5 Top Weekly TSX Stocks: Steppe Jumps on Eric Sprott’s C$15 Million Investment

- July 12th, 2020

Last week’s top-gaining stocks on the TSX were Silver Bear Resources, Amerigo Resources, Steppe Gold, Galiano Gold and Erdene Resource.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trending upward early last Friday (July 2), reaching a level of 15,643.91. 

The index opened on a bright note at the end of the week as the domestic jobless rate fell in June, pointing to a recovery from the impact brought by the coronavirus pandemic.

In commodities, gold broke the US$1,800 per ounce level earlier in the week, but pulled back on Friday. Copper also continued its upward trend, hovering around US$6,300 per tonne.

Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:

  • Silver Bear Resources (TSX:SBR)
  • Amerigo Resources (TSX:ARG)
  • Steppe Gold (TSX:STGO)
  • Galiano Gold (TSX:GAU)
  • Erdene Resource Development (TSX:ERD)

Here’s a look at those companies and the factors that moved their share prices last week.

1. Silver Bear Resources

Silver Bear Resources is focused on the development of its wholly owned Mangazeisky silver project, which includes the high-grade Vertikalny deposit (amongst the highest-grade silver deposits in the world), located in the Republic of Sakha within the Russian Federation.

Despite not releasing any news, shares of Silver Bear jumped 46.15 percent to end the week at C$0.19.

2. Amerigo Resources

Amerigo Resources’ 100 percent owned MVC operation in Chile has been producing copper concentrates since 1992 by processing fresh and historic tailings from Codelco’s El Teniente mine, the world’s largest underground copper mine.

Last week, the company did not release any news, but it was up by 42.03 percent to reach C$0.49.

3. Steppe Gold

Steppe Gold is a precious metals exploration and development company focused on gold and silver projects in Mongolia. The company wholly owns the advanced-staged ATO project.

It was a busy week for Steppe Gold, which provided an update on production at ATO last Monday (July 6). The company remains on track to produce approximately 60,000 ounces of gold in its first year of production at a cash cost of about US$500 per ounce from its asset.

Later in the week, on Thursday (July 9), Steppe Gold announced a strategic investment of C$15 million by billionaire mining investor Eric Sprott. Its shares jumped 32.5 percent to end the week at C$2.65.

4. Galiano Gold

Galiano Gold currently operates and manages the Asanko gold mine, located in Ghana, West Africa. It is jointly owned with Gold Fields (NYSE:GFI).

Last Monday, the company provided an update on its exploration program, and later in the week it released its preliminary results for the second quarter of the year. Last week, Galiano Gold saw its share price increase 26.09 percent to C$2.32.

5. Erdene Resource Development

Another Mongolia-focused company, Erdene Resource Development has been exploring in Southwest Mongolia over the past decade and is responsible for the discovery of the Khundii Gold District. The company is considering two prospects for development: the 100 percent owned Bayan Khundii and Altan Nar projects. Together, these deposits comprise the Khundii gold project.

Last Tuesday, the company released drilling results from the Midfield Southeast zone at Khundii. Last week, shares of the company increased 25 percent to end at C$0.50.

Data for 5 Top Weekly 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 C$50 million prior to the week’s gains are included. Companies within the non-energy minerals and energy minerals are considered.

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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

Editorial Disclosure: Steppe Gold is a client of the Investing News Network. This article is not paid-for content.

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