5 Top Weekly TSXV Stocks: Galantas Gold Sees 100 Percent Rise

The S&P/TSX Venture Composite Index (INDEXTSI:JX) ended last week at 509.01, up by about 2.6 percent from Monday’s (May 11) open of 495.92. 

Over the course of the five day period, the index saw ups and downs, climbing to 506.66 on Wednesday (May 13) before diving as low as 492.61 that same day.

The drop that day came as US Federal Reserve Chair Jerome Powell warned of further economic weakness, and as Norway’s wealth fund blacklisted some Canadian oil companies. The index resumed its upward momentum for the rest of the week, spurred on partially by higher oil prices.

Against that backdrop, the companies below saw major share price moves last week:

• Galantas Gold (TSXV:GAL)
• Rupert Resources (TSXV:RUP)
• American Lithium (TSXV:LI)
• Telson Mining (TSXV:TSN)
• Crown Point Energy (TSXV:CWV)

Here’s a look at what may have moved their share prices during the period.

1. Galantas Gold

Galantas Gold’s main asset is its Omagh project in Northern Ireland. Omagh was in operation until recently as an open-pit mine, and the company’s focus is on putting it back into production; Galantas is also interested in exploring its license area.

Last week, the company’s share price increased 100 percent to hit C$0.45. The major uptick came as Galantas said on Tuesday (May 12) that it has made an agreement with the Police Service of Northern Ireland (PSNI) regarding blasting at Omagh. Blasting was temporarily suspended in October of last year, as all blasting must be supervised by the PSNI.

The company said at the time that its inability to operate as planned was proving to be a “significant drain” on its financial resources, and noted that it was looking at strategic alternatives, including options with third parties. In the months after that it reduced activity at the site. In Tuesday’s update, Galantas said it will still not yet start producing at Omagh, but noted that it was expecting to restart milling operations within the next 10 days; activity had been halted due to the coronavirus.

2. Rupert Resources

Rupert Resources owns the Pahtavaara gold mine, mill and exploration permits and concessions in Northern Finland’s Central Lapland Greenstone Belt, plus other assets in Finland and Canada. Pahtavaara, a past-producing operation, is the company’s main focus.

Last week, Rupert Resources shared results from an ongoing exploration program at Pahtavaara. According to Tuesday’s release, work was focused on a new target called Ikkari. The first two holes intersected 137.2 meters grading 1.8 grams per tonne gold from 10.8 meters, and 54 meters grading 1.5 grams per tonne gold from 25 meters.

The company’s share price rose 88.37 percent last week to finish at C$1.62.

Campo Morado was slated to be offline until April 30, but although the date has passed Telson has not yet officially announced it is back online.

5. Crown Point Energy

Argentina-focused Crown Point Energy produces natural gas at its Tierra del Fuego assets, and is exploring its Cerro de Los Leones assets in the Neuquén Basin for both conventional and non-conventional oil and gas opportunities.

The company did not share any news last week, with its latest release coming on April 23, when it announced its results for Q4 2019 as well as the year as a whole. Crown Point’s share price still rose an impressive 47.06 percent last week to close out at C$0.25.

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.