Tanzanian Royalty Exploration was the top gaining stock in mining on the TSX last week, followed by Levon Resources, Minco Silver, Gabriel Resources and Northern Dynasty Minerals.
The S&P/TSX Composite index (INDEXTSI:OSPTX) was up 1.4 percent last week to 14,259.84 points. The index is now up 9.61 percent year-to-date.
Stocks gained following the release of stronger than expected job statistics in the US, CBC News reported.
Meanwhile, with gold and silver prices still up 28 percent and 43 percent respectively, a number of mining stocks continued to gain on that rising tide.
Companies up for the week included:
- Tanzanian Royalty Exploration (TSX:TNX)
- Levon Resources (TSX:LVN)
- Minco Silver (TSX:MSV)
- Gabriel Resources (TSX:GBU)
- Northern Dynasty Minerals (TSX:NDM)
Here’s a look at those companies:
Shares of Tanzanian Royalty Exploration were up 60.92 percent to $1.40 per share last week. The company holds a number of development and exploration projects in Tanzania. In February 2016, the company’s subsidiary declared force majeure under its agreement with STAMICO, owned by Tanzanian Treasury, due to the invasion and forced occupation of its Buckreef site by several hundred illegal miners. The company announced on June 9 that it was looking to open negotiations with STAMICO in order to resolve the issue. There was no further news this week to explain its share price rise.
Levon Resources is focused on advancing its silver-gold-zinc-lead porphyry Cordero Project in the northwest state of Chihuahua, Mexico. Currently, the Cordero discovery represents one of the world’s largest silver resources, containing 488 million ounces of silver in the indicated category plus 44 million ounces of inferred silver.
Shares of Levon gained 58.62 percent last week to hit $0.46. There was no recent news from the company to explain this rise in share price.
Minco Silver rose 44.44 percent for the week to finish at $1.82 per share. The company is focused on acquiring and developing silver-dominant projects, and currently holds a 90 percent interest in the Fuwan silver deposit in Guangdong, China. Minco reported its annual general meeting results on June 28. There has been no further news from the company to explain last week’s share price rise.
Gabriel Resources is focused on permitting and developing its Rosia Montana gold–silver project in Romania. However, the company has been in a dispute with the Romanian Government since January 2015 regarding the classification of a village in the area as a site of historical interest.
This week, Gabriel announced a proposed private placement for proceeds of $40.625 million to help finance its ongoing arbitration with the Romanian government. Shares of Gabriel Resources gained 34.04 percent to reach $0.63 for the week.
Northern Dynasty Minerals
Rounding out last week’s top five was Northern Dynasty Minerals, whose shares were up 24.44 percent to $0.56. The company completed a private placement for proceeds of $2 million this Thursday.
Northern Dynasty is focused on advancing the Pebble project, a massive copper-gold-molybdenum-silver deposit in Alaska. The company has been embroiled in a dispute with the US Environmental Protection Agency (EPA), which is attempting to block development of the pebble project. The company last commented on the issue in January of this year, in a release that condemned the EPA Inspector General’s “serious bias” at the agency. Last month, EPA chief Gina McCarthy was questioned over missing emails pertaining to this issue.
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Data for 5 Top 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, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Levon Resources is a client of the Investing News Network. This article is not paid for content.
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