5 Top Weekly TSX Stocks: Palladium Price Surge Buoys PGMs Stocks

Last week's top-gaining mining stocks on the TSX were Katanga Mining, Platinum Group Metals, North American Palladium, Trilogy Metals and INV Metals.

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The S&P/TSX Composite Index (INDEXTSI:OSPTX) ended Friday (January 5) down 63.5 points, or 0.39 percent, at 16,349.44 points. 

Over the course of the four-day week, the index gained 0.9 percent in total. During the period, the Canadian dollar reached a three-month high after the country’s jobless rate hit a four-decade low.

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

  • Katanga Mining (TSX:KAT)
  • Platinum Group Metals (TSX:PTM,NYSEAMERICAN:PLG)
  • North American Palladium (TSX:PDL)
  • Trilogy Metals (TSX:TMQ,NYSEAMERICAN:TMQ)
  • INV Metals (TSX:INV)

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

1. Katanga Mining

Katanga Mining operates a large-scale coppercobalt mine complex in the Democratic Republic of Congo (DRC) through two joint ventures; the joint ventures are called Kamoto Copper Company and DRC Copper and Cobalt Project. Major miner Glencore (LSE:GLEN) holds a stake in Katanga.

In 2015, the company suspended the processing of copper and cobalt during the construction phase of a whole ore leach project. The suspension continued through the first three quarters of 2017, and production is not expected to resume until the project is commissioned; that process is expected to be finished in 2018. Katanga’s share price jumped 36.22 percent last week to end at $2.52.

2. Platinum Group Metals

Platinum Group Metals is focused on the production of platinum and palladium, and has projects located in South Africa. Its main asset is its Waterberg platinum-group metals project, for which it is currently completing a definitive feasibility study; most recently, the firm appointed lead engineers for the study.

The company did not release any news last week, but its share price increased 28.95 percent to close at $0.49. It is worth noting that last week palladium reached an all-time high of $1,096.50 per ounce.

3. North American Palladium

North American Palladium bills itself as the world’s only pure-play palladium producer, and operates the Lac des Iles mine in Ontario. It did not put out any news last week, but its share price leaped 27.07 percent to close at $9.43; like Platinum Group Metals it may have benefited from palladium’s price rise.

4. Trilogy Metals

Trilogy Metals’ main assets are the Upper Kobuk mineral projects in Alaska’s Ambler Mining District. The company says it is “uniquely positioned” to give investors exposure to rising copper, zinc, gold and silver prices, and it is working to determine the extent of mineralization at its projects.

The company did not release any news last week, but its share price rose 19.42 percent to end at $1.66.

5. INV Metals

INV Metals is focused on the exploration and development of its Ecuador-based Loma Larga gold project. According to the company, the project contains estimated probable reserves of 1.86 million ounces grading 5 g/t gold, 28 g/t silver and 0.3 percent copper within 11.6 million tonnes.

Last week, the company did not release any news; nevertheless, its share price rose 18.84 percent durinv the period to reach $0.82. Ecuadorean gold companies were in focus last week after Keith Barron’s Aurania Resources (TSXV:ARUsaw a sizeable share price boost.

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.

Don’t forget to follow us @INN_Resource for real-time news updates!

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

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