5 Top TSX Stocks: PolyMet Gains Over 30 Percent on Final EIS for NorthMet

Last Friday, the S&P TSX Composite index (INDEXTSI:OSPTX) closed at 13,553.3 points, down 5.48 points, or 0.04 percent.
According to Reuters, Canadian stocks were hit Friday following the release of better-than-expected US jobs data. The stats intensified expectations that the US Federal Reserve will raise interest rates for the first time in nearly a decade at its next meeting in December.
The top gainer on the TSX was PolyMet Mining (TSX:POM,NYSEMKT:PLM), and it was followed by Paladin Energy (TSX:PDN,ASX:PDN), St. Augustine Copper & Gold (TSX:SAU), Orbite Technologies (TSX:ORT) and Wesdome Gold Mines (TSX:WDO). Here’s a look at what moved the share prices of those companies last week.

PolyMet Mining

As mentioned, PolyMet Mining was the top gainer on the TSX last week, rising an impressive 31.81 percent to end at $1.45. The company is focused exclusively on its NorthMet copper–nickel–precious metals project in Minnesota, and announced on November 6 that the final environmental impact statement (EIS) for the project has been completed.
President and CEO Jon Cherry said, “[c]ompletion of the Final EIS is a huge milestone for PolyMet, for the Iron Range communities, and for the state of Minnesota. It is the culmination of more than a decade of detailed analysis and thorough review from various state and federal regulatory agencies.”

Paladin Energy

Uranium producer Paladin Energy holds projects in Australia, as well as two mines in Africa. Last week, its share price rose 18.18 percent to reach $0.26, though it did not release any news during the period that would explain the gain. Most recently, it put out its quarterly activities report for Q3 and provided notice of its AGM.

St. Augustine Copper & Gold

Last week, St. Augustine Copper & Gold saw its share price rise 15 percent to hit $0.12. The company released no news, but on October 30, Leo Jasareno, director of the Philippines‘ Mines and Geosciences Bureau, said that Declaration of Mining Project Feasibility for St. Augustine’s King-king copper-gold project may be approved by mid-November.
According to Reuters, if the approval goes through, it will be the first time the country has issued a permit to build a new mine since 2012. It would allow St. Augustine to proceed to the development stage at the project.

Orbite Technologies

Orbite Technologies’ share price rose 14.08 percent last week to end at $0.41. During the period, the company announced the completion of a secured debt financing for a total of up to C$22 million. The company also said it will hold a conference call to discuss its fiscal 2015 Q3 results on November 13, 2015 at 10:00 a.m. EST.
“Having successfully commenced commissioning of sections of our HPA plant, we have now secured the remaining funds required for completion and full commissioning of the facility, and to cover our working capital requirements beyond the start of commercial production, expected in the fourth quarter of this year,” CEO Glenn Kelly said.

Wesdome Gold Mines

Canadian gold miner Wesdome enjoyed a share price rise of 12.75 percent last week, hitting $1.15. Like Paladin, the company put out no news that would explain the gain, last reporting on October 20 the closing of a non-brokered private placement for gross proceeds of C$5 million.
 
Data for TSX Top 5 articles is retrieved each Friday after market close. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. 
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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