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5 Top Weekly TSXV Stocks: Maritime Resources Leads with Rise of Over 40 Percent
Aug. 20, 2023 07:40PM PST
Last week's top-gaining resource stocks on the TSXV were Maritime Resources, GMV Minerals, Cantex Mine Development, Goldstorm Metals and Pure Energy Minerals.
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) was on the decline last week, finishing at 585.4.
In the resource sector, the gold price took a hit as investors grew more confident in the US Federal Reserve's ability to engineer a soft landing. The yellow metal sank below US$1,900 per ounce mark, continuing its summer decline.
Against that backdrop, a variety of TSXV-listed resource stocks made moves over the last five days. Read on to find out which companies rose the most during the period and what was affecting their share prices.
1. Maritime Resources (TSXV:MAE)
Weekly gain: 42.86 percent; market cap: C$21.34 million; current share price: C$0.05
Maritime Resources is a gold and copper exploration company focused on its Hammerdown project in Newfoundland and Labrador’s Baie Verte district, in which it also owns several other properties.
On Monday, Maritime shared that New Found Gold (TSXV:NFG,NYSEAMERICAN:NFGC) is the lead investor in its previously announced private placement, with the latter company investing US$2 million in Maritime. A portion of the proceeds will be used by Maritime to complete its acquisition of Point Rousse Mining. Point Rousse owns the Pine Cove mill, which is located at its Point Rousse project in Newfoundland and Labrador.
Maritime and New Found Gold also signed a non-binding memorandum of understanding related to the investment allowing New Found to perform due diligence into a potential toll milling agreement for the Pine Cove mill.
The release sent the company’s share price upwards last Monday (August 14), and it peaked at C$0.055 during trading that day.
2. GMV Minerals (TSXV:GMV)
Weekly gain: 37.04 percent; market cap: C$13.94 million; current share price: C$0.185
US-focused GMV Minerals is a gold development company with its wholly owned Mexican Hat gold project in Arizona. GMV recently branched out into lithium as well, entering into an option to earn a 100 percent interest in the Daisy Creek lithium project in Nevada.
Last Wednesday (August 16), GMV announced it staked 83 claims adjacent to Daisy Creek, which has doubled their land position to 3,408 acres. “... We feel that the Company is well poised to advance field activities on the Daisy where similarities exist between what is seen at Daisy Creek and Lithium America’s burgeoning Thacker Pass discovery located in the McDermitt Caldera of Nevada,” GMV Minerals President Ian Klassen said in the release.
The company’s share price reached C$0.195 during trading on Wednesday after starting the week at C$0.13.
3. Cantex Mine Development (TSXV:CD)
Weekly gain: 35 percent; market cap: C$24.4 million; current share price: C$0.27
Cantex owns multiple projects in Yukon, Canada. Its North Rackla project was found to contain “very high germanium values;” Canada has identified germanium as a critical metal, but there are not many sources of it, according to the company.
Last Wednesday, Cantex shared that it was extending its previously announced private placement until mid-September. Its share price climbed throughout the first half of the week, peaking at C$0.295 on Tuesday (August 15).
4. Goldstorm Metals (TSXV:GSTM)
Weekly gain: 30.56 percent; market cap: C$12.19 million; current share price: C$0.235
Precious and base metals exploration company Goldstorm Metals is focused on its flagship Crown and Electrum gold-silver projects in British Columbia’s Golden Triangle. In early August, Goldstorm began a 3,000 meter diamond drill program at Electrum targeting spots where previous exploration uncovered high grades.
Although the company did not release news last week, its share price spiked to C$0.26 on Friday (August 18).
5. Pure Energy Minerals (TSXV:PE)
Weekly gain: 26.14 percent; market cap: C$32.03 million; current share price: C$1.11
Pure Energy Minerals is a lithium company focused on its Clayton Valley lithium bring project in Nevada. The company has received all necessary permits to begin construction and operation of a direct lithium extraction pilot plant at the project.
Pure Energy hasn’t released news in Q3, but its share price spent last week climbing to peak at C$1.11 last Friday.
Data for 5 Top Weekly TSXV Performers articles is retrieved each Friday after market close 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, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: GMV Minerals is a client of the Investing News Network. This article is not paid-for content.
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