Board Appointment Boosts Battery Mineral Resources

The first week of August was positive for the S&P/TSX Venture Composite Index (INDEXTSI:JX), which was able to end the period in the green.

After slipping to a year-to-date low of 584 points in mid-August, Canada’s junior index has added 13 percent in the weeks since then, and closed last Friday (August 5) at 663.52.

Precious metals explorers were some of the main gainers as the gold price approached the US$1,800 per ounce level and silver began to rebound from its two year low.

As the TSXV clawed back its summer losses, the main indexes in North America were in the red as stocks reacted to better-than-expected July jobs numbers out of the US.

Almost half a million jobs were added during the seventh month of the year, prompting many to speculate that the US Federal Reserve will raise interest rates by another 75 basis points at its September meeting.

The five TSXV-listed mining stocks that saw the biggest rises last week are as follows:

Here’s a look at those companies and the factors that moved their share prices last week.

1. Battery Mineral Resources

Junior exploration company Battery Mineral Resources is engaged in the exploration and acquisition of battery metals assets in favorable mining jurisdictions. Presently the company is developing the Punitaqui mining complex, a past copper-gold producer, in the Coquimbo region of Chile.

According to the company, Punitaqui is slated for near-term resumption of operations in late 2022.

Last Tuesday (August 2), Battery Mineral Resources announced the appointment of Derek White to its board of directors. White is the president and CEO of Ascot Resources (TSX:AOT,OTCQX:AOTVF).

“Derek was instrumental in sourcing and evaluating the Punitaqui mine, our flagship asset and has extensive experience in both copper mining and in operating in the country of Chile,” Lazaros Nikeas, Battery Mineral Resources’ chairman, wrote in his welcoming statement.

The addition helped move company shares 56.54 percent higher, ending the week at C$0.29.

2. Contact Gold

Contact Gold is an explorer focused on making district-scale gold discoveries in Nevada. The firm’s extensive land holdings are on the prolific Carlin and Cortez gold trends, which host numerous gold deposits and mines.

The company did not release any news last week. The last update Contact provided was the announcement of a non-brokered private placement for C$1 million in late June.

Shares of Contact gained 50.38 percent over the five day session, closing at C$0.04.

3. K2 Gold

K2 Gold is a member of the Discovery Group and currently has projects in Canada’s Yukon and the Southwest US.

The company’s Si2 project is located within the Walker Lane mineral trend in Esmerelda County, Nevada. According to K2, the property encompasses a large alteration zone hosted by an arcuate rhyolite dome field.

K2 did not release any company updates last week, but its share price added 42.06 percent to end at C$0.22.

4, Petroteq Energy

Described as a clean technology company, Petroteq Energy is focused on the development, implementation and licensing of a ‎patented, environmentally safe and sustainable technology for the extraction and reclamation of heavy oil and ‎bitumen from oil sands and mineable oil deposits.

Last Tuesday, Petroteq entered into a binding letter of intent with Netoil; under the deal, Netoil will be granted two licenses for Petroteq’s clean oil recovery technology for use in Iraq and ‎Libya.

“The consideration for each license has been agreed to US$6 million and a five ‎percent royalty fee of the net production revenue. In addition, a minimum annual fee has been agreed to US$1 million until the region is producing,” a statement from the company reads.

Petroteq shares were up 42.94 percent following the news to end the five day period at C$0.25.

5. Focus Graphite

Focus Graphite is an exploration and development company working to produce flake graphite concentrate at its wholly owned Lac Knife and Lac Tétépisca flake graphite projects in Québec.

At the end of July, Focus Graphite commenced the second phase of a 2022 core drilling program on its Lac Tétépisca project. The drill program was initiated following the receipt of two land use permits from Quebec’s Ministry of Forests, Wildlife and Parks. Shares of Focus increased by 35 percent last week to trade for C$0.27.

Data for 5 Top Weekly TSXV Performers articles is retrieved each Friday at 10:30 a.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.

Editorial Disclosure: Battery Mineral Resources is a client of the Investing News Network. This article is not paid-for content.

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