Verde Agritech to Hit 3 Million Tonnes in Potash Output Capacity – Cannabis Hemp Blog

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 21,273.09 in the early morning last Friday (March 4). It closed the period about 130 points higher at 21,406.86.

The index was on track for a weekly gain, but opened lower on Friday as worries over the war in Ukraine escalated. On Friday, Russia attacked Europe’s largest nuclear power plant.

Looking over to metals, gold and silver were steady as investors turned to safe-haven assets, while palladium was near its biggest weekly gain in two years on supply concerns. Russia is a top palladium-producing country.

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Last week, a number of companies saw their share price increase during the five day trading period. The five TSX-listed mining stocks that saw the biggest gains are as follows:

Here’s a look at those companies and the factors that moved their share prices last week.

1. SouthGobi Resources

Mongolia-focused SouthGobi Resources’ main asset is its Ovoot Tolgoi mine, which it says is the closest coal mine to China at just 46 kilometers north of the China/Mongolia border. The integrated coal supplier also has mining and exploration licenses for other metallurgical and thermal coal deposits in Mongolia’s South Gobi province.

Despite not releasing any news last week, shares of SouthGobi Resources increased 60.98 percent and were trading at C$0.33 by the end of the period.

2. Verde Agritech

Verde Agritech is developing its Cerrado Verde project in Brazil. It holds a potassium-rich deposit from which the company intends to produce solutions for crop nutrition, crop protection, soil improvement and sustainability.

The recent Russian invasion of Ukraine has turned all eyes on what may happen to potash supply, as sanctions over Russia and Belarus could impact output sold to Brazil. The South American country is the second largest consumer and top importer of the fertilizer.

As a result, Verde Agritech has fast-tracked its investment decision on production capacity. The company’s second production facility is currently under construction, and last Friday (March 4) Verde started working to double its capacity. By the end of 2022, with Verde Agritech expects to have raised its overall production capacity to 3 million tonnes per year. Last week, Verde Agritech saw its share price increase 42.45 percent to C$8.96.

3. Solitario Zinc

Focused on North and South America, Solitario Zinc has joint venture interests in two projects: Florida Canyon in Peru, held jointly with Nexa Resources (NYSE:NEXA), the world’s fourth largest zinc producer; and Lik in Alaska, in partnership with Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK), the world’s third largest zinc miner.

Last year, the company bought the Golden Crest project, which covers a large land position in Southwestern South Dakota. Last Tuesday (March 1), the company published assay results for the asset.

Over the five day period, shares of Solitario Zinc increased 34.72 percent to end the week at C$0.97.

4. Largo

Largo is a producer and supplier of high-quality vanadium, with its main source of the metal coming from the Maracás Menchen mine in Brazil. After acquiring vanadium redox flow battery technology in 2020, Largo is working to vertically integrate its vanadium products with its VCHARGE vanadium battery technology.

Last Tuesday, the company proposed a qualifying transaction to create a new physical vanadium holding company. Once the transaction is complete, Largo Physical Vanadium — the new company — will give market participants direct exposure to vanadium by investing and holding its assets in physical vanadium products.

As a result of the news, shares of Largo rose 34.37 percent to trade at C$14.74 by the end of the week.

5. Steppe Gold

The only precious metals-focused company making the list this week is Steppe Gold, an exploration and development company with gold and silver projects in Mongolia. The company wholly owns the ATO property, which is fully commissioned, permitted and in production.

To kick off March, the company restarted gold and silver production at ATO, which has been affected by reagent supply challenges related to COVID-19 lockdown measures and other issues. Steppe Gold saw its share price increase 33.85 percent last week to hit C$1.74.

Data for 5 Top Weekly TSX Performers articles is retrieved each Friday at 10:30 a.m. EST using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.

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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Steppe Gold is a client of the Investing News Network. This article is not paid-for content.

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