Top 5 Gainers and Losers: RPX.V, HIGH.V, TML.TO

In this summary report, we will take a quick look at the top 5 gainers and losers up or down double digits on the Canadian stock markets.

Here is a summary of the intraday action of assets:

Top 5 Gainers

Highgold Mining (HIGH.V)

Market Cap ~ $39 million

HighGold Mining Inc. operates as a gold exploration company in North America. The company’s flagship asset is the Johnson Tract gold property covering an area of 21,000 acres located in Southcentral Alaska, the United States. It also explores for copper, zinc, silver, and lead.

The stock is up 39% on news it will be acquired by Contango Ore at Cad $0.55 for CAD $51 million representing a premium of 59%.

A bit of foretelling with the inverse and head and shoulders pattern which triggered on April 1st 2024. $0.55 is the resistance level on the buyout, but this is a good example of how technicals can indicate some good news coming down the pipeline.

Red Pine Exploration (RPX.V)

Market Cap ~ $18 million

Red Pine Exploration Inc. engages in the acquisition, exploration, and development of mining properties in Canada. Its flagship project is the Wawa Gold Project that covers an area of 7,182 hectares located to the east of the Town of Wawa in northern Ontario.

The stock is up 18% on no news. Yesterday the Company announced it had withdrawn previously announced assay results for the Wawa Gold Project pending further review.

The stock tanked on yesterday’s news and has formed new all time record lows. A huge gap to fill, but a daily close above $0.125 would be the first step to achieve for a reversal.

Avidian Gold (AVG.V)

Market Cap ~ $3.7 million

Avidian Gold Corp. engages in the acquisition, exploration, and development of gold properties in North America. It also explores for silver and copper properties. The company holds 100% interests in the Golden Zone property covering an area of 12,525 hectares located in Alaska; the Amanita property claims totaling 1,460 hectares situated to the northeast of Fairbanks, Alaska; and the Jungo Property covering an area of 2,000 hectares located in Humboldt mineral trend, Nevada. It also holds 100% interests in the Labrador west iron ore project located in Labrador; and holds 100% interests in the Lac Pegma copper-nickel-cobalt sulphide deposit located in Quebec.

The stock is up 33% on news the Company will sell its Alaskan subsidiary to Contango Ore for initial consideration of US$2.4 million (CDN$3.30 million), plus a potential future upside consideration of US$1.0 million, for a total consideration of up to US$3.4 million (CDN$4.68 million).

A potential bottoming here with structure of a cup and handle pattern. Watch for a close above the $0.02 zone for a move higher.

Resouro Strategic Metals (RSM.V)

Market Cap ~ $35 million

Resouro Strategic Metals Inc. engages in the exploration and development of mineral resource properties in Brazil. It explores for titanium, rare earths, and gold deposits. The company holds interest in the Novo Mundo gold project that covers an area of approximately 167 square kilometers located in the Alta Floresta gold province, central Brazil; and the Santa Angela gold project covering an area of 87 square kilometers. It also holds interest in the Tiros titanium and rare earth project that covers an area of approximately 450 square kilometers located in Minas Gerais, Brazil.

The stock is up 25% on no news.

The stock is held within a range current with support at $0.375 and resistance at $0.57. Just await the break.

Treasury Metals (TML.TO)

Market Cap ~ $36 million

Treasury Metals Inc. operates as a gold exploration and development company in Canada. The company’s flagship asset is the 100%-owned Goliath Gold Complex, an advanced stage high-grade gold deposit near Dryden, Ontario, which includes the Goliath, Goldlund, and Miller projects. Its Goliath property covers approximately 7,601 hectares (ha) comprising 284 mining claims totaling approximately 6,254 ha; four mining leases totaling 359.25 ha; and 28 land parcels totaling 1,347.189 ha.

The stock is up 20% on news Treasury Metals and Blackwolf Copper and Gold are combining to advance the Goliath Gold Complex Project.

Very nice market structure with another higher low set to be confirmed. Wait for a confirmed close above the $0.255 zone for confirmation.

