Industrial Metals

5 Top Weekly TSX Stocks: Water Rights Float General Moly’s Boat

Industrial Metals
Molybdenum Investing

The top five gainers on the Toronto Stock Exchange last week were General Moly, Marathon Gold, Gran Colombia Gold, TMAC and Champion Iron.

Canada’s S&P/TSX Composite Index (INDEXTSI:OSPTX) was down by 42.11 points at the end of last week, falling to 16,401.75 on Friday (May 17).

As expected, news was dominated by trade war tensions between the US and China, with some extra hundreds of millions in tariffs being slapped on goods that cross the Pacific Ocean. Meanwhile in the UK, famous Brexiteer Boris Johnson and his haircut want to be prime minister.

Commodities were overall steady through last week, with gold not going anywhere in a hurry and base metals enjoying a nice little boost over the week.

Speaking of commodities, here are the top five gainers in the resource community on the Toronto Stock Exchange from last week:

  • General Moly (TSX:GMO)
  • Marathon Gold (TSX:MOZ)
  • Gran Colombia Gold (TSX:GCM)
  • TMAC Resources (TSX:TMR)
  • Champion Iron (TSX:CIA)

Read on to find out what they’ve been up to lately.

General Moly

General Moly says it is the only western exchange-listed pure-play molybdenum development company, with two molybdenum assets in Nevada. Those include Mount Hope, which has near-term zinccoppersilver exploration potential.

Last week, the company released its quarterly results for Q1, detailing a net loss of US$1.5 million compared to a net loss of US$2.8 million the same time last year; however, the big news was the announcement of a positive settlement agreement with local ranchers near its Mount Hope project over water rights.

In Toronto, General Moly’s stock was up 100 percent by the end of the week, reaching C$0.56.

Marathon Gold

Marathon Gold is a Canadian developer with a focus on its Valentine gold project in Newfoundland and Labrador.

Valentine was the subject of a press release from Marathon last week, with the company reporting positive test results for heap leaching at the asset.

Marathon’s share price was up 22.89 percent by last Friday, trading at C$1.02.

Gran Colombia Gold

Gran Colombia Gold describes itself as the largest underground gold and silver producer in Colombia, where it has two operating mines and related processing facilities.

Gran Colombia, like many others this time of year, released its Q1 results earlier last week, reporting record quarterly gold production across its assets at 60,601 ounces.

With that news, Gran Colombia was trading at C$3.70 by Friday, up 17.46 percent over the week.

TMAC Resources

TMAC Resources controls the Hope Bay gold project in Nunavut, which produced 40,050 ounces of gold in Q1. The company released its Q1 results at the start of May, and since then has only announced management changes.

Regardless, on the Toronto Stock Exchange TMAC was trading up 16.9 percent at C$5.05 by last Friday.

Champion Iron

Canadian developer and explorer Champion Iron has extensive interests throughout Eastern Canada in iron, including its Bloom Lake mine in Quebec.

The company hasn’t released any news since mid-April when it shared a newsletter touching on the troubles facing Brazilian miner Vale (NYSE:VALE).

In Toronto, Champion Iron was trading up 16.59 percent at C$2.67 by the end of last week.

Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s 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.

Don’t forget to follow us@INN_Resource for real-time updates!

Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.

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