Last week’s top-gaining mining stocks on the TSXV were Thor Explorations, Leading Edge Materials, Salazar Resources, NV Gold and Colonial Coal.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed last week down at 796.67 points, declining 3.77 percent.
On Thursday (March 29), the Canadian dollar inched up against its US counterpart, as firmer stock prices offset data showing the domestic economy unexpectedly contracted at the start of the year.
“We’ve gone through a period of increased volatility and one with competing narratives — the bond market is telling us something about the economy and the stock market is concerned about valuations in technology shares,” said Art Hogan of B. Riley FBR in Boston. “In general, the market is trapped between two narratives.”
Despite those factors, a number of TSXV-listed stocks in the mining sector saw share price increases. The five top gainers are as follows:
- Thor Explorations (TSXV:THX)
- Leading Edge Materials (TSXV:LEM)
- Salazar Resources (TSXV:SRL)
- NV Gold (TSXV:NVX)
- Colonial Coal (TSXV:CAD)
Without further ado, here’s a look at those companies and what moved their share prices last week.
Thor Explorations is engaged in the acquisition, exploration and development of mineral properties in Nigeria, Senegal and Burkina Faso. Thor holds a 100-percent interest in the Segilola gold project in Nigeria and a 70-percent stake in the Douta gold project in Southeastern Senegal. Thor also has a 49-percent interest in the Bongui and Legue gold permits in Burkina Faso.
On March 29, the company closed a private placement for US$4,234,812. Shares of the company increased 31.03 percent last week to reach C$0.19.
Leading Edge Materials
Leading Edge Materials is focused on the material demands of a once-in-a-generation revolution, as the world shifts to the efficient production, storage and preservation of low-carbon energy. Its principal assets are in Scandinavia, where it holds a 100-percent interest in the Woxna graphite facility, the Norra Karr rare earths project and the Bergby lithium project.
On March 26, the company started research on hafnium and zirconium extraction from its Norra Karr project. Shares of the company increased 30 percent last week to reach C$0.78.
Salazar Resources is engaged in the exploration and development of new highly prospective areas in Ecuador. On March 29, the company announced the execution of an Ecuador-wide exploration alliance for the Pijili project and provided update on the Curipamba project. Shares of Salazar Resources jumped 26.92 percent last week to reach C$0.16.
NV Gold is an exploration company focused on acquiring and developing advanced gold projects. Over the five-day period, shares of NV Gold saw a spike of 25 percent to close the five-day period at C$0.95.
Colonial Coal focuses primarily on coking coal projects in BC. The company owns a 100-percent interest in two resource-stage coal projects in the Peace River Coalfield of Northeastern BC. Over the five-day period, shares of Colonial Coal saw a spike of 22.45 percent to close at C$0.30.
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Data for 5 Top 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.
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Leading Edge Materials is a client of the Investing News Network. This article is not paid-for content.