Top 5 Losers

IM Cannabis Corp (IMCC.CN)

Market Cap ~ $16 million

IM Cannabis Corp. engages in breeding, growing, and supply of medical cannabis products in Israel and Germany. It offers cannabis flowers and strain-specific cannabis extracts under the IMC brand; and dried flower, pre-rolls, minis, and full spectrum extracts offerings under the WAGNERS and BLKMKT brands.

The stock is down 24% on no news. Yesterday, the Company announced it will report Q1 2024 financial results on May 8th 2024.

A new uptrend could be in the cards. What is required is a confirmed daily close above the recent highs at $1.75. This would confirm the first higher low in a new uptrend. Currently, this level is acting as resistance.

Wajax Corporation (WJX.TO)

Market Cap ~ $611 million

Wajax Corporation provides equipment, parts, and services to construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government, utilities, and oil and gas sectors. The company offers compact excavators, dump trucks, excavators, wheel loaders, and wheeled excavators; aerial devices, boom lifts, cranes, digger derricks, drills, lifts, and material and scissor lifts; marine, off and on highway engines, and transmissions; and feller bunchers, felling heads, flail debarkers, forwarders, grinders, harvesting heads, log loaders, mulchers, skidders, track and wheel harvesters, and woodchippers. It also provides bearings, bulk material handling, filtration, fluid handling, hydraulics, industrial electric motors and variable frequency drives, instrumentation, pneumatics, power transmissions, and PPE and safety supplies, as well as sealing, belting, lubricants, and hydraulic hoses; combination sweeper scrubbers, container handlers, electric ride scooters, end rider trucks, forklifts, goosenecks and ballast weights, order pickers, outdoor cleaning machines, pallet stackers and trucks, reach stackers, rider and walk behind sweepers, side loaders, utility vehicles, tow, terminal, and RoRo tractors; and equipment transport, filtration, fluid handling, mining excavators, rigid frame trucks, rope shovel, underground battery powered and drill jumbos, underground haul trucks and loaders, and underground utility trucks.

The stock is down 16% on news of 2024 Q1 results.

A breakdown on earnings and the stock is set to close below the higher low at $31 with a gap down. Bearish and the beginning of a new downtrend is possible if we get a lower high.

Red Canyon Resources (REDC.CN)

Market Cap ~ $7 million

Red Canyon Resources Ltd. is a geoscience-driven, discovery-focused mineral exploration company focused on exploring North America’s top copper jurisdictions. The Company’s core goal is to make impactful copper discoveries to benefit all stakeholders and aid in the clean energy transition. Red Canyon has a portfolio of 100% owned copper and copper-gold porphyry exploration projects.

The stock is down 14% on news of a non brokered private placement to raise gross proceeds of up to $1,540,000 through the sale of up to 7,000,000 units of the Company at a price of $0.22 per Unit.

The stock attempted to breakout above $0.25 but it failed. The stock is dropping on the financing news. Let’s see if buyers will step in around the $0.20 zone.

Highland Copper (HI.V)

Market Cap ~ $66 million

Highland Copper Company Inc., together with its subsidiaries, engages in the acquisition, exploration, and development of mineral properties in the United States. The company explores for copper deposits. Its primary properties include the Copperwood project; and the White Pine North project located in the Upper Peninsula of Michigan.

The stock is down 14% on no news.

The stock is heading to test a key support level located around the $0.085 zone. Watch to see if buyers will step in here.

New Zealand Energy (NZ.V)

Market Cap ~ $6.2 million

New Zealand Energy Corp., together with its subsidiaries, engages in the exploration and production of oil and natural gas in New Zealand. It holds interests in three petroleum mining licenses, one petroleum mining permit, and one petroleum exploration permit. The company has interests in TWN Petroleum Mining Licenses comprising Waihapa/Ngaere, and Tariki; Copper Moki petroleum mining permit; and Eltham Petroleum exploration permit.

The stock is down 34% on no news.