The S&P/TSX Venture Composite Index (INDEXTSI:JX) ended Friday (February 2) down 32.03 points, at 811.68 points.
Statistics Canada has been crowdsourcing data on how much people pay for cannabis, and on Friday data came out showing that Canadian marijuana costs $6.85 a gram.
That number builds on earlier estimates suggesting that weed prices have been falling over the years as illegal producers have boosted output, potentially cutting into revenue for publicly traded firms.
The Canadian dollar was down from 81.38 cents US on Thursday to 80.69 cents US on Friday.
Against that backdrop, a number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:
- Adex Mining (TSXV:ADE)
- DLV Resources (TSXV:DLV.H)
- Aurion Resources (TSXV:AU)
- Zenyatta Ventures (TSXV:ZEN)
- European Electric Metals (TSXV:EVX)
Read on for a brief overview of those companies and what moved their share prices last week.
1. Adex Mining
On Friday, Adex said it was “not aware of any material change in the Company’s operations that would account for recent share price movements or trading volumes in the Company’s common shares.” Its share price rose 200 percent to close at $0.02 last week.
2. DLV Resources
DLV Resources’ latest news came on January 8, when it announced a fully subscribed non-brokered private placement of up to 40 million units at a price of $0.08 per unit for proceeds of $3.2 million.
The company owns a mineral property located in BC’s Skeena Mining Division. Its share price rose 56.52 percent to close at $0.36 last week.
3. Aurion Resources
Aurion Resources is focused on generating or acquiring early stage precious metals exploration opportunities and advancing them through business partnerships or joint venture arrangements. It did not release any news last week, but it share price rose 35.87 percent to close at $1.09.
4. Zenyatta Ventures
Last week, Zenyatta Ventures announced a strategic focus on graphene, which it plans to produce using material from its Albany graphite deposit. The company said it will continue to advance Albany toward production, and will supply high-quality graphite or graphene to a new wholly owned subsidiary called ZEN-tech Materials.
According to Zenyatta, the formation of ZEN-tech is a strategic move that will provide it with a downstream vehicle to market, capture value and advance graphene application development. The company’s share price rose 29.31 percent over the course of last week to close at $0.71.
5. European Electric Metals
European Electric Metals said last Thursday (February 1) that it had closed a private placement financing announced on December 20, 2017, raising total gross proceeds of $4,750,000.
The company has a mining license for the Rehova copper project in Albania, plus interests in Kosovo. It is focused on copper, nickel and cobalt, and it gained 26.76 percent last week to close at $0.88.
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.