5 Top Weekly TSX Stocks: Loncor Resources Surges on Mineral Resource Increase

The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened lower last Friday (April 30) and was trading at 19,157.23 by midday. It closed at 19,099.49.

The index was pushed down as oil prices fell on the back of demand concerns.

On Friday, all eyes were on palladium prices, which hit U$3,000 per ounce for the first time. Meanwhile, gold eased and silver was flat as the US dollar gained.

Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:

• Black Iron (TSX:BKI)
• Loncor Resources (TSX:LN)
• Mountain Province Diamonds (TSX:MPVD)
• Forsys Metals (TSX:FSY)
• UEX (TSX:UEX)

Here’s a look at those companies and the factors that moved their share prices last week.

1. Black Iron

Toronto-based Black Iron is focused on advancing its 100 percent owned Shymanivske project, located in Krivyi Rih, Ukraine, to production.

Black Iron did not release any company news last week, but still saw its share price increase 26.53 percent to reach C$0.62.

2. 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 the Ngayu project until the completion of a prefeasibility study on any gold discovery meeting the investment criteria of Barrick.

Last Tuesday (April 27), the company announced a 44 percent increase in mineral resources for the Adumbi deposit at the Imbo project. Over the five day period, shares of Loncor Resources increased 24.18 percent, trading at C$1.13 by the end of the week.

3. Mountain Province Diamonds

Mountain Province Diamonds holds an interest in the Gahcho Kué diamond mine, located in Canada’s Northwest Territories. Gahcho Kué, a joint venture between the company and De Beers, owned by Anglo American (LSE:AAL,OTCQX:AAUKF), is one of the world’s largest new diamond mines.

Last week, Mountain Province’s share price jumped 23.08 percent to end the week at C$0.56.

4. 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 is also developing the Namibplaas uranium project, both in Namibia.

The company did not release any news last week, but shares increased 21.62 percent to end at C$0.90.

5. UEX

UEX has made significant advancements in the discovery and development of existing and new uranium and cobalt deposits in Canada’s Athabasca Basin. The company has four flagship projects: the West Bear project, the Christie Lake property, the Horseshoe and Raven deposits and the Shea Creek property.

Last week, shares of UEX increased 20.14 percent to end the week at C$0.43.

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.