The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed last week at 793.64 points, up 0.67 percent.
According to Reuters, the materials group, which includes precious and base metals miners, as well as fertilizer companies, added 1 percent on the back of a higher gold price. The yellow metal reportedly rose 0.3 percent, to $1,227.70 an ounce, after US data revealed that domestic retail sales in April came in below market expectations.
Gold is considered a safe-haven investment, and investors are worried about political instability in the US. In particular, developments related to US President Donald Trump’s firing of FBI Director James Comey late on Tuesday, have raised concerns.
Amid that action, a number of TSXV-listed stocks in the mining sector saw share price increases last week. The top five gainers were:
- Morro Bay Resources (TSXV:MRB)
- PNG Gold (TSXV:PGK)
- Monarca Minerals (TSXV:MMN)
- Cameo Resources (TSXV:CRU)
- Transatlantic Mining (TSXV:TCO)
Without further ado, here’s a look at those companies and the factors that moved their share prices last week.
Morro Bay Resources
Morro Bay Resources is a gold and silver exploration company with a 51-percent interest in the Penoles project in Mexico. The company has completed initial resource reports for two separate deposits at the project, and they show significant growth potential.
On May 8, Morro Bay announced that its board has decided to proceed with a consolidation of the company’s common shares. The news sent the company’s share price up 200 percent to end at $0.15.
PNG Gold is a gold exploration and development company whose main projects are its 100-percent-owned Normanby and the Sehulea exploration licenses on Normanby Island in Papua New Guinea. PNG Gold’s share price rose 38.6 percent last week to end at $0.79; it did not release any news that would explain that increase.
Monarca Minerals is focused on the exploration and development of silver and gold projects in Mexico. Last week, the company completed the first tranche of its previously announced non-brokered private placement financing. Eric Sprott made a major investment in Monarca, buying 7.2 percent of its issued and outstanding common shares on a non-diluted basis for $400,010.
On the back of the news, Monarca’s share price gained 33.33 percent to close at $0.16 last week.
Exploration-stage company Cameo Resources holds an interest in the MEG gold property in Tanzania, and is also on the hunt for scandium in Quebec. The company has not released any recent news, but its share price went up 30.43 percent last week to end at $1.50.
Last on the list is Transatlantic Mining, whose share price rose 29.41 percent last week to close at $0.22. The company is an emerging metals explorer and developer that holds interests in the US Grant gold-silver property and the Monitor copper-gold project; they are located in Montana and Idaho, respectively.
The company did not release any news last week, but on May 1 it satisfied the conditions required to earn an 80-percent stake in Monitor. A few days later, on May 4, it entered into an agreement to acquire the Kearsage claim group in Montana.
Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday after market close 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.