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Last week’s other top-gaining mining stocks on the TSX were Largo Resources, Rubicon Minerals, Energy Fuels and Uranium Participation.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) fell by 16.55 points, or 0.1 percent, to 16,209.1 at the beginning of the trading day on Friday (August 17).
By midday, Canada’s main exchange had regained 26 points and continued to make gains, sitting at 16,250.21 at 11:24 a.m. EST.
Anticipation that the country’s 3-percent annual inflation rate could lead to an interest rate hike as early as this coming week contributed to the double-digit decline. However, a strong energy sector helped the market regain its early losses.
Oil price gains of 1 percent also propped up the market, as well as a boost in the materials sector thanks to gold producers.
Last week’s top TSX stocks include three energy stocks, a precious metals company and an industrial metals firm. The five TSX-listed mining stocks that saw the biggest gains are as follows:
- Lithium Americas (TSX:LAC)
- Largo Resources (TSX:LGO)
- Rubicon Minerals (TSX:RMX)
- Energy Fuels (TSX:EFR)
- Uranium Participation (TSX:U)
Here’s a look at those companies and the factors that moved their share prices last week.
Lithium Americas
Lithium Americas is a lithium exploration company presently developing the Cauchari-Olaroz brine deposit in Argentina. The company also has an ongoing project in Nevada.
Lithium Americas posted its Q2 results last week. The company reported a net loss of C$6,649, an almost C$3,000 decrease from the previous year. The company also entered into a deal with Ganfeng Lithium (SZSE:002460) under which the Chinese lithium producer will buy SQM’s (NYSE:SQM) stake in Lithium Americas. The company’s share price trended up 12.1 percent to reach C$5.16.
Largo Resources
Toronto-based Largo Resources is focused on the production of vanadium flake, high-purity vanadium flake and high-purity vanadium powder at the Maracás Menchen mine in Bahia State, Brazil.
Early in the week, Largo released a Q2 financial and operational update. The vanadium producer reported net income of C$90.7 million for the second quarter. Largo’s share price grew by 9.93 percent to close at C$2.48.
Rubicon Minerals
With an ongoing project located in Northwestern Ontario, Rubicon Minerals is a gold exploration and production company. The company is currently focused on maturing its Phoenix gold project in Red Lake, as well as on a large property along the Nevada-Utah border.
While Rubicon did not release any news last week, the gold miner did post its Q2 financials the week prior. The updated outlook highlights a cash position of C$14.6 million. Rubicon’s share price was up 9.76 percent on Friday, ending the week at C$1.37.
Energy Fuels
Energy Fuels is a US-based uranium producer currently focused on its three projects in Utah, Wyoming and Texas. The company also has ongoing vanadium projects.
During the period, Energy Fuels announced it has significantly strengthened its position in Wyoming through royalties. The news helped the company’s share price bump up 8.82 percent, to C$4.30.
Uranium Participation
Headquartered in Toronto, the company is focused on uranium exploration and production. Uranium Participation also lends uranium to third-party companies.
The company made no announcements during the week. Its share price was up 2.41 percent to end the five-day period at C$4.67.
Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using Trading View using Stock Screener. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within basic materials and energy sectors are considered.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Energy Fuels is a client of the Investing News Network. This article is not paid-for content.
