Last week brought a strong performance from the S&P/TSX Venture Composite index (INDEXTSI:JX), which gained 4.52 percent to reach 562.38 points.
Year-to-date, the Venture is up 7 percent. Some analysts believe that the gold price has entered bull market territory, with silver, copper and oil prices also faring well last week.
Taking a look at the top-gaining stocks from the mining sector, NexGen Energy (TSXV:NXE) was the top stock, and it was followed by Mitra Energy (TSXV:MTE), Focus Graphite (TSXV:FMS), Lupaka Gold (TSXV:LPK) and Largo Resources (TSXV:LGO).
Last week, NexGen Energy saw its share price rise 106.67 percent, to $1.28, following the release of a maiden resource estimate for its Arrow deposit in Saskatchewan’s Athabasca Basin. With an inferred resource of 201.9 million pounds of contained uranium in 3.48 million tonnes of mineralization grading 2.63 percent U3O8, Arrow is now the world’s largest undeveloped high-grade uranium deposit.
For his part, Raymond James analyst David Sadowski called Arrow the “best uranium discovery of the past 25 years.”
Shares of oil- and gas-focused Mitra Energy gained 83.33 percent last week to close at $0.28. On January 14, the company provided an update on the status of its gas development project in Vietnam, reporting on its steady progress towards the commercialization of its first gas fields in the region. However, there has been no further recent news from the company that would explain last week’s price rise.
Focus Graphite was up 71.43 percent last week to end at $0.12. The company is focused on advancing its Lac Knife graphite project in Quebec.
There was no news from Focus that would explain last week’s rise in share price. However, Focus CEO and Director Gary Economo was recently interviewed regarding Focus and the graphite market.
Lupaka is focused on exploring for and developing gold projects in Peru. The company currently has three projects in the country at varying stages of exploration, but earlier this year it said that its priority is the development and commissioning of a contract mining operation at the Invicta project.
On February 22, the company closed a private placement for gross proceeds of $419,500, and reported positive results from a second round of run-of-mine bulk sample testing at Invicta. However, there has been no further news to explain the company’s rise in share price. Lupaka was up 66.67 percent last week to finish at $0.13 per share.
Rounding out the top five is Brazil-focused vanadium miner Largo Resources, which was able to restructure its debt with a consortium of Brazilian commercial banks. The company also announced last Wednesday that it has closed the second and final tranche of a previously announced private placement for US$26.8 million. Shares of Largo Resources were up 61.76 percent at the end of last week, trading at $0.28.
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, Teresa Matich, hold no direct investment interest in any company mentioned in this article.