11:30am: Sierra Metals, Hammond Power Solutions surge
Sierra Metals Inc (TSX:SMT) shares climbed 41% to $0.325 on Friday after the junior miner announced that Peruvian mining company Compañia Minera Kolpa (Kolpa) has delivered a letter of intent to Sierra’s board of directors outlining indicative terms for a strategic transaction and a concurrent financing aimed at solving Sierra's current financial and operational challenges.
Sierra Metals noted that the proposed strategic transaction would entail the operational merger of Kolpa and Sierra assets in Peru, following a business combination transaction that will result in Sierra owning all of the shares or assets of Kolpa. The company added that the transactions have the full support of Sierra's largest shareholder, affiliates of Arias Resource Capital that together own about 27% of the issued and outstanding Sierra common shares.
As well, shares of Hammond Power Solutions Inc (TSX:HPS.A) added 10% at $18.96 as the manufacturer of dry-type transformers, power quality products, and related magnetics reported third quarter 2022 sales that surged 56% to a record C$149 million, while its earnings per share for the quarter increased to $0.97 from $0.34 during the same period last year. The company also said its order backlog rose 141%.
Fobi AI Inc (TSXV:FOBI) stock, meanwhile, moved up 10% to $0.45 after the data intelligence company announced that its shares have been added to the S&P/TSX Venture Composite Index, a benchmark index representing selected TSX Venture listed companies that meet qualifying metrics. Fobi said inclusion in the Composite Index provides the company with significant exposure and visibility to index funds, institutional investors and large family offices.
And, Infinity Stone Ventures Corp (CSE:GEMS) shares gained 7% to $0.29 on Friday after the company announced that the fall exploration program at its Camaro and Hellcat Lithium project was extremely successful in confirming historically mapped pegmatites and identifying new showings.
READ: Infinity Stone Ventures updates on fall exploration program at Camaro and Hellcat Lithium Project
Infinity Stone said 87 samples were collected over 3,850 hectares of claims at the project, which is adjacent to Patriot Battery Metals' Corvette Lithium Discovery in the James Bay Lithium District of Quebec.