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5 Top Weekly TSXV Stocks: Lomiko Metals Surges 133 Percent on Government Investment
Last week's top-gaining mining and energy stocks on the TSXV were Lomiko Metals, Copper Fox Metals, Desert Mountain Energy, Surge Copper and East Africa Metals.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 19.22 points last week to close at 615.17.
Markets rose this past week as silver breached the US$30 per ounce mark for the first time in more than 10 years on Friday (May 17). Gold was also on the move, rising as high as US$2,418.04 per ounce the same day. Meanwhile, copper prices surged above US$10,000 per metric ton (MT) on Monday (May 13) on the London Metal Exchange.
The latest US consumer price index data was released on Wednesday (May 15), and it shows that inflation was up 3.4 percent year-on-year in April, lower than readings seen earlier in the year. It rose 0.3 percent month-on-month.
In other economic news, the Conference Board released its leading economic index (LEI) on Friday. The think tank said the LEI decreased by 0.6 percent in April, which was a steeper decline than the 0.3 percent decrease seen in March.
In its assessment of the health of the US economy, the organization said the data indicates a recession is no longer likely, but that challenges exist and will continue to weigh on the economy in 2024.
In the resource sector, the Canadian and US governments announced on Thursday (May 16) that they will be making the first investments as part of the Canada-US Energy Transformation Task Force, whose aim is to support the development of critical minerals projects. Fortune Minerals (TSX:FT,OTCQB:FTMDF) will receive a C$7.5 million investment from the Canadian government to develop its NICO cobalt-gold-bismuth-copper project in the Northwest Territories, as well as an injection of US$6.4 million from the US government’s Defense Production Act Investments Office.
The other company to receive funding is Lomiko Metals (TSXV:LMR,OTCQB:LMRMF), which is the top stock on the list below. Read on to learn details about the funding it received and about this week's other top gainers on the TSXV.
1. Lomiko Metals (TSXV:LMR)
Weekly gain: 133.33 percent; market cap: C$10.02 million; current share price: C$0.035
Lomiko Metals is an exploration and development company working to advance two battery materials projects in Québec, Canada, to production. Its La Loutre asset is a flake graphite project located in the Laurentides administrative region, 30 kilometers southwest of Montreal. A May 2023 technical report outlines an indicated resource of 64.7 million MT grading 4.59 percent graphitic carbon, with an inferred resource of 17.45 million MT grading 3.72 percent graphitic carbon.
The company also holds a 49 percent stake in Critical Elements’ (TSXV:CRE,OTCQX:CRECF) Bourier lithium project, with the opportunity to earn an additional 21 percent. The site is located northeast of Duval, Québec, and consists of 203 mining claims over 102.6 square kilometers. The project is currently in the early phases of soil and surface sampling.
Shares of Lomiko surged this past week following Thursday's news that it has received US$8.35 million in funding from the US Department of Defense as part of the Defense Production Act and the Inflation Reduction Act for energy security in North America. The company received an additional grant of C$4.9 million from the Critical Mineral Research, Development and Demonstration program administered by Natural Resources Canada. The money will be used for a pilot program to upgrade flake graphite from the La Loutre project into battery-grade anode material.
2. Copper Fox Metals (TSXV:CUU)
Weekly gain: 126.19 percent; market cap: C$363.15 million; current share price: C$0.48
Copper Fox Metals is an exploration and development company with assets located in the US and Canada. Copper Fox’s primary projects include the Schaft Creek joint venture, and its wholly owned Van Dyke and Eaglehead projects.
The Van Dyke copper oxide property is located within the Globe-Miami copper district of Arizona. According to a December 2020 preliminary economic assessment, the brownfield project is projected to produce about 1.1 billion pounds of copper over a 17 year mine life. Initial capital costs are set at US$290.5 million.
The Eaglehead copper porphyry project is near Dease Lake, BC, and hosts four open-ended porphyry deposits. An October 2023 resource estimate outlines an indicated resource of 345 million pounds of copper and 16.9 million pounds of molybdenum, as well as an inferred resource of 1.3 billion pounds of copper and 1 billion pounds of molybdenum.
The company also operates and holds a 25 percent stake in the Schaft Creek copper porphyry joint venture near Eaglehead, with the remainder being held by Teck Resources (TSX:TECK.A,TECK.B,NYSE:TECK).
Shares of Copper Fox saw substantial gains last week; however, in a press release on Tuesday (May 14), the company noted it was unaware of any material change that would account for the increased market activity.
The jump did come alongside the surging price of copper.
3. Desert Mountain Energy (TSXV:DME)
Weekly gain: 61.54 percent; market cap: C$28.88 million; current share price: C$0.42
Desert Mountain Energy is an exploration, development and production company focused on advancing helium, hydrogen and natural gas assets in New Mexico and Arizona, US.
