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5 Top TSXV Stocks: Largo Resources Gains on Lender Support
Largo Resources was the top gainer, and it was followed by Adventure Gold, North American Nickel, Pershimco Resources and Tintina Resources.
The S&P/TSX Venture Composite index (INDEXTSI:JX) remained relatively flat last week, losing just a point to finish at 501.3 points.
Meanwhile, a number of mining companies on the TSX Venture had a more exciting week. Largo Resources (TSXV:LGO) was the top gainer, and it was followed by Adventure Gold (TSXV:AGE), North American Nickel (TSXV:NAN), Pershimco Resources (TSXV:PRO) and Tintina Resources (TSXV:TAU).
Largo’s share price gained 55.26 percent to close at $0.295 last week. Last Thursday, the Brazil-focused vanadium junior signed an indicative term sheet with its existing lenders, along with a restructuring agreement for its export credit facilities.
“We are extremely pleased with the commitment and willingness of our Lenders to provide the Company with additional funding and to restructure the Company’s debt profile during a period of very low commodity prices and general market weakness in the mining industry,” CEO Mark Smith said in a statement. “This new support underscores the belief our Lenders and stakeholders have in the value and success of the Maracás Menchen Mine.”
Adventure Gold is focused on a number of gold deposits in Quebec’s Abitibi region. The junior miner’s share price was up 50 percent to finish the week at $0.135. Adventure Gold closed a $200,000 private placement earlier this month, but there was no further news to explain the company’s rise in share price last week.
North American Nickel
North American Nickel was up 27.78 percent last week to end at $0.115. The company is focused on developing its properties in Greenland and Ontario. On November 25, North American Nickel provided an update on exploration at its Maniitsoq project, reporting the identification of multiple centers of significant nickel sulfide mineralization. There was no further news last week to explain the company’s rise in share price.
Pershimco Resources is focused on developing its Cerro Quema project in Panama. On December 8, the company reported on recent permitting and engineering advances at Cerro Quema, stating that it has completed the last stage before final permitting for the project. However, there has been no further news that would explain last week’s rise in share price for the company. Pershimco’s share price gained 27.78 percent last week to finish at $0.115.
Finally, Tintina Resources rose 27.27 percent last week on news that it has submitted the mine operating permit for the Johnny Lee copper deposit at its flagship Black Butte copper project in Montana. Black Butte has a measured and indicated resource of 11.57 million tonnes with an average grade of 3.57 percent copper.
“Tintina has succeeded in producing a high quality permit application that safeguards the environment,” said CEO Bruce Hooper in a statement. “This is all possible due to the exceptional copper grade and excellent location of the Black Butte Copper Project.”
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.
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