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Diamond & Specialty Minerals Summary for May 14, 2019

2019-05-14 19:50 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Tuesday was a mediocre 62-79-159 as the TSX Venture Exchange added four points to 600 and polished diamond prices edged lower. Brixton Metals Corp. (BBB) lost one-half cent to 12 cents on 159,000 shares. The company had been expecting diamond counts from a kimberlite discovery on its Langis project in Ontario, but the news may have been buried in boilerplate: Brixton tweaked the description of Langis today, keeping silver and cobalt, but dropping diamonds.

Stornoway Diamond Corp. (SWY) hit a record low of five cents, ending the day unchanged at six cents on 3.88 million shares, following word that it lost another $51-million in its first quarter. Patrick Godin, president and chief executive officer since the start of the year, found some reason for optimism. He says that the first quarter saw a significant improvement in sales from its Renard mine in Northern Quebec, the result of a grade increase in the fourth quarter during which the diamond sold in the first quarter had been mined. He also pointed out that the average price rose a bit, thanks to a higher quality of goods in the mix.

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