US stocks march up, Nov. 10-14

U.S. equities are up for the fourth straight week. The Dow Jones Industrial Average advanced 60.81 points to 17,634.74, while the S&P 500 Index rose 7.9 points to a record high of 2,039.82. The Nasdaq Composite Index climbed 56.01 points to 4,688.54. The spot price for gold moved up US$10 to US$1,188.50 per oz. 

Allied Nevada Gold was the week’s percentage winner, adding 30% to close at US$1.34 on no news. The week before, the miner tumbled to a 52-week low of US85¢ on poor third-quarter financials. It has filed a technical report for a feasibility study at the Hycroft mill expansion, but Cowen and Co. analyst Adam Graf notes that “at current metal prices, Hycroft operations appear challenged, and expansionary activities are not realizable.” He has a US77¢ target and “market perform” rating on the stock. 

Uranium Resources jumped 17.5% to US$2.28 on no news. A week earlier, the junior tabled a US$4-million net loss, compared to a US$3.3-million net loss in the third quarter of 2013. On a positive note, its cash position grew to US$7.9 million at the end of September, up from US$1.1 million on Dec. 31, 2013. 

The junior also closed a previously announced non-cash asset-exchange agreement with Rio Grande Resources, where it acquired mid-term, in-situ recovery uranium projects near its processing facilities in South Texas. Uranium Resources intends to spend US$825,000 in 2015 for drilling and geophysical logging on the Mesa Este and Butler Ranch projects. 

AuRico Gold rose 15% to US$3.78 per share, after entering a partnership agreement with Carlisle Goldfields on Nov. 11. AuRico subscribed to 70.6 million Carlisle shares for 8¢ apiece, or $5.6 million, representing 19.9% of the junior. It also signed a joint-venture agreement for Carlisle’s Lynn Lake gold camp in Manitoba, where it acquired a 25% interest in the project for $5 million in cash. It has an option to earn up to another 35% in the project. 

Two days later, Russian gold miner Nordgold offered to buy Carlisle for US$24 million in cash if the junior ends its relationship with AuRico. Carlisle is reviewing the offer.