5 Top Weekly TSXV Performers: Best-to-Date Intercept Sends Westhaven Higher

Last week's top-gaining stocks on the TSXV were Westhaven Gold, Nevada Zinc, Optimus Gold, Adex Mining and Vital Energy.

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The S&P/TSX Venture Composite Index (INDEXTSI:JX) spent the first trading week of April trending lower, slipping to 875.93 on Wednesday (April 6) before beginning a slow ascent.

Mounting uncertainty has weighed down indexes across North America as inflation continues to balloon, reaching 5.7 percent in Canada and 7.9 percent in the US in February.

The war in Ukraine and increasing recessionary fears have depleted consumer sentiment, and experts believe these factors are likely to worsen in the weeks to come.

“The March prints of consumer confidence surveys as well as the early April Sentix survey all decreased sharply, pointing to downside risks for consumer activity going forward as uncertainty and inflationary pressures start to weigh on households' confidence and real disposable incomes,” a FocusEconomics update released this past Friday (April 8) quotes Goldman Sachs (NYSE:GS) analysts as saying.

Early on the last day of the week, the TSXV had shed 2.3 percent since the beginning of the period to sit in the 886 range. The five TSXV-listed mining stocks that saw the biggest rises last week are as follows:

Westhaven Gold (TSXV:WHN)
Nevada Zinc (TSXV:NZN)
Optimus Gold (TSXV:OTS.H)
Adex Mining (TSXV:ADE)
Vital Energy (TSXV:VUX)

Here’s a look at those companies and the factors that moved their share prices last week.

1. Westhaven Gold

Explorer Westhaven Gold is currently advancing its Shovelnose project in the Spences Bridge gold belt in BC, Canada. The company holds 37,000 hectares in the area, including four gold properties.

Last Wednesday, Westhaven released assays from a 22 hole drill campaign at Shovelnose.

“We are pleased to report the highest gold-silver intercept (857.64 gram-meters) ever drilled on the Shovelnose gold property, at the FMN Zone,” Gareth Thomas, Westhaven's president and CEO, said in an update. “We now have multiple gold mineralized drill intercepts at the FMN zone over 500 meters of strike length that begin at bedrock surface in areas with minimal overburden.”

Shares of Westhaven rose 65.42 percent last week, ending the session at C$0.71.

2. Nevada Zinc

Nevada Zinc is engaged in the exploration and development of its wholly owned Lone Mountain zinc project in Central Nevada. Its goal is to manufacture zinc-based products, including fertilizers, animal feed and chemicals.

The company did not release any news last week; however, shares climbed 52.88 percent to close at C$0.13.

3. Optimus Gold

Optimus Gold is working to acquire and develop mineral properties across Canada. Currently, the company is exploring three projects: Eagle gold, Leif gold and Stump Lake.

In early March, Optimus released its 2021 financial results, reporting total assets of C$678,481.

Last week Optimus, saw its share price increase 52.12 percent, ending the five day period at C$0.19.

4. Adex Mining

Diversified explorer Adex Mining is developing its flagship Mount Pleasant mine property in New Brunswick. The project is a multi-metal deposit hosting promising tungsten-molybdenum and tin-indium-zinc mineralization.

The company has not released any news since December 2021, but shares of Adex were up 50.1 percent by Friday, trading for C$0.015.

5. Vital Energy

Junior oil and gas explorer Vital Energy is a Calgary-based firm focused on conventional crude oil exploration, development and production in Western Canada.

Despite not making any public announcements since November 2021, continued growth in the broader oil and gas sector aided company shares in a 37.54 uptick to last week C$0.29.

Data for 5 Top Weekly TSXV Performers articles is retrieved each Friday at 10:30 a.m. EST 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, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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Georgia Williams

Managing Editor

Originally from Calgary, Georgia has been right at home in Toronto for more than two decades. Graduating from the University of Toronto with an honors BA in journalism, she is passionate about writing on diverse topics, including resources, arts, politics and social issues.

At INN Georgia covers a wide range of topics, including energy, battery and critical metals and diamonds. In her spare time, Georgia enjoys watching documentaries and experiencing Toronto's vibrant food, arts and cultural scene.

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