Last week saw a bunch of new developments from the TSX Venture Exchange, with several stories that investors will be following closely in the coming weeks and months. One of the biggest stories to watch was the approval of the Fenix Project from Rio2 Ltd., which was recently granted environmental impact assessment approval from the Ministry of Environment in Chile. This news sent the shares of Rio2 soaring last week, making it the top-performing TSXV stock of the week. Let’s take a closer look at the topweekly TSXV stocks from last week, and what’s driving their price movements.
Rio2 Ltd.: Rio2 Ltd. was the top-performing TSXV stock of the week, as its shares gained 8.6% following news of the environmental impact assessment approval for the Fenix Project from the Chilean Ministry of Environment. The approval is a big step forward for the project, which is expected to further boost Rio2’s profitability. The Fenix Project is a gold-copper mine with an estimated 22 million hectares of surface area in the Copiapo Province of Chile, making it one of the largest mining projects in the country.
Ivanhoe Mines Ltd.: Ivanhoe Mines Ltd. was the second-best performing TSXV stock of the week, with shares rising 7.6% on news of a strategic partnership agreement with the Oriental Mining Co. Ltd. The agreement is expected to create an integrated business, combining Oriental Mining’s expertise in cobalt production and processing and Ivanhoe’s exploration and development skills. The joint venture is expected to help Ivanhoe reach its goal of becoming a major player in the global cobalt industry.
Bayport Exploration Ltd.: Bayport Exploration Ltd. was the third-highest performing TSXV stock of the week, with shares rising 7.2% following news of a successful drill program. The company reported that three holes at its South Zone target at the Zone 15 project returned “significant sulphides”, which could increase the potential for additional resources. This is encouraging news for Bayport, which is focused on developing gold and copper projects in British Columbia and Mexico.
Noront Resources Ltd.: Noront Resources Ltd. was the fourth-highest performing TSXV stock of the week, with shares rising 7.1% on news of increased gold mineralization at its Eagle’s Nest Mine. The company reported results from six holes that returned high-grade intercepts, including grades up to 7.3 grams per tonne. These results are significant since Noront is focused on developing gold projects in the Abitibi region of Ontario.
Belo Sun Mining Corp.: Belo Sun Mining Corp. rounded out the top-five performing TSXV stocks of the week, with shares rising 6.4% on news of positive preliminary economic assessment results for the Volta Grande Project. The project is expected to produce up to an average of 130,500 ounces of gold per year over a mine life of over 10 years. This is good news for Belo Sun, which is focused on developing gold projects in Brazil.
In conclusion, the TSX Venture Exchange had a busy week, with a variety of positive news from several stocks. Leading the way were Rio2 Ltd., Ivanhoe Mines Ltd., Bayport Exploration Ltd., Noront Resources Ltd., and Belo Sun Mining Corp., whose stocks rose significantly on various news items. As more news comes out from these companies, investors will be looking for ample opportunities to increase their exposure to the sector.
Last week saw a bunch of new developments from the TSX Venture Exchange, with several stories that investors will be following closely in the coming weeks and months. One of the biggest stories to watch was the approval of the Fenix Project from Rio2 Ltd., which was recently granted environmental impact assessment approval from the Ministry of Environment in Chile. This news sent the shares of Rio2 soaring last week, making it the top-performing TSXV stock of the week. Let’s take a closer look at the topweekly TSXV stocks from last week, and what’s driving their price movements.
Rio2 Ltd.: Rio2 Ltd. was the top-performing TSXV stock of the week, as its shares gained 8.6% following news of the environmental impact assessment approval for the Fenix Project from the Chilean Ministry of Environment. The approval is a big step forward for the project, which is expected to further boost Rio2’s profitability. The Fenix Project is a gold-copper mine with an estimated 22 million hectares of surface area in the Copiapo Province of Chile, making it one of the largest mining projects in the country.
Ivanhoe Mines Ltd.: Ivanhoe Mines Ltd. was the second-best performing TSXV stock of the week, with shares rising 7.6% on news of a strategic partnership agreement with the Oriental Mining Co. Ltd. The agreement is expected to create an integrated business, combining Oriental Mining’s expertise in cobalt production and processing and Ivanhoe’s exploration and development skills. The joint venture is expected to help Ivanhoe reach its goal of becoming a major player in the global cobalt industry.
Bayport Exploration Ltd.: Bayport Exploration Ltd. was the third-highest performing TSXV stock of the week, with shares rising 7.2% following news of a successful drill program. The company reported that three holes at its South Zone target at the Zone 15 project returned “significant sulphides”, which could increase the potential for additional resources. This is encouraging news for Bayport, which is focused on developing gold and copper projects in British Columbia and Mexico.
Noront Resources Ltd.: Noront Resources Ltd. was the fourth-highest performing TSXV stock of the week, with shares rising 7.1% on news of increased gold mineralization at its Eagle’s Nest Mine. The company reported results from six holes that returned high-grade intercepts, including grades up to 7.3 grams per tonne. These results are significant since Noront is focused on developing gold projects in the Abitibi region of Ontario.
Belo Sun Mining Corp.: Belo Sun Mining Corp. rounded out the top-five performing TSXV stocks of the week, with shares rising 6.4% on news of positive preliminary economic assessment results for the Volta Grande Project. The project is expected to produce up to an average of 130,500 ounces of gold per year over a mine life of over 10 years. This is good news for Belo Sun, which is focused on developing gold projects in Brazil.
In conclusion, the TSX Venture Exchange had a busy week, with a variety of positive news from several stocks. Leading the way were Rio2 Ltd., Ivanhoe Mines Ltd., Bayport Exploration Ltd., Noront Resources Ltd., and Belo Sun Mining Corp., whose stocks rose significantly on various news items. As more news comes out from these companies, investors will be looking for ample opportunities to increase their exposure to the sector.
