Last week’s other top-gaining mining stocks on the TSX were Prophecy Development, Corridor Resources, Advantage Oil & Gas and Belo Sun Mining.
The weak start was attributed to plunging oil prices, which impacted energy stocks. The energy sector was down 1.8 percent, and the precious metals space was also down 1.7 percent on the back of weaker gold prices.
Canada’s largest exchange continued its downward momentum over the morning, on track to its largest one-day drop in almost two weeks. The TSX sat at 15,235.72 at 1:48pm EST.
Last week’s top TSX stocks include a diversified precious metals miner, two energy producers, an industrial metals explorer and a diversified metals company. The five TSX-listed mining stocks that saw the biggest gains were as follows:
- Northern Dynasty Minerals (TSX:NDM)
- Prophecy Development (TSX:PCY)
- Corridor Resources (TSX:CDH)
- Advantage Oil and Gas (TSX:AAV)
- Belo Sun Mining (TSX:BSX)
Here’s a look at those companies and the factors that moved their share prices last week.
Northern Dynasty Minerals
Northern Dynasty Minerals is focused on developing the Pebble project in Alaska, where according to the company, the world’s largest undeveloped copper-gold-molybdenum–silver resource is located. The pegged resource estimate for the Pebble project is 57 billion pounds of copper, 71 million ounces of gold, 3.4 billion pounds of molybdenum and 345 million ounces of silver.
Last week, Northern Dynasty released a press release congratulating Governor Mike Dunleavy on his election win. “A former State Senator, Governor-elect Dunleavy is a strong proponent of encouraging investment and responsible development of the state’s natural resources to address the significant fiscal and economic challenges facing Alaska,” read the press release.
Northern shares were up 33.33 percent for the week, closing at C$0.84.
Vanadium explorer Prophecy Development is presently developing its wholly-owned Gibellini project, in Nevada. Vanadium has become an increasingly in demand material used in the construction industry as well as the energy storage sector.
Prophecy did not release any company news during the period. Company shares were up 29.63 percent, to C$0.70.
Energy explorer Corridor Resources is engaged with development and production of oil and gas projects onshore in New Brunswick and offshore in the Gulf of the St. Lawrence.
Corridor has not published any updates since August. Company stock grew by 25.37 percent last week to C$0.84.
Advantage Oil & Gas
Calgary-based Advantage is working to develop its ongoing project in the Montney natural gas and liquids resource play in Glacier, Alberta. Advantage owns 128,000 net acres in the area with an estimated 27-year reserve life.
Earlier this month, Advantage released its Q3 results, which highlighted record production of 45,611 boe/d for the quarter, up 29 percent from the second quarter of 2018. The company’s share price ticked up 17.72 percent for the week, to C$3.36.
Belo Sun Mining
Focused on developing its Volta Grande project in Brazil, Belo Sun Mining is a gold explorer. Belo received the construction licenses for the Volta Grande gold project in 2017 and has been working to advance the project.
Belo has not published in company news since September. Share of Belo Sun were up 14.04 percent, ending the week at C$0.325.
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.