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Diamond & Specialty Minerals Summary for May 21, 2020

2020-05-21 19:28 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score on Thursday was a weak 76-78-146 as the TSX Venture Exchange fell two points to 531 and polished diamond prices edged lower. Paulo Misk's Largo Resources Ltd. (LGO) gained five cents to 94 cents on 538,000 shares. Largo eked out a $5.7-million profit last year from its Maracas Menchen vanadium mine in Brazil despite slumping prices. That is encouraging, as only an optimist can read signs of hope in the current vanadium charts.

Matthew Wood's Five Star Diamonds Ltd. (STAR), soon to become Aranjin Resources Ltd., unchanged at two cents on 50,000 shares Friday, is now offering 33.33 million shares at 1.5 cents. The $500,000 that the company is seeking is for working capital, presumably related to its transition into a Mongolian copper explorer domiciled in Shangra La -- a mall in Ulaanbataar, Mongolia, not James Hilton's harmonious, mystical and unfortunately mythical valley in the mountains of Tibet.

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