5 Top Weekly TSX Stocks: Avesoro Receives Acquisition Proposal

- August 25th, 2019

The top gainers on the TSX last week were Horizonte Minerals, Sabina Gold and Silver, Avesoro Resources, Seabridge Gold and Talon Metals.

On the final day of last week, Canada’s S&P/TSX Composite Index (INDEXTSI:OSPTX) fell by 131.94 points to reach 16,121.52 — a drop of 0.81 percent.

News around the world was all about Brazil, Greenland, trade war escalation and Hong Kong anxiety.

On the resources front, gold resumed its march upwards on the last day of last week despite stagnating earlier, while in base metals all metals saw a slide in value through the week.

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Here are the top TSX gainers in the basic materials and energy sectors from last week:

  • Horizonte Minerals (TSX:HZM)
  • Sabina Gold and Silver (TSX:SBB)
  • Avesoro Resources (TSX:ASO)
  • Seabridge Gold (TSX:SEA)
  • Talon Metals (TSX:TLO)

Read on to find out what each company has been doing recently.

Horizonte Minerals

Horizonte Minerals has two projects in Brazil: the Araguaia ferronickel project and the Vermelho nickelcobalt project. Araguaia has been in the news this year as the company has been moving toward construction footing for the project.

The company has been providing regular updates on Araguaia, with the most recent news having to do with energy grid access, though overall the company’s most recent news was its H1 interim results.

Horizonte was trading at C$0.055 by the end of last week after a modest jump of 22.22 percent.

Sabina Gold and Silver

Sabina Gold and Silver is an arctic operator with a 100 percent interest in the advanced-stage Back River gold project in Nunavut, Canada. Back River has a completed feasibility study and has passed some permitting milestones.

Sabina’s most recent news was on August 8, when it announced its interim financial results for Q2, detailing pre-development activities at Back River.

The company was trading at C$2.02 by the end of last week, up 21.69 percent over the period.

Avesoro Resources

Avesoro Resources is a West Africa-focused gold mining company with operating assets in Burkina Faso and Liberia, the latter of which is host to its flagship New Liberty mine.

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In the most recent news from Avesoro, the company reported the receipt of a non-binding acquisition proposal from a 72.9 percent controlling shareholder last Tuesday (August 20). Previously, on August 8 and 9, the company announced a security breach at its Youga mine in Burkina Faso, prompting the suspension of processing and mining activities until further notice

Avesoro’s share price had reached C$1.33 by Friday (August 23), a jump of 20.91 percent.

Seabridge Gold

Seabridge Gold is a major gold reserve and resource developer, with a focus on its primary projects in British Columbia and the Northwest Territories of Canada.

Last Thursday (August 22), the company announced that a subscriber in a C$17 million private placement was exercising their option, giving Seabridge additional proceeds of C$3.4 million.

Seabridge was trading at C$20.27 by last Friday, up 14.58 since the start of last week.

Talon Metals

Talon Metals is focused on producing nickel in a responsible way for batteries used in electric vehicles, with its primary asset being the Tamarack nickel-coppercobalt project in Minnesota.

Talon’s most recent news was the release of its Q2 results on August 14, in which it detailed a loss of C$0.8 million in Q2 2019 compared to a loss of C$2.4 million in Q2 2018.

The company’s share price increased by 14.29 percent over last week, reaching C$0.20 by last Friday.

Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with a market capitalization greater than C$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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