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TSX Top 5: Petaquilla Minerals, Namibia Rare Earths Top Gainers
Despite the state of the current resource market, several companies managed to rise above and make gains on the TSX last week.
Despite the state of the current resource market, several companies managed to rise above and make gains on the TSX last week. Not one, but two rare earth companies cracked into the top 5 gainers, while a pair of gold miners made the cut as well.
Here’s a look at the mining companies who topped last week’s list.
Petaquilla Minerals (TSX:PTQ)
Petaquilla Minerals gained 77.78 percent to trade at $0.08 last week, making it the best-performing resource stock on the TSX. The company, which operates a gold processing plant in Panama, announced that it arranged a bridge loan of $18 million. The loan will fund general corporate and working capital expenses. In the same announcement, Petaquilla revealed the loan is part of $60 million in financing to be disbursed over a year – the money comes from a gold purchase and sales agreement with Imppetrol Investment S.A. in which gold is to be delivered over three years.
Namibia Rare Earths (TSX:NRE)
Gaining 27.59 percent to trade at $0.19, Namibia Rare Earths came in second for gains on the TSX last week. On October 1, the company announced it had completed a preliminary economic assessment for its Lofdal rare earths project in Namibia.
“This Preliminary Economic Assessment provides shareholders and investors with the first indications of the economic potential of Lofdal,” President Donald Burton said in the release. “The PEA confirms the strengths of the Project in terms of its favorable rare earth distribution and amenability to conventional mining and processing, and demonstrates its financial strengths in terms of the low capital costs and significant cash flows.”
Frontier Rare Earths (TSX:FRO)
Frontier Rare Earths, focused on exploring and developing rare earth elements projects in South Africa, gained 9.8 percent last week to trade at $0.28. The company has a joint venture agreement with Korea Resources Corporation that has funded development of its flagship Zandkopsdrift project. There is no news to directly explain why Frontier’s share price rose this week.
Argex Titanium (TSX:RGX)
Titanium dioxide producer Argex Titanium announced on September 29 that all remaining outstanding warrants to purchase its stock were either exercised or have expired. As of the announcement, Argex Titanium has no warrants in its capital structure, the press release reported.
“Thanks to the support of our investors and our unique value proposition, Argex has issued no warrants in any financing in the last four years,” President and CEO Roy Bonnell said.
On the heels of this news, Argex Titanium rose 9.52 percent to trade at $0.69.
Alamos Gold (TSX:AGI)
Finally, