Last week’s top-gaining stocks on the TSX were Fortune Minerals, Forsys Metals, Loncor Resources, Cardinal Resources and Dynacor Gold.
Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:
- Fortune Minerals (TSX:FT)
- Forsys Metals (TSX:FSY)
- Loncor Resources (TSX:LN)
- Cardinal Resources (TSX:CJ)
- Dynacor Gold (TSX:DNG)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Fortune Minerals
Fortune Minerals is developing its NICO cobalt-gold-bismuth-copper project, located in Canada’s Northwest Territories. The goal is for bulk concentrate from NICO to be shipped to a planned metals processing plant in Saskatchewan. The company is positioned to become a Canadian producer of battery-grade cobalt chemicals with gold and bismuth co-products. The company also holds the Sue-Dianne copper-silver-gold deposit and other exploration projects in the Northwest Territories.
The company did not release any news last week, but its share price jumped 20 percent to end at C$0.18.
2. Forsys Metals
Forsys Metals is focused on developing uranium projects on the African continent. Currently the explorer owns the Norasa project, which includes the fully permitted Valencia uranium project, and it is also developing the Namibplaas uranium project, both in Namibia.
There was no news from Forsys last week, but shares increased 13.33 percent to end at C$0.68.
3. Loncor Resources
Canadian gold exploration company Loncor Resources is focused on the Ngayu greenstone belt in the Democratic Republic of Congo. The company has a joint venture agreement with Barrick Gold (NYSE:GOLD,TSX:ABX), which will manage and fund exploration at Ngayu until the completion of a prefeasibility study on any gold discovery meeting the investment criteria of Barrick.
Last Thursday (March 25), the company published further assay results from a drill program within its 84.68 percent owned Imbo project. Following the news, shares of Loncor Resources increased 9.59 percent to end the week at C$0.80.
4. Cardinal Resources
Cardinal Resources is a gold-focused exploration and development company that holds interests in tenements within Ghana, West Africa. The company is developing the Namdini gold project.
Last week, the company’s share price increased 8.68 percent to end the five day period at C$2.38.
5. Dynacor Gold
Dynacor Gold is a dividend-paying industrial gold ore processor headquartered in Montreal, Canada. The company is engaged in gold production through the processing of ore purchased from the artisanal and small-scale mining industry. At present, Dynacor operates in Peru. It also owns a gold exploration property, Tumipampa, in the Apurimac department.
Last Wednesday (March 24), the company announced a US$1.8 million investment through internally generated cash flow to expand its Peruvian Veta Dorada ore processing plant capacity by 43 percent. The company saw its share price go up by 8.63 percent last week to reach C$2.14.
Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with market capitalizations greater than C$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Fortune Minerals is a client of the Investing News Network. This article is not paid-for content.