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Diamond & Specialty Minerals Summary for May 9, 2019

2019-05-09 19:51 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a slow 69-64-167 as the TSX Venture Exchange fell six points to 592 and polished diamond prices remained flat. Patrick Power's Arctic Star Exploration Corp. (ADD) rose one cent to 7.5 cents on 6.87 million shares. The stock, 3.5 cents in late February, has since been as high as 11 cents. Daily volumes were higher than normal through much of March and again since late April, but there is no clear reason for the enthusiasm. "Something huge is brewing," gush the on-line chatters, but they have no idea what, or whether it will be a palatable concoction. Drilling at Diagras, near Lac de Gras, will not come until next year, and the company's Timantti diamond project in Finland is moving glacially.

Dermot Desmond and Stuart Brown's Mountain Province Diamonds Inc. (MPVD), up six cents to $1.51 on 410,000 shares, eked out a $2.49-million profit in the first quarter. A year earlier, the company had earned just $1.5-million, but that period had been hobbled by a $10.4-million paper loss on foreign exchange changes. In the latest quarter, Mountain Province reported a foreign exchange gain of $8.6-million.

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