5 Top Weekly TSXV Stocks: Crown Point, Centaurus Soar on Proposed Merger
Last week’s top-gaining mining stocks on the TSXV were Crown Point, Centaurus Energy, Cypress Development, Petrofrontier and Nouveau Monde.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) closed last Friday (January 8) at 897.35, down slightly from Monday’s (January 4) open of 897.42.
The index’s peak for the week was 917.3 early on Friday, and its lowest level was 882.84 on Monday.
In the commodities space, gold took a hit toward the end of the week, sinking well below the US$1,900 per ounce mark. On the flip slide, oil prices rose to their highest point in nearly a year midweek, spurred higher by a voluntary output cut from Saudi Arabia and a decline in US inventories.
The TSXV-listed mining stocks below saw the biggest share price moves last week:
- Crown Point Energy (TSXV:CWV)
- Centaurus Energy (TSXV:CTA)
- Cypress Development (TSXV:CYP)
- Petrofrontier (TSXV:PFC)
- Nouveau Monde Graphite (TSXV:NOU)
Here’s a look at what may have moved their share prices over the last five days.
1. Crown Point Energy
Oil and gas junior Crown Point Energy boasts cash flow from production and a portfolio that includes assets in two of Argentina’s largest producing basins.
Last Thursday (January 7), Crown Point and Centaurus Energy together proposed a business combination through a non-binding term sheet. According to the companies, the resulting new entity would be an Argentina-focused oil and gas exploration company with diverse operations and strong financials.
The current plan would be a 60/40 combination in favor of Crown Point. Crown Point’s share price increased 154.84 percent last week to close at C$0.40.
2. Centaurus Energy
Centaurus Energy is an Argentina-focused upstream oil and gas company with operations in four of the country’s provinces of Argentina. Its aim is to delineate unconventional resources in the Vaca Muerta shale, the Lower Agrio shale and the Loma Montosa oil plays.
As mentioned, last week brought a proposed merger between Crown Point and Centaurus. Like Crown Point, Centaurus enjoyed a major share price boost, jumping 100 percent to finish at C$0.06.
3. Cypress Development
Exploration company Cypress Development is focused on developing its 100 percent owned Clayton Valley lithium project in Nevada. The asset is located immediately east of Albemarle’s (NYSE:ALB) Silver Peak mine, which has been in continuous operation since 1966.
The last announcement from Cypress came at the end of December, when it received a biological report for Clayton Valley that documents environmental baseline studies conducted in 2020. Despite the lack of fresh news, the company’s share price rose 79.55 percent last week to end at C$1.58.
Alberta-focused Petrofrontier has honed its efforts on the development of its interests in the province’s Cold Lake and Wabasca areas. It is working on the primary recovery of heavy oil using conventional perforated wells (vertical and horizontal) and the intentional production of sand with the oil
There has not been any recent news from Petrofrontier, but the company’s share price nevertheless soared 75 percent last week to end at C$0.07.
5. Nouveau Monde Graphite
Nouveau Monde Graphite is developing the Matawinie graphite project in Quebec. The project is forecast to produce 100,000 tonnes per year over 25.5 years with an average concentrate purity of 97 percent. The company is targeting full-scale commercial operations by 2023, and has committed to using all-electric equipment and vehicles by 2028.
There were two pieces of news from Nouveau Monde last week. First, it shared an update on its 2021 plans — among other things, the company said it expects to obtain governmental authorization for Matawinie early in Q1, which will allow it to construct commercial facilities. Second, Nouveau Monde appointed David Torralbo to the position of chief legal officer and corporate secretary.
Nouveau Monde’s share price rose 74.76 percent last week to close at C$1.80.
Data for 5 Top Weekly TSXV 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$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, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.