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5 Top Weekly TSXV Stocks: Battery Metals Stocks Make Moves
May. 21, 2023 04:45PM PST
Last week's top-gaining resource stocks on the TSXV were European Energy Metals, K2 Gold, Rusoro Mining, Electric Metals and Surge Battery Metals.
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The S&P/TSX Venture Composite Index (INDEXTSI:JX) declined last week, falling 0.84 percent to close at 612.68.
In the resource sector, the gold price fell below US$2,000 per ounce, finishing the period around US$1,980. Despite the downward move, the yellow metal remains historically high, with many experts calling for greater momentum in the long term.
Against that backdrop, a variety of TSXV-listed resource stocks were on the move last week. Read on to find out which companies rose the most during the five day period and what was affecting their share prices.
1. European Energy Metals (TSXV:FIN)
Weekly gain: 60.42 percent; market cap: C$11.94 million; current share price: C$0.77
European Energy Metals recently changed its name from Hilo Mining and began trading under a new ticker on May 1. The company's portfolio includes five lithium and rare earths projects, all of which are in Finland, as well as the Champ precious metals project in BC, Canada.
Although it hasn’t released news since its name change and new ticker, European Energy Metals' share price rocketed upward last week after opening at C$0.45 on Monday (May 15).
2. K2 Gold (TSXV:KTO)
Weekly gain: 57.14 percent; market cap: C$10.38 million; current share price: C$0.22
Gold exploration company K2 Gold has three gold projects: in the US, it has the Si2 project in Nevada and the Mojave project in California, and in Canada, it has the Wels project in Yukon. The company is currently focused on exploring Si2.
K2 hasn’t released news since its May 2 announcement that it has begun a diamond drilling program at Si2; it will consist of at least 2,500 meters. The company’s share price moved higher throughout last week, reaching C$0.22 on Friday (May 19).
3. Rusoro Mining (TSXV:RML)
Weekly gain: 56.25 percent; market cap: C$73.44 million; current share price: C$0.125
Rusoro Mining is a gold company with two producing mines and a portfolio of gold projects in Venezuela. However, over the last decade the company has been embroiled in a series of legal disputes with the country.
While the company hasn’t released news in May, on April 11 it reported that “the enforcement process in connection with its arbitration award against the Republic of Venezuela has taken several significant steps forward, bringing the Company much closer to finally obtaining compensation for Venezuela’s expropriation of its gold mining assets in that country, which took place in 2011 and which an arbitration tribunal found in 2016 violated international law.”
Rusoro's share price has moved upward since then, and soared last week to a high of C$0.14 on Thursday (May 18).
4. Electric Metals (USA) Limited (TSXV:EML)
Weekly gain: 53.83 percent; market cap: C$30.94 million; current share price: C$0.29
Battery metals company Electric Metals USA is focused on its flagship Emily manganese project in Minnesota, US. The company also has the Corcoran and Belmont silver projects in Nevada.
Electric Metals is another battery metals company that has recently undergone a name change. Last Monday, the company changed its name from Nevada Silver and began trading under its new ticker. The company said the new name better reflects its focus and value proposition.
The next day, Electric Metals announced a non-brokered financing of approximately C$6.25 million that will close in multiple tranches. One of the participating entities is Quail Bend Capital Partners, which will ultimately have a 16.7 percent stake in the company and act as a strategic advisor.
The company’s share price spiked to a weekly high of C$0.43 during the trading day last Friday, although it had moved down from that peak by the close of trading last week.
5. Surge Battery Metals (TSXV:NILI)
Weekly gain: 37.1 percent; market cap: C$36.83 million; current share price: C$0.425
Surge Battery Metals is true to its name, with the Nevada North and Teels Marsh lithium projects in Nevada and the Surge nickel project in BC, Canada. The company reported positive results from metallurgical testwork at Nevada North in early May.
Last Tuesday (May 16), Surge retained a company to provide hydrologic services for Nevada North. The company’s share price moved upward through last week to reach a peak on Friday of C$0.425.
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.
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