5 Top Weekly TSXV Stocks: Giga Metals Spikes on Tesla Rumor

The S&P/TSX Venture Composite Index (INDEXTSI:JX) peaked midway through last week at 752.05.

The index began the four day period at 725.5 before closing out at 733.5. The week saw the gold price display resilience as base metals headed lower.

Despite the price pitfalls for base metals, the major gainer on the TSXV last week was a nickel-focused explorer. And it wasn’t the only nickel company to enjoy a big leap during the period.

The TSXV-listed mining companies below saw major share price moves last week:

• Giga Metals (TSXV:GIGA)
• North American Nickel (TSXV:NAN)
• Strikepoint Gold (TSXV:SKP)
• Allegiant Gold (TSXV:AUAU)
• Golden Goliath Resources (TSXV:GNG)

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

1. Giga Metals

Giga Metals’ aim is to become a premier supplier of battery metals, and it says its British Columbia-based Turnagain project is among the largest undeveloped nickel-cobalt sulfide deposits in the world in terms of total contained nickel.

The company was in the spotlight last week after news reports hit that it is in discussions with electric car maker Tesla (NASDAQ:TSLA). According to Reuters, Tesla is speaking with Giga Metals about how it could help develop its project. The report comes after Tesla CEO Elon Musk’s plea for nickel over the summer.

Despite the rumor, Giga Metals was close-lipped — the company told Reuters and said in its own press release that it has been speaking to automakers for some time about its ability to produce carbon-neutral nickel, and “there is no material announcement forthcoming.”

Nevertheless, the news sent Giga Metals’ share price up 205.56 percent last week to close at C$1.65.

2. North American Nickel

Exploration company North American Nickel has base metals properties both Greenland and Canada. It’s also a founding shareholder of privately owned Premium Nickel Resources and is expanding its area of exploration interest into Morocco.

Last Wednesday (September 9), the company announced results from this year’s exploration programs at its Quetico properties and Post Creek property, which are located in different parts of Ontario.

North American Nickel’s share price rose 62.96 percent last week to finish at C$0.22; it’s possible that along with its news it was boosted by the fact that — like Giga Metals — it has nickel assets in Canada.

3. Strikepoint Gold

Strikepoint Gold has two advanced-stage precious metals exploration projects in British Columbia’s Golden Triangle area, plus a portfolio of gold assets in the country’s Yukon.

It was a busy week for Strikepoint, which on Wednesday shared an update on drilling and surface exploration programs at its Willoughby gold-silver and Porter silver properties in British Columbia. It also announced a non-brokered $2 million private placement led by Crescat Capital and then increased it to $3 million later in the week, adding a separate $1 million flow-through placement.

The company’s share price closed the week up 43.75 percent at C$0.23.

4. Allegiant Gold

Explorer Allegiant Gold has 10 drill-ready projects in the Southwest US that it says are highly prospective; seven of them are located in mining-friendly Nevada. Its flagship project is Nevada-based Eastside, which hosts 1.1 million gold equivalent ounces.

The company hasn’t released any news since August 25, when it signed a definitive option agreement for the Mogollon silver-gold district with Summa Resources (CSE:SSVR). Even so, Allegiant’s share price increased 42.11 percent last week to close at C$0.54.

5. Golden Goliath Resources

Ontario-focused Golden Goliath Resources has two properties in the province’s Dixie Lake areas, plus a past-producing gold-silver mine in Mexico.

The company hasn’t released any news since September 2, when it granted 400,000 incentive stock options to directors and 775,000 to consultants. Its share price still leaped 40.91 percent last week to finish the period out at C$0.31.

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.