5 Top TSX Stocks: McEwen Mining, Endeavour Silver Up Nearly 30 Percent

The S&P/TSX Composite index (INDEXTSI:OSPTX) rose 39.48 points on Friday to close last week at 14,277.88 points. For the week as a whole, it dropped 0.2 percent. 
According to Reuters, the index saw instability on the back of China’s yuan devaluation. The Asian nation allowed the yuan to weaken about 3 percent against the US dollar on Tuesday, Wednesday and Thursday last week before fixing the currency at a stronger level on Friday.
Nevertheless some TSX-listed companies managed to enjoy share price gains last week. The top gainer was McEwen Mining (TSX:MUX,NYSE:MUX), and it was followed by Endeavour Silver (TSX:EDR,NYSE:EXK), Seabridge Gold (TSX:SEA.NYSE:SA), SilverCrest Mines (TSX:SVL,NYSEMKT:SVLC) and First Majestic Silver (TSX:FR,NYSE:AG).

McEwen Mining

Gold and silver producer McEwen Mining saw its share price rise 29.03 percent last week to close at $1.20. It did not make any announcements that would explain that share price rise.
Most recently, on August 5, McEwen Mining reported its Q2 operating and financial results, commenting that it achieved record quarterly production of 39,164 gold equivalent ounces and cash flow from operations of about $6 million, or $0.02 per share. Meanwhile, the company reported a consolidated net loss of $14.1 million, or $0.05 per share, largely due to a $28.5-million impairment on properties in Nevada that it opted to discard. While that might sound negative, it’s down from a year-ago consolidated net loss of $104 million.

Endeavour Silver

Last week, Endeavour Silver’s share price rose 28.98 percent, to $2.27. Like McEwen Mining, the company, which operates three high-grade, underground silver mines in Mexico, did not put out any news that would explain its share price rise.
The company last released news on August 6, when it put out its financial results for Q2. Endeavour reported a net loss of $1 million, more than $0.3 million in the year-ago period, and said that cash flow from operations before working capital changes sank by 8 percent, to $11 million.
However, CEO Brad Cooke believes the company’s performance is positive considering the markets. “Our strong operational and financial performance in the Second Quarter, notwithstanding lower metal prices, allowed us to add $9.5 million in net cash to the balance sheet. We are also on track to meet our production guidance and beat cash cost and AIS cost guidance for 2015,” he said. Click here to watch the Investing News Network’s recent interview with Cooke.

Seabridge Gold

Seabridge Gold’s share price rose 23.78 percent last week to reach $7.34. The company’s main asset is the British Columbia-based KSM project, which is one of the largest undeveloped gold projects in the world. It has proven and probable reserves of 38.2 million ounces of gold and 9.9 billion pounds of copper. Due to its size, the company is looking for a partner to fund it.
On August 13, the company filed on SEDAR its report to shareholders, financial statements and management discussion and analysis. It also commented on its results for Q2, noting that it posted a net loss of $1.6 million, or $0.03; that’s less than the $3.8-million loss it reported in the year-ago period.

SilverCrest Mines

Midway through last week, SilverCrest Mines released its consolidated interim financial results for Q2, noting that its net earnings came to $3.86 million, or $0.03 per share. Cash flow from operations was $8.1 million, or $0.07 per share, and SilverCrest reported a big increase in metal sales — it sold 515,070 ounces of silver and 11,567 ounces of gold, up 216 and 144 percent, respectively. However, according to Mining Weekly, investors were particularly encouraged by the fact that SilverCrest has lifted its full-year guidance. The company now anticipates production of 4.7 to 5.1 million silver equivalent ounces in 2015.
On the back of that news, the company’s share price jumped 23.42 percent to hit $1.37. It’s worth noting that SilverCrest is set to be acquired by First Majestic Silver.

First Majestic Silver

First Majestic enjoyed a share price rise of 23.37 percent last week, closing at $4.91. The company released its unaudited interim consolidated financial results for Q2 on August 11, noting that it incurred an after-tax net loss of $2.6 million, or $0.02 per share; cash flows before movements in working capital and taxes came to $16.4 million, or $0.14 per share. In terms of production, First Majestic put out 3.8 million silver equivalent ounces, including 2.7 million ounces of pure silver.
As mentioned, First Majestic is set to acquire SilverCrest, meaning that SilverCrest’s positive performance last week likely contributed to its share price rise as well.
 
Data for TSX Top 5 articles is retrieved each Friday after market close. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. 
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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