reconafrica stock

Last week’s top-gaining mining stocks on the TSXV were Renaissance Oil, ReconAfrica, Laurion Mineral Exploration, Centaurus Energy and Ultra Resources.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) declined last week, slumping from Monday’s (April 12) open of 962.08 to Friday’s (April 16) close of 945.

The gold price was on the rise during the five day period, showing strength after Q1. It was supported by a weaker American dollar and softer US 10 year Treasury yields.

Prices for Brent and West Texas Intermediate crude oil were on the rise last week as well. Bloomberg recently reported that oil inventory amassed during COVID-19 lockdowns is steadily being drawn down.

Against that backdrop, the TSXV-listed mining stocks below saw the biggest share price moves last week:

Here’s a look at what may have moved their share prices over the last five days.

1. Renaissance Oil

Renaissance Oil describes itself as Mexico’s leading onshore operator. It is partnered with Russia’s LUKOIL (MCX:LKOH), one of the world’s largest oil producers, on the exploration and development of Amatitlán, a multi-zone, oil-rich block. Renaissance holds other blocks in the country as well.

There was no fresh news from the company last week, but shares rose 213.64 percent to close at C$0.35.

2. Reconnaissance Energy Africa

Reconnaissance Energy Africa (ReconAfrica) is an oil and gas junior with petroleum licenses covering about 8.5 million contiguous acres in the Namibia- and Botswana-based Kavango Sedimentary Basin.

Last Thursday (April 15), the company shared preliminary analysis of data from the 6-2 well, the first of a three well drilling program. According to ReconAfrica, it provides clear evidence of a working conventional petroleum system in the Kavango Sedimentary Basin. The news sent the firm’s share price up 105.39 percent to finish at C$7.62.

3. Laurion Mineral Exploration

Laurion Mineral Exploration’s main focus is its Ontario-based Ishkoday gold-polymetallic project. Ishkoday is home to the past-producing Sturgeon River mine, while the company’s Brenbar property, which is contiguous with Ishkoday, hosts the historic Brenbar mine.

The company announced last Tuesday (April 13) that it has started a 10,000 meter diamond drill program at Ishkoday. The program’s objective is to define the mineralized system that comprises the 2020 Niish discovery and the A-Zone. Laurion’s share price jumped 45 percent last week to end the period at C$0.29.

4. Centaurus Energy

Centaurus Energy describes itself as an independent upstream oil and gas company with both conventional and unconventional oil and gas operations in Argentina.

There hasn’t been any news from Centaurus since early March, but last week its share price leaped 33.33 percent to finish at C$0.02.

5. Ultra Resources

Exploration and development company Ultra Resources has honed its efforts on the acquisition and development of gold projects in Argentina, as well as lithium assets in Argentina and Canada. It has 16 gold-mining and exploration licences and two major types of lithium projects.

Last week, the company closed a non-brokered private placement for total gross proceeds of $1,038,208. The funds will be used for exploration of Ultra’s Argentine and Ontario properties and for general working capital purposes. Ultra’s share price increased 33.33 percent on the news to finish at C$0.22.

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: Laurion Mineral Exploration is a client of the Investing News Network. This article is not paid-for content.



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