5 Top TSXV Stocks: Euromax Resources Gains on Release of Ilovica Feasibility

Like most other major markets, the TSX Venture Exchange did not have a great start to the new year. The S&P/TSX Venture Composite index (INDEXTSI:JX) was down 2.17 points by the end of last week, closing at 514.67 points. 
Markets around the world fell following two trading halts in China last week; on both Monday and Thursday, markets in China fell more than 7 percent, triggering a circuit breaker mechanism that shut down trading for the day.
Still, a number of mining- and resource-focused companies did well for the week. Atacama Pacific Gold (TSXV:ATM) was the top-gaining mining stock for the week, and it was followed by Marlin Gold Mining (TSXV:MLN), Morien Resources (TSXV:MOX), Euromax Resources (TSXV:EOX) and Karmin Exploration (TSXV:KAR).

Atacama Pacific Gold

Atacama Pacific Gold was up 29 percent, at $0.20, on Friday. The Chile-focused precious metals company holds the Cerro Maricunga gold deposit, for which it published a prefeasibility study in October 2014. In July, the company entered an agreement to lease its El Durazno copper mine, gaining a source of cash flow as it advances Cerro Maricunga. However, there has been no further news from the company to explain last week’s rise in share price.

Marlin Gold Mining

Gold– and silver-focused Marlin Gold Mining saw its share price rise 28.21 percent, to $0.25, last week. It holds interests in a number of precious metals projects in the US, Mexico and Nicaragua, and completed the sale of its interest in the El Compas gold-silver mining project to Canarc Resource (TSX:CCM) in October. There was no news last week to explain the company’s rise in share price.

Morien Resources

Morien Resources is an exploration and development company focused on “unique mineral industry opportunities in North America.” The company provided an update on its two principal royalty assets in June (the Donkin coal project and the Black Point aggregate project), but there was no further news to explain last week’s rise in share price. Morien Resources gained 27.78 percent last week to finish at $0.23.

Euromax Resources

Shares of Euromax were up 27.27 percent, to $0.35, last week on the release of a feasibility study for the company’s wholly owned Ilovica gold-copper project in Macedonia. Highlights include a post-tax net present value of US$440.1 million at a 5-percent discount, a post-tax internal rate of return of 17.8 percent and all-in costs of US$372 per ounce of gold.
“As most new and expansion projects around the World are mothballed in response to the recent downturn in commodity prices, we believe that this is an ideal time for building, so as to exploit the supply shortages that will likely occur,” said Euromax President and CEO Steve Sharpe in a statement. “We believe that not only are we well positioned to benefit from any improvement in commodity prices, but with cash operating costs now reduced to the USD 200/oz level we are equally well equipped to withstand any sustained weakness in commodity markets, whilst remaining cash flow positive.”

Karmin Exploration

Finally, Karmin Exploration rounded out the top five by gaining 14.29 percent last week to close at $0.24 per share. It owns a 30-percent interest in the Aripuanã zinc project in Brazil, and wholly owns the Aripuanã gold project in Brazil and the Cushuro gold project in Peru. There has been no recent news from the company that would explain last week’s rise in share price.
 
Data for 5 Top TSXV Stocks articles is retrieved each Friday after market close 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.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Los Andes Copper is a client of the Investing News Network. This article is not paid-for content.
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