Top 5 Canadian Mining Stocks This Week: Orosur Surges 78 Percent on Anzá Acquisition

Weekly gain: 77.78 percent
Market cap: C$16.49 million
Share price: C$0.08

Orosur Mining is an exploration company focused on the development of early to advanced-stage assets in South America.

Its flagship Anzá gold project in Colombia was a 49/51 joint venture with Minera Monte Aguila (MMA), a corporation owned equally by Newmont (TSX:NGT,NYSE:NEM) and Agnico Eagle Mines (TSX:AEM,NYSE:AEM).

Exploration has revealed multiple gold deposits at the site, which is located 50 kilometers west of Medellin and sits along Colombia’s primary gold belt.

Orosur also owns several early-stage projects, the El Pantano gold-silver project in Argentina, the Lithium West project in Nigeria and the Ariquemes project in Brazil, which is prospective for tin, niobium and rare earths.

Shares in Orosur jumped significantly this week following its announcement on Thursday (November 28) that it had completed its takeover of MMA. The acquisition gives Orosur 100 percent indirect ownership of the Anzá gold project.

Under the terms of the agreement previously announced on September 9, Newmont and Agnico will each receive a 0.75 percent net smelter royalty plus a fixed royalty of US$37.5 per ounce of gold or gold equivalent of the first 200,000 ounces produced.

Additionally, the company said it completed the first three drill holes of its drill program, announced on November 21 at the site’s Pepas prospect, and samples were being sent to Medellin for testing.

Weekly gain: 66.67 percent
Market cap: C$51.63 million
Share price: C$0.15

Mkango Resources is a rare earths exploration and development company focused on the advancement of rare earths mining and recycling projects.

Mkango shares surged this week following a news release on Monday (November 25) stating that a feasibility study focused on its HyProMag USA project demonstrated HyProMag's ability to establish domestic recycling or rare earth magnets for the US market.

In the announcement, Mkango reported that the plant, which would be located in Dallas Fort Worth, Texas, would have an after-tax net present value of US$262 million and an internal rate of return of 23 percent based on current market prices.

The company is projecting a 750 metric ton per year output of recycled sintered neodymium magnets and a 291 metric ton per year output of associated products over a 40-year operating life.

HyProMag is owned by Maginito, in which Mkango holds a 79.4 percent stake. The remaining 20.6 percent interest is held by CoTec Holdings (TSXV:CTH,OTCQB:CTHCF).

Additionally, the company released its Q3 results on Friday. In the release the company indicated it has a strong cash position with US$2 million at the end of September. It also said it had completed a strategic review for its Songwe Hill rare earth project in Malawi and was advancing toward commercial production at its recycling and manufacturing projects in the UK, Germany and USA.

Weekly gain: 51.5percent
Market cap: C$14.19 million
Share price: C$0.245

CopperCorp Resources is an exploration and development company working to advance projects in Western Tasmania.

Its primary work over the past several months has been exploration of the 171 square kilometer Razorback prospect. Razorback hosted a historic mining operation and is home to mineralized deposits of copper, gold and rare earth elements.

The company has identified three high-priority target zones: Jukes, Hyde and Darwin.

The share price of CopperCorp climbed this week following an announcement on Monday (November 18) in which the company reported that it encountered broad zones of visible copper from the Jukes zone.

The company is currently awaiting assay results but said it was encouraged by the results, which include 24.4 meters of visual copper sulphide from 400 meters downhole and 88.7 meters of visual copper sulphide from 463.3 meters downhole. This comes after CopperCorp reported 0.35 percent copper and 0.19 g/t gold over 132 meters from an adjacent hole on October 15.

Weekly gain: 50 percent
Market cap: C$27.09 million
Share price: C$0.0.015

Jervois Global is working to advance a global portfolio of nickel and cobalt projects. It owns the Idaho Cobalt Operations in the US, at which it suspended mine construction in 2023 due to low cobalt prices.

According to Jervois, the Idaho Cobalt Operations host the largest US cobalt resource. A 2020 feasibility study shows that they have a measured and indicated resource of 50.1 million pounds of cobalt from 5.24 million MT grading 0.44 percent, with inferred values of 12 million pounds of cobalt from 1.57 million MT grading 0.35 percent.

The company announced in June 2023 that it had entered into a US$15 million agreement through the US Department of Defense’s Defense Production Act for exploration activities at its property.

In an announcement from the project on July 31, Jervois reported that extensional drilling at the Idaho Cobalt Operations had shown positive resource growth potential, with cobalt, gold and copper mineralization at depth. In the announcement, the company provides a highlighted result of 1.1 percent cobalt, 1.18 percent gold and 0.69 g/t gold over 1.8 meters.

Most recently, Jervois announced on Tuesday that it had secured an additional US$24.5 million in working capital through an increase to a US$7.5 million delayed draw term loan it received earlier in the year.

The increase raises the limit to a US$32 million of which the company has access to US$8 million to be used before December 14, with an additional US$16.4 million available after that, subject to certain milestones regarding the potential recapitalization of Jervois’ balance sheet.

Weekly gain: 44.44 percent
Market cap: C$19.87 million
Share price: C$0.065

Baru Gold is a development company working to advance its Sangihe gold project in Indonesia.

The company holds a 70 percent stake in the 42,000 hectare project, with the remaining 30 percent interest being held by three Indonesian-based companies.

A mineral resource estimate contained in a 2017 technical report demonstrates an indicated resource of 114,700 ounces of gold and 1.97 million ounces of silver from 3.16 million metric tons of ore with grades of 1.13 grams per metric ton (g/t) gold and 19.4 g/t silver. The project also hosts an inferred resource of 105,000 ounces of gold and 1.06 million ounces of silver.

Shares in Baru gained in recent weeks following a series of announcements.

The first came on November 19 when the company announced it had signed a letter of intent with Indonesian company PT Arsari Tambang, which will become a strategic equity partner and investor with a 10 percent stake in Baru Gold subsidiary PT Tambang Mas Sangihe.

The initial 10 percent stake is being purchased from one of Baru’s private partners, meaning it will not affect Baru’s interest in its Sangihe project. However, PT Arsari will also be granted a five-year option for an additional 15 percent stake in the company; if exercised, Baru’s interest will lower from 70 to 59.5 percent.

Its next announcement came on November 21 when Baru Gold announced it had retained the services of a specialist advisory firm to lead fundraising operations. The move comes after Baru received several unsolicited inquiries from investors looking to invest in the Indonesian gold sector, including from companies looking for diversification opportunities.

Baru’s most recent release came on Tuesday (November 26) when it announced a non-brokered private placement for C$300,000 for 7.5 million shares at C$0.04 per unit. The financing is expected to close on or before December 13, with proceeds being used for year-end audit fees and land taxes.