Its operations in West Pecos consist of the West Pecos gas field, which hosts 188 wells across 77,000 acres of oil and gas leases and has expansion potential of up to 100 additional wells. The site is also home to a helium processing facility that is capable of producing various grades of helium. The company is working to construct a 60,000 gallon accumulation tank that, when finished, will allow it to process natural gas, condensate and helium. Desert Mountain also owns the Holbrook helium project in Arizona’s Holbrook basin. It is comprised of over 1 million acres of helium prospects and is situated in a region that has historic production of 9.23 billion cubic feet of helium with grades between 8 and 10 percent.
Shares of Desert Mountain saw gains this past week after it signed new terms for its strategic partnership with Beam Earth to commence hydrogen exploration in Arizona during Q4 of this year. Under the terms of the Thursday deal, Beam Earth will make a US$225,000 payment to Desert Mountain and will fund the drilling programs, pilot well and engineering for a white hydrogen/helium plant, as well as the planning for a green hydrogen plant in Arizona.
Desert Mountain will retain ownership rights for its wells in New Mexico and Arizona, and will jointly share profits from new hydrogen and helium wells in Arizona.
4. Surge Copper (TSXV:SURG)
Weekly gain: 57.14 percent; market cap: C$41.2 million; current share price: C$0.22
Surge Copper is a copper exploration company working to advance its Berg and Ootsa projects in BC.
In a June 2023 preliminary economic assessment for Berg, which hosts deposits with copper, molybdenum, silver and gold, the company reported a net present value of C$2.1 billion with an internal rate of return of 20 percent. The property has the potential for a 30 year mine life with total payable production of 5.8 billion pounds of copper equivalent.
Meanwhile, the 72,710 hectare Ootsa property is host to three advanced-stage copper, gold, molybdenum and silver porphyry deposits. A June 2022 combined mineral resource estimate for the site’s Seel and Ox deposits outlines measured and indicated resources of 1.7 billion pounds of copper, 167 million pounds of molybdenum, 1.6 million ounces of gold and 29.5 million ounces of silver.
The company did not report any news last week, but trended upward alongside surging copper prices.
5. East Africa Metals (TSXV:EAM)
Weekly gain: 54.55 percent; market cap: C$31.56 million; current share price: C$0.17
East Africa Metals is a gold exploration company focused on operations in Ethiopia.
Its principal asset is the Adyabo property, in which the company holds a 30 percent net profit interest, with Tibet Huayu Mining (SHA:601020) owning the remaining 70 percent. The 195.2 square kilometer site hosts two mining licenses located in an area known for high-grade gold and copper mineralization.
The company also owns a 70 percent share of the Harvest polymetallic project in the Tigray region of Ethiopia, as well as a 30 percent streaming interest in the Magambazi gold mine in the Tanga region of Tanzania.
Shares of East Africa saw gains following an announcement on May 10 that Tibet Huayu will be moving forward with mine development activities for the Mato Bula and Da Tambuk mines at the Adyabo property, with construction of roadworks to begin before the end of May.
Data for this 5 Top Weekly TSXV Performers article was retrieved at 1:00 p.m. PST on May 17, 2024, 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 were considered.
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Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Fortune Minerals is a client of the Investing News Network. This article is not paid-for content.
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Dean has been writing in one form or another since penning stage plays in his youth. He is a graduate of both Emily Carr University and Simon Fraser University, with a BFA in photography and a BA in communications.
As a writer, Dean has traveled throughout BC and the Pacific Northwest covering cultural events, interviewing small business owners and working alongside fellow writers and photographers from publications like Rolling Stone Magazine, Spin and the Georgia Straight.
Dean has a keen interest in investing, and enjoys learning about the mining industry and better understanding the technical aspects of trading. In his spare time, Dean is an avid home chef, ponders the space-time continuum and makes his own cider. On weekends he can be found cycling the Seawall, exploring farmers markets or sampling the city’s local craft breweries.
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Dean has been writing in one form or another since penning stage plays in his youth. He is a graduate of both Emily Carr University and Simon Fraser University, with a BFA in photography and a BA in communications.
As a writer, Dean has traveled throughout BC and the Pacific Northwest covering cultural events, interviewing small business owners and working alongside fellow writers and photographers from publications like Rolling Stone Magazine, Spin and the Georgia Straight.
Dean has a keen interest in investing, and enjoys learning about the mining industry and better understanding the technical aspects of trading. In his spare time, Dean is an avid home chef, ponders the space-time continuum and makes his own cider. On weekends he can be found cycling the Seawall, exploring farmers markets or sampling the city’s local craft breweries.
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