Karnalyte Resources was the top gaining mining stock on the TSX last week, followed by Lucara Diamond, Dalradian Resources, Alamos Gold and Arizona Mining.
Last week, the S&P/TSX Composite index (INDEXTSI:OSPTX) was up 0.51 percent on Friday, closing at 13,701.47. However, the exchange dropped 1.72 percent, or 240 points, for the week overall.
Statistics Canada reported on Friday that the national unemployment rate remained steady at 7.1 percent,while overall employment went down by 2,100 jobs in April, the Canadian Press reported. Meanwhile, prices for a number of commodities, such as gold, copper and natural gas, saw gains on Friday.
Last week’s top TSX-listed mining stocks were:
- Karnalyte Resources (TSX:KRN)
- Lucara Diamond (TSX:LUC)
- Dalradian Resources (TSX:DNA)
- Alamos Gold (TSX:AGI)
- Arizona Mining (TSX:AZ)
Here’s a look at what moved the share prices of those companies last week.
Shares of potash and magnesium producer Karnalyte Resources gained 23.46 percent last week to $2.21. The company is aiming to develop its Wynyard carnalite project utilizing a solution mining process. Karnalyte announced its 2015 year end results on March 30.
There was no news from Karnalyte this week to explain the company’s rise in share price last week. However, CEO Robin Phinney was featured in a podcast on Wednesday, speaking about the company’s plans for the project.
Lucara Diamond reported strong demand and pricing for its first quarter diamond sale this week. Furthermore, as Bloomberg reported, Sotheby’s has estimated that a tennis ball sized diamond unearthed at Lucara’s Karowe mine could fetch up to $70 million. The stone is the largest gem-quality diamond ever recovered. On the back of that news, Lucara rose 18.12 percent last week to close at $3.78 per share.
Dalradian Resources was up 14 percent to $1.22 last week after the company announced a 109 percent increase in measured and indicated resources at its Curraghinalt gold deposit in Northern Ireland.
“The new mineral resource statement, based on more than 130,000 metres of infill drilling, will support a feasibility study to be completed later this year,” said Dalradian chairman and CEO, Patrick Anderson, in a statement. “Based on the high grade and first-world jurisdiction, Curraghinalt remains one of the best undeveloped gold projects on the global stage.”
Alamos Gold was also up 14 percent to $1.22 last week. The intermediate gold producer has three operating mines in North America. The company announced its first quarter results on April 4, and there has been no further recent news from the company to explain last week’s share price rise. However, a Zacks article published Thursday noted that a number of analysts are becoming more optimistic regarding the company.
Finally, Arizona Mining gained 7.14 percent to close at $1.20 per share for the week after it closed its acquisition of the Hermosa project, including the Taylor lead–zinc–silver project, in Arizona. The deposit holds an inferred mineral resource of 39.4 million tonnes grading 11 percent zinc equivalent.
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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.
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