5 Top Weekly TSX Stocks: Caledonia Mining Up on Higher Earnings Guidance

- February 2nd, 2020

Last week’s top-gaining stocks on the TSX were Balmoral Resources, Caledonia Mining, Wallbridge Mining, OceanaGold and Roxgold.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed down on Friday (January 31), falling 165.63 points to 17,324.93.

The index opened lower as concerns about the coronavirus spreading hit prices for oil and other commodities. After more than 200 deaths, the World Health Organization declared the epidemic a global emergency on Thursday (January 30).

Meanwhile, precious metals prices increased on the back of growing fears, while base metals were hurt, with most on track for a monthly loss.

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Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:

  • Balmoral Resources (TSX:BAR)
  • Caledonia Mining (TSX:CAL)
  • Wallbridge Mining (TSX:WM)
  • OceanaGold (TSX:OGC)
  • Roxgold (TSX:ROXG)

Here’s a look at those companies and the factors that moved their share prices last week.

Balmoral Resources

Exploration and development company Balmoral Resources is focused on gold and base metals assets in Quebec, Canada. The company’s flagship asset is the Detour gold project, which includes the Martinere gold deposit and the Grasset nickel deposit.

The company, which was ranked 12th on the 2020 OTCQX Best 50 list, did not release any news last week, but shares increased 31.08 percent to end at C$0.48.

Caledonia Mining

Gold producer Caledonia Mining’s primary asset is the Blanket mine in Zimbabwe. Two of the company’s medium-term goals are to increase annual production from the current 54,512 ounces per year to 80,000 ounces, and to continue deep-level exploration to extend the mine’s life to beyond 2034.

On Thursday, Caledonia said it expects its 2019 earnings to be “substantially” higher than market expectations due to the gold price increase, higher production than expected and lower operating costs.

As a result of the news, the company’s share price jumped 22.36 percent to end the week at C$13.57.

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Wallbridge Mining

Wallbridge Mining is currently developing the Fenelon gold property in Northwestern Quebec. The company also operates and owns 20 percent of Loncan Canada, a private company with nickel, copper and platinum-group metals projects in Ontario.

Last week, Wallbridge released results from its ongoing drill program at Fenelon, confirming the presence of significant high-grade gold mineralization in the Lower Tabasco zone. Wallbridge saw its share price increase 17.95 percent last week to C$0.92.

OceanaGold

Dual-listed OceanaGold is a multinational gold producer with assets located in the Philippines, New Zealand and the US.

On Thursday, the company released its quarterly results, reporting a gold production increase of nearly 20 percent quarter-on-quarter at its US and New Zealand operations. Its price share increased 17.3 percent over the five day period to close at C$2.78.

Roxgold

West Africa-focused Roxgold owns and operates the high-grade Yaramoko gold mine on the Houndé greenstone belt in Burkina Faso and is also advancing the development and exploration of the Séguéla gold project located in Côte d’Ivoire.

On Wednesday (January 29), the company published a mineral resource estimate for the Séguéla gold project, increasing its total indicated resource by 7 percent to 529,000 ounces. Last week, Roxgold saw its share price go up by 15.73 percent to reach C$1.03.

Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using Trading View’s Stock Screener. Only companies with a market capitalization greater than C$50 million prior to the week’s gains are included. Companies within energy minerals and non-energy minerals sectors are considered.

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

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