The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 0.13 percent on Friday (August 25) to end at 767.18 points.
Central bankers met in Jackson Hole, Wyoming last week, but traders were not expecting any surprises or changes of course on US monetary policy.
Oil prices rose slightly on Friday as the US prepared for Hurricane Harvey, which is expected to be the largest storm to hit the US mainland in over a decade. Meanwhile, the Canadian dollar was steady against the US dollar as the market awaited the results of the meeting.
Against that backdrop, a number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:
- Upper Canyon Minerals (TSXV:UCM.H)
- New Stratus Energy (TSXV:NSE)
- Silvermet (TSXV:SYI)
- Pacific Booker Minerals (TSXV:BKM)
- Asian Mineral Resources (TSXV:ASN)
Read on for a brief overview of those companies and what moved their share prices last week.
Upper Canyon Minerals
Upper Canyon Minerals’ latest news came on August 17, when it announced a non-brokered private placement to raise gross proceeds of up to $1 million. The company has an option/joint venture agreement with Q-Gold Resources (TSXV:QGR) on two large gold exploration tracts in Ontario.
The company plans to use the money raised from the offering to pay off its debts and for general working capital, including potential acquisitions, marketing, corporate accounting and geological services. Upper Canyon’s share price rose 86.67 percent to close at $0.28 last week.
New Stratus Energy
Red Rock Energy recently changed its name to New Stratus Energy. The company is focused on uranium exploration, and holds a 100-percent interest in 14 claims located near Uranium City in Saskatchewan.
On August 4, the firm filed a technical report on its Fusion uranium project; it estimates that the area hosts a grade range of 0.2 to 0.25 percent U3O8. The company expects to continue drilling at the site, and last week its share price rose 71.43 percent to close at $0.48.
Zinc-focused Silvermet entered into a definitive merger agreement with privately owned Global Atomic Fuels on August 18, just days before LME zinc hit a decade high of $3,180.50 per tonne. The combined venture will be a “high quality uranium development company” called Global Atomic.
The companies believe the merger will be valuable as positive cashflow from Silvermet’s zinc operations will support continued development of Global Atomic Fuels’ assets. Both companies plan to hold shareholder meetings by the end of September, and if the transaction is approved it will close soon after.
Silvermet saw its share price rise 63.64 percent over the course of last week to close at $0.13.
Pacific Booker Minerals
Pacific Booker Minerals owns the advanced-stage Morrison property in BC. The company has completed a feasibility study on the copper-gold-molybdenum project, which is envisioned as an open-pit mining and milling operation. It is located within 29 kilometers of two past-producing copper mines, Bell and Granisle.
On August 18, Pacific Booker commented on recent trading of its shares on the TSXV. The company confirmed that its management is unaware of any change in the company’s status that would account for its recent share price increase. The company’s share price rose 57.14 percent over the course of last week to close at $1.10.
Asian Mineral Resources
Asian Mineral Resources owns the Ban Phuc nickel mine in Vietnam, which began producing in mid-2013. In April, the company entered into a net smelter royalty agreement with Cobalt 27 Capital (TSXV:KBLT), a company aiming to offer investors access to physical cobalt.
Last week, Asian Mineral Resources’ share price rose 50 percent to close at $0.03.
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.