With provinces taking tentative steps toward reopening, Canada’s economic prospects are looking as bright as ever since the beginning of the pandemic.
Supporting this rosy outlook, The S&P/TSX Composite Index rose over 100 points since last week’s report to 20,120.36 as of 10:20 am ET.
That said, the Bank of Canada’s overnight repo rate remains relatively steady at 0.18 per cent, having risen from a low of 0.13 per cent back in March. These accommodative borrowing conditions signal caution amidst Canadians’ enthusiasm to get back to normal life.
The Canadian dollar also remains unchanged since our last report coming in at US$0.82/C$1.00.
Against this backdrop, our readers have been focused on a variety of compelling stories this week in mining, technology and cryptocurrency.
Here is a quick run through of what has been informing their investment decisions.
Mason Graphite (TSXV:LLG) expedites battery material commercialization
On Monday, Mason Graphite (LLG) announced the completion of a benchmarking study for its lithium-ion anode materials, meaning the company can now commercialize its Lac Guerét graphite in the rapidly expanding battery market.
The study ranks Lac Guéret graphite among the best performing lithium-ion anode materials presently available commercially in all applications, including electric vehicles.
Shares of LLG are up 15.87 per cent since the beginning of the week as of 10:28 am ET on Friday, June 11, 2021.
Ground magnetic survey expands target areas at Eloro Resources’ (TSXV:ELO) Iska Iska Project
Eloro Resources (ELO) reported results from its recently completed magnetics survey on the Iska Iska silver-tin polymetallic project in Bolivia.
The magnetic data further confirm the extent of the Iska Iska Caldera as determined from geological mapping and satellite interpretation including Aster data:
- The Santa Barbara and Central Breccia Pipes are marked by prominent low anomalies reflecting strong alteration
- The Porco (South) Breccia Pipe target has a similar signature to the Santa Barbara and Central Breccia Pipes, further confirming the likelihood of it being a major breccia pipe
According to Dr. Bill Pearson, Eloro’s Executive Vice President Exploration, “the next step will be to calculate 3D magnetic inverse models which will assist in planning of additional drilling. Induced polarization/geophysical surveys, both downhole and surface, are planned to commence in the latter part of June to further refine target definition.”
Shares of ELO are trading flat since the beginning of the week as of 10:37 am ET on Friday, June 11, 2021.
DMG Blockchain Solutions (TSXV:DMGI) invests in Brane Capital
On Tuesday, DMG Blockchain Solutions (DMGI) announced a C$3 million investment in Brane Capital, an Ottawa-based cryptocurrency and digital asset custodian.
Brane offers a crypto asset self-custody technology solution for IIROC-regulated securities dealers and is working toward becoming Canada’s first qualified custodian for digital assets.
DMG believes its investment will accelerate market traction for both companies and facilitate the development of advanced blockchain technologies, as well as continued progress toward leadership in environmental sustainability.
Shares of DMGI are down 7.86 per cent since the beginning of the week as of 10:37 am ET on Friday, June 11, 2021.
Wondr Gaming (CSE:WDR) acquires Hot Dot Media Inc.
Also of note this week, Wondr Gaming (WDR) closed its acquisition of Hot Dot Media, a company that offers an end-to-end solution for influencer marketing.
The company issued 8 million common shares to Hot Dot Media shareholders on a pro-rata basis.
Wondr views the acquisition as essential to drive traffic to its NFT platform, MemeStation.com, and its forthcoming esports loyalty & rewards platform, GamingRewards.com.
Shares of WDR are down by 5 per cent since the beginning of the week as of 11:24 am ET on Friday, June 11, 2021.
Novo Resources (TSX:NVO) increases gold production at Australian gold project
Rounding off our weekly wrap up, Novo Resources (NVO) announced that gold production has increased on a month-to-month basis at its Nullagine Gold Project.
The Vancouver-based mineral exploration company reported a record month with 5,064 ounces of gold poured during May 2021.
Revenue for the month stood at C$10.8 million from the sale of 4,754 ounces at an average realized gold price of Au$2,407.
The company expects mining and processing rates to continue to increase month-on-month.
Shares of NVO are up by 2.36 per cent since the beginning of the week as of 11:13 am ET on Friday, June 11, 2021.
Stay tuned for our Top 5 report every Friday for your weekly snapshot of what’s trending on The Market Herald Canada.