Expected to remain flat month-over-month, the unemployment rate instead fell to 4.1 percent compared to 4.2 percent in August, still higher than the 3.8 percent recorded a year earlier. Meanwhile, average hourly earnings also beat expectations with a 0.4 percent month-over-month growth and a 4 percent growth versus the same period in 2023.
Against that backdrop, how did TSX- and TSXV-listed resource stocks perform? Here are the top five gainers.
Weekly gain: 60.87 percent
Market cap: C$39.32
Share price: C$0.185
Adyton Resources is working to advance the Feni Island and Fergusson Island gold projects in Papua New Guinea.
The company’s Fergusson Island gold project consists of two advanced exploration licenses for the Wapolu and Gameta targets, which host a combined indicated resource of 173,000 ounces of gold from 4 million metric tons (MT) grading 1.33 grams per MT (g/t), and an additional inferred resource of 540,000 ounces from 16.3 million MT grading 1.02 g/t.
Weekly gain: 50 percent
Market cap: C$133.14
Share price: C$1.11
Q2 Metals is a gold and lithium exploration company with operations in the Eeyou Istchee James Bay region of Québec, Canada, as well as in Queensland, Australia.
Its Mia lithium property in Québec consists of 171 mineral claims. Exploration at the site began in 2023, with surface mapping taking place in June and its inaugural drill program commencing in October. Six kilometers north of Mia, the company owns the Stellar lithium property, which consists of 77 claims covering 3,972 hectares.
In February 2024, Q2 acquired the Cisco lithium property, which consists of 222 mineral claims covering 11,374 hectares to the south of its other projects in the region. Since acquiring the property, the company has completed extensive exploration work with a 12 hole, 3,752.8 meter drill campaign carried out in the spring and an additional five hole, 2,610 meter campaign in the summer.
Company Vice President Neil McCallum said of the results, “One important observation of these results is the higher-grade nature of the larger mineralized system as we test and track the system progressing to the south.”
Weekly gain: 50 percent
Market cap: C$26.13
Share price: C$0.195
NOA Lithium is a lithium exploration company working to advance three projects located within the lithium triangle area of the Salta province of Argentina: the 37,000 hectare Rio Grande project, the 78,000 hectare Arizaro project and the 10,200 hectare Salinas Grandes project.
While the company hasn’t released news recently, it saw significant gains in its share price this week.
Weekly gain: 50 percent
Market cap: C$32.67
Share price: C$0.015
Jervois Global is working to advance a global portfolio of nickel and cobalt projects. It owns the Idaho Cobalt Operations in the US, at which it suspended mine construction in 2023 due to low cobalt prices.
Shares in Jervois Global saw gains this past week but the company did not release news.
Weekly gain: 46.15 percent
Market cap: C$13.1 million
Share price: C$0.095
P2 Gold is a gold exploration and development company working to advance projects in the US and Canada.
Its flagship Gabbs gold and copper project is located 233 kilometers from Reno, Nevada, and consists of 543 lode claims and one mining claim covering 4,500 hectares.
Additionally, the report included mineral resource estimates for the site with indicated resources of 720,000 ounces of gold, 2.2 million ounces of silver and 297 million pounds of copper from 49.8 million MT, with additional inferred resources of 1.28 million ounces of gold, 3 million ounces of silver and 567.1 million pounds of copper from 112.2 million MT.
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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