Weekly Recap – Week 49


Major stock indexes fell across North America. This week has also been slow for mining stocks, with most dropping in early week action and some failing to rise back to last week’s high. Gold failed to lift back up to last week’s high. However, the metal did recover most of its losses from earlier in the week. Silver also dropped earlier in the week, though it closed out the week roughly 2% higher. Investors eagerly await the coming week as the Federal Reserve is anticipated to reduce the pace of its tightening cycle with a 50 basis point increase, lower from the previous 75 basis point hikes. Analysts anticipate that U.S. inflation will fall significantly in the coming months and that the Fed will start easing policy in late 2023. Some analysts believe this will provide a boost to all precious metals prices.

Gold Top Mover

Calibre Mining Corp. (TSX:CXB) is a Canadian-Listed mining and exploration company. The company stock saw a 9% weekly gain in the middle of the week but closed the week out, up 2.3%. The movement comes after the announcement of new high-grade gold discoveries 2.5 kilometers North of Panteon; drilling intersects 11.61 g/t gold over 9.3 meters.

Calibre Mining engages in the acquisition, exploration, and development of gold properties. The company primarily explores gold, silver, and copper deposits. The company owns two operating gold mines in Nicaragua. Calibre Mining was founded in 1969 and is headquartered in Vancouver, Canada.

Silver Top Mover

Western Alaska Minerals Corp. (TSX.V:WAM) had a rollercoaster of a week. The company started the week roughly 2% down, but by the middle of the week, it was up 33.33%. However, it came down from its high to the end of the week, up 5.19% from the previous week. The stock fluctuations follow the announcement issued on Wednesday, December 7th, of the drill assay results for three thick multistage massive sulfide horizons in drill hole WPC22-22 at its 100% owned Waterpump Creek Carbonate Replacement Deposit.

Western Alaska Minerals is headquartered in Tucson, Arizona. The company primarily explores gold, silver, copper, lead, and zinc deposits.

Zinc Top Mover

On Tuesday, December 6th, Paycore Minerals Inc. (TSX.V:CORE) announced that exploration drilling at its FAD project in Nevada, USA, has intersected 27.4 meters of 10% zinc, 1% lead, 79 g/t silver, and 8.0 g/t gold, including 13 meters of 16% zinc, 1% lead, 110 g/t silver, and 11.1 g/t gold. The company stock has been having quite a week and was up 9.68% on Friday.

Paycore Minerals is a junior exploration company based in Thunder Bay, Canada. The company explores gold, lead, silver, and zinc deposits. It holds a 100% interest in the FAD property located on the Eureka-Battle Mountain trench in Nevada, United States.

Platinum Top Mover

New Age Metals Inc. (TSX.V:NAM) has been suffering a bad few months, plummeting over 40% at its low. On Friday, Dec 9th, the stock was down again 7.14%. The stock has been underperforming in the sector and has lost a significant market cap.

New Age Metals is a Canadian company that was founded in 1996 and is headquartered in Vancouver. The company explores deposits containing rhodium, palladium, platinum, gold, nickel, copper, and lithium.

Lithium Top Mover

Wealth Minerals Ltd. (TSX.V:WML) is a mining exploration company based in Vancouver, Canada. Over the last three months, the company’s stock price has steadily risen, with a 52% increase in value. On December 9, 2022, the stock continued its upward trend, posting a gain of 24.59%. This strong performance has helped Wealth Minerals outperform the broader mining sector.

Wealth Minerals is a Vancouver-based exploration company that focuses on acquiring, exploring, and developing mineral properties with potential reserves of lithium, precious metals, and copper.

Uranium Top Mover

During the week, the stock price of Denison Mines Corp. (TSX:DML) fell 8% by the middle of the week. However, on Thursday, December 8th, the company announced a 97% recovery from a long-term Phoenix ISR Core Leach test, and the stock rose on Friday, December 9th, in early morning trading. Despite this, the stock closed the week down 3.8%.

Denison Mines was founded in 1997 and is headquartered in Toronto, Canada. Denison Mines is a Canadian uranium mining company with operations in Canada and the United States. The company is involved in the exploration, development, and production of uranium, as well as the decommissioning and reclamation of uranium mine sites.

