The S&P/TSX Enterprise Composite Index (INDEXTSI:JX) dropped 7.03 factors final week to shut at 549.73.
Statistics Canada launched consumer price index figures this previous Tuesday (February 20). They point out that inflation progress slowed in January, seeing a acquire of two.9 p.c year-on-year in comparison with 3.4 p.c for December.
This was led by gasoline costs, which fell 4 p.c from January 2023. The tempo at which retail meals costs rose additionally continued to ease, with a 3.4 p.c rise in comparison with 4 p.c in December on an annualized foundation.
Analysts reacted positively to the patron worth index information, which got here in beneath the extensively anticipated numbers. Nonetheless, even with inflation coming nearer to the Financial institution of Canada’s goal 2 p.c charge, analysts and economists consider Canada’s central gained’t start to chop rates of interest till the US Federal Reserve does so.
The Fed launched the minutes from its January meeting this previous Wednesday (February 21). Within the notes, Fed officers point out that they wish to see extra information displaying inflation is on a path again to 2 p.c, and state that they’re dedicated to pushing quantitative tightening so far as they will with out sending the economic system right into a recession.
In mining information, Newmont (TSX:NGT,NYSE:NEM) introduced this previous Thursday (February 22) its plan to divest six mining assets and two tasks it has deemed as non-core, together with the Éléonore, Musselwhite and Porcupine gold mines and Espresso gold undertaking in Canada, in addition to the Cripple Creek and Victor gold mine in Nevada, US.
Towards that backdrop, which TSXV-listed mining and vitality shares gained essentially the most this previous week?
1. Spruce Ridge Assets (TSXV:SHL)
Weekly acquire: 45.45 p.c; market cap: C$12.62 million; present share worth: C$0.08
Spruce Ridge Assets is an exploration firm engaged on a number of tasks in North America. Its flagship asset is the Nice Burnt copper-gold undertaking, which consists of 4 main zones: the Nice Burnt copper zone, the South Pond A copper-gold zone, the South Pond B gold zone and the Finish Zone copper zone.
In November, Spruce Ridge entered right into a share purchase agreement with RAB Capital Holdings to accumulate an 80 p.c curiosity in Homeland Nickel and its portfolio of Oregon-based nickel claims, together with the Purple Flat and Cleopatra properties. In line with the corporate, these acquisitions will give it entry to the US important minerals market and supply it with sources equal to over 1 billion kilos of nickel.
Spruce Ridge’s share worth elevated considerably final week, however the firm has not launched information since January 10, when it appointed Errol Farr as company secretary.
2. Tsodilo Assets (TSXV:TSD)
Weekly acquire: 42.5 p.c; market cap: C$13.29 million; present share worth: C$0.285
Tsodilo Assets is a diamond and metals exploration firm working in Botswana. Its subsidiary Gcwihaba Assets owns the Xaudum iron undertaking, which has excessive concentrations of iron, silicon dioxide, aluminum oxide and phosphorus.
Since June 2021, the corporate and Gcwihaba have been concerned in a dispute with Botswana over the renewal of prospecting licenses for Xaudum. Of the 5 renewals submitted, 4 had been permitted, however one was rejected as a part of it was within the buffer zone across the Okavango Delta UNESCO World Heritage Property.
Tsodilo and Gcwihaba commenced legal action in opposition to Botswana’s Ministry of Minerals and Vitality in November 2022, arguing that the license has existed since 2008, six years previous to the institution of the buffer zone, and has since been renewed and regranted with out controversy. This previous December, the courtroom ruled in the company’s favor and ordered the ministry to resume the license in query.
Shares of Tsodilo had been up this previous week following Monday’s information (February 19) that the corporate has collected the mining license from the Division of Mines following the lapse of the deadline for the ministry to file an enchantment. Moreover, Tsodilo stated it had withdrawn the contempt movement it filed in opposition to the ministry on January 23.
3. Century Lithium (TSXV:LCE)
Weekly acquire: 38.5 p.c; market cap: C$70.92 million; present share worth: C$0.54
Century Lithium is an advanced-stage lithium exploration firm targeted on the event of its flagship Clayton Valley claystone lithium undertaking situated in Esmeralda County, Nevada, US. The corporate can also be growing a direct lithium extraction pilot plant the place it’s testing materials from its undertaking.
Clayton Valley is comprised of a 5,585 acre land bundle with mineralization occurring all through the sediments to a depth of 45. A prefeasibility study for the site from 2021 exhibits indicated mineral reserves of 1.18 million metric tons (MT) of contained lithium at a mean grade of 1,129 elements per million.
The corporate didn’t launch any information prior to now week, however shares gained greater than 35 p.c.
4. Gratomic (TSXV:GRAT)
Weekly acquire: 37.04 p.c; market cap: C$32.04 million; present share worth: C$0.185
Gratomic is a graphite exploration firm with belongings situated in Canada and Namibia. Its main tasks are the Buckingham graphite property situated close to Buckingham in Québec, Canada. It covers an space of 480 hectares and consists of eight declare blocks.
The corporate’s Aukam graphite undertaking is situated close to the port of Luderitz in Southern Namibia, and covers an space of 141,500 hectares. It has been granted 4 prospecting licenses.
The corporate didn’t launch information final week.
5. Emerita Assets (TSXV:EMO)
Weekly acquire: 25.92 p.c; market cap: C$112.71 million; present share worth: C$0.495
Emerita Assets is an exploration firm targeted on the event of base and valuable metals belongings within the Iberian Pyrite Belt in Spain. Its flagship undertaking is the Iberian West Belt undertaking, situated inside a area that has hosted previous mining exercise relationship to the Roman period. The undertaking hosts three polymetallic deposits: Infanta, El Cura and Romanera. Useful resource estimates launched in Might 2023 present indicated and inferred values of 685,000 MT of zinc, 334,000 MT of lead, 91,000 MT of copper, 44,993 ounces of silver and 763,000 ounces of gold.
The corporate additionally owns the Nuevo Tintillo concessions within the Seville province of Spain. They cowl an space of 6,875 hectares with an extra 7,625 pending, and host earlier artisanal mining relationship again to the 1800s.
Emerita’s most up-to-date information got here on the finish of January, when it launched drill results from the El Cura deposit.
Knowledge for this 5 Prime Weekly TSXV Performers article was retrieved at 1:00 p.m. PST on February 16, 2024, utilizing TradingView’s stock screener. Solely firms with market capitalizations larger than C$10 million previous to the week’s features are included. Firms throughout the non-energy minerals and vitality minerals had been thought-about.
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Securities Disclosure: I, Dean Belder, maintain no direct funding curiosity in any firm talked about on this article.
Editorial Disclosure: Century Lithium is a consumer of the Investing Information Community. This text will not be paid-for content material.