Last week’s top-gaining mining stocks on the TSX were MEG Energy, TORC Oil and Gas, NexGen Energy, SolGold and Frontera Energy.
Oil was trading up by the end of the period, rising above US$30 per barrel. OPEC and its allies are working on a deal for a supply cut equal to around 10 percent of global output, according to Reuters.
In other commodities, gold was above US$1,600 per ounce on Friday, with silver also holding above US$14 per ounce after being under pressure for most of March. Meanwhile base metals continued to feel the impact of the epidemic uncertainty, with copper trading below US$5,000 per tonne.
Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:
- MEG Energy (TSX:MEG)
- TORC Oil & Gas (TSX:TOG)
- NexGen Energy (TSX:NXE)
- Solgold (TSX:SOLG)
- Frontera Energy (TSX:FEC)
Here’s a look at those companies and the factors that moved their share prices last week.
1. MEG Energy
Canada-focused MEG Energy has all its efforts on producing sustainable in situ thermal oil in the Southern Athabasca region of Alberta. MEG is actively developing innovative oil recovery projects that utilize steam-assisted gravity drainage extraction methods to improve the responsible economic recovery of oil, as well as lower carbon emissions.
Despite not releasing news last week, MEG’s share price increased 79.51 percent to close at C$2.20.
2. TORC Oil & Gas
Another energy-focused company, TORC Oil & Gas has light oil operations in Southeast Saskatchewan, cardium development in Central Alberta and exposure to the light oil Torquay/Three Forks resource play in Southeast Saskatchewan.
The company did not release news this past week, but its share price jumped 57.89 percent to end the five day period at C$0.90.
3. NexGen Energy
NexGen Energy is focused on the acquisition, exploration and development of Canadian uranium projects. The company has the most significant land position in Saskatchewan’s Southwest Athabasca Basin, where it holds over 259,000 hectares.
On March 25, NexGen provided an update on the operational and corporate impacts of the COVID-19 pandemic on its planned activities. The company has postponed “yet to commence” wsork programs associated with both a feasibility study and an environmental assessment, while previously commenced “in progress” work programs are continuing where it has been assessed that the function is not impacted by the current health authority guidelines.
NexGen Energy saw its share price increase 40.66 percent last week to C$1.28. Click here to learn how other uranium companies are responding to the coronavirus.
Australian gold and copper company SolGold is the largest and most active concession holder in Ecuador, where it’s exploring a prospective section of the Andean Copper Belt. The company also has projects in Australia and the Solomon Islands.
The government of Ecuador has been implementing strict measures to contain the coronavirus outbreak, leading SolGold to temporarily suspend site work in the country.
The company did not release any news last week, but saw its share price go up by 39.53 percent to reach C$0.30. Click here to learn how other gold companies are responding to the coronavirus.
5. Frontera Energy
Frontera Energy explores for and produces crude oil and natural gas, with operations focused in South America. The company has a diversified portfolio of assets with interests in more than 40 exploration and production blocks in Colombia, Peru, Ecuador and Guyana.
On March 23, Frontera released a response to the lower oil price environment caused by excess global supply and the COVID-19 pandemic; among other things, it reduced its 2020 capital plan and accelerated cost-saving initiatives. Last week, shares of the company increased 38.27 percent to end at C$3.83.
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 non-energy minerals and energy minerals are considered.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.