Last week’s other top-gaining stocks on the TSX were Laramide Resources, Columbus Gold, Erdene Resource Development and SouthGobi Resources.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed last Friday (December 8) up 80.39 points, or 0.5 percent, at 16,096.07 points.
According to Reuters, the exchange ended the week up 0.4 percent overall, with industrials advancing 1 percent and the energy group rising 0.6 percent. Meanwhile, the materials group added 0.6 percent.
Agains that backdrop, a number of TSX-listed stocks in the mining space experienced significant share price gains last week. The five top gainers are as follows:
- RTG Mining (TSX:RTG,ASX:RTG)
- Laramide Resources (TSX:LAM)
- Columbus Gold (TSX:CGT)
- Erdene Resource Development (TSX:ERD)
- SouthGobi Resources (TSX:SQG,HKEX:1878)
Read on to learn what moved the share prices of those companies last week.
1. RTG Mining
RTG Mining is currently focused on securing an exploration license for the past-producing Panguna copper-gold mine, an asset located in an autonomous region of Papua New Guinea called Bougainville.
Bougainville Copper was forced to abandon the mine in 1989, but the company, which is partially owned by the Bougainville government, is now looking to conduct work at the property again. RTG Mining is leading a rival consortium known as Central Me’ekamui Exploration that also wants control of the mine.
Last week, RTG’s share price rose 178.26 percent to end at $0.32 after it made two announcements. First, the company said on Tuesday (December 5) that Philip Miriori has been appointed chairman of a local landowners committee; with Miriori as its head, the committee is expected to support the consortium’s bid for Panguna. Second, RTG increased its interest in the consortium to 24 percent.
The Bougainville government is planning to hold a mining warden’s hearing in order to determine whether Bougainville Copper should retain its exploration license for Panguna. “Until that process is completed, there are no other applicants or applications over the same tenement. That’s the position of Government,” said Bougainville Mining Secretary Shadrach Himata.
2. Laramide Resources
Laramide Resources has uranium assets in both the US and Australia. Its US properties include the Church Rock and Crownpoint ISR projects in New Mexico, as well as the Utah-based La Sal project. It says its Australia-based Westmoreland property is one of the largest uranium projects held by a junior.
The company didn’t release any news last week, but its share price rose 36.11 percent to end at $0.49.
3. Columbus Gold
Columbus Gold’s share price soared 24.29 percent last week, closing at $0.87, after the company released a slew of news.
On Tuesday, the company said it has shipped 1,900 drill samples from its Nevada-based Bolo gold project to the lab for assaying; it also said it has begun drilling at its Eastside gold project in Nevada. Then, on Wednesday (December 7), Columbus announced that it has now satisfied almost all of the conditions required for it to complete a spin out of Allegiant Gold, its wholly owned subsidiary.
4. Erdene Resource Development
Erdene Resource Development is focused on base and precious metals exploration in Mongolia, and last week its share price increased 19.59 percent to close at $0.58. During the five-day period, the company announced further assay results from its Bayan Khundii gold project. Highlights include 61 meters of 4.2 g/t gold and 15 meters of 9.2 g/t gold.
5. SouthGobi Resources
Finally, SouthGobi Resources’ share price rose 18.18 percent last week to end the period at $0.20. The company describes itself as an integrated coal supplier, and says it aims to become a conglomerate with diversified businesses in Mongolia to bridge the business opportunities between China and Mongolia. It did not release any news last week.
Data for 5 Top Weekly TSX Stocks articles is retrieved each at 10:30 a.m. PST using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.