It was another strong week for the S&P/TSX Composite Index (INDEXTSI:OSPTX), as the index closed at 15,838.63 on Friday (February 17).
On Thursday (February 16), the Toronto Star said the index closed at another record high, making gains for the fifth day in a row. However, by Friday the TSX dropped slightly for the first day in nine days, although its weekly gains totaled 0.47 percent.
With that in mind ,a number of mining stocks were on the rise last week, including:
- Katanga Mining (TSX:KAT)
- eCobalt Solutions (TSX:ECS)
- Corvus Gold (TSX:KOR)
- General Moly (TSX:GMO)
- UEX (TSX:UEX)
Here’s a closer look at those companies.
Katanga Mining tops the weekly TSX stocks for the second week in a row. The company operates a copper–cobalt mine in the Democratic Republic of Congo through its joint ventures, Kamoto Copper Company and DRC Copper and Cobalt Project.
On that note, Katanga Mining has not had any additional news since it released its financial results for Q4 2016 on February 8. Still, the company’s shares were up 71.43 percent, closing at $0.48 on Friday.
Last week, shares of eCobalt Solutions were up 50 percent, closing at $1.17 on Friday. On February 15, the company announced a $13 million bought deal financing. The following day (February 16), eCobalt Solutions announced the deal was increased to $15 million. With that in mind, the news no doubt bolstered the company’s share price increase for the week.
The company’s primary asset is its Idaho cobalt project, which is the only advanced-stage, near-term and environmentally permitted primary cobalt project in the US.
Middle of the pack on last week’s five top weekly TSX stocks is Corvus Gold, whose main focus is advancing its 100 percent owned North Bullfrog project in Nevada.
Shares of the company were up 29.17 percent last week, closing at $0.93. Despite the share price increase, the company did not have any related news.
Based in the US, General Moly owns two molybdenum projects, which include: an 80 percent interest in the Mt. Hope project and a 100 percent interest in the Liberty project, both in Nevada.
Last week, shares of General Moly were up 25.37 percent to $0.84. While the company has not released any news that could explain the share price increase, investors were made aware of the higher-than-normal volume during trading on Friday.
Last but not least is UEX, a uranium exploration company with a large focus in the Athabasca Basin in Saskatchewan.
On February 14, the company announced results from the first four holes completed on its 2017 exploration program at the Christie Lake project. With that in mind, it’s should come as no surprise that UEX’s shares were up 20.31 percent to end at $0.38 on Friday.
Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Securities Disclosure: I, Jocelyn Aspa, hold no direct investment interest in any company mentioned in this article.