Last week’s top-gaining stocks on the TSXV were Orca Exploration, Canada Carbon, Otso Gold, Pan Global Resources and Monument Mining.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed last week down but above the 500 threshold, declining 2.82 percent to 506.54 points on Friday (March 6).
Fears over the COVID-19 coronavirus outbreak increased, with the number of cases reported rising above 100,000, as per the World Health Organization, which is also calling for a wider response globally.
Against that backdrop, a number of stocks in the mining sector saw share price increases, including:
- Orca Exploration (TSXV:ORC.A)
- Canada Carbon (TSXV:CCB)
- Otso Gold (TSXV:OTSO)
- Pan Global Resources (TSXV:PGZ)
- Monument Mining (TSXV:MMY)
Without further ado, here’s a look at the five top gainers on the TSXV last week.
On Friday (March 6), Orca announced the final results of a substantial issuer bid, which started on January 28. The company expects to take up and pay for 7,692,306 Class B shares at a price of C$6.50 each, representing a purchase price of approximately C$50 million. Orca’s share price saw an increase of 257.14 percent last week to C$25.
Canada Carbon is an exploration company with three Quebec-based graphite properties under its belt: Miller and Asbury, which are past-producing graphite mines, along with the Dun Raven project. The initial capital cost for Miller is set at US$44.38 million, and the company expects to sell about 1,500 metric tons of high-purity thermally treated graphite annually.
Last week, Canada Carbon received an initial order of 50,000 grams of Miller thermally purified graphite from Analytical Reference Materials International. The company, which is focused on the life science sector, will use the graphite to develop a certified reference material for the analysis of ultra-high-purity graphite samples.
Shares of Canada Carbon increased 69.05 percent last week to reach C$0.35.
Otso Gold is developing the Otso gold mine near the town of Raahe in Finland. The asset is on track towards a July 2020 restart and is anticipated to be a 2 million metric ton per year operation.
The only news released by the company last week came on Monday (March 2), when it announced the appointment of Christopher Towesy as non-executive independent director and provided an update saying its financing endeavors are well advanced. Otso Gold’s share price jumped 50 percent to end the week at C$0.06.
Pan Global Resources
Vancouver-based Pan Global Resources is focused on base and precious metals exploration. All its efforts are on exploring two projects in Spain: Aguilas and Escacena.
Last Monday, Pan Global Resources intersected copper mineralization in the first step-out drill holes at the La Romana copper target at the Escacena project. As a result of the news, Pan Global Resources’ share price increased 47.06 percent over the five day period to trade on Friday at C$0.12.
Gold producer Monument Mining owns the gold project portfolios of Selinsing in Malaysia and Murchison in Western Australia, including a producing mine, a near-producing site and a large prospective land position. It also owns 100 percent of the Mengapur copper-iron project in Malaysia.
Despite not releasing any news last week, the company’s share price jumped 44.44 percent to C$0.06.
Data for 5 Top TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with a market capitalization greater than C$10 million prior to the week’s gains are included. Companies within energy minerals and non-energy minerals sectors are considered.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Otso Gold is a client of the Investing News Network. This article is not paid-for content.