5 Top Weekly TSX Stocks: Big Leap for Josemaria Resources

The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed last Friday (January 3) down 33.83 points, or 0.2 percent, at 17,066.12. 

Gold and oil prices surged that day on the news that US President Donald Trump had ordered an airstrike that killed Qassem Soleimani, leader of the Quds Force, a unit of Iran’s Revolutionary Guards.

Market watchers continue to await news on what the impact of the incident may be. Against that backdrop, the following TSX-listed mining stocks saw the biggest gains last week:

• Josemaria Resources (TSX:JOSE)
• Star Diamond (TSX:DIAM)
• Maverix Metals (TSX:MMX)
• Mandalay Resources (TSX:MND)
• Belo Sun Mining (TSX:BSX)

Here’s a look at those companies and the news that moved their share prices this past week.

Josemaria Resources

Formerly known as NGEx Resources, Josemaria Resources is advancing its eponymous Argentina-based copper-gold project. Its name change was completed this past July, and at the same time the company spun out its Los Helados asset and other properties into a subsidiary; the subsidiary listed as NGEx Minerals (TSXV:NGEX) in August.

A prefeasibility study for the Josemaria project was completed in 2018, with highlights including an after-tax net present value of US$2 billion and an 18.7 percent internal rate of return. A feasibility study is expected later this year.

The company’s share price rose 43.4 percent last week to close at C$0.76, but the only news it released was a share capital and voting rights update.

Star Diamond

Star Diamond is focused on its Star-Orion South diamond project in Saskatchewan. The asset is located in the province’s Fort à la Corne provincial forest, about 60 kilometers from Prince Albert, and a preliminary economic assessment was completed for it in 2018.

Last week, the company’s share price increased 22.39 percent to hit C$0.41. It did not release any news during the period, with its latest update coming at the beginning of December, when it closed a C$5.1 million flow-through private placement.

Maverix Metals

Precious metals-focused Maverix Metals has a portfolio of 80 royalties and streams in 16 countries, with 13 of those royalties and streams associated with producing mines and most of them located in Australia and the Americas.

The latest news from Maverix came midway through December, when it closed its acquisition of a portfolio of over 20 precious metals royalties from Kinross Gold (TSX:K,NYSE:KGC). No fresh announcements came last week, but the company rose 21.47 percent to end the period at C$6.96.

Mandalay Resources

Mandalay Resources has operations in Australia, Sweden and Chile. Its Costerfield gold-antimony mine is producing, as is its Björkdal gold mine in Sweden; its Chilean assets are on care and maintenance.

The company’s share price rose 21.43 percent last week to finish at C$1.19, but it did not release any news during the five day period. Mandalay’s latest release came in mid-November, when it announced plans to sell one of its Chilean projects to Aftermath Silver (TSXV:AAG,OTCQB:FLMZF). Aftermath is expected to make its final payment in April 2021.

Belo Sun Mining

Brazil-focused Belo Sun Mining has faced obstacles at its Volta Grande gold project since 2017, when construction was suspended at the asset. The company recorded a victory in mid-2019, when Brazil’s court of appeals ruled that its construction and environmental licenses for Volta Grande remain valid, subject to certain conditions.

Belo Sun released further licensing news in November, but reported no other developments last week. Its share price still increased by 20.93 percent to finish at C$0.52.

Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million prior to the week’s gains are included. Companies within the basic materials and energy sectors are considered.

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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.