Welcome to the Investing News Network’s weekly look at the best-performing junior mining stocks on the TSX Venture Exchange, starting with a round-up of Canadian and US market data impacting the resource sector.
The release also shows a 0.2 percent rise in the unemployment rate to 4.3 percent, with the number of unemployed people increasing by 352,000 to 7.2 million. While the uptick in unemployment could be a sign of an underlying recession in the country, it comes without the wave of layoffs typical during those conditions. Permanent job losses remained steady at 1.7 million, although temporary layoffs rose 249,000 to come in at 1.1 million.
Declines were offset by 0.5 percent growth in mining and quarrying, the seventh increase in eight months. Gains were supported by 2.7 percent growth in non-metallic mineral mining, including a 7.1 percent rise in potash mining.
Read on to learn about the five top-gaining mining and energy stocks on the TSXV last week.
Weekly gain: 70 percent; market cap: C$10.14 million; share price: C$0.085
According to Tuktu, “This discovery more than triples Tuktu’s oil production and delineates a new oil fairway.” During the final seven hour period of testing, the well produced at rates between 327 and 383 barrels of oil per day.
Samples have been submitted for further analysis, and the company said it will also provide updates on the well’s performance over the next one to three months.
Weekly gain: 66.67 percent; market cap: C$25.53 million; share price: C$0.20
Weekly gain: 41.67 percent; market cap: C$24.59 million; share price: C$0.34
Golconda Gold is a gold production company with mining operations in New Mexico, US, and South Africa.
The company acquired the Galaxy mine near Barberton, South Africa, in 2015. It is one of the oldest mines in the country. Golconda expanded its holdings to the US in May 2021, when it acquired the Summit mine and Banner mill, located in Grant County, New Mexico. The site has hosted mining activities since the late 1800s.
Golconda did not release news this past week, but still saw a large increase in its share price.
Weekly gain: 41.51 percent; market cap: C$84.52 million; share price: C$0.75
Weekly gain: 40 percent; market cap: C$15.02 million; share price: C$0.035
Additionally, the company said it had commenced three surveys at the Tabbernor project; they will cover 7,549 line kilometers targeting the Tabbernor fault system with the goal of providing high-resolution data to define drill targets. The fault system at Tabbernor aligns with eight of the largest uranium discoveries in the Athabasca Basin.
The company also announced that survey work at Smart Lake will be completed before the end of the year following postponements due to adverse weather on site. The surveys will target drill target discovery, with results being used to plan a winter drill program. Purepoint owns 27 percent of Smart Lake in a joint venture with Cameco.
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, while the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
As of September 2023, there were 1,713 companies listed on the TSXV, 953 of which were mining companies. Comparatively, the TSX was home to 1,789 companies, with 190 of those being mining companies.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange’s trading hours.
Article by Dean Belder; FAQs by Lauren Kelly.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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