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Western Lithium USA was the top gainer this past week. It was followed by Balmoral Resources, Dalradian Resources, Allana Potash and Imperial Metals.
Though the S&P/TSX Composite index (INDEXTSI:OSPTX) closed the week down 6.82 points, at 15,234.34, some stocks listed on the TSX managed to perform well.
Western Lithium USA (TSX:WLC) was the top gainer this past week. It was followed by Balmoral Resources (TSX:BAR), Dalradian Resources (TSX:DNA), Allana Potash (TSX:AAA) and Imperial Metals (TSX:III).
Western Lithium USA
As mentioned, Western Lithium was the top gainer on the TSX this past week, climbing 25 percent to hit $0.69. The company is currently developing its Kings Valley lithium deposit in Nevada into one of the world’s largest and most reliable sources of high-quality lithium.
Western Lithium announced on Tuesday that it produced 99.8 percent high-quality lithium carbonate in its first trial run while commissioning its demonstration plant in Germany. The company has been establishing a track record for pure lithium products and is expected to be a new supplier of lithium for the lithium-ion battery market, which is currently experiencing significant growth from electric vehicles, energy storage applications and consumer electronics.
“Over the past 18 months, Western Lithium has completed the permitting, construction and first product sales of our Hectatone business … located in Nevada,” Jay Chmelauskas, Western Lithium’s CEO, said in a press release. “The lithium market now appears ready for Western Lithium to accelerate the development of its Nevada lithium deposit as a new major supply source. Nevada is emerging as the world’s largest lithium battery manufacturing center and provides potential synergies for Western Lithium to establish its business locally and to become integrated with the global battery supply chain.”
Balmoral Resources
Balmoral is a Canada-based company that’s currently focused on a portfolio of advanced to early stage gold and nickel–copper-PGM discoveries in Quebec and Ontario. The company saw a weekly increase of 15.79 percent to hit $1.18, and most recently appointed John Foulkes as its vice president, corporate development.
Dalradian Resources
Dalradian Resources secured a spot on the top five by gaining 14.89 percent for the week to close at $1.14. The gold development and exploration company announced on Monday that share purchase warrants issued on February 19, 2014 were exercised prior to their expiration on February 19, 2015, resulting in company proceeds worth approximately C$8.6 million.
The move demonstrates a strong vote of confidence from holders of Dalradian’s warrants, and provides the company with strong footing to advance its Curraghinalt gold project.
Allana Potash
Allana Potash made the top five this week and closed with an impressive 20-day high. The company saw a gain of 18.75 percent over the course of the week and reached $0.38. The company’s flagship asset is its Ethiopia potash project in the Danakhil evaporate basin.
Director Betty-Ann Heggie recently won the 2015 Women in Mining Canada Trailblazer Award.
Imperial Metals
Imperial Metals took the final spot in this past week’s top five by gaining 16.45 percent to reach $11.75. The Vancouver-based company recently announced that the commissioning of the Red Chris mill is progressing as planned.
Specifically, the company notes in a release that both the SAG and ball mill drive systems have been operating at 100 percent load factors, resulting in flotation circuits and the secondary regrind mill being recommissioned with low-grade ore. That will result in the first production of copper concentrate for the project.
Data for TSX Top 5 articles is retrieved each Friday and reported on Monday. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included.
Related reading:
Western Lithium Up 30 Percent on First High-purity Lithium Production