Last week’s other top-gaining mining stocks on the TSX were Platinum Group Metals, Steppe Gold, Laramide Resources and Iron Bridge Resources.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened flat on Friday (September 14), down 6.3 points to 15,995.41 at open. Canada’s largest exchange slowly climbed over the morning, and ended up picking up a few points by midday, reaching 16,008.43 at 12:17 p.m. EST.
A similar story played out in the cannabis market as stocks were affected by a report that border security officials will be cracking down on sales.
Last week’s top TSX stocks include three precious metals companies and two energy-focused firms. The five TSX-listed mining stocks that saw the biggest gains are as follows:
- RNC Minerals (TSX:RNX)
- Platinum Group Metals (TSX:PTM)
- Steppe Gold (TSX:STGO)
- Laramide Resources (TSX:LAM)
- Iron Bridge Resources (TSX:IBR)
Here’s a look at those companies and the factors that moved their share prices last week.
Canada-focused RNC Minerals is a diversified explorer engaged in developing its Dumont nickel–cobalt project, located in the Abitibi region of Quebec. According to RNC, the Dumont site is the largest undeveloped nickel reserve and second-largest undeveloped cobalt reserve in the world.
Early in the week, RNC announced the discovery of a new high-grade gold deposit at its Beta Hunt mine. Some 9,250 ounces of high-grade gold were produced over a week-long period. The golden find is likely behind the growth in RNC shares. Last week, the company was up 211.11 percent, trading at C$0.28.
Platinum Group Metals
Platinum Group Metals is focused on platinum and palladium projects in the Bushveld Complex of South Africa. The jurisdiction is highly coveted for its precious metals deposits, and the Bushveld Complex is located within an area where 70 percent of global platinum production occurs.
The company did not make any announcements last week; however, the week prior the company filed the necessary paperwork to acquire mining rights for the Waterberg platinum-group project. The company’s share price was up 40 percent, ending the week at C$0.21.
Gold-focused Steppe Gold is developing precious metals projects in Mongolia. In 2017, it acquired the advanced-staged ATO project, and has plans to commence production there later this year.
Last week, Steppe provided a drilling and development update. Highlights of the report include: the arrival of the crushing circuit, the near completion of the pre-strip for the ATO1 deposit and the completion of a stage 2 drilling program. Steppe’s share price was up 26.36 percent last week at C$1.39.
Laramide Resources is a Canada-based uranium explorer with assets strategically positioned in the US and Australia. Laramide did not make any announcements last week, but its share price rose 21.21 percent to reach C$0.40.
Iron Bridge Resources
Last week, Iron Bridge entered an agreement under which it will be acquired by private company Velvet Energy for C$0.845 a share. Iron Bridge’s share price grew by 20 percent last week, ending at C$0.84.
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 market capitalizations 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.