Rare Earths Top Mover

Search Minerals Inc. (TSX.V:SMY) has completed its initial 2,000-meter Fox Meadow Phase 1 drill program and expects to receive all assay results by late spring 2023. Despite this, the company’s stock has fallen, and investors appear unimpressed. Over the past year, the stock is down nearly 74%, and it has declined 20% in the past week alone.

Search Minerals is a company that acquires and explores mineral properties in Canada, focusing on rare earth elements. The company’s flagship project is the Foxtrot project located in St. Lewis. Search Minerals was founded in 2006 and is headquartered in North Vancouver, Canada.

Diamond Top Mover

Mountain Province Diamonds Inc. (TSX:MPVD) is a Canadian company engaged in the exploration, mining, and marketing of rough diamonds. This week, the company’s stock experienced a drop of 7.41%, with the stock closing the week down 1.96%. This decline may have been due to various factors, such as market conditions or shifts in investor sentiment. However, the company recently announced that exploration drilling at its Gahcho Kue mine had encountered kimberlite and had completed phase one drilling for the Hearne Northwest Extension Discovery at the mine. These developments may have a positive impact on the company’s prospects.

Mountain Province Diamonds is a company that explores, mines, and sells rough diamonds. The company’s key assets are the Gahcho Kue and Kennady North diamond mines. Mountain Province Diamonds was founded in 1986 and is based in Toronto, Canada.

Graphite Top Mover

Lomiko Metals Inc. (TSX.V:LMR) had a volatile week on the stock market, with the stock surging 16.7% on Tuesday after the company announced that it had upsized its $1 million non-brokered private placement to about $1.2 million. However, the stock dropped around 28% by Thursday for the week and rebounded 20% on Friday, closing the week down 14.29% despite the initial surge in value.

Lomiko Metals is a Canadian-based company exploring graphite deposits. The company holds a 100% interest in the La Loutre graphite property in Quebec. It also manufactures and sells power supply products and several other business activities.

Copper Top Mover

ATEX Resources Inc. (TSX.V:ATX) had a strong month on the stock market, with the stock rising 97% over the course of the month. This week, the stock increased 24%, and on Friday, December 9th, it rallied as much as 10.7% to finish the week on a high note.

ATEX Resources is a Canadian company that engages in the exploration and evaluation of mineral properties in South America. The company’s flagship property is the Valeriano copper-gold project in Chile. ATEX Resources was founded in 1981 and is headquartered in Toronto, Canada.

Nickel Top Mover

Jervois Global Ltd. (TSX.V:JRV) announced it has raised AU$54 million through the retail component of a fully underwritten one for a 5.42 accelerated non-renounceable entitlement offer. The gross proceeds from this retail entitlement offer, along with the institutional placement and the institutional component, totaled AU$231 million, with around 550 million new shares issued at AU$0.42 each.

Investors did not respond well to the issuance of new shares despite this successful fundraising. The company’s stock has fallen 28.2% for the month and 10.2% just this week.

Jervois Global is an Australian company engaged in mineral exploration, evaluation, and mine construction. The company is involved in several projects, including the Idaho Cobalt Operations and Nico Young deposits, a nickel-cobalt refinery in Latin America, and a refinery called Sao Miguel Paulista in Brazil. Jervois Global was founded in 1963 and is headquartered in Cremorne, Australia.

Royalties Top Mover

Gold Royalty Corp. (AMEX:GROY) announced last Friday that it has signed an agreement with Val-d’Or Mining Corporation to sell and generate royalties on 12 prospective properties in Quebec and Ontario, Canada. The news caused the company’s stock to fall by 12.32% during the week.

Gold Royalty is a Canadian company that provides financing solutions to the metals and mining industry. The company focuses on acquiring royalties, streams, and similar interests at different stages of the mine life cycle to build a portfolio of attractive investments for its investors. Gold Royalty was incorporated in 2020 and is headquartered in Vancouver, Canada. The company’s portfolio consists of net smelter return royalties on 17 gold properties located in Latin America.

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