Last week’s other top-gaining stocks on the TSXV were Inventus Mining, Rockcliff Copper, Atlantic Gold and Yellowhead Mining.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 0.37 percent on Friday (October 6) to end at 787.61 points.
The latest US jobs report, released that day, shows that the US lost 33,000 jobs in September due to Hurricanes Harvey and Irma, which left many businesses shuttered. The unemployment rate dropped from 4.4 to 4.2 percent, reaching the lowest level since February 2001.
Many market watchers believe the report will encourage the US Federal Reserve to hike interest rates again this year. In general, higher interest rates are bad news for gold, and on Friday the yellow metal hit a two-month low on the back of the news.
Against that backdrop, a number of TSXV-listed mining stocks experienced significant share price gains. The five top gainers last week are as follows:
- West High Yield Resources (TSXV:WHY)
- Inventus Mining (TSXV:IVS)
- Rockcliff Copper (TSXV: RCU)
- Atlantic Gold (TSXV:AGB)
- Yellowhead Mining (TSXV:YMI)
Read on for a brief overview of those companies and what moved their share prices last week.
West High Yield Resources
West High Yield Resources’ share price soared last week after it reached an agreement to sell its Record Ridge South, Midnight and OK mineral properties to Gryphon Enterprises. The company sold the magnesium assets, located in BC, for US$750 million to the American company. West High Yield plans to hold a special meeting of shareholders in December to seek approval for the deal.
“The proposed transaction is great for our shareholders who have been supportive and patient in this very long and arduous process,” said Frank Marasco, president and CEO of West High Yield. The company’s share price rose 471.43 percent to close at $2 last week.
Inventus Mining is a exploration firm whose principal asset is its Pardo paleoplacer gold project, located 65 kilometers northeast of Sudbury in Ontario. Last Wednesday (October 4), the company confirmed that it is not aware of any material undisclosed information that would explain the recent increase in its share price. It rose 52.27 percent to close at $0.32 last week.
On Thursday (October 5), Rockcliff Copper’s subsidiary entered into an option agreement to earn a 100-percent stake in the Manitoba-based Berry Creek gold property. Rockcliff Copper’s share price jumped 40 percent over the course of last week to close at $0.11.
“The potential gold targets on the Berry Creek gold property are high grade gold within quartz veins and low grade gold in intrusive rocks which has never been investigated historically. Our plan is to advance the Berry Creek gold property through geophysics, geology and drilling in 2018,” said Rockcliff President and CEO Ken Lapierre.
Atlantic Gold’s latest news came last Wednesday, when it completed the initial closing of a bought-deal private placement for gross proceeds of just over $16 million. The final closing is expected to take place on October 24, and is expected to generate estimated gross proceeds of about $1.5 million.
The company said it will use the money to fund engineering, feasibility and environmental permitting work for a Phase 2 expansion study that will include its Cochrane Hill and Fifteen Mile Stream deposits. Atlantic Gold’s share price rose 33.7 percent over the course of last week to close at $1.81.
Yellowhead Mining is a development-stage company with a 100-percent interest in the Harper Creek copper project, located in BC. The company has not released any news since August, when it said in its Q2 report that Harper Creek remains on care and maintenance. Last week, Yellowhead Mining’s share price rose 31.31 percent to close at $0.65.
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: West High Yield Resources is a client of the Investing News Network. This article is not paid-for content.