5 Top Weekly TSX Stocks: Caledonia Mining Weathers Zimbabwe

- March 10th, 2019

On the TSX last week the top gainers were Akita Drilling, Caledonia Mining, Coro Mining, Endeavor Silver and IAMGOLD.

Canada’s S&P/TSX Composite Index (INDEXTSI:OSPTX) was down 0.64 percent last Friday (March 8), dipping 103.04 points to 15,953.47.

News last week in resources was mostly dominated by happenings in Toronto, where PDAC was humming along nicely with the added bonus of a surprise visit by Justin Trudeau, whose team ensured he wasn’t asked about SNC-Lavalin (TSX:SNC).

Looking at commodities, gold bumped up amid bleak economic outlooks while copper had a negative week that was a bit of a rollercoaster overall for base metals.


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Here’s the top five gainers on the TSX last week – read on to see what each has been up to lately.

  • Akita Drilling (TSX:AKT.B)
  • Caledonia Mining (TSX:CAL)
  • Coro Mining (TSX:COP)
  • Endeavor Silver (TSX:EDR)

Akita Drilling

An oil and gas drilling company, Akita operates in Canada and the United States as an ancillary mining company, providing drill rigs to exploration companies as well as custom rig construction.

On the news front, the company put out a refreshed company presentation in January this year, and on Tuesday (March 5) it declared its quarterly dividend for shareholders.

In Toronto, Akita was up by 17.31 percent to C$3.93 by Friday.

Caledonia Mining

Triple-listed Africa-focused Caledonia Mining appears in Toronto, London and New York. Its primary asset is its Blanket gold mine in Zimbabwe, which it purchased from Kinross Gold (TSX:K,NYSE:KGC) in 2006. Resource-retention policies in the southern African nation has reduced Caledonia’s ownership of the mine to 49 percent.

The company blamed revised monetary policies of Harare for projected reduced earnings in 2019 in a release in late February, though it says it’s still going to be turning a profit despite changes to regulations.

On the TSX last week, Caledonia was up by 14.12 percent to C$7.92 by Friday.

Coro Mining

Copper-focused Coro Mining released an update on its Marimaca project on Tuesday, reporting an increase in the mineralized zone by 44 percent.

Maramica is the company’s flagship project, and is located in the Antofagasta region in Chile — where it has plenty of neighbors also very interested in the red metal.


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Coro was up by 11.76 percent on the Toronto Stock Exchange last Friday, trading at C$0.095 by the end of the week.

Endeavor Silver

Predictably silver-focused Endeavor Silver released its financial results on February 25 — so not very recently. Regardless of that, the company has been enjoying a steady increase in value through 2019, with a year-to-date increase of 23.13 percent (so far).

Last week’s increase was a more modest 11.46 percent, with the company now trading at C$3.6.

Endeavor’s four assets — Guanacevi, El Cubo, Bolanitos and El Compas are all located in Mexico.


IAMGOLD has assets across the Americas and Africa — though its major asset is the Essakane gold mine in Burkina Faso, which accounts for almost half its gold output.

The Canadian company has another three producing gold mines and (in Canada, Suriname and Mali) along with some joint ventures in Mali.

No huge news from the company last week, though it did report a fatality at Essakane in late February.

On the Toronto Stock Exchange IAMGOLD was up by 10.4 percent last week to C$4.67 by Friday.

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