5 Top TSX Stocks: Argonaut Gold Gains on Big Announcements For San Agustin

The S&P/TSX Composite index (INDEXTSI:OSPTX) continued its winning streak last week, gaining 109.25 points, or 0.79 percent, to 13,951.45.
That’s the third monthly gain for the TSX. The rise for the index was driven largely by gains in the resource sector, according to Bloomberg, with raw-materials and energy producers being the two top-performing industries in Canada so far this year.
Last week’s top TSX-listed mining stocks were: 

• Great Panther Silver (TSX:GPR)
• International Tower Hill Mines (TSX:ITH)
• NovaCopper (NYSEMKT:NCQ;TSX:NCQ)
• Lexam VG Gold (TSX:LEX)
• Argonaut Gold (TSX:AR)

Here’s a look at what moved the share prices of those companies last week.

Great Panther Silver

Shares of Great Panther Silver surged 50.28 percent last week to close at $2.66. The primary silver miner saw a steady rise over the course of the week, and has risen 280 percent year-to-date. Silver prices are up 26 percent so far in 2016.
Furthermore, as the Motley Fool notes, Great Panther reported a 38 percent reduction in all-in sustaining costs (AISC) in 2015. There was no specific news from the company that would have bumped its share price last week.

International Tower Hill Mines

International Tower Hill is focused on developing its Livengood gold project in Alaska. As per a September 2013 feasibility study for the project, Livengood holds measured and indicated resources of 15.7 million ounces of gold and inferred resources of 4.4 million ounces.
The company released its 2015 financial results on March 16. There has been no further news to explain last week’s rise in share price for the company. Shares of International Tower Hill rose 29.58 percent to reach $0.92 last week.

NovaCopper

NovaCopper rose 27.78 percent last week to hit $0.69 per share. The company is focused on advancing its Bornite copper project in Alaska’s Ambler mining district. On April 19, the company released an updated resource estimate for the Bornite project, reporting a 173 percent increase in indicated resources. There was no further news from the company last week to explain the more recent rise in share price.

Lexam VG Gold

Lexam VG Gold holes a number of exploration projects in Ontario’s Timmins gold camp. Shares of Lexam were up 25 percent last week to $0.25.
This isn’t the first time in recent weeks that the company has seen its share price on the rise. On April 11, Lexam issued a no material change statement at the request of IIROC in relation to a rise in share price that week. There’s still been no news from the company to explain its share price rise.

Argonaut Gold

Finally, shares of Argonaut Gold gained 20 percent last week to hit $2.94 after the company announced a $30 million revolving credit facility and updated preliminary economic assessment for its San Agustin gold project on Friday. Furthermore, Argonaut received environmental approval for San Agustin from the Mexican Environmental Authority.
“The updated PEA of San Agustin shows a significant reduction of the initial capital requirement and a considerable increase in NPV and IRR, primarily due to synergies with El Castillo and throughput increases,” said Argonaut Gold President and CEO Peter Dougherty in a statement. “We believe San Agustin will be producing ounces within a year of a construction decision.  We anticipate that decision will be made during the second half of 2016.”
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