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Diamond & Specialty Minerals Summary for Nov. 23, 2022

2022-11-23 20:07 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Wednesday was a slow 83-83-144 saw-off as the TSX Venture Exchange rose fractionally to 576. Fission 3.0 Corp. (FUU) continued its tear, adding two cents to 20 cents on 17.5 million shares. Fission, 7.5 cents Friday, jumped five cents Monday on 15.7 million shares, then added 6.5 cents yesterday on 21.1 million shares. Fission cheered a new uranium find at Patterson Lake North early Monday.

Adam Lundin and Eira Thomas's Lucara Diamond Corp. (LUC) lost one cent to 51 cents on 59,000 shares. The company is sufficiently pleased with its diamond sales agreement with Antwerp-based HB Trading BV that it has extended the arrangement by a decade. The two companies first struck their deal covering the best of the diamonds mined from Karowe in Botswana at the COVID-19-driven nadir for demand for rough diamonds in mid-2020.

The arrangement looked to be a short-term measure to allow Lucara to get its larger and most valuable gems to market -- the company had been stockpiling those gems to avoid selling them at fire-sale prices -- but the deal worked better than hoped, and in the spring of 2021 the two companies agreed to a two-year extension of the arrangement, through to December of this year.

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