Precious Metals

Gold Investing

Last week’s top-gaining mining stocks on the TSXV were Meridian Mining, American Lithium, Pure Energy, Condor Resources and Kodiak Copper.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed last Friday (June 19) at 566.43, up just under 20 points from Monday’s (June 15) open of 549.25. 

The increase was led by gains in gold stocks, which were buoyed by the yellow metal’s rise — it was above US$1,730 per ounce midway through Friday. The exchange’s materials and consumer staples sectors also experienced upticks over the course of the week.

Renewed concerns about the spread of COVID-19 were partially behind the movement in gold.

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

  • Meridian Mining (TSXV:MNO)
  • American Lithium (TSXV:LI)
  • Pure Energy Minerals (TSXV:PE)
  • Condor Resources (TSXV:CN)
  • Kodiak Copper (TSXV:KDK)

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

1. Meridian Mining

Brazil-focused Meridian Mining is currently advancing the Espigao copper-gold project, the Mirante da Serra sedimentary manganese property and the Ariquemes tin exploration portfolio.

Last Thursday (June 18), the company announced that Sentient Global Resources, its major shareholder, has agreed to return about 95 percent of its shares to Meridian. The shares will be returned for no cash consideration, and after they are returned they will be canceled; Sentient’s stake in Meridian will then stand at about 9.99 percent. The deal is conditional upon Meridian raising a minimum of $1.85 million.

Explaining the situation, Meridian commented:

Sentient has been a long supporter of the Meridian however its large equity position restricted the Company’s ability to attract new investors to finance then advance the Brazilian: Espigão copper‐ gold polymetallic advanced exploration project and the Mirante da Serra manganese exploration and resource development project. Rather than allow the Company to continue in such a dormant fashion Sentient has agreed with the Company to hand back the majority of its shares at the completion of the capital raising and with a minimum amount of $1.85 M raised.

The news sent Meridian’s share price up 68.42 percent last week to finish at C$0.16.

2. American Lithium

As its name suggests, American Lithium’s goal is to acquire, explore and develop lithium resources in the Americas. Its main asset is the TLC lithium claystone discovery in Nevada’s Esmeralda lithium district.

Last Wednesday (June 17), the company released the results of testing geared at simplifying the process of extracting lithium from TLC’s sedimentary claystone deposits. According to American Lithium, it has seen “great success” using an acid agglomeration and cure technique.

The company’s share price leaped 66.67 percent last week to close at C$0.90.

3. Pure Energy Minerals

Pure Energy Minerals’ flagship property is its Nevada-based Clayton Valley project, which it says is located adjacent to the only producing lithium brine mine in North America.

The company’s latest announcement came on June 8, when it granted stock options to directors, officers and consultants. Despite the lack of fresh news, its share price rose 60 percent last week to hit C$0.08.

4. Condor Resources

Explorer and prospect generator Condor Resources is focused on base and precious metals assets in Peru, where it has a large portfolio of projects.

On Friday, the company closed a previously discussed non-brokered private placement for gross proceeds of $990,000, with Crescat Capital subscribing for the majority of the shares. As a condition of Crescat’s participation, Condor also announced the appointment of Dr. Quinton Hennigh to its board of directors; Hennigh is currently perhaps best known for his involvement with Novo Resources (TSXV:NVO,OTCQX:NSRPF).

5. Kodiak Copper

Kodiak Copper has a portfolio of copper porphyry projects in Canada and the US, the most advanced of which is BC-based copper-gold porphyry MPD. The company is part of the Discovery Group of companies, which also includes Great Bear Resources (TSXV:GBR,OTCQX:GTBAF).

Last Wednesday, Kodiak revealed targets for an upcoming drill program at MPD, saying that it will start later this months. Targets were chosen using data from a recently completed ZTEM geophysical survey. The company’s share price rose 54.29 percent on the news to close at C$0.54.

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.



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