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Cobalt Investing

Africo Resources was the top gaining stock on the TSX this week, followed by Balmoral Resources, Oban Mining, Eastern Platinum and Eldorado Gold.

Last week, the S&P/TSX Composite index (INDEXTSI:OSPTX) was fairly flat, finishing up 0.33 percent at 13,748.58 points.
According to the Canadian Press, the exchange dipped on Friday as the Canadian dollar fell and oil prices dipped lower.
However, prices for gold, silver and copper were still on the rise last week, and a number of mining companies put out a strong performance last week.
Last week’s top TSX-listed mining stocks were:

  • Africo Resources (TSXV:ARL)
  • Balmoral Resources (TSX:BAR)
  • Oban Mining (TSX:OBM)
  • Eastern Platinum (TSX:ELR)
  • Eldorado Gold (TSX:ELD)

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

Africo Resources

Last week, Africo rose by 95.83 percent, to $0.46 per share after Africo entered into an agreement with Camrose Resources under which the company would be taken private pursuant to a plan of arrangement. The company is currently advancing the development of its high-grade Kalukundi colbatcopper deposit in the Katanga Province.

Balmoral Resources

Earlier in the week, Balmoral reported results from its winter 2016 drill program. Highlights included intercepts of 14.08 grams per tonne of gold over 12.56 meters, including 199 grams per tonne of gold over 0.85 meters. Overall, Balmoral saw its shares rise by 35.38 percent over the course of five days to $0.23.

Oban Mining

Shares of Oban mining were up 22 percent last week to $1.83 after the company released impressive drill results from its Windfall lake gold project in Quebec. Highlights included intercepts of 17.22 grams per tonne of gold over 3.9 meters, 25.3 grams per tonne of gold over 2.3 meters and 9.94 grams per tonne of gold over 5.3 meters.

Eastern Platinum

Eastern Platinum was meant to be sold to China’s Hebei Zhongbo Platinum for $225 million last year. However, it was announced in November that the transaction had been put on hold due to opposition from a major shareholder in Hebei Zhongbo. There has been no further recent news from the company to explain last week’s share price rise. Shares of Eastern Platinum gained 36.9 percent to reach $1.15 last week.

Eldorado Gold

Finally, Eldorado Gold was up 19.21 percent to $6.33 per share last week. The company released its first quarter results last week, reporting 140,989 ounces of gold production at at an average cash operating cost of $603 per ounce.
“We have completed another consistent quarter with our operations performing to plan and we remain on track to achieve our guidance for the year”, stated Paul Wright, President and CEO of Eldorado, in a statement.
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Data for 5 Top 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.
Securities Disclosure: I, Teresa Matich, hold no direct investment interest in any company mentioned in this article.
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