Last week’s other top-gaining mining stocks on the TSX were Laramide Resources, Ascendant Resources, Lithium Americas and Star Diamond.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened lower on Friday (August 31), down 17.58 points at open to 16,353.97. Despite a brief spike, the TSX continued its decline throughout the morning and sat at 16,334.37 at 11:58 a.m. EST.
The early morning drop was a result of rising concerns that a NAFTA deal will not be reached before the US deadline of August 31.
The downward trend was also attributed to the announcement that the Trans Mountain pipeline has been put on hold indefinitely. The court ruling on the pipeline weighed down energy stocks.
Last week’s top TSX stocks include two energy producers, a precious metals miner, a diamond explorer and a base metals company. The five TSX-listed mining stocks that saw the biggest gains are as follows:
- Harte Gold (TSX:HRT)
- Laramide Resources (TSX:LAM)
- Ascendant Resources (TSX:ASND)
- Lithium Americas (TSX:LAC)
- Star Diamond (TSX:DIAM)
Here’s a look at those companies and the factors that moved their share prices last week.
Precious metals miner Harte Gold is currently focused on the exploration and development of its wholly-owned Sugar Zone property where it has completed a 70,000 tonne advanced exploration bulk sample, mined 30,000 tonnes under its phase I commercial production permit and permitted and built an 800 tonne per day processing plant.
Harte did not release any company news last week. Prior to last week, the company released its Q2 results, which noted the company had tripled its resource at Sugar Zone.
“So far we have tripled our resource, published a new PEA for mining the Sugar and Middle Zone deposits, secured financing to fully fund development, announced an IBA with our proximal First Nation Band and completed construction of an 800 tpd mill,” said Stephen Roman, president and CEO of Harte Gold. The company is now looking forward to the transition into a cash-flowing, gold-producing business.
Over the five-day period, shares of Harte were up 42.62 percent to C$0.43.
Canadian-based Laramide is an uranium development company with assets in the US and Australia, as well as an in-situ recovery project in New Mexico.
Despite not releasing any company news last week, Laramide stock trended higher. The favorable performance may be correlated to the company acquiring the valuable Murphy uranium tenements in Australia in mid-July. Laramide stock was up 27.69 percent to close the week at C$0.41.
Ascendant Resources is a Toronto-based mining company focused on its flagship El Mochito zinc–lead–silver mine in Honduras. Ascendant acquired the mine in December 2016, and has since implemented a rigorous optimization program aimed at restoring the historic potential of the El Mochito mine.
On August 24, Ascendant announced it had secures a US$5-million revolving credit facility to advance El Mochito. Company shares ticked up 15.87 percent to end the week at C$0.73.
Lithium Americas is an energy explorer focused on advancing the Cauchari-Olaroz project in Jujuy, Argentina and the Thacker Pass project in Nevada, USA to production. The company expects the Cauchari-Olaroz to be in production by 2020.
Lithium Americas did not release any announcements or news last week. Lithium Americas shares climbed by 14.07 percent, to C$6.17.
Star Diamond is a natural resource company focused on exploring and developing diamond resources. The company is currently advancing the Star-Orion South diamond project, located within the Fort á la Corne forest in central Saskatchewan.
Star Diamond has not released any company news in August. Company stock was up 7.32 percent to C$0.23.
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.
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Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.