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Highlights
- Foran Mining is into copper and zinc exploration, while CGX Energy is into oil and gas
- Both the stocks have given over 80 per cent in one-year returns
- As economies recover from the Covid shock, copper and oil may be in demand more
Energy and mining are two sectors that may play a pivotal role in the global economy’s recovery from the pandemic blow. Separately, sanctions on Russia may lead to supply chain issues with respect to oil and metals.
Mentioned below are two companies, whose stocks trade on the TSXV. One of these is in the oil and gas sector, while the other explores metals. The common thread between them is their over 80 per cent one-year growth, as of writing. Let’s know more.
1. Foran Mining Corporation (TSXV:FOM)
The company is into zinc and copper exploration and production, with projects including McIlvenna Bay. In January this year, Foran Mining appointed David Bernier in the capacity of Chief Operating Officer. In October last year, the company announced a 70 per cent increase with respect to its McIlvenna Bay’s indicated resources.
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In its latest unaudited condensed consolidated interim statement, Foran Mining Corporation reported a net loss of C$568,000 for three months ended September 30, 2021. For nine months ended September 30, 2021, the net loss was nearly C$2.86 million, while total comprehensive loss was nearly C$2.88 million.
The shares of Foran Mining trades on the TSXV exchange under the ticker FOM. The share closed at C$2.59 on March 24. Foran Mining stock has a one-year return of over 144 per cent.
The market cap of Foran Mining Corporation is nearly C$613.4 million.
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2. CGX Energy Inc. (TSXV:OYL)
CGX has interests in gas and petroleum exploration in Guyana. In January this year, the company said that its joint venture with Frontera Energy Corporation had discovered resources at the Kawa-1 well.
Earlier this month, the company released its audited consolidated financial results. For the year ended December 31, 2021, CGX Energy reported a net loss of nearly US$12.69 million as compared to a net loss of nearly US$5.49 million in the year ended December 31, 2020. The net loss for the three months ended December 31, 2021, stood at over US$8.18 million against a net loss of over US$1.3 million in the corresponding quarter of the previous year.
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The share of CGX Energy trades on the TSXV exchange under the ticker OYL. The share closed at C$1.64 on March 24. CGX Energy stock has a one-year return of over 86 per cent.
The market cap of CGX Energy Inc. is nearly C$548.6 million.
Bottom line
The above two stocks have given over 80 per cent in returns on a one-year basis. But where they go from here on is yet to be seen.
CGX Energy Inc. is into oil exploration and the rising prices of crude may help. Foran, on the other hand, is into copper and as economies recover from the pandemic, the demand for the metal might see an uptick in the coming months.
Please note, the above content constitutes a very preliminary observation based on the industry, and is of limited scope without any in-depth fundamental valuation or technical analysis. Any interest in stocks or sectors should be thoroughly evaluated taking into consideration the associated risks.
