Golden Minerals was the top gaining mining stock on the TSX last week, followed by Perseus Mining, Lydian International, Sandstorm Gold and TMAC Resources.
The S&P/TSX Composite index (INDEXTSI:OSPTX) was fairly flat this week, losing 0.96 percent to finish at 13,901.77 points.
Still, along with the Canadian dollar and oil prices, the TSX gained slightly on Friday, according to the Canadian Press. Gold prices briefly broke $1,300 this Thursday, and a number of gold mining shares were on the rise accordingly.
Last week’s top TSX-listed mining stocks were:
- Golden Minerals (TSX:AUM)
- Perseus Mining (TSX:PRU,ASX:PRU)
- Lydian International (TSX:LYD)
- Sandstorm Gold (TSX:SSL)
- TMAC Resources (TSX:TMR)
Here’s a look at what moved the share prices of those companies last week:
Shares of Golden Minerals were up 25.86 percent last week to $0.73 last week, after Sentient Group converted the company’s remaining debt to shares of the company. Golden Minerals will carry no debt on its books after the conversion is complete.
Golden Minerals owns the Velardeña properties and associated oxide and sulfide processing plants in Durango, Mexico, as well as a number of other previous metals exploration properties in the country. The company also holds the El Quevar exploration property in Argentina.
Perseus Mining holds a number of exploration projects in West Africa, including the Edikan Gold Mine in Ghana, which has produced approximately 200,000 ounces of gold per year since 2012. The company released its quarterly activities report on April 28, which drew attention to Pereus’s acquisition of Amara Mining during Q1. However, there has been no further news to explain last week’s rise in share price for the company. Perseus gained 17.53 percent last week to $0.57 per share.
Shares of Lydian International were up 12.33 percent to $0.41. The company is focused on developing its Amulsar gold project in Armenia, for which it made a formal construction decision on June 8.
“Lydian is now rapidly advancing on a number of fronts to achieve a summer start to construction at Amulsar,” said Lydian President and CEO Howard Stevenson in the company’s release. “Basic engineering is advancing and we plan to tender several key contracts during the coming weeks in anticipation of breaking ground.”
That said, there was no new news from Lydian last week to explain the company’s rise in share price.
Streaming and royalty company Sandstorm Gold was up 10.41 percent last week to $5.94 per share. The company provided an update on progress at various projects underlying its streams and royalties on June 8, and announced that it had extended its revolving credit agreement for a further four years. There was no additional news last week to explain the rise in share price for Sandstorm.
Finally, TMAC Resources rose 10.2 percent for the week to hit $16.75 per share. The company received approval for its amendment to its project certificate for its Doris North project this week from the Nunavut Impact Review Board. The requested amendment increases the amount of tailings that may be disposed into its permitted tailings impoundment area from 458,000 tonnes to 2.5 million tonnes.
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Data for 5 Top TSX Stocks articles is retrieved each Friday after market close using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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