The May CPI figures show a 0 percent change month-on-month and a 3.3 percent increase on an annual basis. Those are declines from April’s 0.3 percent monthly increase and 3.4 percent year-on-year figure.
The improved inflation data wasn’t enough to sway the Fed, and after wrapping up its meeting it said it would hold its benchmark rate at 5.25 to 5.5 percent. Chair Jerome Powell declined to say when cuts can be expected, but said Federal Open Market Committee members are forecasting that the rate will fall to 5.1 percent by the end of the year.
At the same time, he suggested any future cuts will depend on the Fed having confidence that inflation is continuing to sustainably moving toward the central bank’s target level of 2 percent.
Gold and silver prices spiked ahead of the Fed’s announcement, but sank on the news that rates will remain unchanged. Gold fell below the US$2,300 per ounce mark before finishing the week in the US$2,330 range. Silver tracked a similar path, falling below the US$29 per ounce price point before seeing a slight gain to end the week in the US$29.50 range.
Against that backdrop, these five TSXV-listed mining and energy stocks performed the best last week.
Weekly gain: 63.64 percent; market cap: C$14.69 million; share price: C$0.18
Noram Lithium is a lithium exploration and development company focused on the advancement of its Zeus lithium project in Nevada, US. The property, located near Clayton Valley, comprises 146 placer and 136 lode claims covering 1,133 hectares in a region with existing lithium brine operations since 1967. Noram has been exploring the site since 2016.
Weekly gain: 55.56 percent; market cap: C$54.59 million; share price: C$0.21
TriStar Gold is an exploration and development company focused on its flagship Castelo de Sonhos gold project, which is located near the town of Castelo de Sonhos in Northern Brazil’s Pará state.
Weekly gain: 35.29 percent; market cap: C$27.9 million; share price: C$1.15
Black Mammoth Metals is a gold explorer working to advance its US properties in Nevada, Idaho and California.
Its Happy Cat gold property is located in the Ravenswood Mining District in Ladner County, Nevada. The site covers approximately 1,213 hectares and hosts an approximately 4 square kilometer area where the company has identified a potential alteration zone. Black Mammoth completed ground gravity and magnetic surveys at the site in 2023.
The company also owns the Blanco Creek gold property in the Elk Creek Mining District in Central Idaho. The site hosts three historic mines along 3,550 meters of strike length.
Shares of Black Mammoth saw gains this past week, although it did not release news.
Weekly gain: 30.91 percent; market cap: C$14.78 million; share price: C$0.36
Strathmore Plus Uranium is an exploration company focused on the advancement of three uranium projects in Wyoming, US, with plans to explore all three in 2024. The company’s Agate property, located in the Shirley Basin uranium district, is an in-situ recovery project that comprises 52 lode mining claims originally staked in the 1970s. Historical exploration at the site revealed shallow mineralization from depths of 15 to 150 feet.
Night Owl, also located in the Shirley Basin, hosts a past-producing mine that ceased operations due to low uranium prices in the 1960s. Strathmore also owns Beaver Rim, which consists of 131 lode mining claims over 2,706 acres and is located in the Gas Hills, an area where historic exploration has revealed highly prospective uranium mineralization.
Weekly gain: 25.81 percent; market cap: C$20.38 million; share price: C$0.39
Aurania Resources is an exploration company focused on the advancement of precious metals and copper projects in South America. The company’s flagship project is the Lost Cities – Cutucu project in Southeast Ecuador.
The site consists of 42 mining concessions with a land package of 208,000 hectares. It is situated in a region known for copper and gold deposits, and hosts several large-scale precious and base metals mining operations. The company is working on acquiring its exploration permits for the site.
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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