The S&P/TSX Venture Composite Index (INDEXTSI:JX) rose 20.22 points last week, closing at 530.5.
Markets got a boost on Tuesday (November 14) when data from the US Bureau of Labor Statistics showed that inflation stayed flat month-on-month in October. The consumer price index (CPI) was up 3.2 percent from the year-ago period.
The CPI reading may be a key factor when the US Federal Reserve makes its December decision on interest rates.
Another major factor affecting investor sentiment last week was a meeting between US President Joe Biden and Chinese President Xi Jinping on the sidelines of the Asia-Pacific Economic Cooperation summit in San Francisco. Their discussions helped to cool tensions, and the two leaders found common ground over climate change and the ongoing fentanyl crisis.
Against that backdrop of positive economic news, how did mining and energy stocks fare last week? Read on to find out which companies on the TSX Venture Exchange saw the biggest gains.
1. Bayhorse Silver (TSXV:BHS)
Weekly gain: 100 percent; market cap: C$11.23 million; current share price: C$0.07
Bayhorse Silver is a silver-focused company that is currently working to bring the Bayhorse silver mine in Oregon, US, back online. The mine was originally in operation until late 1984, and closed when the price of silver dropped to under US$6 per ounce. Historic sampling during the 1980s identified grades of 2,146 grams per metric ton (g/t) silver, and a bulk sampling program conducted by Bayhorse in 2014 found bonanza grades of 150,370 g/t silver.
Permits for operating the mine were previously rejected by Oregon’s Department of Geology and Mining Industries, which cited deficiencies in the company’s application. Bayhorse said back in June that it was reviewing the baseline data in the submission and would be reapplying for the permits later in the year.
The company announced this past Tuesday that it was mobilizing for an underground drilling program at Bayhorse. The initial program will test the 300 foot strike length of the Big Dog target.
Shares of Bayhorse have been rising in recent weeks, and the company has said the surge may be tied to positive news from Hercules Silver (TSXV:BIG,OTCQB:BADEF), whose Hercules project is just 44 kilometers from the Bayhorse site.
2. Gowest Gold (TSXV:GWA)
Weekly gain: 75 percent; market cap: C$56.91 million; current share price: C$0.105
Gowest Gold is focused on its North Timmins gold project located northeast of Timmins, Ontario, within the historic Abitibi Greenstone Belt. The project covers 10,942 hectares and consists of 11 mining leases and 56 unpatented mining claims.
Shares of the explorer and developer surged more than 90 percent last week following a Tuesday update. The company released assay results from drilling at its Bradshaw mine, which is part of the North Timmins asset. Exploration has revealed encouraging results, with an interval of 9.77 g/t gold over 3 meters, including 27.6 g/t gold over 1 meter.
According to the company, 4,403 meters of drilling had been completed at the site as of October 31; it has also finished its planning for C$10 million in exploration of other areas at North Timmins.
3. Standard Uranium (TSXV:STND)
Weekly gain: 55.56 percent; market cap: C$10.02 million; current share price: C$0.07
Standard Uranium is a uranium-focused exploration company and project generator. Its properties are located in the Athabasca Basin — its flagship Davidson River project is made up of 10 mineral claims over 30,737 hectares in the southwest of the basin, while its Atlantic, Canary, Ascent, Corvo and Rocas projects comprise 23 mineral claims over 25,000 hectares in the east of the basin. The Sun Dog project covers nine mineral claims over 19,000 hectares in the northwest of the basin.
Shares of Standard Uranium were up this past week after the company said on Wednesday (November 15) that it is raising up to C$2 million through a non-brokered private placement. Net proceeds from the offering will be used to fund exploration at the firm’s projects in Saskatchewan. The offering is scheduled to close on December 11.
4. Arianne Phosphate (TSXV:DAN)
Weekly gain: 52.63 percent; market cap: C$50.19 million; current share price: C$0.29
Arianne Phosphate is focused on the development of its Lac à Paul phosphate project in Central Québec. According to Arianne, the site covers 27,617 hectares and has reserves of 472 million metric tons grading 6.9 percent phosphorus pentoxide concentrate and 78 million metric tons of high-grade concentrate.
The company’s last news came on October 24, when it received a three year grant of C$727,500 from the Natural Sciences and Engineering Research Council of Canada for its ongoing development of organic fertilizer. The project is a partnership with the Cégep de Rivière-du-Loups Environmental Biotechnology group, and is focused on combining the company’s phosphate concentrate with organic waste to create a new breed of fertilizer.
5. Halcones Precious Metals (TSXV:HPM)
Weekly gain: 41.67 percent; market cap: C$10.88 million; current share price: C$0.085
Halcones Precious Metals is a gold and silver exploration and development company focused on its Carachapampa project, located within Chile’s Maricunga Belt. The region is home to many large-scale deposits, including El Morro, which is owned by Newmont (TSX:NGT,NYSE:NEM), and the Norte Abierto joint venture between Barrick Gold (TSX:ABX,NYSE:GOLD) and Newmont. Norte Abierto includes the Caspiche and Cerro Casale deposits.
Shares of Halcones saw gains this past week following Monday’s (November 13) release of drill results from Carachapampa. They reveal high-grade copper intervals, including 3.91 percent copper over 8 meters. According to the company, the assays show there is potential to make a significant discovery at the site.
The company said it plans to drill an initial five holes at approximately 300 meters in length each, which is about double the depth of its previous campaign.
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 on Friday (November 17) at 9:00am PST 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.
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.