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5 Top Weekly TSXV Stocks: NorthWest Copper Leads with Gain of Over 40 Percent
Last week's top-gaining mining and energy stocks on the TSXV were NorthWest Copper, Blue Star Gold, Surge Battery Metals, Rome Resources and Solstice Gold.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) recorded a slight loss in the final trading week of the year, dropping 4.22 points to close at 552.9. Overall the index ended the 12 month period fairly flat, down 2.52 percent.
Investors watched interest rates closely throughout 2023, with the Bank of Canada and US Federal Reserve continuing to hike in H1. By the end of the year, market participants were starting to look for cuts from both central banks.
Safe-haven investments performed well in the first half of the year as the regional banking crisis in the US made headlines; meanwhile, geopolitical instability in the Middle East helped send the gold price to a record high in Q4.
The mining sector saw a few important moments in 2023. A merger between Newmont (TSX:NGT,NYSE:NEM) and Newcrest Mining created the largest gold producer in the world, and political turmoil in Panama saw the forced closure of one of the world’s largest copper mines, First Quantum Minerals' (TSX:FM,OTCQX:FQVLF) Cobre Panama asset.
Looking more closely at the TSXV, the exchange opened the year at 567.17 points and climbed to a yearly high of 642.98 on March 3. Its low point came on November 10, when it dropped to 510.28, but as mentioned it's since rebounded.
Which TSXV-listed mining and energy stocks saw the biggest gains in the last week of 2023? Read on to find out.
1. NorthWest Copper (TSXV:NWST)
Weekly gain: 41.67 percent; market cap: C$34.49 million; current share price: C$0.17
NorthWest Copper is an exploration company focused on the development of three assets in BC, Canada. The Kwanika/Stardust project consists of consolidated adjacent deposits that form an advanced-stage copper-gold exploration site, while Lorraine/Top Cat is another consolidation of properties covering 65,000 hectares within the Quesnel Terrane; it is home to high-grade gold and copper deposits. The EastNiv project covers 23,765 hectares, and NorthWest has identified several mineralized copper and gold porphyry outcroppings at the site.
Shares of NorthWest saw gains this past week after the company closed the second tranche of a private placement on December 22, raising gross proceeds of C$288,960. In total, the two tranches raised C$514,211.
2. Blue Star Gold (TSXV:BAU)
Weekly gain: 31.25 percent; market cap: C$31.53 million; current share price: C$0.42
Blue Star Gold is a gold explorer with operations in Nunavut, Canada. Its assets consist of the 12,000 hectare Ulu gold project, which is comprised of the Ulu mining lease and the Hood River property. Included in the Ulu mining lease is the Flood Zone deposit, which has 572,000 measured and indicated ounces of gold.
Blue Star also owns the Roma project, a 10,405 hectare crown mineral claim in the northern section of the High Lake greenstone belt. Three of 10 shallow drill holes completed at the site in 1991 contained visible gold, with a high-grade highlight being 12.38 g/t gold over 2.31 meters.
Shares of Blue Star saw significant gains this past week, but the company has not released any news since it announced the closing of an oversubscribed final tranche of a non-brokered private placement on December 13. In the release, the company said it had raised total proceeds of C$3,802,500 across three tranches.
3. Surge Battery Metals (TSXV:NILI)
Weekly gain: 30 percent; market cap: C$115.47 million; current share price: C$0.78
Surge Battery Metals is an explorer focused on its Nevada North lithium project in Nevada, US. The site hosts a strong mineralized zone of lithium-bearing clay with a strike length of nearly 1,620 meters. Assays have returned grades of up to 8,070 parts per million lithium. The company is targeting Q4 2024 for the release of a preliminary economic assessment.
Shares of Surge made significant gains this past week; however, the company has not released news since December 12, when it announced the start of additional mineral processing test work on samples from 2023 drilling at Nevada North. It said testing for the full program will be completed at the end of Q1 2024.
4. Rome Resources (TSXV:RMR)
Weekly gain: 30 percent; market cap: C$17.05 million; current share price: C$0.26
Rome Resources is an exploration company working in the North Kivu province of the Democratic Republic of Congo. Its sole focus is the Bisie North tin project, which consists of two contiguous exploration permits covering 38.43 square kilometers. Sampling from the site has returned results of up to 1.33 percent tin over 2 meters.
The most recent news from the company came on December 20, when it increased its earn-in interest for exploration permit PEPM 13274 from 21.75 percent to 51.48 percent. The remaining 49 percent stake in the project is owned by Medidoc-RD Congo SARLU. Rome already holds a 51 percent interest in permit 15130, and has a deal under which it can acquire an additional 15 percent of the asset.
5. Solstice Gold (TSXV:SGC)
Weekly gain: 30 percent; market cap: C$12.98 million; current share price: C$0.065
Solstice Gold is an exploration company focused on the development of district-scale gold and lithium projects in Ontario and Nunavut, Canada. Its gold projects consist of: the Red Lake extension, a 174 square kilometer package of prospects located at the northern portion of the Red Lake Gold Camp in Northwestern Ontario; the Atikokan gold project, a 225 square kilometer package located near Agnico Eagle Mines' (TSX:AEM;NYSE:AEM) Hammond Reef deposit in Western Ontario; and the Qaiqtuq gold project, an 866 square kilometer land package located near Rankin Inlet, Nunavut.
Solstice’s lithium properties include the Stewart Lake project, a 268 square kilometer exploration package in Central Ontario. Its most recent acquisition, announced on November 2, was a 31 kilometer land position in the Quetico Lithium District in Ontario. The company has not made any announcements in the past week.
Data for this 5 Top Weekly TSXV Performers article was retrieved at 1:00 p.m. PST on December 29, 2023, 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.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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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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