Last week’s top-gaining mining stocks on the TSXV were CANEX Metals, Fokus Mining, Goldbank Mining, Puma Exploration and ReconAfrica.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) declined last week from 982.22 to 946.64.
The gold price faced a tough week as the US Federal Reserve suggested that there could be two interest rate hikes in 2023. The central bank will keep its benchmark interest rate near zero for now.
The yellow metal declined below the US$1,800 per ounce mark on the news as the US dollar and US 10 Year Treasury yields saw improvements.
Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:
Here’s a look at those companies and the factors that moved their share prices last week.
1. CANEX Metals
Junior miner CANEX Metals is focused on identifying, acquiring and developing high-potential exploration projects. The company is honing its efforts on a new gold discovery at the Gold Range project in Arizona, US. It also holds the Gibson and Cariboo properties in British Columbia, Canada.
Last Monday (June 14), CANEX announced assays from seven drill holes completed as part of a reverse-circulation drill program at Gold Range. Results include 1.6 grams per tonne gold over 35.1 meters, including 8.5 grams per tonne gold over 4.6 meters. The news sent CANEX’s share price up 47.62 percent for the week to close the five day period at C$0.16.
2. Fokus Mining
Fokus Mining is acquiring and exploring precious metals deposits in Quebec, Canada. Its primary asset is the Galloway gold project in the province, which it says is strategically located near various gold deposits.
Last Tuesday (June 15), the mineral resource company announced the acquisition of 2 million common shares of Mosaic Minerals (CSE:MOC) in connection with a property transaction between the two companies. Fokus Mining’s share price jumped 44.44 percent to close at C$0.20.
3. Goldbank Mining
Yukon-focused Goldbank Mining’s goal is to find the source of the Klondike Gold Rush. Since being formed in 2010, the company has amassed 20,000 square kilometers of “prime Gold Rush ground.”
There were no announcements last week from Goldbank Mining, but despite the lack of fresh news, the company’s share price leaped 44 percent to finish at C$0.18.
4. Puma Exploration
Puma Exploration has precious and base metals projects in early to advanced stages located in the Bathurst mining camp of New Brunswick, Canada. Its main gold project, Triple Fault, contains the Williams Brook, Jonpold and Portage Lake properties.
Last Thursday (June 17), Puma reported the discovery of additional quartz veins and veinlets at surface at the Lynx gold zone, located at Williams Brook. Puma’s share price rose 41.82 percent to end at C$0.39.
5. Reconnaissance Energy Africa
Reconnaissance Energy Africa, known as ReconAfrica, is an oil and gas junior with petroleum licenses covering about 8.75 million acres in the Namibia- and Botswana-based Kavango Sedimentary Basin.
Last Monday, ReconAfrica signed a joint operating agreement with the National Petroleum Corporation of Namibia. The pair plan to develop the resource potential of the Kavango Sedimentary Basin. On the back of the news, ReconAfrica’s share price increased 44.17 percent to close at C$12.24.
Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 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, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: CANEX Metals and Puma Exploration are clients of the Investing News Network. This article is not paid-for content.
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