International Tower Hill Mines was the top gaining mining stock on the TSX this week, followed by Exeter Resource, Vista Gold, Tanzanian Royalty and Almaden Minerals.
It was a short week for the Toronto Stock Exchange this week, with the S&P/TSX Composite index (INDEXTSI:OSPTX) gaining back some ground after last week’s losses following the Brexit.
Overall, the index was up 1.17 percent to 14,064.54 points on Thursday afternoon. The Canadian dollar also gained on Friday.
A number of mining stocks were also on an upward trend this week, including:
- International Tower Hill Mines (TSX:ITH)
- Exeter Resource (TSX:XRC)
- Vista Gold (TSX:VGZ)
- Tanzanian Royalty (TSX:TNX)
- Almaden Minerals (TSX:AMM)
Here’s a look at those companies”
International Tower Hill Mines
Shares of International Tower Hill were up 43.75 percent to $1.15. The gold explorer is focused on developing its Livengood gold project in Alaska. Most recently, International Tower Hill reported results of its AGM on May 26. There has been no additional recent news from the company that would have explained this week’s rise in share price.
Exeter’s flagship project is the Caspiche gold-copper project in Chile, which has an oxide gold zone on surface and a high-grade gold-copper core. The company states that this could provide opportunity for smaller scale selective development.
The company announced results of its most recent AGM on June 7, but there has been no further recent news to explain this week’s share price rise. Shares of Exeter Resource corporation were up 36.97 percent this week to $1.63.
Vista Gold holds the Mt Todd project in Australia, the largest undeveloped gold project in the country. The company reported its first quarter results on May 2, in which CEO Frederick Earnest stated that the company expects its balance sheet to fund its currently planed activities to 2018. There was no further news from the company this week to explain its rise in share price.
Vista Gold was up 31.38 percent this week to $2.47 per share.
Tanzanian Royalty Exploration
Shares of Tanzanian Royalty Exploration were up 35.94 percent to $0.87 this week. The company holds a number of development and exploration projects in Tanzania. In February 2016, the company’s subsidiary declared force majeure under its agreement with STAMICO, owned by Tanzanian Treasury, due to the invasion and forced occupation of its Buckreef site by several hundred illegal miners. The company announced on June 9 that it was looking to open negotiations with STAMICO in order to resolve the issue. There was no further news this week to explain its share price rise.
Finally, shares of Almaden Minerals gained 31.25 percent this week to reach $2.10. The company owsn the Tugilgtic project in Mexico, which covers the Ixtaca gold-silver deposit. The company is advancing towards a completion of a pre-feasibility study for the project, and provided an update on its progress on June 13. The company also announced results of its AGM on June 29, but there has been no further recent news to explain this week’s gains in share price.
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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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