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The top five gainers on the Toronto Stock Exchange last week were Corvus Gold, Polaris Minerals, MagIndustries, Alacer Gold and Nevada Copper. Here’s a look at what moved their share prices.
It remains an uncertain time in the resource markets, but that doesn’t mean some companies aren’t seeing success. In fact, a few were able to make substantial gains on the Toronto Stock Exchange last week.
Taking the lead was Corvus Gold (TSX:KOR), which was closely followed by Polaris Minerals (TSX:PLS) and MagIndustries (TSX:MAA). Bringing up the rear were Alacer Gold (TSX:ASR) and Nevada Copper (TSX:NCU).
Corvus Gold
Heading up the list of last week’s top gainers was Corvus Gold, which gained 12 percent to trade at $1.12. The junior exploration and development company focuses on its North Bullfrog project in Nevada. Interestingly, it has not released any news that would explain its rise in share price.
Polaris Minerals
Polaris Minerals rose 9.89 percent to trade at $2 last week. The company is a construction aggregates supplier with interests in a number of projects, including the Orca sand and gravel quarry on Vancouver Island. Like Corvus, it reported no news last week, though this Monday it announced plans to change its name to Polaris Materials.
Herb Wilson, president and CEO of Polaris, said Monday, “[t]he change of name is considered important as the Company strives to be correctly identified as a producer of construction materials, not a metal mining entity. It was also considered important to retain the Polaris name which is well established in the construction aggregates sector and has garnered respect for its positive relationships with First Nations, customers and all levels of government.”
MagIndustries
Mag Industries has three business units: MagMinerals, which is developing the Mengo potash project; Potasses du Congo, a potash exploration division; and MagForestry, which operates in the Democratic Republic of the Congo. Mengo is one of the world’s largest undeveloped potash deposits, and the company’s immediate focus is to build and commission a 1.2-million-tonne-per-year potash plant on the property.
Similar to Corvus and Polaris, MagIndustries did not put out any news last week .
Alacer Gold
Intermediate gold miner Alacer Gold holds an 80-percent interest in the Copler gold mine in Turkey, which is forecast to produce between 160,000 and 180,000 attributable ounces in 2014. The company also holds exploration projects nearby in Turkey in collaboration with its joint venture partner, Lidya Mining.
Alacer didn’t put any news out last week, when it gained 8.94 percent to trade at $2.56, but said Monday that it has commissioned its Sulfidization, Acidification, Recycling and Thickening facility, and last week was able to ship 115 wet tonnes of copper concentrate to Istanbul’s Metalkim smelter.
Nevada Copper
Nevada Copper, which focuses on its Pumpkin Hollow copper property in Nevada, has substantial reserves not only of copper, but also of gold and silver. Though it didn’t put out any news last week, the company was in focus due to the fact that the Yerington Land Bill, to which Pumpkin Hollow’s development is tied, passed in the US Senate on Friday.
Giulio Bonifacio, president and CEO of Nevada Copper, said, “[w]e are extremely pleased with the passage of the Bill as it will enable Nevada Copper to advance the much larger Stage 2 open pit project on an accelerated basis. With passage of the Bill our total proven and probable reserves of 5.2 billion lbs. of copper; 989,000 ounces of gold and 32.9 million ounces of silver positions Pumpkin Hollow as one of the very few large copper projects in the world that has a clear path to production while also being located in an ideal jurisdiction with existing infrastructure.”
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