Vista Gold was the top gaining stock in the mining sector last week, followed by Northern Dynasty Minerals, Continental Gold, New Gold and Aquila Resources.
The S&P/TSX Composite index (INDEXTSI:OSPTX) remained fairly flat last week, dipping 0.13 percent to finish at 14,582.72 points.
The exchange ticked up slightly on Friday, with oil stocks providing some of that boost along with rising old prices.
Mining stocks were on the rise as well, with gold prices gaining once again for the week.
Companies from the resource sector that were up for the week included:
- Vista Gold (TSX:VGZ)
- Northern Dynasty Minerals (TSX:NDM)
- Continental Gold (TSX:CNL)
- New Gold (TSX:NGD)
- Aquila Resources (TSX:AQA)
Here’s a look at those companies:
Vista Gold was up 20 percent last week to $2.10 per share. The company owns the Mount Todd project, the largest undeveloped gold project in Australia. Vista announced its first quarter results on May 2. There was no further news last week to explain the company’s rise in share price.
Northern Dynasty Minerals
Northern Dynasty is focused on advancing the Pebble project, a massive copper-gold-molybdenum-silver deposit in Alaska. The company has been embroiled in a dispute with the US Environmental Protection Agency (EPA), which is attempting to block development of the pebble project. The company lastcommented on the issue in January of this year, in a release that condemned the EPA Inspector General’s “serious bias” at the agency. This June, EPA chief Gina McCarthy was questioned over missing emails pertaining to this issue.
Shares of Northern Dynasty gained 18.64 percent to reach $0.70 per share last week. There was no new news to account for that share price rise.
Shares of Continental Gold were up 17.68 percent to $3.86 per share after a big news week last week. On Monday, Continental announced it had been granted its environmental license to connect its Buritica project in Colombia to the local electrical power grid. a 110 kilovolt transmission line will run 31 kilometers from a Medellín public utility company substation in Chorodó to Continental’s substation at the Buriticá Project.
On Thursday, the company reported high-grade gold results from channel samppling from development cross-cuts and drifts from level 1B of the Yaraguá mine. “Underground development sampling at Yaraguá continues to deliver high-grade results over significant true widths” stated Continental CEO Ari Sussman in the company’s release. “Combining these broad and high-grade channel sampling results with the excellent results encountered in our long-hole trial mining test stope announced on May 3, 2016 provides us with reason to be optimistic about the possibility of introducing wider, more productive extraction methods to certain areas within the FS mine plan.”
New Gold is an intermediate gold producer with four operating mines in Canada, the US, Australia and Mexico. The company also holds two significant development projects. This week, New Gold announced its second quarter results, reporting higher cash flow and a significantly lower full-year cost guidance. New Gold saw a $233 decrease in all-in sustaining costs relative to the first half of 2015.
“The combination of higher production, lower costs and improved gold prices enabled us to generate a 39% increase in our cash flow. We are on track to meet our full-year gold production guidance and pleased to be in a position to lower our cost guidance,” said New Gold chairman Randall Oliphant in a statement.
New Gold was up 17.1 percent last week to $6.78 per share.
Finally, Aquila Resources was up 16.67 percent to $0.245 per share for the week. The company is focused on advancing its Back Forty gold-zinc project in Michigan, currently in permitting. The company provided an update on the permitting process on June 13, reporting that it had provided the Michigan Department of Environmental Quality (MDEQ) with additional information requested regarding the project. The company stated that it expected a proposed decision on its mining permit application this month.
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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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