5 Top Weekly TSXV Stocks: Rhyolite Rises on Acquisition News

- October 18th, 2020

Last week’s top-gaining mining stocks on the TSXV were Rhyolite Resources, Q Gold Resources, Mkango Resources, Maple Gold Mines and Hudson Resources.

The S&P/TSX Venture Composite Index (INDEXTSI:JX) took a fall last week, closing on Friday (October 16) at 725.03 — that’s down from its mid-week high of 737.48. 

Increasing global COVID-19 restrictions weighed on oil prices last week, bringing the index down.

“I think investors are taking vaccine-related news like the general population, and that’s what a grain of salt. So every day, there’s positive news. And every day, there seems to be certain setbacks with certain vaccines and certain therapeutics,” Macan Nia, senior investment strategist Manulife Investment Management, told the Canadian Press.

Against that backdrop, the TSXV-listed mining companies below saw major share price moves last week:

Here’s a look at what may have moved their share prices over the last five days.

1. Rhyolite Resources

Rhyolite Resources’ main asset is the Alaska-based Paxson gold project. The property is located in the Tintina gold belt, which runs from Northern British Columbia to Southwest Alaksa.

Last Tuesday (October 13), Rhyolite entered into a definitive purchase agreement to acquire a privately held, arm’s-length company that has an option to acquire an 80 percent stake in Suriname’s Brothers project. Rhyolite will issue 15,546,566 common shares to the sellers in order to complete the transaction.

The news sent the company’s share price up 95 percent to finish at C$0.39.

2. Q Gold Resources

Precious metals explorer Q Gold Resources has honed its efforts on the past-producing Foley gold mine in Ontario, and the Surupana silver property in Peru.

The last news from Q2 Gold came at the end of September, when it submitted an exploration permit for a 2020/2021 exploration program at Foley. Despite the lack of fresh news, the company’s share price leaped 67.57 percent last week to close at C$0.62.

3. Mkango Resources

Exploration and development company Mkango Resources is focused on rare earths in Malawi, where it holds a 51 percent stake in the Songwe project and wholly owns the Thambani, Chimimbe and Mchinji exclusive prospecting licenses.

Mkango’s most recent news came on October 8, when it gave the results of its annual general meeting. It didn’t share any announcements last week, but its share price jumped 63.64 percent to end at C$0.18.

4. Maple Gold Mines

Maple Gold Mines describes itself as an advanced exploration company working on developing its Douay gold project, located in Quebec’s Abitibi greenstone belt.

Last week, the company closed a C$6.2 million strategic investment with major miner Agnico Eagle Mines (TSX:AEM,NYSE:AEM). The investment, which was announced on October 8, includes C$18 million in exploration funding from Agnico, and will consolidate Douay with Agnico’s Joutel project.

The news sent Maple’s share price up 52.17 percent to hit C$0.35.

5. Hudson Resources

Hudson Resources’ goal is to develop strategic and green mineral projects in Greenland. It owns 33 percent of the operating White Mountain anorthosite mine, and 100 percent of the Sarfartoq carbonatite project. According to Hudson, Sarfartoq hosts both a rare earths project and a niobium-tantalum project.

Last Friday, the company appointed Bent Olsvig Jensen managing director of Hudson Greenland, which holds the exploitation license for the White Mountain. The company’s share price rose 51.72 percent last week, ending at C$0.22.

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.

Editorial Disclosure: Maple Gold Mines is a client of the Investing News Network. This article is not paid-for content.

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