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
First Nordic Metals (FNM.V)
Market Cap ~ $74 million
First Nordic Metals Corp., an exploration stage company, engages in the acquisition, exploration, and evaluation of mineral properties in Sweden. The company explores for iron ore, gold, silver, copper, and zinc deposits. Its flagship project is the 45% Barsele Gold Project that covers an area of approximately 47,000 hectares located in Västerbottens Län, northern Sweden.
The stock is up 17% on news it has reported results from its recent belt-scale glacial till geochemical survey and top-of-bedrock / base-of-till drilling program targeting orogenic gold mineral systems at its 100%-owned Paubäcken project located in the Gold Line belt, northern Sweden. The Company has identified a new multi-kilometric Gold anomaly and has returned the highest Base-of-till drill grades to date.
The breakout continues with solid news. The stock broke above the $0.28 zone, saw a pullback and retest, and has not looked back since. The next major resistance zone comes in at $0.50. With today’s gap price action, this price zone could likely be tested this week.
Q2 Metals (QTWO.V)
Market Cap ~ $30 million
Q2 Metals Corp. operates as a mineral exploration company. It focuses on advancing exploration of its flagship Mia Lithium Property that covers 8,668-ha located in the Eeyou Istchee James Bay Territory of Quebec, Canada. The company also owns the Stellar Lithium Property with 77 claims totaling 3,972-ha located north of its Mia Lithium Property.
The stock is up 23% on news of an update from its 2024 exploration program at the Cisco Lithium Property.
We have a nice set up to watch this week. The range is clear as day. Today’s price action saw the stock break above the upper portion of the range at $0.35, but sellers have driven the price back down lower. Watch for a confirmed daily close above $0.35. Remember, a strong body close is more desirable and will provide a stronger bullish signal.
Freeport Resources (FRI.V)
Market Cap ~ $17 million
Freeport Resources Inc., a junior mineral exploration company, engages in the exploration and evaluation of mineral properties in Papua New Guinea. It explores for copper, molybdenum, and gold. The company holds a flagship property Yandera copper project located approximately 95km southwest of the city of Madang in Papua New Guinea.
The stock is up 27% on news it has received a further extension of the deadline for completion of the Offering from the TSX Venture Exchange, and now anticipates completing a final tranche of the Offering on or before June 28, 2024.
Ever since the stock broke above a downtrend line, a new trend has been in play. We have our first higher low and the stock is struggling to confirm a second higher low. It requires a close above the recent highs here at $0.08. That is the breakout signal. Some support is developing at $0.05.
Noram Lithium Corp (NRM.V)
Market Cap ~ $18 million
Noram Lithium Corp. engages in the acquisition, exploration, and development of mineral properties in the United States. Its flagship property is the Zeus Lithium project consisting of 146 placer claims and 136 lode claims covering an area of approximately 1,113 hectares located in Clayton Valley, Nevada.
The stock is up 13% on no news. Last week, the Company announced that it had completed an updated Mineral Resource Estimate for its 100% owned Zeus Lithium Project.
The stock has been bouncing from record low levels. We have a nice rally so far. I am just worried this is a dreaded “V” rally. If so, then the stock is likely to find resistance and profit takers here at the $0.225 zone. Alternatively, watch for the stock to close above and break $0.225, and then see how it reacts on the pullback.
Hillcrest Energy Technologies (HEAT.CN)
Market Cap ~ $18 million
Hillcrest Energy Technologies Ltd. engages in developing power conversion technologies and digital control systems for powertrains, and grid-connected renewable energy generation systems. It offers electric vehicle traction inverter, power module, grid inverter, and powertrain solutions, as well as develops a zero voltage switching inverter technology platform.
The stock is up 12% on news of the completion of a joint development agreement with Ocean Batteries AS for the delivery of 300kVA | 800V Hillcrest ZVS inverter prototypes.
The stock has been battling at an important resistance zone and has yet to make a break. Today’s news has given the stock a gap up, but resistance remains at $0.275.
Top 5 Losers
Bluestone Resources (BSR.V)
Market Cap ~ $36 million
Bluestone Resources Inc. engages in the exploration and development of precious metals. Its flagship asset is the Cerro Blanco gold project located in Southern Guatemala in the department of Jutiapa.
A big drop and the stock is in danger of filling in the gap with a close below $0.25. If this is confirmed by end of day, this is a bearish signal and the stock would move to test lows at $0.18.
Adamera Minerals (ADZ.V)
Market Cap ~ $35 million
Adamera Minerals Corp., an exploration stage company, acquires and explores for precious metals. The company primarily explores for silver, gold, copper, and zinc deposits. Its principal properties are the Cooke Mountain, Empire Creek, Buckhorn 2.0, Talisman, and Flaghill located in Washington State, the United States.
The stock is down 44% on no news.
The stock is confirming a fakeout or false breakout. Bearish. A breakout was confirmed last week with even the retest looking positive. A bunch of sellers jumping in forcing a move back below $0.20. The stock would have to close above $0.20 to keep the breakout intact.
Chesswood Group (CHW.TO)
Market Cap ~ $101 million
Chesswood Group Limited operates primarily in the specialty finance industry in North America. The company offers micro and small-ticket commercial equipment financing and origination to small and medium-sized businesses through the third-party broker and equipment vendor channels; and commercial equipment financing and loans to small and medium-sized businesses. It also provides home improvement and other consumer financing solutions; credit alternatives to investors; consumer financing for motor vehicle purchasers; and specialized financing solutions
The stock is down 33% on news the stock is pursuing sale of business units or the Whole Company following a strategic review.
The stock is bleeding, and will likely bleed more given the news. A major breakdown of $5.50 is setting the stock for a move down to $4.40.
KWESST Microsystems (KWE.V)
Market Cap ~ $5.6 million
KWESST Micro Systems Inc. engages in the development and commercialization of tactical systems and ammunitions for military, public safety agencies, and personal defense markets.
The stock is down 13% on no news.
The recent breakout is in danger of filling the gap. The $0.60-$0.65 zone is key. Bulls either wait for a strong bullish candle at this zone, or the breakout is nullified with a close below this zone.
Resouro Strategic Metals (RSM.V)
Market Cap ~ $37 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 down 14% on no news.
The stock is undergoing the retest phase of a breakout. Although the stock has had quite a drop down without much trading volume after the break. A bit worrying. See if bulls can step in and hold the important $0.50 zone.
