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Orezone Gold was the top gainer on the TSX last week, but it was followed by US Geothermal, Paladin Energy, Serabi Gold and Dalradian Resources. Here’s a look at what moved the share prices of those companies.
Last week was a volatile one for the S&P/TSX Composite index (INDEXTSI:OSPTX), but some companies on the TSX nevertheless managed to post impressive gains.
Orezone Gold (TSX:ORE) led the pack, followed by US Geothermal (TSX:GTH), Paladin Energy (TSX:PDN), Serabi Gold (TSX:SBI) and Dalradian Resources (TSX:DNA).
Orezone Gold
Orezone Gold was last week’s top gainer on the TSX, rising 24.44 percent to close at $0.56. Orezone is a Canadian company with a 100-percent interest in Bomboré, the largest undeveloped oxide gold deposit in West Africa. On January 27, the company announced that it has signed a royalty purchase agreement under which Sandstorm Gold (TSX:SSL) will provide up to US$8 million in financing for Bomboré.
“This financing provides the financial flexibility to complete the Bomboré Feasibility Study and apply for the mining permit in H1 2015,” said Ron Little, CEO of Orezone. “Both are significant milestones that will lay the foundation for a full project financing. The goal has always been to complete these objectives with minimal dilution to the company’s tight capital structure.”
US Geothermal
US Geothermal is a renewable energy company focused on the development, production and sale of electricity from geothermal energy. The company operates geothermal power projects in Neal Hot Springs, Oregon, San Emidio, Nevada and Raft River, Idaho. Last week it gained 15.09 percent on the TSX to close at $0.61.
On January 26, the company released the results of its three operating projects for the fourth quarter of 2014, as well as the status of development activities. The three operations performed well, with Neal Hot Springs seeing fourth-quarter availability of 98.3 percent, San Emidio seeing 99.2 percent and Raft River seeing performance availability of 97.3 percent.
Paladin Energy
Paladin gained 12.12 percent last week to close at $0.37. Paladin is a uranium producer with projects in Australia and Africa. While there was no news to explain Paladin’s rise, the company has established a quality portfolio of advanced uranium projects, with each having high production potential since 1998.
Serabi Gold
Serabi Gold is a gold exploration and production company involved in the evaluation and development of gold deposits in Brazil. Last week, the company gained 11.11 percent to close at $0.10. On January 28, the company announced an operational update revealing that underground development has intersected the Main Vein, the principal structure at the Sao Chico gold operation in the Tapajos region of Northern Brazil. The intersection has an average true width of 3.6 meters with a gold grade of 42 g/t gold.
“Obviously this is outstanding news,” said Mike Hodgson, chief operating officer of Serabi Gold. “With a drilled resource of approaching one ounce per ton, we expected high grades to be intersected, but most encouraging is the width we have encountered. We will now drive east and west following the Main Vein to fully evaluate its potential.”
Dalradian Resources
Dalradian Resources gained 10.75 percent on the TSX last week to close at $1.03. Dalradian is a gold exploration and development company that is focused on advancing its high-grade Curraghinalt gold project in Northern Ireland. On January 27, the company announced an investment by Ross Beaty of $11,300,400 by way of non-brokered private placement.
Data for TSX Top 5 articles is retrieved each Friday and reported on Monday. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included.
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