Last week’s other top-gaining mining stocks on the TSX were RNC Minerals, Star Diamond, Largo Resources and Journey Energy.
Fear that Canada would be left out of a trade deal between Mexico and the US weighed on the exchange.
Concerns over a NAFTA deal that would be absent of Canada overshadowed stronger-than-anticipated economic growth in the month of July. The favorable economic data raised expectations that there will be another interest rate hike this fall.
The downtrend continued for the rest of the morning, and the TSX sat at 16,111.48 as of 1:07 p.m. EST.
Last week’s top TSX stocks include one base and precious metals miner, an oil and gas company, one gem explorer, an energy company and an industrial metals-focused miner. The five TSX-listed mining stocks that saw the biggest gains are as follows:
- RNC Minerals (TSX:RNX)
- Star Diamond (TSX:DIAM)
- Largo Resources (TSX:LGO)
- Journey Energy (TSX:JOY)
- Denison Mines (TSX:DML)
Here’s a look at those companies and the factors that moved their share prices last week.
Precious, base and critical metals explorer RNC Minerals is primarily focused on its key asset, the Dumont nickel–cobalt project in the Abitibi region of Quebec. In addition that project, RNC also produces gold and copper at its Beta Hunt mine.
Early in the week, RNC released an update on the Father’s Day vein at Beta Hunt in Western Australia. In the announcement, CEO Mark Selby said, “I am thrilled to provide this update, which extends the sediment structures 200 meters from the Father’s Day Vein gold discovery in an area adjacent to existing mine infrastructure.”
RNC’s share price was up 55.36 percent on Friday (September 28), trading at C$0.87. Click here to listen to the Investing News Network’s recent interview with Selby.
Star Diamond is currently advancing the Star-Orion South diamond project, located in the Fort a la Corne forest in Central Saskatchewan.
Star Diamond did not release any company news during the period. However, throughout the month of September the company has been steadily advancing the project. Its share price was up 32.56 percent for the week and ended at C$0.285.
Largo Resources is a industrial metals-focused company that is advancing its Maracas Menchen mine in Brazil. The project is designed to produce varying qualities of vanadium flake and vanadium powder.
On Thursday (September 27), Largo finished paying a C$22.9-million long-term debt. “We are very pleased to have been able to repay this debt while also taking advantage of the beneficial exchange rate between the Brazilian and US currencies,” Mark Smith, Largo’s president and CEO, said in a press release. Largo shares edged up 23.47 percent last week, trading at C$3.63.
Based in Alberta, Journey Energy is an energy-focused company that is engaged in the exploration, development and production of oil and natural gas in Western Canada’s Sedimentary Basin.
Journey did not release any company announcements last week. Its share price grew by 21.76 percent to reach C$2.35.
Denison Mines is an uranium explorer with multiple projects in the Athabasca Basin of Saskatchewan.
Last week, the company released a prefeasibilty study for its flagship Wheeler project. In a press release, the company announced it would bring in-situ recovery uranium mining to the Athabasca Basin for the first time. Denison shares ticked up 21.13 percent last week to close at C$0.86.
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.