Resource News

Steady growth of over 30 percent was the theme for junior mining companies last week, with Euromax Resources leading the charging with a 36.67 percent rise.

Steady double-digit growth of over 30 percent was the theme for junior mining companies last week. 

Southeastern Europe-based Euromax Resources led the pack, while Athabasca Minerals Inc., Bacanora Minerals, Anthem United Inc. and Nortec Minerals Corp. rounded out the top five, with the last three companies all seeing the same level of weekly growth.

Euromax Resources (TSXV:EOX)

Euromax Resources made headlines in October regarding its $175 million partnership with RGLD Gold AG to finance the next stages of its Ilovitza copper-gold project in the Republic of Macedonia.

“The commitment of $175 million announced today goes far further than just addressing our Phase 1 financing needs and allows us to progress on track with the DFS and FEED program for delivery in 2016,” said Varshan Gokool, CFO of Euromax Resources, in an October 21 media release. “Consistent with our financing strategy we have been able to leverage the asset value of Ilovitza thereby minimizing dilution to shareholders. Importantly, the stream represents only 14 percent of our gold equivalent production and will satisfy 31 percent of our expected construction capital expenditure and further improve the Project IRR.”

This helped give Euromax a weekly percentage boost of 36.67, or $0.11 to trade at $0.41.

Athabasca Minerals Inc. (TSXV:ABM)

Coming in second with a weekly gain of 34.11 percent to trade at $1.62, Canadian mineral exploration and management company Athabasca Minerals Inc. recently announced strong revenue and net income growth during the third quarter of 2014.

“We are pleased to see the demand for aggregates in the Fort McMurray region increase during Q3 2014, and anticipate continuing strength during Q4 2014, when demand for aggregates is traditionally highest during the second half of the year,” said Athabascan President and CEO Dom Kriangkum in a media release. “We have realized some significant recent success from implementing a number of cost reduction opportunities in extraction and processing that we targeted in the first half of 2014.”

All told, Athabasca Minerals had its highest quarterly sales revenue in its history, as well as the second highest quarterly net income in its history.

Bacanora Minerals (TSXV:BCN)

Focusing on borates and lithium in Mexico, Bacanora Minerals most recently made waves regarding updates on the advancement of the Magdalena Borate Project. The company said it has hired engineers to design a plant that will be capable of producing up to 25,000 tones of boric acid each year from borate minerals in the El Cajon deposit.

This led to a weekly percentage gain of 33.33, or $.26, to trade at $1.04.

Anthem United Inc. (TSXV:AFY)

Anthem United saw an unexpected share boost, rising 33.33 percent over the week (rising $0.15) to trade at $0.60 by the end of the week.

Nortec Minerals Corp. (TSXV:NVT)

While it has projects in Finland, Canada and Ecuador, Nortec Minerals Corp.’s weekly gain of 33.33 percent to trade at $.08 also remains something of a mystery, as the company hasn’t made news since it signed two Memoranda of Understanding to directly acquire 100 percent interest in the Golden Zone Property in South-central Alaska during September.


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