Last week’s other top-gaining mining stocks on the TSX were Lithium Americas, Pilot Gold, INV Metals and Laramide Resources.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed Friday (March 31) down 0.2 percent at 15,547.75 points. According to Reuters, the index’s slight fall came on the back of share price declines for financial and railway companies.
Since the start of 2017, the index has increased by 1.7 percent. In a separate article, Reuters notes that it rose a whopping 17.5 percent in 2016, and looks set to hit an all-time high this year. By mid-2018 it could reach 16,470 points.
Given those stats, it’s perhaps unsurprising that many TSX-listed mining companies continue to fare well. Last week a number of them saw large share price gains — the stocks that rose the most were:
- Exeter Resource (TSX:XRC,NYSEMKT:XRA)
- Lithium Americas (TSX:LAC,OTCMKTS:LACDF)
- Pilot Gold (TSX:PLG,OTCMKTS:PLGTF)
- INV Metals (TSX:INV,OTCMKTS:ILNLF)
- Laramide Resources (TSX:LAM,OTCMKTS:LMRXF)
Here’s a quick look at those companies and what moved their share prices last week.
Exeter Resource’s share price surged 50.33 percent last week to end at $2.30. The rise came after major miner Goldcorp (TSX:G,NYSE:GG) announced plans to acquire the company. Goldcorp is teaming up with Barrick Gold (TSX:ABX,NYSE:ABX) to develop projects in northern Chile’s Maricunga Gold Belt, and the acquisition will give the companies access to Exeter’s Caspiche gold project. They will also focus on the Cerro Casale project.
In all, Goldcorp intends to spend over $1 billion in Chile over the next six to eight years. “We’re very excited about the opportunity to put these two projects together,” said Russell Ball, the company’s CFO and executive vice president of corporate development.
Last week was a busy one for Lithium Americas. The company, which is developing the Argentina-based Cauchari-Olaroz lithium brine deposit via a joint venture with SQM (NYSE:SQM), released two pieces of news. First, it provided an update on a number of strategic financings, and second it released a definitive feasibility study for Cauchari-Olaroz.
On the back of that news, the company’s share price rose 20.48 percent to end the week at $1.
Pilot Gold’s share price rose 16.33 percent last week to close at $0.57. During the period, the company released its financial and operating results for 2016, as well as an outlook for 2017. Notably, Pilot Gold said that this year it will continue to focus on its three past-producing gold projects in the US. It describes the projects as “extremely well located,” and says they “have the potential for significant resource growth.”
Like Pilot Gold, INV Metals put out its 2016 results last week. CEO Candace MacGibbon described it as “a breakout year for INV Metals,” and noted that the company was able to complete a prefeasibility study for its Loma Larga gold project in Ecuador. It also completed its first equity financing in four years, and plans to use the funds to complete a feasibility study for the project.
The news brought the company’s share price up 13.92 percent to close at $0.90.
Finally, Laramide Resources’ share price rose 11.11 percent last week to close at $0.60. During the period, the company announced that it has engaged SRK Consulting to complete an independent NI 43-101 technical report for its US-based Churchrock and Mancos uranium properties. The company intends to complete a resource estimate for the properties in the second quarter of this year.
Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday after market close 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.
Editorial Disclosure: Exeter Resource is a client of the Investing News Network. This article is not paid-for content.