Base Metals


Last week’s top-gaining mining stocks on the TSXV were Kodiak Copper, Giyani Metals, Conquest Resources, Canstar Resources and Gold79 Mines.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed last Friday (September 18) at 746.11, up from Monday’s (September 14) open of 738.51. 

Gold enjoyed an uptick during the week despite facing some headwinds. Silver and the other precious metals headed lower, as did the base metals.

The yellow metal experienced some buoyancy after the US Federal Reserve said midway through the week that it intends to leave interest rates near zero until maximum employment has been reached and inflation has not only hit 2 percent, but is on track to moderately exceed that number for some time.

Against that backdrop, the TSXV-listed mining companies below saw major share price moves last week:

Here’s a look at what may have moved their share prices over the last five days.

1. Kodiak Copper

Kodiak Copper is focused on copper porphyry projects in Canada and the US. Its most advanced asset is the MPD project in British Columbia, where it has found high-grade copper-gold mineralization.

Last Monday, the company announced a C$10.5 million private placement with Teck Resources (TSX:TCK.A,TSX:TCK.B,NYSE:TECK); according to Kodiak, Teck is now a strategic shareholder. The same day, Kodiak revealed a non-brokered private placement offering to raise up to C$2 million in addition to the C$10.5 million associated with Teck.

During the week, Kodiak’s share price rose 59.56 percent to finish at C$2.92.

2. Giyani Metals

Exploration and development company Giyani Metals is focused on its K.Hill, Lobatse and Otse manganese projects in Botswana. K.Hill is its flagship asset, and it’s currently at the feasibility stage.

Last week brought two news releases from Giyani. First, on Wednesday (September 16), it issued a statement saying that it is unaware of any undisclosed material information that might be affecting its trading activity. Then, on Friday, Giyani closed a private placement for gross proceeds of $1.2 million. Overall, the company’s share price rose 58.62 percent last week to finish at C$0.23.

3. Conquest Resources

Explorer Conquest Resources is focused on gold in Ontario. One of its main properties is Golden Rose, which hosts the former Golden Rose gold mine; another is the Alexander gold property.

Last week, the company closed a non-brokered subscription receipt financing for gross proceeds of $3.11 million; at the same time, Conquest closed a separate subscription receipt financing with Kirkland Lake Gold (TSX:KL,NYSE:KL,ASX:KLA) for gross proceeds of $1.3 million.

The news sent its share price up 50 percent to C$0.11.

4. Canstar Resources

Newfoundland-focused Canstar Resources is currently optioning the Golden Baie project in the south of the province. Its portfolio also includes the Buchans-Mary March and Daniel’s Harbor projects.

Last Tuesday (September 15), Canstar closed the first tranche of a non-brokered private placement for gross proceeds of about $500,000; among other things, the funds will be used for exploration. The company also announced the appointment of Rob Bruggeman as director, president and CEO. Canstar’s share price responded to the news by jumping 47.74 percent to finish the week at C$0.33.

5. Gold79 Mines

Gold79 Mines, formerly Aura Resources, did not share any news last week, but its share price nevertheless leaped 44.44 percent to finish the period at C$0.13.

The company completed its name change at the beginning of August and also announced a new focus. It will now hone in on its Jefferson Canyon, Tip Top and Gold Chain projects in the Southwest US.

Gold79 also has a minority interest in the Mexico-based Taviche project and a diluting interest in the Greyhound project in Nunavut via a joint venture with Agnico Eagle Mines (TSX:AEM,NYSE:AEM). More recently, Gold79 revealed a new CEO and other executive changes.

Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$10 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.

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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Gold79 Mines is a client of the Investing News Network. This article is not paid-for content.


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