Last week’s other top-gaining mining stocks on the TSXV were Senator Minerals, Crystal Lake Mining, Adex Mining and Cub Energy.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed Friday (December 29) up 8.48 points, or 1.01 percent, at 850.72 points.
It ended 2017 up 11.59 percent, nearly twice the 6.03-percent increase seen by the S&P/TSX Composite Index (INDEXTSI:OSPTX).
American indices fared even better — the S&P 500 (INDEXSP:.INX), Dow Jones Industrial Average (INDEXDJX:.DJI) and NASDAQ Composite (INDEXNASDAQ:.IXIC) all gained between 19 and 28 percent over the course of 2017. Overall 2017 is being hailed as “great year for the market.”
Against that backdrop, a number of TSXV-listed mining companies experienced significant share price increases last week. The five top gainers are as follows:
- GB Minerals (TSXV:GBL)
- Senator Minerals (TSXV:SNR)
- Crystal Lake Mining (TSXV:CLM)
- Cub Energy (TSXV:KUB)
- Abacus Mining & Exploration (TSXV:AME)
Here’s a look at those companies and the factors that moved their share prices last week.
1. GB Minerals
GB Minerals’ share price soared 60 percent last week to end at $0.09 after it announced plans to merge with Itafos (TSXV:IFOS). The two companies have entered into a definitive arrangement agreement under which Itafos will acquire all the issued and outstanding shares of GB Minerals in exchange for ordinary Itafos shares.
Itafos has been GB Minerals’ largest shareholder since January 2014, and after the merger the companies will continue to develop GB Minerals’ West Africa-based Farim phosphate project.
2. Senator Minerals
Uranium-focused exploration company Senator Minerals holds the Patterson Nort East and Carter Lake uranium projects, both of which are located in Saskatchewan’s Athabasca Basin. The company has not released any news since September, but last week its share price rose 57.78 percent to end at $0.36.
3. Crystal Lake Mining
Exploration company Crystal Lake Mining is currently focused on its mineral properties in BC and Ontario. Its main asset is the Emo nickel–copper–cobalt-PGMs sulfide project in Ontario. Last week, the company’s share price jumped 54.39 percent to end the week at $0.88. During the period, the company closed a $700,000 non-brokered private placement announced earlier in the month.
4. Cub Energy
Cub Energy is focused on growing its position in Ukraine-based basins that are prospective for natural gas. Currently the company holds 311,000 gross acres (142,000 net) in two basins in the country.
5. Abacus Mining & Exploration
Abacus Mining & Exploration has a 20-percent stake in the BC-based Ajax copper-gold mine, as well as an option to acquire a 75-percent interest in the Willow copper-gold project in Nevada. The company’s most recent news came on December 15, when the BC government declined to issue an environmental assessment certificate for Ajax. KGHM Polska Miedz (WSE:KGH) owns the other 80 percent of Ajax.
Despite issuing no news last week, Abacus’ share price jumped 44.44 percent to close the week at $0.35.
Data for 5 Top Weekly TSXV Stocks articles is retrieved each 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.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.