Last week’s other top-performing mining stocks on the TSX were Ero Copper, Auryn Resources, Tahoe Resources and Perseus Mining.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened slightly lower on Friday (May 25), down 38.99 points, or 0.24 percent, to 16,074.63 at open. Over the trading day it slowly climbed, peaking at 16,144.56 midday.
The slump in oil came after Saudi Arabia and Russia announced they are willing to lift production caps in an effort to ease a supply shortage caused by decreased production in Venezuela and newly reinstated US sanctions on Iranian exports. Crude surpassed US$80 earlier this month, its highest since late 2014.
Last week’s top-performing TSX stocks include companies involved in both precious and base metals extraction and production. The five mining stocks that saw the biggest share price gains are as follows:
- Coro Mining (TSX:COP)
- Ero Copper (TSX:ERO)
- Auryn Resources (TSX:AUG)
- Tahoe Resources (TSX:THO)
- Perseus Mining (TSX:PRU)
Here’s a look at those companies and the factors that moved their share prices last week.
Coro Mining is a copper-mining company currently focused on several open-pit heap-leach projects in Chile. Coro’s share price saw the greatest rise last week, increasing by 27.78 percent to close at C$0.115.
While the company did not release any news last week that would explain its double-digit percentage growth, earlier this month Coro received approval from the Chilean government to move ahead with its Berta Sur mine.
Brazil-focused Ero Copper is engaged in increasing its high-grade mineral reserves, extending its mine life and maximizing mill throughput. Ero’s share price grew for the second week in row, rising 7.57 percent to end the week at C$9.66.
During the period, the company made no new announcements.
Auryn Resources is a junior mining company focused on scalable high-grade gold deposits in established mining jurisdictions, including Nunavut, BC and Peru. Auryn’s share price was up 3.64 percent last week, and closed at C$1.71, though it did not release any news during the period.
Tahoe Resources is a Canada-based precious metals miner. The company operates the Escobal silver mine in Guatemala, the La Arena and Shahuindo gold mines in Peru and the Timmins West and Bell Creek gold mines in Canada. Tahoe’s share price was up 2.37 percent for the week, and closed at C$6.44. It did not release any news during that time.
Perseus Mining is a West Africa-focused gold production, development and exploration company. Perseus has a variety of ongoing projects, and its most valuable to date has been the Edikan gold mine in Ghana, which has produced roughly 200,000 ounces of gold annually since 2012.
The company’s share price grew by 1.18 percent last week to close at C$0.43; it did not release any news during that time.
Data for 5 Top TSXV Stocks articles is retrieved each Friday at 10:30 a.m. PST using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $10 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.