Other top gainers last week were Newmarket Gold, GoGold Resources and Arizona Mining. Learn what moved their share prices.
Last week, the S&P/TSX Composite index (INDEXTSI:OSPTX) rose 0.98 percent, or 130.29 points, to close at 13,396.73 points.
All in all, it lost 0.3 percent for the week, but is up 2.9 percent year-to-date. According to Reuters, that makes the index the second-best performer among developed markets worldwide — an impressive feat in today’s difficult (though improving) resource space.
A good number of TSX-listed mining stocks gained along with the index last week. The top five gainers were:
- Almaden Minerals (TSX:AMM,NYSEMKT:AAU)
- Lithium Americas (TSX:LAC)
- Newmarket Gold (TSX:NMI)
- GoGold Resources (TSX:GGD)
- Arizona Mining (TSX:AZ)
Read on to learn what moved the share prices of those companies last week.
As mentioned, Almaden Minerals was the top-rising mining stock on the TSX last week, recording a share price increase of 57.61 percent to end the week at $1.45. The company is focused on its Mexico-based Tuligtic project, which encompasses the Ixtaca gold-silver deposit. Almaden’s most recent news came on February 22, when it released partial assay results from exploration at Ixtaca.
Like Almaden, Lithium Americas didn’t release any news last week; however, it nevertheless recorded a 50-percent rise in share price, closing Friday at $0.78. Formerly known as Western Lithium, Lithium Americas is developing the Argentina-based Cauchari-Olaroz lithium project in a joint venture with SQM (NYSE:SQM); the joint venture was announced at the end of March.
Newmarket Gold merged last year with Crocodile Gold, and now owns three Australian mines that together produce over 200,000 ounces every year.
Last week, the company’s share price rose 33.94 percent to close at $2.92 on the back of two announcements. First, Newmarket said that Eric Sprott plans to purchase 10,000,000 common shares of the company from Luxor Capital Partners for total consideration of $22.5 million; after the transaction goes through, Sprott will have an 8.7-percent stake in Newmarket. The company also announced that Michael Vint has been appointed as a director.
Silver and gold producer GoGold Resources saw its share price rise 28.04 percent last week to finish at $1.37. During that time, it announced its most recent quarterly production results, commenting that it put out 335,183 silver equivalent ounces — that’s up 45 percent from the previous quarter.
Finally, Arizona Mining is focused on the exploration and development of its Arizona-based Hermosa project, which contains the Taylor lead–zinc-silver carbonate replacement deposit.
Last week, its share price gained 25.93 percent to reach $1.02, though it didn’t put out any news during the period. The company last released news on March 21, when it entered into a term sheet with Osisko Gold Royalties (TSX:OR) for a 1-percent NSR on any lead/zinc/silver sulfide ores mined at Hermosa. It garnered proceeds of $10 million from the deal. Osisko and certain of its insiders will also subscribe for 9.99 million units priced at $0.56 each.
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, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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