The S&P/TSX Venture Composite Index finished in the red for a second straight week after dropping 10.69 points en route to a 1,012.24-point close. Investors are monitoring geopolitical uncertainty in the Ukraine, as well as ongoing armed conflict in Gaza. Statistics Canada reporting that foreign investors bought up $21 billion of Canadian securities in May, most of them government bonds.
August contracts for gold bullion fell off a four-week high after losing US$30.40 and closing out the trading period at US$1,309.40 per oz. September contracts for West Texas Intermediate crude oil fell below US$100 mid-week, but finished relatively flat at US$101.95 per barrel. September contracts for copper lost US8.8¢ en route to a US$3.19 per lb. close.
Toronto-based Corsa Coal had a busy week after announcing what it said was a “transformative transaction” to buy low-volatile metallurgical coal producer PBS Coals for US$60 million. The company led the volume-traded category during the period after it saw its shares rise 10¢ before closing at 24¢ on 9.9 million shares traded.
Corsa has agreed to buy the PBS operations — which include two modern preparation plants and three active deep metallurgical coal mines in Somerset County, Pa. — from Severstal Resources, one of Russia’s largest producers of iron ore and coking coal, and a division of Severstal.
Corsa feels current met coal prices are “unsustainably low,” and sees potential synergies between PBS and its operations in Pennsylvania. In addition to the cash payment for the PBS assets, Corsa will assume reclamation and water-treatment liabilities totalling another US$60 million.
Explorer Kennady Diamonds finished atop the value-added category during the week after it gained 68¢ en route to a $5.69-per-share close. The company has started a drill program at its Kennady North diamond project in the Northwest Territories that will total at least 5,000 metres.
The program will comprise delineation drilling at the Kelvin and Faraday kimberlites, as well as exploration drilling at the MZ and Doyle kimberlites and at four new exploration targets. The company’s goal is to define a Kelvin–Faraday resource of between 5 million and 8 million tonnes with a grade of greater than 2 carats per tonne. Kennady is aiming to calculate a maiden resource by year-end.
Yukon-focused Kaminak Gold jumped 21¢ on 5 million shares traded before closing at $1 per share after it announced a $13.5-million non-brokered private placement with Ross Beaty and Zebra Holdings (the trust of the late Adolf H. Lundin). Each party is making a $6.8-million investment.
TSX-V most active issues
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Corsa Coal | CSO | 9868 | 0.24 | 0.14 | 0.23 | + | 0.1 |
| Unigold | UGD | 9427 | 0.05 | 0.03 | 0.04 | – | 0.02 |
| Gold Bulln Dev | GBB | 7473 | 0.08 | 0.05 | 0.05 | – | 0.02 |
| Red Pine Expl | RPX | 7291 | 0.02 | 0.02 | 0.02 | + | 0.01 |
| Nemaska Lith | NMX | 6804 | 0.17 | 0.12 | 0.14 | + | 0.02 |
| Condor Res | CN | 5423 | 0.16 | 0.13 | 0.14 | – | 0.01 |
| Kaminak Gold | KAM | 5040 | 1.19 | 0.86 | 1 | + | 0.21 |
| Spur Vent | SVU | 4771 | 0.3 | 0.27 | 0.3 | 0 | |
| True Gold Mng | TGM | 4655 | 0.46 | 0.43 | 0.46 | – | 0.01 |
| Highbank Res | HBK | 3918 | 0.36 | 0.24 | 0.33 | + | 0.1 |
TSX-V greatest percentage change
| Volume | |||||||
| Company | Symbol | (000s) | High | Low | Close | Change | |
| Cache Expl | CAY | 10 | 0.07 | 0.05 | 0.06 | + | 500 |
| Red Mile Mnls | RDM | 706 | 0.02 | 0.01 | 0.02 | + | 200 |
| Brookemnt Cpt | BKT | 110 | 0.01 | 0.01 | 0.01 | + | 100 |
| Reliance Res | RI | 2182 | 0.02 | 0.01 | 0.01 | + | 100 |
| Frontline Gold | FGC | 164 | 0.01 | 0.01 | 0.01 | + | 100 |
| Red Rock Enrgy | RRK | 10 | 0.01 | 0.01 | 0.01 | + | 100 |
| Bonterra Res | BTR | 69 | 0.01 | 0.01 | 0.01 | + | 100 |
| Sierra Madre D | SMG | 50 | 0.01 | 0.01 | 0.01 | + | 100 |
| Running Fox Rs | RUN | 12 | 0.05 | 0.03 | 0.05 | + | 80 |
| Wescan Goldfie | WGF | 25 | 0.05 | 0.03 | 0.05 | + | 80 |
| Conquest Res | CQR | 22 | 0.02 | 0.01 | 0.01 | – | 50 |
| Canadn Plat | CPC | 345 | 0.01 | 0.01 | 0.01 | – | 50 |
| Viper Gold | VPR | 22 | 0.01 | 0.01 | 0.01 | – | 50 |
| Sultan Mnrls | SUL | 31 | 0.01 | 0.01 | 0.01 | – | 50 |
| Terra Firma Rs | TFR | 23 | 0.01 | 0.01 | 0.01 | – | 50 |
| China Mnls Mng | CMV | 120 | 0.01 | 0.01 | 0.01 | – | 50 |
| Caribou King R | CKR | 2236 | 0.02 | 0.01 | 0.02 | – | 40 |
| Bell Copper | BCU | 301 | 0.04 | 0.02 | 0.02 | – | 40 |
| Chimata Gold | CAT | 80 | 0.08 | 0.06 | 0.06 | – | 40 |
| Coronet Mtls | CRF | 3013 | 0.02 | 0.01 | 0.02 | – | 40 |
TSX-V greatest value change
| Company | Symbol | Change | Close | Change | |
| Kennady Diam | KDI | 11118 | 5.69 | + | 0.68 |
| Great Quest Me | GQ | 181418 | 1.81 | + | 0.41 |
| Gold Reserve | GRZ | 10762 | 3.65 | + | 0.28 |
| RPT Uranium | RPT | 317868 | 0.65 | + | 0.23 |
| Kaminak Gold | KAM | 5039735 | 1 | + | 0.21 |
| Marlin Gold | MLN | 57236 | 1.25 | + | 0.2 |
| North Arrow Mn | NAR | 504431 | 0.81 | + | 0.11 |
| Probe Mines | PRB | 406090 | 2.4 | + | 0.11 |
| Highbank Res | HBK | 3918436 | 0.33 | + | 0.1 |
| Corsa Coal | CSO | 9868062 | 0.23 | + | 0.1 |
| Bear Creek Mng | BCM | 353149 | 3.23 | – | 0.27 |
| Lumina Copper | LCC | 942986 | 10.35 | – | 0.26 |
| Chesapeake Gld | CKG | 15848 | 3.52 | – | 0.25 |
| Reservoir Mnls | RMC | 113896 | 5.98 | – | 0.2 |
| Dalton Res Ltd | DAL | 66500 | 0.4 | – | 0.1 |
| Diamcor Mng | DMI | 71866 | 1.2 | – | 0.1 |
| Avino Silver | ASM | 121043 | 2.35 | – | 0.09 |
| Flinders Res | FDR | 378287 | 0.77 | – | 0.09 |
| Lincoln Mng | LMG | 41000 | 0.15 | – | 0.09 |
| Atac Res | ATC | 542026 | 1.17 | – | 0.08 |
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