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Diamond & Specialty Minerals Summary for Sept. 30, 2024

2024-09-30 16:24 ET - Market Summary

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by Will Purcell

The diamond and specialty minerals stocks box score for Monday was a positive 86-82-142 as the TSX Venture Exchange fell two points to 581. Eugene Hodgson's Spark Energy Minerals Inc. (SPRK) ramped up its promotion late Friday, looking to remind investors that it is pursuing lithium at its Arapaima project in Minas Gerais, Brazil. The promotional salvo fell on plenty of deaf ears -- Spark gained two cents to 13 cents on just 59,000 shares to end the week -- Friday afternoons being better reserved for hiding bad news from everyone but the regulators. Spark did rally today, as it added another two cents to 15 cents on 1.19 million shares.

Spark has been busy this month, as it acquired Latam Energy Acquisition Corp. and its lithium holdings in Brazil for 20 million shares, paying $1.4-million based on Spark's seven-cent share price that prevailed at the time of the agreement. Through the arrangement, Spark acquired rights to the Joaima and Vertex prospects in Minas Gerais -- the former property lying close to Spark's Arapaima project. Vertex is a bit farther afield, but the company cheers that both are "strategically located" in Brazil's Lithium Valley district and are "close to major lithium players" like Sigma Lithium Corp. (SGML: $16.75), Lithium Ionic Corp. (LTH: $0.70) and others.

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