Last week’s top-gaining mining stocks on the TSXV were Fuse Cobalt, American Manganese, Pure Energy Minerals, Cornish Metals and Ucore Rare Metals.
It was a week of upward momentum for the S&P/TSX Venture Composite Index (INDEXTSI:JX), which started the period at 917.91 and ended at 947.08.
Gold was also on the rise during the five day period as stimulus talk from new US President Joe Biden stoked inflation anticipation. The metal is still lower than where it was at the start of January.
Against that backdrop, the TSXV-listed mining stocks below saw the biggest share price moves last week:
- Fuse Cobalt (TSXV:FUSE)
- American Manganese (TSXV:AMY)
- Pure Energy Minerals (TSXV:PE)
- Cornish Metals (TSXV:CUSN)
- Ucore Rare Metals (TSXV:UCU)
Here’s a look at what may have moved their share prices over the last five days.
1. Fuse Cobalt
Fuse Cobalt owns the Teledyne and Glencore Bucke projects in Northern Ontario’s historic cobalt camp. The company’s focus is on developing those assets into cobalt-mining operations that can supply various end markets, including electric vehicle batteries.
Last Wednesday (January 20), Fuse commented on a number of recent pieces of news from First Cobalt (TSXV:FCC,OTCQX:FTSSF), including the announcement that the governments of Canada and Ontario have made a joint C$10 million investment into its Ontario-based refinery. The refinery is 1,500 meters from property held by Fuse. Fuse’s share price increased 120 percent last week to finish at C$0.17.
2. American Manganese
American Manganese describes itself as a critical metals company focused on lithium-ion battery recycling. Using a patented process, the company provides extraction of cathode metals at high purity and with minimal processing steps.
This past Thursday (January 21), American Manganese announced that its specialized cathode reactor is being prepared to produce its first test batch of cathode precursor materials, a valuable input for lithium-ion battery manufacturing. The company’s share price rose 110.54 percent last week to finish at C$1.
3. Pure Energy Minerals
Pure Energy Minerals is a lithium developer focused on its Clayton Valley project in the Clayton Valley of Central Nevada. In 2017, Pure Energy completed a preliminary economic assessment for the Clayton Valley project, which includes an updated resource calculation and a preliminary economic evaluation.
On Monday (January 18) of last week, Pure Energy shared the results of its annual general meeting of shareholders, saying that among other things, Hua Huang was appointed as a director. The company’s share price jumped 81.67 percent last week to close at C$2.18.
4. Cornish Metals
Cornish Metals is building a portfolio of strategic metals assets in North America and the UK. Its near-term focus is on its United Downs project, where intends to explore and delineate near-surface high-grade copper and tin mineralization; the company also holds the South Crofty tin project, which it says is one of the highest-grade undeveloped tin resources globally.
The most recent news from Cornish Metals came last Monday, when it reached an agreement in principle with Osisko Gold Royalties (TSX:OR,NYSE:OR) to convert amounts owing under a 2018 note financing into a royalty. The company’s share price rose 78.95 percent to end at C$0.17.
5. Ucore Rare Metals
Ucore Rare Metals has honed its efforts on commercializing its RapidSX separation technology with the goal of producing critical metals like rare earths and lithium-ion battery materials at commercial scale. The company also owns the Bokan-Dotson Ridge rare earths project in Alaska.
Last Thursday, Ucore announced that the board of the Alaska Industrial Development and Export Authority has approved the first step towards the development of the company’s Strategic Metals Complex (SMC) in the state. The SMC is a planned rare earths separation and processing plant, and is the first step in the development of Bokan-Dotson Ridge. Ucore’s share price saw an increase of 62.89 percent on the news last week to close at C$1.58.
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.
Editorial Disclosure: American Manganese and First Cobalt are clients of the Investing News Network. This article is not paid-for content.