Gabriel Resources was the top gaining mining stock on the TSX last week, followed by Dundee Precious Metals, Harte Gold, International Tower Mines and Minco Silver.
The S&P/TSX Composite index (INDEXTSI:OSPTX) lost 1.33 percent last week, or 189 points, to finish at 14,037.54.
The TSX, along with a number of other exchanges around the world, lost out this week as gold prices gained. Billionaire George Soros got out of stocks and into gold last week, sharing some of his concerns over the Chinese economy with the Wall Street Journal.
Last week’s top TSX-listed mining stocks were:
- Gabriel Resources (TSX:GBU)
- Dundee Precious Metals (TSX:DPM)
- Harte Gold (TSX:HRT)
- International Tower Mines (TSX:ITH)
- Minco Silver (TSX:MSV)
Here’s a look at what moved the share prices of those companies last week:
Shares of Gabriel Resources gained 54 percent over the past five days to reach $0.385 per share. The company is focused on permitting and developing its Rosia Montana gold–silver project in Romania. However, the company has been in a dispute with the Romanian Government since January 2015 regarding the classification of a village in the area as a site of historical interest. Gabriel Resources was also the top gaining mining stock on the TSXV for the last week of May.
The company released its first quarter results on May 12, but there has still been no further news from the company to explain last week’s price rise.
Dundee Precious Metals
Dundee Precious Metals was up 23.25 percent last week to $3.34 per share after the company provided an update on the economics of its Krumovgrad gold project in Bulgaria. The project, which remains on track to start construction in Q3 of 2016, has an updated capital estimate of $178 million and an updated cash cost estimate of $403 per ounce of gold.
“The updated economics on Krumovgrad continue to support the commercial and economic viability of the project and enables DPM Bulgaria to build on the success we have already built at Chelopech,” stated Rick Howes, President and CEO of Dundee, in a statement.
Harte Gold is focused on the exploration and development of its wholly owned Sugar Zone property in Ontario. The company reported on May 12 that shipments of bulk sample ore from Sugar Zone to Barrick Gold (TSX:ABX) for processing at the Hemlo Mill were progressing on schedule. However, there has been no further news to explain last week’s rise in share price for the company. Shares of Harte were up 21.95 percent last week to $0.25.
International Tower Hills Mines
Shares of International Tower Hill were up 20.9 percent to $0.81 last week. The company is focused on the development of its Livengood Gold project, located 70 kilometers northwest of Fairbanks Alaska. International Tower Hill filed its first quarter results on May 6, and announced results from its 2016 AGM on May 26. However, there has been no further news to explain the company’s rise in share price last week.
Finally, Minco Silver rounded out the top five last week with a gain of 20.19 percent to reach $1.25 per share. Minco is focused on the development of the Fuwan silver project in China’s Guangdong province. The company released its first quarter financial statements on March 31. However, there was no additional news to explain last week’s rise in share price for the company.
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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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