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Diamond & Specialty Minerals Summary for July 13, 2020

2020-07-13 20:43 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Monday was a positive 96-89-115 although the TSX Venture Exchange slid 18 points to 666. Polished diamond prices fell 0.2 per cent putting them down about 3 per cent over the past year -- for those retailers still selling gems, that is. Prices are firmer for larger stones, weaker for small gems and Indian goods, as is often the case with market slumps. One of the companies producing plenty of smaller rough, Mountain Province Diamonds Inc. (MPVD), lost one-half cent to 28 cents on 234,000 shares.

Michael Kobler's American Lithium Corp. (LI) crashed 56 cents to $1.79 on 16.05 million shares, tripping an exchange circuit breaker in the process. The company has arranged to buy back 1.5 per cent of the gross overriding royalty on its TLC lithium claystone project near Tonopah in south-central Nevada. The royalty, currently 2.5 per cent, is held by Nevada Alaska Mining Co. Inc. It will receive $150,000 (U.S.) in cash and 843,750 shares at a deemed price of $1.36 per share under the buyback agreement. Mr. Kobler, CEO, says that the royalty reduction at TLC "is a significant step forward" as the company looks to advance the project and ultimately assess its economic viability.

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