Gold and silver prices edged up that day due to a weaker US dollar. Base metals were also up for the week, with LME zinc touching a decade high of $3,478 per tonne and LME copper trading at $7,085 per tonne.
Against that backdrop, a number of TSX-listed stocks in the mining sector saw share price increases. The five top gainers last week are as follows:
- NextSource Materials (TSX:NEXT)
- Brio Gold (TSX:BRIO)
- Coro Mining (TSX:COP)
- Atalaya Mining (TSX:AYM)
- General Moly (TSX:GMO)
Here’s a look at those companies and the factors that moved their share prices last week.
1. NextSource Materials
NextSource Materials is developing its 100-percent-owned Molo graphite project in Southern Madagascar. The Madagascar-based asset is a feasibility-stage project with a total combined graphite resource of 141.28 million tonnes at 6.13 percent total graphitic carbon. It also contains ore reserves of 22.44 million tonnes at 7.02 percent graphitic carbon.
On January 16, the company received approval to use its SuperFlake trademark in Japan, pushing its share price up 75 percent. Over the course of last week, NextSource Materials’ share price gained 215.38 percent to reach $0.20.
2. Brio Gold
Brio Gold has significant gold-producing, development and exploration-stage properties in Brazil. The company’s portfolio includes three operating mines: the Fazenda Brasileiro mine, the Pilar operation and the RDM mine, as well as the Santa Luz mine, currently on care and maintenance.
Last Tuesday (January 23), the company sent a message to shareholders regarding Leagold’s (TSX:LMC) announcement that it intends to buy all of the outstanding shares of Brio Gold. Brio Gold President and CEO Gil Clausen urged shareholders “not to take any action or make any decision with regard to the Leagold offer” until the company has had a chance to review it and make a recommendation. Over the five-day period Brio Gold saw a spike of 49.41 percent to close at $2.54.
3. Coro Mining
Middle of the pack last week was Coro Mining, whose share price saw an increase of 28.57 percent to close at $0.13.
Coro Mining is focused on copper production in Chile, and holds a number of exploration and development projects. The company is also looking to obtain production from SCMB’s SXEW plant, in which it owns a 35-percent interest. Last Monday (January 22), the company agreed to purchase claims adjacent to its Marimaca asset. The same day, the company reported positive results from step-out drilling at Marimaca.
4. Atalaya Mining
Atalaya Mining is a copper producer with Proyecto Riotinto as its main asset. The company operates an open-pit mine with certified ore reserves totaling 153 million tonnes of ore containing 680,000 tonnes of copper; it also has fully operational, large-scale processing facilities and infrastructure.
Last Monday, the company released its 2017 operations update and 2018 guidance. Atalaya Mining’s share price increased 13.33 percent to close the five-day period at $3.40.
5. General Moly
Last but not least on this week’s list is General Moly, a company engaged in the exploration, development and mining of molybdenum. General Moly owns an 80-percent interest in the Mount Hope project and 100 percent of the Liberty project, both located in Nevada.
Over the five-day period, General Moly saw a spike of 11.83 percent to close the week at $0.52.
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Data for 5 Top TSX 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 $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: NextSource Materials is a client of the Investing News Network. This article is not paid-for content.