5 Top Weekly TSX Stocks: Midas Gold Leads the Pack

- December 30th, 2018

Last week’s other top-gaining mining stocks on the TSX were Americas Silver, Pengrowth Energy, Nevada Copper and Almonty Industries.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened higher on Friday morning (December 28), up 64.32 points from the previous day to 14,229.53. The positive movement set the TSX up for its first weekly gain following 3 weeks of decline.

The upward momentum was led by the energy sector, which was up 1.5 percent thanks to Brent crude and US crude prices climbing. The healthcare sector also ticked up by 1.4 percent.

By midday, Canada’s largest exchange was still gaining and was poised to close higher than the previous day, which marked a three year high. The TSX sat at 14,245.77 at 1:04pm EST.

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Last week’s top TSX stocks include one energy company, one gold-focused developer, a silver miner, a base metals producer and tungsten company. The five TSX-listed mining stocks that saw the biggest gains were as follows:

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

Midas Gold

Midas Gold is the sole owner of the Stibnite gold project, located in central Idaho. The company completed an independent prefeasibility study on the site in 2014, which indicated potential for a large-scale, long-life, low-cost open-pit gold mine. In the time, since the company has filed its Plan of Restoration and Operations for the project.

Midas did not publish any company news last week. On December 4, the company announced it had entered into a collaborative agreement with communities near its project to ensure transparency. Shares were up 25.37 percent to C$0.84.

Americas Silver

Canadian-based junior silver producer Americas Silver is the operator of the recently constructed San Rafael mine in Mexico, which is now in full production.

Americas Silver did not post any company news during the period. Stock in the company was up 25.27 percent, ending the week at C$2.28.

Pengrowth Energy

Based in Calgary, Pengrowth Energy is an intermediate energy company focused on the development and production of its Lindbergh thermal oil property and its Groundbirch Montney gas property in Western Canada.

Pengrowth has not released any announcements since late November when the company provided a project update, which pegged the Lindbergh project to be on track to exit 2019 with output levels of 19,000 barrels per day. Pengrowth shares grew by 25 percent, trading at C$0.60.

Nevada Copper

Nevada Copper is a base metals explorer, which currently operates the Pumpkin Hollow copper project in Yerington, Nevada. The company plans to commence production by the end of 2019.

Nevada Copper did not post any company news last week. Shares were up 24.29 percent to C$0.435.

Almonty Industries

Canada-based tungsten producer Almonty Industries is engaged in the mining, processing and shipping of tungsten concentrate from its Los Santos mine in western Spain and its Panasqueira mine in Portugal. The company also has a variety of other projects in various stages around the world.

On December 18, Almonty announced the completion of the C$2-million financing transaction. Company stock grew by 21.15 percent last week, closing at C$0.63.

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: Nevada Copper is a client of the Investing News Network. This article is not paid-for content.

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One response to “5 Top Weekly TSX Stocks: Midas Gold Leads the Pack

  1. McCall City Council Unanimously Votes to Take Pause on Midas Gold Initiated Agreement
    McCall, Idaho―January 8, 2019

    On January 7, 2019, McCall City Council held a special session to consider signing the Midas Gold Community Agreement regarding the proposed Stibnite mining project. Following the educational lecture series and hearing testimony from more than sixty attendees and considering more than one hundred email submittals, letters and public comments, McCall’s leaders decided to take pause.

    The Community Agreement was presented by Midas Gold as a formal commitment to information sharing prior to and during the proposed mining project while giving City of McCall a seat on their foundation board that would provide financial assistance to community applicants based on the mine’s success.

    As Counselor Nielsen pointed out, there is “pretty broad opposition in our city and it’s the point in time we need to listen to what our people have to say.” After deliberation between Council members, it became apparent the main concerns were the want for more information from the upcoming Environmental Impact Study (EIS) draft and binding the city to the foundation as a part of the Community Agreement.

    After a motion by Counselor Holmes to reconvene after the release of the (EIS) and then draft an independent Memorandum of Understanding (MOU) between McCall and Midas Gold, it was seconded and passed with a unanimous vote.

    Although McCall leaders chose not to enter into the Midas drafted contract, they were all in agreement that good communication is the key to success for both parties. As Mayor Aymon said to the crowd, “your hearts and souls are invested in this community and so are ours.” Keeping the best interest of McCall’s citizens at the forefront remains the goal.

    The Stibnite draft EIS is estimated to be released in late Summer of 2019, following, Council expects to review that document with staff and then develop language for an MOU that reflects the specific needs of McCall and the impacts of the proposed mine to the public and its infrastructure.

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