Last week’s top-gaining mining stocks on the TSXV were Big Ridge Gold, Diamcor Mining, Canterra Minerals, Pulse Oil and Southern Energy.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) was on the decline last week, opening on Monday (June 7) at 980.86 and closing at 979.92.
Statistics Canada said last week that the amount Canadians owe compared to their income fell year-on-year in Q1. Experts believe this may change as the country continues to dial back COVID-19 restrictions.
Also last week, the Bank of Canada said it will be keeping its key interest rate at a historic low and will maintain its current pace of bond purchases.
Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:
- Big Ridge Gold (TSXV:BRAU)
- Diamcor Mining (TSXV:DMI)
- Canterra Minerals (TSXV:CTM)
- Pulse Oil (TSXV:PUL)
- Southern Energy (TSXV:SOU)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Big Ridge Gold
Canada-focused Big Ridge Gold is exploring for gold in Quebec, Manitoba and Ontario.
The company had two pieces of news last Tuesday (June 8). First, it closed its previously announced earn-in agreement with First Mining Gold (TSX:FF,OTCQX:FFMGF); through the deal, Big Ridge is now the operator of First Mining’s Hope Brook gold project in Newfoundland and Labrador and can earn up to an 80 percent interest in the asset. Phase 1 exploration is expected to start this summer.
Second, Big Ridge announced a brokered private placement to raise gross proceeds of up to about C$5 million. The company’s share price rose 57.89 percent to end at C$0.30.
2. Diamcor Mining
Diamcor Mining has a strategic alliance with Tiffany & Co., and is now in the final stages of developing its South Africa-based Krone-Endora at Venetia diamond project, which it acquired from De Beers in 2011.
The company participated in a virtual conference last week. Its share price rose 50 percent during the period to close at C$0.24.
3. Canterra Minerals
Canterra Minerals is focused on gold exploration in Newfoundland and Labrador. The company is earning earning a 100 percent interest in the Wilding and Noel Paul gold projects in the province; they are located directly northeast of Marathon Gold’s (TSX:MOZ,OTCQX:MGDPF) Valentine Lake gold project.
Last Tuesday, Canterra announced a non-brokered private placement to raise total gross proceeds of about $2.7 million. Canadian billionaire Eric Sprott will purchase $2.6 million of the offering and will own around 19.9 percent of the company’s basic shares on an outstanding basis once it is complete.
4. Pulse Oil
Pulse Oil holds an Alberta-based 100 percent working interest enhanced oil project. It includes two established Nisku pinnacle reef reservoirs that have been producing sweet light crude oil for over 40 years; the company plans to use a proven recovery methodology to further enhance their oil recovery.
There was no fresh news from Pulse Oil last week, but it rose 44.44 percent to close at C$0.07.
5. Southern Energy
Southern Energy is an oil and natural gas explorer and producer that has honed its efforts on acquiring and developing conventional natural gas and light oil resources in Mississippi, Louisiana and East Texas.
The company didn’t release any news last week, but shares jumped 35.71 percent to end at C$0.10.
Data for 5 Top Weekly TSX 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$50 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: Southern Energy is a client of the Investing News Network. This article is not paid-for content.