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Diamond & Specialty Minerals Summary for Sept. 25, 2023

2023-09-25 20:40 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a mediocre 71-97-142 as the TSX Venture Exchange rose fractionally to 570. Randy Turner and Chris Pennimpede's Canterra Minerals Corp. (CTM) did not trade today and in fact has become a thin trader of late, but Friday it slid two cents to five cents on 106,000 shares. The slide followed word that Mr. Pennimpede, president and chief executive officer, has returned to work following a lengthy absence triggered by a motor vehicle accident.

This was no fender bender as Mr. Pennimpede began his leave of absence in early 2022 to "recover from significant injuries," Canterra said at the time, adding that the length of his leave would be determined by "his overall recovery process." Mr. Turner, chairman at the time, wished Mr. Pennimpede a speedy recovery and installed Cooper Quinn as his interim replacement, at least as president.

Mr. Quinn remained interim president until the spring of 2023 and Canterra did not appoint a replacement, nor did the company ever appoint an interim CEO. Canterra appears to have been easing Mr. Pennimpede back into his full-time role since Mr. Quinn departed -- if not before. Indeed, through the summer, Mr. Pennimpede was regularly supplying the usual promotional quotes for Canterra, cheering on the company's work as its president and CEO. And so, Mr. Pennimpede's formal return seems more an acknowledgement of fact, not a new development.

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