Last week’s top-gaining stocks on the TSXV were Bullman Minerals, Macarthur Minerals, Komet Resources, Cantex Mine Development and Austral.
Last Friday (March 22), the S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 8.81 points, or 1.4 percent, to close at 637.82.
In Canada, overall inflation missed the central bank’s target for the second straight month. Meanwhile, stocks were under pressure worldwide after soft manufacturing data increased fears of a global economic slowdown.
Despite these factors, a number of stocks in the mining sector saw share price increases including:
- Bullman Minerals (TSXV:ML)
- Macarthur Minerals (TSXV:MMS)
- Komet Resources (TSXV:KMT)
- Cantex Mine Development (TSXV:CD)
- Austral Gold (TSXV:AGLD)
Here’s a look at the five top weekly TSXV stocks.
Bullman Minerals is an exploration company focusing on the acquisition, exploration and development of gold projects in West Africa. The company is currently developing the Siguri gold and Balandougouba gold projects in Guinea.
On March 21, the companyheld a special meeting to vote on a business combination and a go-private transaction. Shares of Bullman Minerals soared 187.5 percent last week, closing at C$0.11.
Macarthur Minerals is focused on bringing to production its Western Australia iron-ore projects. The company also holds gold,lithium,nickel andcobalt exploration interests in the Pilbara region of Western Australia. In addition, Macarthur Minerals has lithium-brine claims in the emerging Railroad Valley region in Nevada, US.
On March 21, the companyannounced it had signed a life-of-mine offtake deal with Glencore (LSE:GLEN,OTC Pink:GLCNF) for iron ore from its Lake Giles project in Western Australia. Valued at approximately US$4 billion, the binding agreement is set to see Macarthur supply approximately 4 million tonnes per year to Glencore for the first 10 years of production.
During the five-day period, shares of Macarthur Minerals increased 81.82 percent, trading at C$0.10.
Gold-focused Komet Resources is engaged in exploration and production at its projects in Burkina Faso and Mali, both in West Africa.
The company did not release any news during the five-day period, but shares of Komet Resources increased 66.67 percent by Friday, trading at C$0.20.
Cantex Mine Development
Cantex has 100-percent ownership of several projects in Canada’s Yukon Territory and in Nevada, where it owns four mineral properties and has identified seven drill-ready gold targets. The company also holds interests in several properties in Yemen, including the Al Hariqah gold project and the Al Masna and Suwar nickel-copper-cobalt project.
Shares of Cantex jumped 66 percent to end the week at C$1.66.
Precious metals producer and explorer Austral Gold holds interests in Latin American assets, including the Guanaco gold-silver and the Amancaya gold-silver mines in Chile. The company also holds a major interest in the Casposo silver-gold mine in Argentina.
Shares of Austral Gold jumped 46.15 percent to end the week at C$0.09.
Data for the 5 Top TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST usingTradingView’s stock screener. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the basic materials and energy sectors are considered.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.