The Conversation (1)
The top five gainers on the TSX last week were Eldorado Gold, TMAC Resources, Harte Gold, Osisko Mining and Silver Bear Resources.
At the end of last week, Canada’s S&P/TSX Composite Index (INDEXTSI:OSPTX) was down by 60.87 points, falling by 0.38 percent to 16,028.37 on Friday (May 31).
News was dominated by US President Donald Trump and the trade war, with Trump turning his attention to Mexico while China seemingly pondered limiting rare earths exports.
Speaking of commodities, on the TSX, gains for the week were dominated by gold stocks, which makes sense as the gold price was up in response to Trump’s tweeting.
Below are the top five gainers on the TSX among mining companies:
- Eldorado Gold (TSX:ELD)
- TMAC Resources (TSX:TMR)
- Harte Gold (TSX:HRT)
- Osisko Mining (TSX:OSK)
- Silver Bear Resources (TSX:SBR)
Read on to find out what each company has been up to.
Eldorado Gold
Eldorado Gold is a major gold producer with output of 350,000 ounces of gold in 2018. Spread across six countries, the company has five operating mines, though its star performers are its two mines in Turkey, which combined accounted for 268,000 ounces in 2017.
Eldorado’s latests news release was a May 22 announcement on a US$300 million private placement. On the TSX last week, the company was up by 19.66 percent, trading at C$4.99 by Friday.
TMAC Resources
TMAC Resources controls the Hope Bay gold project in Nunavut, which produced 40,050 ounces of gold in Q1. The company released its Q1 results at the start of May, and since then has only announced management changes.
In Toronto, the company was trading at C$6.04 by the end of last week, an increase of 17.28 percent.
Harte Gold
Harte Gold touts itself as Ontario’s newest gold producer through its Sugar Zone mine, which raced through construction from late 2017 and through 2018, with C$1.6 million in revenue from gold production by the end of the year.
The company’s most recent news was in mid-May, when it reported its Q1 results. The report details production of 5,476 ounces of gold for the first quarter, though it notes that production was lower than planned thanks to a slew of issues including weather, labor availability and maintenance.
On the TSX last week, Harte Gold was trading up by 17.02 percent, reaching C$0.275.
Osisko Mining
Yet another gold producer, Osisko Mining is focused on precious metals development throughout Canada, where it has five projects in Quebec and Ontario.
One of those projects was the subject of two news releases last week. First, the company announced the discovery of a new near-surface high-grade gold zone at its Windfall project, and then it reported positive results from infill drilling at Windfall.
In Toronto, Osisko was up by 13.79 percent last week to reach C$3.30 by Friday.
Silver Bear Resources
Silver Bear Resources’ flagship project is its Mangazeisky silver project in Russia, which in its first year of production in 2018 produced 594,921 ounces of silver.
The company’s most recent news was its Q1 financial results, which came out on May 16, detailing output of 264,735 ounces in the first quarter.
Despite the release being a few weeks back, Silver Bear’s share price was up by 13.64 percent last week, hitting C$0.125 as the week drew to a close.
Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s 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.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Scott Tibballs, hold no direct investment interest in any company mentioned in this article.
