The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed Friday (December 22) at 810.3 points, up 6.16 points.
Volumes were low in Canada and the US ahead of the Christmas holiday. “U.S. volumes are down 27 per cent from average volumes. Canadian volumes are off almost 25 per cent from average volumes,” said Manulife Asset Management equity analyst Ian Scott.
Against that backdrop, a number of TSXV-listed mining companies experienced significant share price increases last week. The five top gainers are as follows:
- Abacus Mining & Exploration (TSXV:AME)
- Iconic Minerals (TSXV:ICM)
- Cub Energy (TSXV:KUB)
- Stakeholder Gold (TSXV:SRC)
- Quaterra Resources (TSXV:QTA)
Here’s a look at those companies and the factors that moved their share prices last week.
1. 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 80 percent to close the week at $0.36.
2. Iconic Minerals
Iconic Minerals owns a number of gold and lithium properties in Nevada. Last week, its share price rose 72.73 percent to close at $0.19. It did not release any news during the period, but the previous week it announced the negotiation of a $600,000 private placement financing.
3. Cub Energy
Cub Energy is focused on growing its position in Ukraine-based basins that are prospective for natural gas. At the moment, the company holds 311,000 gross acres (142,000 net) in two basins in the country.
Last week, Cub’s share price increased 50 percent to close at $0.05. Its latest news came at the end of November, when it released its Q3 financial and operational results.
4. Stakeholder Gold
Stakeholder Gold is engaged in exploration at its Nevada-based Goldstorm gold-silver project and its Ballarat gold project in the Yukon’s White Gold District. The company’s share price rose 46 percent last week to end the period at $0.37.
Last week, the company released two pieces of news. On Tuesday (December 19), Stakeholder increased the size of a previously announced non-brokered private placement to $600,000 from $500,000. Then, on Thursday (December 21), the firm closed the financing. It said that proceeds will be directed toward exploration at Goldstorm.
5. Quaterra Resources
Quaterra Resources is focused on advancing its copper assets in Yerington, Nevada. According to the company, its assets have good existing infrastructure, valuable water rights, community support and significant exploration upside. The company did not release any news last week, but its share price leaped 40 percent to close at $0.07.
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.
Editorial Disclosure: Stakeholder Gold is a client of the Investing News Network. This article is not paid-for content.