Last week’s other top-gaining mining stocks on the TSX were General Moly, eCobalt Solutions, Nighthawk Gold and Lydian International.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened stronger on Friday (August 24), up 27.9 points to 16,354.69 at open, and continued its upward trend over the morning to sit at 16,388.69 at 12:09 p.m. EST.
Six other sectors also performed well, including materials which reported the largest gain of 1.2 percent.
Last week’s top TSX stocks include three precious metals companies, an industrial metals miner and a critical metals producer. The five TSX-listed mining stocks that saw the biggest gains were as follows:
- Belo Sun Mining (TSX:BSX)
- General Moly (TSX:GMO)
- eCobalt Solutions (TSX:ECS)
- Nighthawk Gold (TSX:NHK)
- Lydian International (TSX:LYD)
Here’s a look at those companies and the factors that moved their share prices last week.
Belo Sun Mining
Belo Sun Mining is a Canadian mining company with a primary focus on developing the Volta Grande gold project in Brazil. A prefeasibility study was done on the site in 2015, which indicates a large mineral resource with growth potential.
On Thursday (August 23), Belo released a progress update for the Volta project. One of the highlights from the report was the proven and probable resource numbers, according to the company announcement Volta contains 115,969,000 tonnes of gold. Belo shares were up 32.35 percent, to C$0.225.
Based in the US, General Moly is a molybdenum mineral exploration and development company. General Moly’s primary asset is its 80-percent interest in the Mt. Hope project located in central Nevada.
Last week, General Moly reported it had filed an answer to Eureka County’s writ petition related to water applications for the Mt. Hope molybdenum project.
The Nevada Supreme Court had issued an order directing General’s subsidiary Kobeh Valley Ranch and the Nevada State Engineer to file the answer, citing it could be helpful in the review of the writ petition. The company’s stock was up 26.67 percent last week, sitting at C$0.57.
eCobalt Solutions is a critical metals explorer and producer established to provide cobalt for use in the rechargeable battery and renewable energy sectors. The company’s primary focus is the Idaho cobalt project, located in East-Central Idaho within the Idaho Cobalt Belt.
The company did not release any news or reports last week. However, the week prior, the company announced plans for the continued advancement of the Idaho project. eCobalt’s share price grew by 23.44 percent to C$0.79.
Nighthawk Gold is focused on gold exploration and production in the Indin Lake Greenstone Belt, in the Northwest Territories.
The company did not release any company news last week. Shares of Nighthawk grew by 21.31 percent, to C$0.370.
Lydian International is a gold developer engaged with the construction and development of its wholly-owned Amulsar gold project, located in south-central Armenia. According to the company, there is an estimated mineral resource of 3.5 million measured and indicated gold ounces, and 1.3 million inferred ounces.
Lydian did not release any news or announcements last week. Shares of Lydian were up 21.05 percent for the week to C$0.230.
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.
Editorial Disclosure: eCobalt Solutions is a client of the Investing News Network. This article is not paid-for content.