The S&P/TSX Venture Composite Index (INDEXTSI:JX) saw a modest rise of 4.41 points on Friday (October 27), ending the week at 787.38 points.
Earlier in week, private sector economists said they expect the Canadian economy to grow by 3.1 percent in 2017, up from the previous March budget forecast of 2 percent. Over the past year it has grown 3.7 percent.
Against that backdrop, a number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:
- Niobay Metals (TSXV:NBY)
- Northern Graphite (TSXV:NGC)
- Eskay Mining (TSXV:ESK)
- Melior Resources (TSXV:MLR)
- Mustang Minerals (TSXV:MUM)
Read on for a brief overview of those companies and what moved their share prices last week.
Niobay Metals’ main focus is its James Bay niobium project in Ontario; in addition, the company has a 72.5-percent interest in the Crevier niobium-tantalum resource in Quebec, and an option to earn up to a 65-percent stake in the La Peltrie gold project, also in Quebec.
Last week, Niobay shared the news that Toshiba (TSE:6502) is developing a “next-generation” lithium-ion battery with an anode made of titanium niobium oxide. According to Toshiba, this new anode material will allow it to create lithium-ion batteries with double the current anode capacity. Niobay’s share price rose 109.38 percent over the course of the week to close at $0.32.
Northern Graphite is developing the Bissett Creek graphite deposit in Ontario, and last week its share price rose 97.92 percent to close at $0.48. On October 24, management said it was unaware of any material change in its affairs or operations that would account for the recent increase in market activity.
“Supply issues in China, a recovering steel market, a positive outlook for demand from the lithium-ion battery industry and electric vehicles and recent increased in graphite prices may all be contributing factors,” said CEO Gregory Bowes.
Eskay Mining’s latest news came on October 19, when it announced the completion of a 9,336-meter, 12-hole drill program on its SIB property. SSR Mining (TSX:SSRM,NASDAQ:SSRM), formerly Silver Standard Resources, has the option to earn a 51-percent interest in the property.
The company put out no news last week, but its share price rose 73.68 percent to close at $0.32.
On October 26, Melior Resources said it intends to restart operations at its Goondicum ilmenite mine. It has an agreement in principle with Pala Investments for the provision of a $5.25-million loan facility.
The company said it is looking to secure the remaining $5 million required to restart Queensland-based Goondicum as quickly as possible. The news sent the company’s share price up 71.43 percent over the course of last week to close at $0.06.
Mustang Minerals is focused on the exploration and development of nickel, copper and platinum-group metals projects, and has assets in Canada. The company announced the completion of a share consolidation on October 26 after the shareholders approved the decision on June 7, 2017.
The company’s issued and outstanding common shares were consolidated on the basis of one post-consolidation common share for every 10 pre-consolidation common shares. The move resulted in a total of approximately 26,147,768 common shares issued and outstanding following the consolidation. Mustang’s share price rose 66.67 percent over the week to close at $0.30.
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.