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
UGE International (UGE.V)
Market Cap ~ $60 million
UGE International Ltd. develops, builds, finances, owns, and operates commercial and community solar facilities in Canada, the United States, and the Philippines. It also engages in the provision of energy generation services from solar facilities; and engineering and consulting services.
The stock is up 227% on news it has entered an arrangement for going private. A private entity will carry on the business of the Company for an all-cash consideration of CAD $2.00. per share.
Not much to say on this one as we have a buy out price at $2.00. The stock is going private and the agreement will be discussed at the next shareholder meeting.
Covalon Technologies (COV.V)
Market Cap ~ $42 million
Covalon Technologies Ltd. engages in the research, development, manufacturing, and marketing of medical products in infection management, advanced wound care, and surgical procedure areas in the United States, Canada, the Middle East, Asia, Latin America, and internationally. The company’s platform technologies comprise collagen matrix platform that is used to manufacture a family of products to treat chronic and infected wounds, including diabetic ulcers, pressure ulcers, venous ulcers, donor and graft sites, traumatic wounds healing by secondary intention, dehisced surgical wounds, and first and second degree burns; and antimicrobial silicone adhesive platform, which is used for family of pre and post-surgical, and vascular access products that are designed to kill bacteria or yeast that comes into contact with the antimicrobial silicone providing broad-spectrum antimicrobial activity.
The stock is up 54% on news of a profitable Q2 2024.
A double bottom appears to have been confirmed with a break above $1.40. A retest can occur, but the stock is now in reversal mode. Watch for the first higher low to confirm this.
Ashley Gold (ASHL.CN)
Market Cap ~ $2.9 million
Ashley Gold Corp. engages in the acquisition, exploration, and development of mineral properties in Canada. It has an option to acquire a 100% interest in its principal project comprising the Ashley gold property that includes 115 mineral claims covering an area of approximately 1,759.6 hectares located in northeastern Ontario. The company also holds 100% interests in the Santa Maria property that consists of 1554 hectares located in the southeast of Dryden, Ontario, as well as holds interests in the Howie Lake property that includes 64 claims in approximately 1,000 hectares located in the Dryden, Ontario; and the Alto-Gardnar property, which comprises 15-claim blocks in approximately 315 hectares located in Dryden, Ontario.
The stock is up 25% on news of 82.3 g/t Au samples at the Sakoose Property during initial 2024 prospecting.
A reversal pattern trigger with a double bottom. Great price action today on the news of 82.3 g/t gold. Resistance comes in at the $0.12 zone.
SRQ Resources (SRQ.V)
Market Cap ~ $11 million
SRQ Resources Inc. engages in the base metal exploration and development business in Canada. The company explores for nickel, copper, and the platinum group elements. Its flagship project is the Lac Brulé project, which consists of 507 contiguous mining claims covering an area of approximately 29,183 ha located in Québec.
The stock is up 27% on no news. Yesterday, the Company announced highly encouraging results from a recent drilling campaign on the newly discovered ultramafic magmatic intrusive complex hosting base metal mineralisation at its Lac Brulé project in Quebec, Canada.
The stock is ripping from yesterday’s exciting discovery news. The stock is finding some resistance near previous record highs. Watch for some profit taking, but the stock should see buyers jump in on the dip based on the fundamentals and technicals.
Galloper Gold (BOOM.CN)
Market Cap ~ $3.3 million
Galloper is focused on mineral exploration in the Central Newfoundland Gold Belt with its Glover Island and Mint Pond properties, each prospective for gold and base metals. The Glover Island Property consists of 532 mining claims totaling 13,300 hectares, while Mint Pond consists of 499 claims totaling 12,475 hectares.
The stock is up 22% on no news.
Choppy price action, but today’s pop comes near the major previous record lows support zone. Watch for a close above $0.115 for possible continuation.
Top 5 Losers
NiCAN Limited (NICN.V)
Market Cap ~ $5.7 million
NiCAN Limited engages in the exploration, development, operation, and financing of mining assets in Canada. The company primarily explores for nickel and copper deposits, as well as by-products of copper, cobalt, and platinum group elements. It holds interest in the Wine project consisting of 24 mineral claims covering an area of 5,666 hectares; and the Pipy project comprised of 20 mineral claims covering an area of 3,913 hectares located within the lake greenstone belt of Manitoba.
The stock is down 17% on news of a reviews of the Wine Phase III-B drilling program completed in March 2024.
After ranging the stock has broken below support at $0.08. The next support zone comes in around the $0.05 zone.
Decibel Cannabis (DB.V)
Market Cap ~ $31 million
Decibel Cannabis Company Inc., an integrated cannabis company, engages in the cannabis cultivation, processing, and sale of cannabis flower products in Canada. It is also involved in the extraction, processing, and manufacturing vape cartridges, cannabis infused products, cannabis extracts, and glass tube packaging for pre-rolls. In addition, the company engages in the cannabis retail business through operating operational retail locations in Saskatchewan, as well as an e-commerce cannabis platform throughout the Province of Saskatchewan; and operational retail locations in Alberta.
The stock is down 21% on news of Q1 2024 financial results.
The stock continues to drop. After breaking major support at $0.10, the sellers have piled in on the retest. The next support comes in at the $0.065 zone.
World Copper (WCU.V)
Market Cap ~ $43 million
World Copper Ltd., an exploration stage junior mining company, engages in the identification, acquisition, and exploration of mineral resources in Chile and the United States. It primarily explores for copper. The company has an option to acquire 100% interests in the Escalones and Cristal projects located in Chile. It also has an option to acquire Zonia copper oxide project located in central Arizona.
The stock is down 20% on no news.
Profits are being taken after a major rally. As copper prices have broken out into record highs, copper stocks have followed. The metals are now pulling back and World Copper is approaching a support level around $0.22. Watch to see if buyers will jump in here.
Zodiac Gold (ZAU.V)
Market Cap ~ $6.9 million
Zodiac Gold Inc. operates as a gold exploration company. Its flagship project is the 100% owned Todi gold project consisting of one mineral exploration license, which covers an area of 418.5km2; and one reconnaissance license covering a total area of over 1,898 km2 in Monrovia, Liberia.
The stock is down 18% on no news. Yesterday, the Company announced results from its recently completed Pre-Drilling Surface Mapping and Sampling Program at its Alasala target, part of the Company’s flagship Todi Project situated in the Republic of Liberia, West Africa.
Not much price action but the stock is about to test a major support level. Range traders and bulls may find this chart interesting. Watch for a green candle in the next few days to indicate the bulls are defending this support.
Kodiak Copper (KDK.V)
Market Cap ~ $32 million
Kodiak Copper Corp. focuses on the discovery of copper for a low carbon future by exploring its copper porphyry projects in Canada and the United States. The company’s advanced asset comprises the 100% owned MPD copper-gold porphyry project located in the prolific Quesnel Trough in southern British Columbia, Canada. It also holds 100% interests in the Mohave copper-molybdenum-silver porphyry project located in Arizona, the United States.
The stock is down 11% on no news.
The stock is currently testing the psychological support level at $0.50. Will buyers be able to defend this level? If not, the bears can take us back to the $0.40 support.
