Base Metals Miner Climbs on Zinc Output, PEA

Nevsun Resources Ltd. (TSE:NSU), a base metals miner, moved up after announcing that zinc recoveries continue to improve at the Bisha Mine in Eritrea

Sean Mason | October 27, 2017 | SmallCapPower

Two pieces of good news lifted shares of a base metals miner Friday. Here’s some small stocks making big moves on Friday, October 27, 2017 (as of 4 pm EST):

Nevsun Resources Ltd. (TSX:NSU) shares gained 13% to $2.96 on Friday after the base metals miner announced that zinc recoveries continue to improve at its 60% owned copper-zinc Bisha Mine in Eritrea, averaging 74.0% for the third quarter and 82.0% for September. The Company also released an updated Preliminary Economic Assessment (PEA) for the Timok Upper Zone project in Serbia, which estimates an after-tax NAV of $1.5 billion, using an 8% discount rate, with a 50% IRR.

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As well, shares of Taseko Mines Limited (TSX:TKO) slipped 4% to $2.73 as the copper miner said it produced 35 million pounds of copper and generated $42 million of adjusted EBITDA during the third quarter despite being impacted by the wildfires in central British Columbia.

Armada Data Corporation (TSXV:ARD), meanwhile, reported a 31% increase in its first-quarter revenue to $777,838 from $595,147 during the same period last year. Armada Data stock moved up 50% to $0.15 following the announcement.

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Disclosure: Neither the author nor any of the principals at SmallCapPower, or their family members, own shares in any of the companies mentioned above.

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