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5 Top Weekly TSXV Performers: Sterling Leads Gold and Silver Juniors Higher
Jun. 05, 2022 07:45PM PST
Last week's top-gaining stocks on the TSXV were Sterling Metals, Outback Goldfields, Stelmine, Aurcana Silver and Cantex.
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Following its worst monthly performance in a year, the S&P/TSX Venture Composite Index (INDEXTSI:JX) remained in the red to start the month of June.
May saw Canada’s junior index slip to 667.25, its lowest point since July 2020. Rampant inflation as well as the Russia/Ukraine war have eroded investor confidence, leaving most markets struggling to retain any gains.
While current economic conditions have weighed on consumer sentiment in the west, other parts of the world are grappling with food insecurity and rising agricultural costs stemming from supply chain disruptions and sanctions against Russia. The severity of the situation was highlighted in a weekly S&P Global Ratings update.
“We believe the shock to food supply will last through 2024 and beyond, with negative implications for emerging market countries, affecting GDP growth, fiscal performance, and social stability ... Our analysis of sovereigns' food import exposures suggests that low and low-to-middle income countries in Central Asia, the Middle East, Africa, and the Caucasus would be worst hit by the first-round impact,” the research firm said last week.
The market overview goes on to note that the poorest countries in the world will be disproportionately affected.
“Even a one-year shock of the magnitude observed would be likely to cause malnourishment and increase food poverty, if our thesis of fertilizer shortage and export restriction-driven multiyear shock plays out, the impact could be catastrophic, absent remedial measures," the report states.
Despite this dismal economic predicament, some Canadian junior miners were able to see share price growth. The five TSXV-listed mining stocks that saw the biggest rises last week are as follows:
- Sterling Metals (TSXV:SAG)
- OutbackGoldfields (TSXV:OZ)
- Stelmine Canada (TSXV:STH)
- Aurcana Silver (TSXV:AUN)
- Cantex Mine Development (TSXV:NZP)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Sterling Metals
Focused on its Sail Pond project in Newfoundland, Sterling Metals is exploring for silver and base metals.
On May 27, the diversified exploration company closed a private placement of charity flow-through units for gross proceeds of C$1.79 million. CEO Mathew Wilson offered the following comments in a press release:
“Over the last several weeks the Company has added nearly $5 million to its treasury. The level of interest for these financings and the quality of investors we have added to our ledger speaks to the tremendous potential of our Sail Pond asset and the merits of our exploration strategy.”
From here, Sterling is prepping for drill mobilization and will be following up on initial discovery holes. Company shares added 56.52 percent last week, ending the session at C$0.36.
2. Outback Goldfields
Outback Goldfields is committed to gold exploration and discovery around the Fosterville mine in Australia.
Outback published its last piece of company news in late March, when the precious metals explorer completed the initial exploration phase at its Yeungroon gold property located in Central Victoria.
Company CEO Chris Donaldson spoke with the Investing News Network in mid-May regarding the future of the company and its current exploration efforts.
Last week, shares of Outback climbed 46.35 percent to trade for C$0.19.
3. Stelmine Canada
Junior exploration company Stelmine Canada is working to pioneer a new gold district east of James Bay in the eastern part of the Opinaca metasedimentary basin. Stelmine currently holds sole ownership of 1,277 claims or 655 square kilometers in this part of Northern Quebec.
In mid-May, the gold explorer announced the completion of Phase I drilling at its Courcy project at which the target is near-surface gold mineralization. Moving forward, the company is planning for near-term new exploration at Courcy to assist with plans for Phase II follow-up drilling.
Stelmine saw its shares climb 45.26 percent last week, ending the period at C$0.22.
4. Aurcana Silver
Aurcana Silver owns the Revenue-Virginius mine in Colorado and the Shafter-Presidio silver project in Texas.
Last Tuesday (May 31), Aurcana gave shareholders an update on a waiver and standstill agreement the company has with Mercuria Energy Group. According to a statement, Mercuria agreed to give Aurcana an extension until last Friday (June 3). Shares of Aurcana were up 43.73 percent by the week's end, closing at C$0.11.
5. Cantex Mine Development
Cantex Mine Development is focused on the acquisition and exploration of mineral properties. It currently has projects in Canada's Yukon, the US state of Nevada and Yemen.
On May 25, Cantex reported the commencement of drilling at its North Rackla project in Yukon. According to a statement, two drills are working on testing the GZ zone for silver, zinc and lead.
Cantex shares increased 40.27 percent over the five day period, closing at C$0.31 last Friday.
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.
Editorial Disclosure: Outback Goldfields is a client of the Investing News Network. This article is not paid-for content.
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