Last week’s other top-gaining mining stocks on the TSX were Largo Resources, Almaden Minerals, North American Palladium and New Gold.
The double-digit decline continued throughout the morning, putting the TSX on track for its largest weekly drop since early February. While financial sector experienced a 1.1-percent fall, the materials, base and precious metals sectors all experienced slight gains of 1.5 percent.
Last week’s top TSX stocks include three precious metals companies, a diamond explorer and an industrial metals producer. The five TSX-listed mining stocks that saw the biggest gains are as follows:
- Star Diamond (TSX:DIAM)
- Largo Resources (TSX:LGO)
- Almaden Minerals (TSX:AMM)
- North American Palladium (TSX:PDL)
- New Gold (TSX:NGD)
Here’s a look at those companies and the factors that moved their share prices last week.
Star Diamond is a Canadian natural resource company focused on exploring and developing diamond projects. The company is currently working to develop the Star – Orion South diamond project, located within the Fort á la Corne forest in Central Saskatchewan.
Last week, Star received approval from Saskatchewan’s environment minister to move ahead with Star – Orion. The minister said, “[t]he Star-Orion South diamond mine is a major development with the potential to bring jobs to the area and diversify Saskatchewan’s economy.” Star Diamond was up 14 percent for the week at C$0.325.
Vanadium miner Largo Resources is currently producing high-quality vanadium flake and powder at its Maracas Menchen mine in Bahia State, Brazil.
Largo did not release any news or announcements last week. However, the price of vanadium has climbed by 170 percent since the beginning of the year and is now sitting at about US$32.50 per pound. Last week, Largo ticked up by 11.53 percent, ending the period at C$4.16.
Mexico-focused gold and silver development company Almaden Minerals is currently working to bring its Ixtaca deposit into production. The site is estimated to host proven and probable reserves of 65.1 million tonnes of gold.
Last week, Almaden released assay results from infill drilling conducted at Ixatca. Company shares were up 7 percent on the news, trading at C$0.76.
North American Palladium
Precious metals producer North American Palladium has more than two decades of experience mining palladium at its Lac de Iles project in Ontario. The palladium-focused company says it is the only pure-play palladium producer, and it is leveraging this advantage to advance its position.
The company did not release any news or announcements during last week. Nevertheless, shares of North American Palladium rose by 6.55 percent to C$10.41
Canadian gold explorer New Gold has ongoing projects in four jurisdictions, with its assets including the New Afton and Rainy River mines in Canada, the Cerro San Pedro mine in Mexico and the Blackwater project, also in Canada.
Last week, New Gold released its Q3 results, with highlights including the sale of its Mesquite mine for US$158 million. The company also increased its output in the third quarter, producing 114,025 ounces of gold and 21.7 million pounds of copper. New Gold’s share price was up 5.94 percent, trading at C$1.07.
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.