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Diamond & Specialty Minerals Summary for Nov. 10, 2023

2023-11-10 20:46 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Friday was a positive 76-101-133 as the TSX Venture Exchange fell four points to 510. Graham Harris and Greg Reimer's Surge Battery Metals Inc. (NILI) reclaimed three cents to 60 cents on 2.03 million shares today. Surge has been moving steadily lower since it got to $1.55 in late September, hitting a low of 50 cents this week. It had a better end to the week, as Mr. Harris, chairman, says he bought 500,000 shares in the market, a move that "reinforces [his] confidence in the company's long-term potential and his commitment to its long-term success." (He bought on Wednesday, apparently, at an average of 54.66 cents.)

By Jove, yes! Rough diamond prices appear to have flattened after a 21-month decline. New York-based diamond analyst Paul Zimnisky has set his global rough diamond price index at 153.1 points this week, which he has calculated is 0.2 per cent higher than a week ago, when the index stood at 152.9 -- at least after he had nudged it higher based on late-to-arrive data. For three weeks now, Mr. Zimnisky has cajoled his curve higher from what now stands as the two-year low of 152.3 points.

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