TSXV-listed companies Trek Mining, NewCastle Gold and Anfield Gold are planning to combine forces to create Equinox Gold.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed last Friday (December 15) at 801.23 points, up 3.03 points.
Midway through the week, the US Federal Reserve raised interest rates a quarter of a percentage point, to 1.5 percent, at its final policy meeting of 2017. While the gold price dropped in the run up to the meeting, by Friday the metal was faring better, on track for a weekly gain.
In a speech on Thursday (December 14), Bank of Canada Governor Stephen Poloz said Canada’s economy is in a “sweet spot,” but added that the bank will be “cautious” and “data dependent” when considering its next rate decision on January 17.
Against that backdrop, a number of TSXV-listed mining stocks experienced significant share price gains last week. The five top gainers are as follows:
- TNR Gold (TSXV:TNR)
- Graphite One Resources (TSXV:GPH)
- Kootenay Silver (TSXV:KTN)
- Southern Silver Exploration (TSXV:SSV)
- Trek Mining (TSXV:TREK)
Read on for a brief overview of those companies and what moved their share prices last week.
1. TNR Gold
TNR Gold is working to establish itself as an energy metals royalty company, and holds an 11 percent interest in International Lithium (TSXV:ILC).
The company did not release any news last week, but its share price jumped 45.45 percent to close at $0.07. One of its most recent announcements came on November 30, when it noted that the governments of Chile and Argentina have signed a protocol to facilitate the development of the Los Azules copper project in Argentina. McEwen Mining (TSX:MUX,NYSE:MUX) owns the project, and TNR has a 0.36-percent royalty on the net smelter return of the entire Los Azules project.
2. Graphite One Resources
Graphite One Resources is developing its Alaska-based Graphite Creek project, which includes a proposed mine and processing plant. Last week, its share price jumped 30 percent to close the week at $0.07, although it did not put out any news during the period.
The company’s latest news came on December 5, when it completed a private placement for gross proceeds of C$707,185. Graphite One said “a significant portion” of the placement is from privately held Taiga Mining Company. Net proceeds from the offering will be used to further explore and develop Graphite Creek and for general working capital purposes.
3. Kootenay Silver
Last Thursday, Kootenay Silver closed the initial tranche of a private placement for gross proceeds of $3,909,896. The firm said it expects to raise an additional $109,000 in the second and final tranche, which is expected to close shortly.
The company plans to use the proceeds to fund the exploration and development of its La Cigarra project in Mexico; money will also be used for possible new acquisitions and for general working capital purposes. Kootenay’s share price rose 33.33 percent over the course of last week to close at $0.12.
4. Southern Silver Exploration
On Tuesday (December 12), Southern Silver Exploration announced that it has been assigned a legal entity identifier (LEI), and explained that the European Union has adopted regulations that require the use of the LEI as a barcode equivalent aimed at pinpointing systemic risks. The firm’s share price rose 28.26 percent over the course of last week to close at $0.28.
5. Trek Mining
Trek Mining, NewCastle Gold (TSX:NCA) and Anfield Gold (TSXV:ANF) are planning to combine forces to create Equinox Gold. The proposed transaction will be voted on by shareholders at a special meeting scheduled for December 19, and if approved should close on or about December 22. At that point, Trek Mining will be renamed Equinox Gold and is expected to trade on the TSXV under the symbol EQX.
Trek Mining’s share price rose 27.27 percent over the week to close at $0.28.
Data for 5 Top Weekly TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST 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.
Editorial Disclosure: Graphite One Resources is a client of the Investing News Network. This article is not paid-for content.