Oil and Gas

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Last week's top-gaining stocks on the TSXV were Petroteq, Nevada Sunrise, Cornish Metals, Tinka Resources and Chatham Rock.

Broad market positivity across North America benefited the S&P/TSX Venture Composite Index (INDEXTSI:JX) last week, helping the junior exchange end the five day session in the green.

Promising financial numbers aided in a US market uptick that buoyed global indexes after weeks of uncertainty. But the respite may be short-lived, with analysts warning of food shortages and supply chain disruptions.

“There is a possibility of unrest driven by this inflationary pressure. It's a combination of everything — the burden of recovering from the pandemic, the macroeconomic environment, issues like unemployment — but high food prices could be the straw that breaks the camel's back," Monika Tothova, an economist from the UN's Food and Agriculture Organization, told S&P Global Commodity Insights.

“It is very likely that food prices are going to stay elevated, given by the supply and demand shock but also by the higher cost of agriculture inputs,” she said.

By last Friday (May 27), the TSXV was holding in the 721 point range after starting the week at 710 and slipping as low as 692. The five TSXV-listed mining stocks that saw the biggest rises last week are as follows:

  • Petroteq Energy (TSXV:PQE)
  • Nevada Sunrise Gold (TSXV:NEV)
  • Cornish Metals (TSXV:CUSN)
  • Tinka Resources (TSXV:TK)
  • Chatham Rock Phosphate (TSXV:NZP)

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

1. Petroteq Energy

Petroteq Energy is working on developing, implementing and licensing a patented, environmentally safe and sustainable technology for extracting heavy oil and bitumen from oil sands and mineable oil deposits.

Last Tuesday (May 24), Petroteq was approved to resume trading on the TSXV. CEO Vladimir offered the flowing comments in a press release:

“The company expresses gratitude for the efforts by the Exchange and its compliance staff for their work toward a mutually agreeable and orderly resumption of trading. The company wishes to thank shareholders for their patience and commitment to Petroteq during this challenging period."

Shares of the energy company were up 88.14 percent at week’s end, trading for C$0.36.

2. Nevada Sunrise Gold

Nevada Sunrise Gold is focused on exploring for gold, copper, cobalt and lithium in Nevada.

In mid-May, the exploration firm released the final lithium assays from a drill program at the Gemini lithium project in Nevada. According to the announcement, “these additional analyses from borehole GEM22-02 have extended the length of the previously-reported mineralized intersection."

Last week, shares of Nevada Sunrise rose 60.69 percent, ending the last full trading week of May priced at C$0.29.

3. Cornish Metals

Cornish Metals is moving its South Crofty tin project forward to a feasibility study, and is also exploring other mineral rights in Cornwall, England. These mineral rights provide the company with exposure to diverse metals.

Last Monday (May 23), Cornish closed a C$64.8 million financing. The proceeds are earmarked for South Crofty and will be used to “push ahead with the dewatering of the mine and delivery of a feasibility study.”

By Friday, shares of the UK-focused explorer had climbed 58.67 percent, ending the period at C$0.42.

4. Tinka Resources

Focused on Peru, Tinka Resources is an exploration and development company that is progressing at its flagship property, the Ayawilca zinc-silver-tin project.

Last Wednesday (May 25), Tinka announced the receipt of a strategic C$11 million investment from Nexa Resources (NYSE:NEXA), the largest zinc producer in Latin America. Nexa has several long-life operating mines and smelting operations in Peru and Brazil.

Following the news, Tinka's share price increased 42.9 percent to reach C$0.20.

5. Chatham Rock Phosphate

Chatham Rock Phosphate is aiming to be the premier supplier of direct-application phosphate to the agricultural sector in New Zealand and globally.

On May 18, the firm announced the commissioning of a scoping study on a standalone 5 million metric ton per annum phosphate/fertilizer export facility in the Port of Townsville. The results are expected sometime in July.

Chatham Rock saw its share value grow by 35.33 percent last week to end the period at C$0.34.

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.

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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.


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