TSXV ekes out a gain in Oct. 3-7 trading week

The S&P/TSX Venture Composite Index gained 13.89 points or 2.3% over the Oct. 3-7 trading session to end at 608.02, after reaching an intra-week high of 623.23 on Oct. 4.

Sigma Lithium was this week’s top value gainer, adding $1.37 per share to close the week at $38.84. Sigma’s share price has surged more than 270% in the past 12 months as lithium prices continue to rise, bolstered by renewed awareness about its critical role as the “gasoline” of the energy revolution. Lithium carbonate prices have recently jumped to a new record of 500,500 yuan (US$71,315) per ton in China, according to data from Asian Metal Inc. The battery material has roughly tripled in the past year and is more than 1,150% higher than a pandemic low touched in July 2020. Lithium hydroxide prices are also gaining and closing in on an all-time high set in April. Amid the bullish backdrop, Sigma is only three weeks away from starting production at its Grota do Cirilo project in Brazil, which includes a state-of-the-art, green-tech processing plant that uses only renewable energy, recycled water and dry-stack tailings. The project represents one of the largest and highest-grade hard rock lithium spodumene deposits in the Americas. The company also recently installed Ana Cabral Gardner as co-chairperson and co-CEO to lead the transition from development to lithium producer.

Western Alaska Minerals was the second-best value gainer, adding 79¢ per share to close at $3. The company reported on Sept. 22 that drilling had encountered a zone that fed multiple stages of alternating zinc-dominant sphalerite and lead-silver-dominant galena sulphide mineralization in the high-grade Waterpump Creek carbonate replacement deposit at its Illinois Creek project. Previous exploration carried out by Anaconda Minerals Co., and Novagold Resources outlined 166,000 tons of historical resources averaging 295 grams silver per tonne, 16.1% lead, and 5.5% zinc. Over the past two years, Drilling by Western Alaska has shown that Waterpump Creek is larger and likely higher grade than the historical resource indicates. The latest batch of results encountered 102 metres of high-grade mineralization in what appears to be a feeder to the high-grade mineralization at the deposit.

Cornerstone Capital Resources was the third-biggest value gainer, adding 55¢ per share to close at $3.25 on Friday. Australian gold mining company SolGold has signed an agreement to buy the remaining shares of the Canada-based Cornerstone that will give SolGold sole ownership of the Cascabel copper-gold project in Ecuador. Under the agreed terms, SolGold will issue 15 ordinary shares for each Cornerstone common share held. SolGold will have the option to pay up to 20% of the consideration in cash, which would be pro-rated among all Cornerstone shareholders, and the number of SolGold shares issuable to Cornerstone shareholders would be reduced.