The other top-rising stocks on the TSXV last week were Elcora Advanced Materials, Lithium X Energy, Gold Reserve and Nicola Mining.
The S&P/TSX Venture Composite index (INDEXTSI:JX) closed last week up 4.88 points, at 530.76 points.
The top-gaining resource stock on the TSXV last week was Musgrove Minerals (TSXV:MGS), and it was followed by Elcora Advanced Materials (TSXV:ERA), Lithium X Energy (TSXV:LIX), Gold Reserve (TSXV:GRZ) and Nicola Mining (TSXV:NIM). Here’s a brief overview of what influenced the share prices of those companies during the period.
As mentioned, Musgrove Minerals was last week’s top-rising stock in the resource space last week, jumping a whopping 200 percent to close Friday at $0.30.
The company, which holds two projects in Idaho, announced on February 16 that it had closed a private placement of 12,310,000 common shares priced at $0.05 each for gross proceeds of $615,500. It didn’t release any other news that would explain the increase in its share price.
Elcora Advanced Materials
Elcora Advanced Materials, formerly Elcora Resources, is looking to become a vertically integrated graphite and graphene company that mines, processes and refines graphite, and produces both graphene and applications for graphene.
Last week, the company’s share price rose 69.23 percent to reach $0.66, though the company didn’t put out any news that would account for that increase. Most recently, Elcora said on February 10 that it’s begun construction of its graphene production facility.
Lithium X Energy
Lithium X Energy saw its share price increase by 36.99 percent last week to end Friday at $1. The company’s goal is to become a low-cost supplier to lithium-ion battery industry, and it recently acquired the option to earn a 100-percent stake in the Clayton Valley North project, located in Nevada’s Clayton Valley.
On February 16, it announced that it’s also signed an agreement to acquire the CVL lithium property, also known as the Clayton Valley South Expansion. According to Lithium X, it’s now the largest landholder in Clayton Valley.
Gold Reserve holds the Venezuela-based Brisas deposit, which it bills as one of the largest undeveloped copper-gold deposits in the world. However, in 2008, Venezuela revoked the company’s authorization to affect, and Gold Reserve lost the ability to exploit Brisas. The company entered international arbitration with Venezuela later in 2008, and in 2014 was awarded $740.3 million by the International Center for the Settlement of Investment Disputes; that amount has since risen to over $760 million.
Most recently, Gold Reserve reported on January 21 on legal proceedings related to the collection of the money it was awarded through that arbitration. Last week, the company did not release any news, but its share price nevertheless rose 34.46 percent to reach $5.58.
Finally, Nicola Mining’s share price rose 33.33 percent last week to hit $0.08. The company holds diverse operations, including a mill and tailings facility, two exploration properties and a gravel pit. Last week it did not put out any news that would explain the increase in its share price.
Data for 5 Top TSXV Stocks articles is retrieved each Friday after market close 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.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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