Last week’s other top-gaining mining stocks on the TSX were Tanzanian Royalty Exploration, Roxgold, Amerigo Resources and Titan Mining.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) moved higher on Friday (October 19), opening at 15,466.49. The gain was driven by indications that the annual inflation rate dipped as gas price pressures eased.
According to Statistics Canada, the inflation rate dropped to 2.2 percent in September, down from 2.8 percent. The energy and materials sectors both performed positively as well, gaining 1.2 percent and 1.1 percent, respectively.
Stocks worldwide performed well on Friday, as the global index tried to avoid a fourth straight week of losses; however, Italian stocks were weighed down over budgetary concerns. The TSX continued its upward momentum throughout the day, and sat at 15,529.85 at 1:38 p.m. EST.
- Osisko Mining (TSX:OSK)
- Tanzanian Royalty Exploration (TSX:TNX)
- Roxgold (TSX:ROXG)
- Amerigo Resources (TSX:ARG)
- Titan Mining (TSX:TI)
Here’s a look at those companies and the factors that moved their share prices last week.
Canada-focused Osisko Mining is a precious metals explorer and developer currently engaged in advancing its Quebec-based gold projects. In addition to the company’s ongoing projects located in Quebec, it also has two projects underway in Ontario.
Last week, Osisko announced it is moving ahead with an arrangement to acquire Beaufield Resources (TSXV:BFD), an exploration company focused on precious and base metals projects in Ontario. Company shares were up 22.27 percent to C$3.13.
Tanzanian Royalty Exploration
Canadian gold explorer Tanzanian Royalty Exploration has four exploration projects currently underway in the African country, Tanzania. The company also has three long-term advanced stage projects; Buckreef, Kigosi and Itetemia.
The company did not release any news or announcements last week. Shares of Tanzanian Royalty grew by 17.65 percent, trading at C$0.60.
Also focused on gold production in Africa, Roxgold is currently committed to developing its high-grade gold project, Yaramoko located in the greenstone belt region of Burkina Faso.
Roxgold posted its Q3 production results early last week. Highlights included the production of 30,532 ounces of gold. “We continue to see consistently solid operating performance at Yaramoko with gold production of 106,812 ounces for the first nine months, positioning us well to meet the upper-end of our 2018 guidance range of producing between 120,000 to 130,000 ounces,” John Dorward, president and CEO, said in the announcement. Stock in Roxgold gained 13.25 percent, closing the week out at C$0.94.
Base metals producer Amerigo Resources produces copper concentrates at its wholly-owned MVC operation in Chile. In 2017, Amerigo reached record copper production at its processing plant, and plans to expand its tailings project by the end of this year.
Amerigo also released its Q3 production results last week. During the third quarter of 2018, Amerigo produced 17.6 million pounds of copper at a cash cost of US$1.38 per pound. Amerigo also produced 0.6 million pounds of molybdenum. The company’s shares were up 12.05 percent last week, to C$0.93.
Titan Mining is an exploration and development company which owns the Empire State mine, a group of wholly-owned high-grade zinc mines located in St. Lawrence County, New York.
Titan did not release any company news during the period. Stock in the zinc focused miner was up 10.17 percent; trading at C$1.30.
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.