5 Top TSX Stocks: Mountain Province Up 14 Percent
Mountain Province Diamonds was the top gaining stock on the TSX last week, followed by Avnel Gold Mining, Columbus Gold, St Augustine Gold and Copper and First Majestic Silver.
The S&P/TSX Composite index (INDEXTSI:OSPTX) saw a bit of a dip last Thursday, but still managed to finish the week up overall. The exchange gained 1.27 percent to finish at 13,919.58 for the week.
A weaker Canadian dollar ahead of the long weekend lent support to the Toronto exchange, the Canadian Press reported. The loonie was sitting at 76.18 cents per US dollar on Friday.
US markets are open Monday, but the TSX is closed for Victoria Day.
Last week’s top TSX-listed mining stocks were:
- Mountain Province Diamonds (TSX:MPV)
- Avnel Gold Mining (TSX:AVK)
- Columbus Gold (TSX:CGT)
- St Augustine Gold and Copper (TSX:SAU)
- First Majestic Silver (TSX:FR)
Here’s a look at what moved the share prices of those companies last week:
Mountain Province Diamonds
Shares of Mountain Province were up 14.6 percent last week to $6.28 per share. The company is currently focused on advancing the Gahcho Kué diamond mine located in Canada’s Northwest Territories, in which it holds a 49 percent interest in partnership with De Beers Canada.
On May 9, Mountain Province provided an update on development at Gahcho Kué, stating that the project was roughly 94 percent complete and on track for first production in the first half of 2016. There was no additional news to explain last week’s share price rise for the company.
Avnel Gold Mining
Avnel Gold saw its share rise 14.29 percent last week to reach $0.36. The company holds the Kalana gold project in Mali, which it owns 80 percent in partnership with the Malian government. Avnel currently operates an underground mine at Kalana, but is looking to develop an open-pit mine in the area.
Avnel filed results of its definitive feasibility study for the Kalana project on May 6, and reported its first quarter results on May 11. There was no further news to explain the company’s gain in share price last week.
Columbus Gold owns gold properties in both Nevada and French Guiana, and put out positive drill results from both areas last month. This Friday, the company announced the appointment of Andrew Yau as its new Chief Financial Officer. There was no additional news to account for the company’s rise in share price last week. Columbus Gold was up 12.9 percent last week to $0.7 per share.
St. Augustine Gold and Copper
St. Augustine gained 9.09 percent last week to reach $0.12 per share following the release of its first quarter results. The company is advancing the King-king copper-gold project in the Philippines.
During the first quarter, St. Augustine received permit approval for King-king. Subsequent to the first quarter, the company’s joint venture partner, Nadecor, received a ruling from the Supreme Court that its President, Conrado Calalang, and current Board of Directors are the organization’s rightful and authorized representatives.
“The recent awarding of the Declaration of Mining Project Feasibility by the MGB, and the grant of the Certification Precondition, in particular, represent important milestones for our King-king project,” said St. Augustine President and CEO Paolo Villar in a statement. “We are also pleased for Mr Calalang and the current Board of Directors that the Supreme Court has dismissed the claims of the minority shareholders and confirmed that the current Board represent the lawfully constituted board of NADECOR.”
First Majestic Silver
Focused on silver production in Mexico, First Majestic owns and operates six silver mines in the country. Shares of First Majestic Silver were up 8.75 percent last week to $15.04.
On May 12, the company announced it had closed a C$50 million bought deal financing. There was no additional news to explain the company’s rise in share price last week.
Don’t forget to follow us @INN_Resource for real-time news updates.
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.
5 Top TSX Stocks: Golden Star Up 40.63 Percent on Q1 Results
5 Top TSX Stocks: Almaden and Lithium Americas Up Over 50 Percent
5 Top TSX Stocks: Americas Silver Gains on San Rafael PFS
5 Top TSX Stocks: Alexco Resource Leads the Way
5 Top TSX Stocks: Karnalyte Up 244.32 Percent on Funding Deal
5 Top TSX Stocks: Rubicon Minerals Up 90.91 Percent