The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 4.14 points last week to close at 575.74.
The Bank of Canada announced this past Wednesday (March 6) that it will be maintaining its benchmark overnight rate target at 5 percent. The bank said it remains concerned about inflation and also noted that the Canadian economy grew in the fourth quarter of 2023, with the GDP increasing by 1 percent after a modest 0.5 percent contraction in the third quarter.
South of the border, the US Department of Labor released the latest jobs data on Friday (March 8), indicating that 275,000 jobs were added to the labor force in February, higher than the 200,000 predicted by economists. The strong figures have bolstered analysts’ predictions for a June rate cut, with some predicting a 1 percent reduction by the end of 2024.
Following the announcement, the gold price surged toward the US$2,200 per ounce mark, continuing an upward trend of record-setting prices that began earlier in the week when gold closed above the US$2,100 mark.
Did gold’s price move have an effect on small-cap gold stocks listed on the TSXV? Read on to learn which mining and energy stocks on the exchange saw the biggest gains last week.
1. Eminent Gold (TSXV:EMNT)
Weekly gain: 54.05 percent; market cap: C$11.43 million; current share price: C$0.285
Eminent Gold is a gold exploration company focused on two projects in Nevada, US.
Its Gilbert South project is located within the Gilbert District, which has hosted historical production since the early 1900s. It consists of 129 claims over an area of 1,070 hectares. To date, Eminent has not conducted any drill programs at Gilbert, but a June 2022 technical report shows that 362 rock samples collected by the company yielded up to 143 parts per million gold, while 826 soil samples collected had up to 700 parts per billion gold (ppb).
The company is also working on its Hot Springs Range project, located in Northern Nevada. The site consists of 419 federal lode claims and covers an area of 3,600 hectares. The company has conducted limited exploration at the site, collecting soil samples with grades of up to 16.67 ppb gold, as reported in a June 2022 technical report.
Shares of Eminent were up over 50 percent this past week; however, the company has not released news in 2024.
2. Atico Mining (TSXV:ATY)
Weekly gain: 50 percent; market cap: C$19.41 million; current share price: C$0.18
Atico Mining is a copper and gold mining and development company focused on assets in Latin America.
Its flagship property is the El Roble mine in Carmen de Atrato, Colombia. The site consists of an operating underground mine that has processed 3.5 million metric tons (MT) of copper and gold ore over a two decade period and has a 1,000 MT per day capacity. Reported mineral reserves from a September 2021 technical report show proven and probable quantities of 1 million MT of ore grading 3.02 percent copper and 1.76 grams per MT (g/t) gold.
The company also owns the La Plata project located near Santo Domingo, Ecuador. The project is still in the pre-development stage. A technical report from July 2019 indicates that historic exploration at the site revealed estimated reserves of 233,200 MT with grades of 3.87 g/t gold, 43.15 g/t silver, 4.77 percent copper and 4.35 percent zinc.
Shares of Atico saw gains this past week following a news release on Tuesday (March 5). The company signed an investment agreement with the government of Ecuador to develop its La Plata project. The agreement represents a funding package of US$157 million, and according to Atico will see the Ecuadorian state assist and expedite the progress of the project by facilitating approvals, licenses and permits.
3. Giga Metals (TSXV:GIGA)
Weekly gain: 50 percent; market cap: C$16.15 million; current share price: C$0.18
Giga Metals is a base metals development company focused on its Turnagain nickel project located in Northern BC, Canada.
Giga Metals has 85 percent ownership of the project, with the remaining 15 percent owned by Mitsubishi (TSE:8058). A prefeasibility study released in October 2023 shows proven and probable reserves of 1.95 million MT of nickel, 121,000 MT of cobalt, 727,000 ounces of palladium and 739,000 ounces of platinum. The company estimates that Turnagain will produce 37,288 MT per year of nickel and cobalt over a 30 year period.
Shares of the company were up 50 percent this past week, but it has not released news in 2024.
4. Goldshore Resources (TSXV:GSHR)
Weekly gain: 50 percent; market cap: C$32.85 million; current share price: C$0.135
Goldshore Resources is an exploration company focused on its flagship Moss gold project in Western Ontario, Canada.
Historic prospecting at the Moss site from the late 1800s to the 1950s resulted in multiple high-grade discoveries, as well as limited mining. More extensive exploration started at the Snodgrass lake prospect in the 1970s, when it was under the ownership of Falconbridge Exploration. Exploration was continued by various companies up until the 2000s, and Goldshore acquired the property in 2021 from Wesdome Gold (TSX:WDO,OTCQX:WDOFF).
On February 6, the company released a updated mineral resource estimate for the Moss and East Coldstream deposits at Moss, reporting indicated quantities of 1.54 million ounces grading 1.23 g/t gold contained within 38.96 million metric tons, and an inferred estimate of 5.2 million ounces grading 1.11 g/t gold contained within 146.24 million MT.
Goldshore’s most recent news came this past Wednesday, when it announced that CEO and Director Brett A. Richards will be transitioning to an interim CEO position while maintaining his seat on the company’s board.
5. Turmalina Metals (TSXV:TBX)
Weekly gain: 47.37 percent; market cap: C$10.53 million; current share price: C$0.14
Turmalina Metals is a gold, silver and copper explorer that is developing a portfolio of projects in South America. Its primary site is the San Francisco project, located in San Juan, Argentina. The asset covers 40,340 hectares and contains seven priority targets. The company also owns the Chanape project in Huarochiri, Peru. It is comprised of a 677 hectare land package and hosts copper, gold and silver mineralization. To date, the site has undergone approximately 15 kilometers of drilling, including more than 12 kilometers of historic drilling.
Shares of Turmalina saw gains this past week following a news release on Monday (March 4), when the company arranged a C$1.5 million non-brokered private placement. The company said it will use the proceeds from the financing to satisfy ongoing costs for its properties, as well as for general working capital.
FAQs for TSXV stocks
What is the difference between the TSX and TSXV?
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.
How many companies are listed on the TSXV?
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.
Together the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
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.
How do you trade on the TSXV?
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.
Data for this 5 Top Weekly TSXV Performers article was retrieved at 1:00 p.m. PST on March 8, 2024, 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 were considered.
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.