5 Top Weekly TSX Stocks: RNC Minerals Up Over 50 Percent

The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed last week down 49.4 points, or 0.3 percent, at 16,525.43. Most sectors ended lower, with materials being one of the few to see a lift.

The period brought major gains for gold, which rose above the US$1,400 per ounce mark on Friday (June 21), days after the release of the US Federal Reserve’s latest commentary. The yellow metal had last broken through that level in 2013.

Against that backdrop, a number of TSX-listed mining stocks experienced share price increases last week. The five top gainers are as follows:

• RNC Minerals (TSX:RNX)
• Mandalay Resources (TSX:MND)
• Jaguar Mining (TSX:JAG)
• Serabi Gold (TSX:SBI)
• Eldorado Gold (TSX:ELD)

Here’s a look at what moved the share prices of those companies last week.

RNC Minerals

RNC Minerals’ main asset is its Beta Hunt gold mine in Western Australia, where it made a major discovery last year. The company recently acquired the nearby Higginsville gold operation, and its other assets include a stake in the Quebec-based Dumont nickel project.

Last week, RNC was added to the MVIS Global Junior Gold Miners Index and announced the results of its annual meeting of shareholders. Its share price rose 54.35 percent to end the week at C$0.71.

Mandalay Resources

Mandalay Resources has assets across the globe in Australia, Chile and Sweden. Its top priorities are its Costerfield gold-antimony mine in Australia and its Björkdal gold mine in Sweden. Its Chilean operations are on care and maintenance.

Last week, the company shared an exploration update, saying that it has started campaigns at Costerfield and Björkdal. Mandalay also provided recent drill results from both properties, describing them as “encouraging.” In addition, the company said that it plans to optimize operations at Björkdal by pausing open-pit mining in favor of mining higher-grade ore underground. It will supplement mined material with stockpiled ore.

The firm’s share price leaped 42.11 percent during the period to end at C$0.135.

Jaguar Mining

Jaguar Mining is a gold producer operating in Brazil. It has three mining complexes in the country: Turmalina, Caeté and Paciência. Paciência is on care and maintenance, but the other two complexes produce over 95,000 ounces of gold each year.

Last week, Jaguar’s share price increased 40.91 percent to finish at C$0.155. During the period, the company announced a US$25 million non-brokered private placement and said that New York-based Tocqueville Asset Management and investor Eric Sprott will be participating.

The company intends to use the money to expand its presence in Brazil and to tackle operational issues at Turmalina, among other things.

Serabi Gold

Brazil-focused gold producer Serabi Gold’s efforts relate mainly to its Palito mining complex and Coringa gold project. The company also owns a number of exploration assets in Brazil.

Serabi released the final results of its 2018/2019 drill campaign at Coringa last week. Highlights include 2.65 meters at 8.51 grams per tonne (g/t) gold in hole COR0381 (including 1.4 meters at 15.84 g/t gold) and 1.15 meters at 9.69 g/t gold in hole COR0383 (including 0.6 meters at 17.74 g/t gold).

The results will be used to develop a new resource estimate and preliminary economic assessment for Coringa. It is due for release in July. Last week’s news sent the company’s share price up 29.63 percent to close the week at C$1.05.

Eldorado Gold

Gold and base metals miner Eldorado Gold operates across the globe in Europe, Asia and the Americas.

It did not release any news last week, but its share price rose 24.34 percent to hit C$7.10. The company’s latest announcement came at the beginning of June, when it completed two offerings worth US$300 million and US$450 million.

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 C$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, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.