5 Top Weekly TSXV Performers: Gatling Shares Rise on Acquisition News

1. American CuMo Mining

Industrial metals exploration company American CuMo Mining is developing the CuMo project in Idaho, which it describes as the “largest unmined open-pit molybdenum project in the world.” Additionally, the firm recently acquired the Calida gold project, also located in Idaho.

Last month, American CuMo announced that its majority owned subsidiary, International CuMo Mining, was no longer accepting subscriptions for its oversubscribed financing.

Shares of the explorer were up 72 percent last week to trade for C$0.06.

2. Razor Energy

With a focus mainly on Alberta, Canada, Razor Energy acquires and enhances producing oil and gas properties.

Last Wednesday (March 9), the energy company reported the full financing of the country's "first co-produced geothermal power project." Razor’s subsidiary FutEra will oversee the project located in Swan Hills, Alberta.

According to the company's statement, “The total construction and commissioning budget for the project is C$37 million for aggregate nameplate electricity output of 21 megawatts. Electricity sales revenue is anticipated to commence by September 30, 2022.” The news pushed shares 59.79 percent higher to close at C$3.35.

3. Braveheart Resources

Base metals-focused Braveheart Resources is engaged in the exploration and development of two copper projects in BC and Ontario, Canada. A mineral resource for the company’s flagship asset, the Bull River mine project near Cranbrook, BC, shows that it contains copper, gold and silver.

Last week, the diversified explorer told investors that nickel and palladium by-product credits are becoming increasingly significant at its solely owned Thierry mine project in Ontario.

“While our primary focus at Thierry is copper, the recent increases in nickel and palladium prices are having a positive impact on the potential economics for the project,” President and CEO Ian Berzins said in a press release. "By-product credits now represent a significant contribution to in-situ metal values."

Braveheart shares were up 50.29 percent by Friday, ending the week at C$0.10.

4. Power Nickel

Power Nickel is a junior exploration firm engaged in the discovery of copper, gold and battery metals deposits in Canada and Chile. Its main asset is the Quebec-based NISK project.

Earlier this month, Power Nickel released results from 2021 drilling at NISK. Initial results confirm high-grade nickel mineralization is present in the northeastern portion of the NISK main mineralized lens.

“Our objectives in this initial drill program conducted by Power Nickel were to conduct enough drilling to allow us to establish a new NI 43-101 compliant resource to confirm and replace the historical resource, and to extend the known Nickel mineralization,” Power Nickel CEO Terry Lynch said in a press release.

Power Nickel’s shares rose 50.11 percent over the five day period to trade at C$0.25.

5. Gatling Exploration

Gatling Exploration is a precious metals firm moving forward at its Larder gold project in Northern Ontario's well-known Abitibi greenstone belt. Larder covers 3,370 hectares and contains three high-grade gold deposits.

Last Friday, Gatling announced it is being acquired by MAG Silver (TSX:MAG,NYSEAMERICAN:MAG) for C$18 million in stock. The deal will see Gatling’s shareholders receive 0.01702627 of one MAG share for each Gatling share.

"In combination with the premium delivered, this transaction offers our shareholders compelling upside potential in our acquirer, which is well-positioned to re-rate as its world-class Juanicipio silver project (44 percent owned) advances towards commercial production,” Jason Billan, Gatling’s president and CEO, told investors.

Gatling saw its share price climb 48.37 percent after word of the acquisition was released; company shares were trading for C$0.37 to end the week.