Last week’s top-gaining stocks on the TSX were MAG Silver, Excellon Resources, Belo Sun Mining, Alexco Resource and Tanzanian Gold.
Stock markets around the world plunged on Monday (March 16) following news from the US Federal Reserve, which announced a second emergency rate cut last Sunday (March 15).
In commodities, gold was trading above US$1,500 per ounce on Friday after falling below US$1,450 for the first time since August 2019 earlier in the week. Meanwhile base metals continued to feel the impact of the epidemic uncertainty, with copper headed for its worst week since 2011.
Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:
- MAG Silver (TSX:MAG)
- Excellon Resources (TSX:EXN)
- Belo Sun Mining (TSX:BSX)
- Alexco Resource (TSX:AXU)
- Tanzanian Gold (TSX:TNX)
Here’s a look at those companies and the factors that moved their share prices last week.
MAG Silver is focused on becoming a top-tier primary silver-mining company by exploring and advancing high-grade, district-scale, silver-dominant projects in the Americas. The miner’s main asset is the Juanicipio property in Mexico, which is being developed in joint venture with top precious metals producer Fresnillo (LSE:FRES).
Despite not releasing any news, MAG’s share price increased 62.48 percent over the five day period to close at C$11.52.
Excellon Resources owns the silver-producing Platosa mine in Mexico. It also holds an option in the Silver City project in Germany and is exploring the Evolucion property in Mexico.
On Thursday (March 19), the company filed a joint management information circular to shareholders in relation to its proposed acquisition of Otis Gold (TSXV:OOO,OTC Pink:OGLDF).
“We’re interested in it for a couple of reasons,” President and CEO Brendan Cahill told the Investing News Network recently. “The first is that we truly believe we’re in a full precious metals bull cycle. Once gold moved through US$1,375 per ounce, US$1,400 last spring, almost a year ago now, it was game on.”
As a result of the news, the company’s share price jumped 44.58 percent to end the week at C$0.60.
Belo Sun Mining
Canadian explorer Belo Sun Mining is focused on developing its Volta Grande gold project. Located in Brazil, the project has undergone a feasibility study; it was completed in March 2015.
The company did not release any news last week, but Belo Sun Mining saw its share price increase 43.1 percent to C$0.41.
Alexco Resource owns the Keno Hill Silver District located in Canada’s Yukon. It is one of the highest-grade historic silver districts in the world.
The company did not release any news last week, but its share price rose 43.1 percent to reach C$1.87.
Gold-focused Tanzanian Gold has assets in the United Republic of Tanzania. Its advanced-stage projects include the Buckreef, Kigosi and Itetemia gold projects.
On Tuesday (March 17), the company published an updated mineral resource for the Buckreef shear zone, which shows a doubling in measured and indicated resources. Last week, shares of the company increased 41.38 percent to end at C$0.82.
Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using Trading View using Stock Screener. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within energy minerals and non-energy minerals sectors are considered.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Alexco Resource is a client of the Investing News Network. This article is not paid-for content.