5 Top Weekly TSXV Performers: Rising Lithium Prices Add Tailwinds for NEO

Last week's top-gaining stocks on the TSXV were NEO Battery Metals, Wescan Energy, Tower Resources, Fancamp Exploration and Chatham Rock Phosphate.

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The S&P/TSX Venture Composite Index (INDEXTSI:JX) was on the decline heading into the Easter long weekend, shedding 9 points from Wednesday’s (April 13) five day high of 895.44.

By midday last Thursday (April 14), Canada’s junior exchange was holding in the 888 point range, a 52 point decline from January’s year-to-date high of 940.57.

On the commodities side, the per ounce price of gold trended higher over the short trading week, adding roughly US$9 to its Monday (April 11) value of US$1,960. The yellow metal’s recent price positivity has been attributed to a change in sentiment, according to Metals Focus.

“The last few weeks have seen investors shift their focus somewhat from the Russia-Ukraine war back to US monetary policy,” a weekly precious metals overview from the firm reads. “Interestingly, despite the unwinding of some geopolitical risk premium, gold has managed to retain a good part of its early gains, with prices still trading comfortably above levels seen before the invasion.”

Beyond gold, lithium continued to attract attention from the news that Tesla (NASDAQ:TSLA) CEO Elon Musk is considering entering the lithium mining and refining business.

The five TSXV-listed mining stocks that saw the biggest share price rises last week are as follows:

NEO Battery Materials (TSXV:NBM)
Wescan Energy (TSXV:WCE)
Tower Resources (TSXV:TWR)
Fancamp Exploration (TSXV:FNC)
Chatham Rock Phosphate (TSXV:NZP)

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

1. NEO Battery Materials

NEO Battery Materials is focused on lithium-ion battery materials for electric vehicle and energy storage applications. It is engaged in producing silicon anode materials via its proprietary single-step nanocoating process.

Last Wednesday, the firm filed a change of business application with the TSXV, citing its “change of focus from battery mineral exploration to battery technology” as the reason for the request.

Shares of the company rose 51.57 percent last week to trade for C$0.53 on Thursday afternoon.

2. Wescan Energy

Wescan Energy is a junior oil and gas exploration and production company building a portfolio of light oil and liquids-rich natural gas properties in the Alberta and Saskatchewan.

In late March, Wescan reported the completion of C$500,000 private placement.

“Proceeds from the offering will be used primarily for the Company's drilling program of a new development well located in the Company's core area at Provost, Alberta, and general working capital purposes,” the filing reads.

Shares of Wescan added 42.3 percent to their value last week, ending at C$0.32.

3. Tower Resources

Diversified minerals company Tower Resources has two key exploration assets in BC: the Rabbit North copper-gold porphyry project and the Nechako gold-silver project.

On March 23, Tower announced it was commencing drill activity at Rabbit North with the goal of expanding the newly discovered Golden zone northeast from its discovery hole.

Tower saw its share price grow 33.38 percent during the shortened week, closing the period at C$0.32.

4. Fancamp Exploration

Focused on Eastern Canada, Fancamp Exploration has several exploration projects targeting chromium, rare earths, gold, zinc and titanium.

Last month, the diversified explorer reported the completion of compilation and integrated interpretation work for its Stoke project, located in Quebec. The findings led to the identification of drill targets that will be tested during a third drill campaign at the site.

The company has not released any updates since then, but it was up 31.88 percent last week at C$0.14.

5. Chatham Rock Phosphate

Chatham Rock Phosphate is committed to becoming the premier supplier of direct-application phosphate to the New Zealand and global agricultural sectors.

On April 8, Chatham released a statement noting the closing of an oversubscribed private placement. The non-brokered financing of 12,927,960 units raised C$2.19 million for the phosphate-focused company.

As noted in a press release, the capital will be used for the completion of the permitting process for the Avenir Makatea onshore phosphate project in French Polynesia, as well as exploration and resource definition for both phosphate and rare earths at Korella South.

Chatham’s share price climbed 31.25 percent ahead of the holiday, closing at C$0.29.

Data for the 5 Top Weekly TSXV Performers article was retrieved Thursday (April 14) at 1:30 p.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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