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Broad markets continued to struggle during the last week of the month and second quarter, with many fearing that economic data from the first half of the year will signal a recession.
An hour after the morning bell last Thursday (June 30), the S&P/TSX Venture Composite Index (INDEXTSI:JX) fell to a two year low of 614.34, a 106 point decrease from the beginning of June. Over the border, concerns about the US Federal Reserve’s response to rising inflation weighed heavily on American markets.
During a European Central Bank conference last Wednesday (June 29), Fed Chair Jerome Powell told reporters that the clock is running out on a low-inflation regime. He acknowledged that inflation has “been running for a year,” and said US policy makers will not allow inflation to take hold long term.
“The risk is that because of the multiplicity of shocks you start to transition to a higher inflation regime. Our job is literally to prevent that from happening, and we will prevent that from happening,” the central bank leader said. “We will not allow a transition from a low-inflation environment into a high-inflation environment.”
The S&P 500 (INDEXSP:.INX) was on course for its poorest half-year performance since 1970, while the Dow Jones Industrial Average (INDEXDJX:.DJI) shed 400 points over the six month period.
Reverberations from the war in Ukraine, which has now stretched to five months, continue to prop up energy prices and stymie recovering supply chains.
Resource companies are benefiting from rising commodities prices, which are helping to offset dampened investor sentiment. The five TSXV-listed mining stocks that saw the biggest rises last week are as follows:
- Northern Graphite (TSXV:NGC)
- Morien Resources (TSXV:MOX)
- Endurance Gold (TSXV:EDG)
- Garibaldi Resources (TSXV:GGI)
- Kiplin Metals (TSXV:KIP)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Northern Graphite
Northern Graphite is focused on becoming a leader in producing natural graphite and upgrading it into high-value products critical to the green economy, including graphene and anode materials for electric vehicle fuel cells.
Last Wednesday, the company commenced a high-resolution, horizontal magnetic gradient and electromagnetic (VTEMTM Plus) airborne survey on its South Okak nickel, copper and cobalt property in Labrador.
According to Northern Graphite, the property consists of 473 claims covering 11,825 hectares that are prospective for magmatic nickel sulfide deposits. The firm has an option to earn up to an 80 percent interest in the South Okak property by spending C$1.5 million on exploration over four years and making milestone payments of C$550,000 in cash and shares. Company shares rose 34 percent last week, ending the period at C$0.66
2. Morien Resources
Mining development company Morien Resources holds royalty interests in two Nova Scotia-based projects: the Donkin coal mine and the Black Point aggregate project.
The Donkin coal mine, which is owned and operated by Kameron Collieries, was put on care and maintenance in February 2020 following a roof fall in the Tailgate section of the mine. In mid-June, reports surfaced that the company may restart the mine, and that has been supportive of share value.
Last week, shares of Morien added 31.76 percent, closing the end of the month at C$0.56.
3. Endurance Gold
Diversified explorer Endurance Gold has several critical metals and gold projects in North America.
Last Tuesday (June 28), Endurance offered an update following a reverse-circulation drill program at its Reliance gold property in BC, Canada. In a press release, the firm notes, “additional excellent near-surface, high-grade results,” were identified. The company’s share value went up 25.53 percent to close the week at C$0.42.
4. Garibaldi Resources
Garibaldi Resources is a junior exploration company focused on the discovery and strategic development of base metals assets in British Columbia and Mexico. The company did not release shareholder updates last week. However, shares climbed 23 percent to end the session at C$0.43.
5. Kiplin Metals
Kiplin Metals is a diversified explorer working to identify and develop highly prospective mineral exploration opportunities. The company is determined to advance its projects from discovery all the way to production.
Last Wednesday, the company applied for the requisite exploration permits for its summer geophysical program at the Cluff Lake Road uranium project in Northwestern Saskatchewan.
“Approval for the proposed IP (induced polarization) program is expected in the near term,” the update states. “Data from the survey will be integrated with legacy datasets to develop targets for diamond drilling.”
By week’s end, company shares were up 22.14 percent, trading at C$0.61.
Data for 5 Top Weekly TSXV Performers article was retrieved Thursday (June 29) at 1:30 p.m. EST 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.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
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