prices last week.
E3 Metals went public at the end of May, and has fared well since then. The company is focused on extracting lithium from petro-brine, which is accessible from oil and gas wells in Alberta. E3 Metals wants to release a mineral resource estimate for one of its target areas sometime within the next 12 months.
On June 29, the company announced that it has formed an advisory committee with the objective of helping to determine its long- and short-term strategic direction. The firm’s share price gained 46.81 percent last week to close at $0.60.
Yellowhead Mining is also relatively new to the TSXV. In March, the firm delisted from the TSX; it then applied for a listing on the TSXV and began trading on March 27. Earlier in June, the company’s shareholders voted to proceed with a 1-for-12 consolidation of Yellowhead’s common shares.
The company holds Harper Creek open-pit copper mine, which remains on care and maintenance “due to conditions in the commodity markets and the international capital markets.” Yellowhead released no news last week, but its share price gained 35.56 percent to close at $0.61.
In May, Garibaldi Resources completed an aerial VTEM and magnetics survey for its E&L deposit and surrounding claims in the Eskay mining camp in BC’s Golden Triangle. The work builds on the company’s 2016 summer exploration program, which confirmed that E&L is the first magmatic nickel-copper-rich massive sulfide system in the Eskay mining camp.
A June field program at E&L is nearing completion, and the firm plans to start a summer drill program at the site soon. The company’s share price rose 32 percent over the course of last week to close at $0.17, though it did not put out any news.
Meridian Mining is focused on its Espigao manganese project and Bom Futuro tin joint venture property in Brazil. The company’s latest news came on June 21, when it signed a contract for the sale of 20,000 tonnes of high-grade manganese from Espigao to an unnamed international customer.
Anthony Julien, president and CEO of Meridian, said, “the sale marks an important milestone for Meridian, and represents approximately one-third of our estimated production for 2017.” Julien added that commissioning of the company’s pilot plant is expected in the coming weeks, and said the firm is “well on the way to growing production capacity to 50,000 tonnes per annum.”
The company’s share price rose 31.82 percent last week to close at $0.60.
West High Yield Resources
West High Yield Resources closed two tranches of a private placement in May, raising $351,000. The company is focused on the acquisition, exploration and development of mineral resource properties in Canada, and the BC-based Record Ridge magnesium project is its flagship asset.
The company is in the final stages of permitting for Record Ridge, and expects to have a feasibility study finished this year. It did not release any news last week, but its share price rose 29.63 percent to close at $0.35.
Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
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Securities Disclosure: I, Melissa Shaw, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: West High Yield Resources is a client of the Investing News Network. This article is not paid-for content.