Last week’s other top-gaining mining stocks on the TSXV were Peat Resources, East Asia Minerals, GB Minerals and Frontier Lithium.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed Friday (February 23) down 3.1 points, at 826.09.
The Canadian dollar was up from an average price of 78.68 cents US on Thursday (February 22), trading at 78.89 cents US the next day.
Midway through the week, the US Federal Open Market Committee released its January meeting minutes. In that meeting, members said that they expect “that economic conditions will evolve in a manner that will warrant further gradual increases in the federal funds rate.”
Against that backdrop, a number of TSXV-listed mining stocks experienced share price gains last week. The five top gainers are as follows:
- Peat Resources (TSXV:PET)
- East Asia Minerals (TSXV:EAS)
- Graphite One Resources (TSXV:GPH)
- GB Minerals (TSXV:GBL)
- Frontier Lithium (TSXV:FL)
Read on for a brief overview of those companies and what moved their share prices last week.
1. Peat Resources
Peat Resources is focused on the exploration and development of peat properties in Canada, but has recently taken steps to expand into mining metals in the Democratic Republic of Congo (DRC).
In mid-February, the firm closed a private placement of 5,614,245 common shares priced at $0.20 per share for aggregate proceeds of $1,112,849. In January, Peat bought Belair African Metals and said it plans to expand its DRC conflict-free mining and metals trading business to include cobalt and copper.
Peat Resources’ share price rose 75 percent to close at $0.35 last week. It did not release any news during the period.
2. East Asia Minerals
East Asia Minerals is focused on developing producing precious metals properties in Indonesia. On February 14, it provided an update on its Sangihe gold project, saying that it is focused on completing an Indonesian feasibility study and AMDAL environmental reports.
Once those documents are submitted and accepted by the Indonesian Mining Department, East Asia Minerals can begin building mining facilities and infrastructure at Sangihe. The firm it expects to make a decision on gold processing and production by mid-2018.
It did not release any further news last week, but its share price rose 50 percent to close at $0.08.
3. Graphite One Resources
Last Thursday (February 22), Graphite One Resources announced that the Alaskan Senate has taken up a bill allowing the Alaska Industrial Development Export Authority to issue bonds to finance infrastructure and construction costs for the firm’s Graphite Creek project.
“We are pleased to see the Alaska Legislature take this interest in our project,” said Anthony Huston, CEO of Graphite One. “At present, the U.S. is 100 percent import-dependent for graphite, at a time when the US Geological Survey and Department of Interior have recognized graphite as a ‘critical mineral’ essential ‘to the national economy and national security.’
Huston added, “we believe our project, including our advanced materials processing plant, can help the U.S. maintain a cutting edge manufacturing capability at a time when ‘the electrification of everything’ is transforming our world.”
The company’s share price rose 46.15 percent over the course of last week to close at $0.09.
4. GB Minerals
The company said the Supreme Court of BC will hold a hearing for the final order to approve the deal on February 23, with the merger expected to be completed sometime around February 27. GB Minerals’ share price gained 30.77 percent over the course of the week to close at $0.09.
5. Frontier Lithium
Frontier Lithium bills itself as a specialized exploration company that is actively engaged in the acquisition, exploration and development of hard-rock, high-grade, multi-element rare metal resource properties. Its main asset is its Ontario-based PAK lithium project.
It did not release any news last week, but its share price gained 23.08 percent to end at $0.80.
Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST 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.
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Securities Disclosure: I, Melissa Shaw, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Graphite One Resources is a client of the Investing News Network. This article is not paid-for content.