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Drilling services companies Foraco International gained the most on the Toronto Stock Exchange last week. Following behind were Verde Potash, Sandstorm Gold, Potash Ridge and Strateco Resources.
The markets are getting quieter as the year draws to a close, but some TSX-listed companies still saw some activity last week.
Of the resource companies that achieved gains during that period, the top performers were Foraco International (TSX:FAR), Verde Potash (TSX:NPK), Sandstorm Gold (TSX:SSL), Potash Ridge (TSX:PRK) and Strateco Resources (TSX:RSC).
Foraco International
Foraco, which bills itself as the third-largest global mineral driller, hasn’t made headlines since November, when it released its third-quarter financial results. Revenue totaled $51.6 million and pushed the company to its third consecutive quarter of increases.
While that news is positive, a recent Financial Post article highlights that drilling services companies like Foraco have been hurt by the decline in global exploration spending. It’s thus interesting that the company gained substantially last week, increasing 58.33 percent to trade at $0.29.
Verde Potash
Last week’s second-biggest gainer was Verde Potash with a weekly gain of 28.4 percent. It last traded at $0.52.
Similar to Foraco, the Brazilian fertilizer development company hasn’t had much news since late October, when it announced plans to expand ThermoPotash (TK) market development under Brazil’s agricultural innovation program.
“Verde’s selection to participate in the agricultural innovation program is a major leap towards the development of the TK market,” Verde President and CEO Cristiano Veloso said in a media release. “It recognizes and endorses TK not only being as a source of potash, but as an advanced and highly efficient product capable of revolutionizing tropical agriculture.”
Sandstorm Gold
Gold streamer Sandstorm Gold jumped 24 percent last week, hitting $0.16. Investor confidence seems to have been boosted by the fact that on Monday the company revealed plans to move forward with a normal course issuer bid, or share buyback.
As Seeking Alpha contributor Hard Asset Investments said that day, the news is positive in part because it “proves that Sandstorm is a profitable, cash flowing company that can afford to buy back its own shares.”
Potash Ridge
A Canadian exploration and development company, Potash Ridge most recently made headlines in November, when it reported that its Blawn Mountain project will benefit the American state of Utah.
“We are delighted to share the results of this analysis and highlight the significant economic impact that our project is expected to have locally and in the state,” Potash Ridge President and CEO Guy Bentinck said in a press release. “Additionally, the project will provide an annual revenue stream for Utah public schools through royalty payments, which will directly benefit current and future generations of school kids in the state. We look forward to building on our strong partnership with the School and Institutional Trust Lands Administration (SITLA) as we continue to advance our project.”
The company saw a weekly increase of 21.43 percent to trade at $0.17.
Strateco Resources
Strateco Resources rounds out the top five, having posted a weekly gain of 16.67 percent and last trading at $0.07.
Strateco was most recently in the news for suing the Quebec government for $190 million in damages for the loss of its investment in the Matoush project. A recent Uranium Investing News article takes an in-depth look at the topic.
Data for TSX Top 5 articles is retrieved each Friday and reported on Monday. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included.
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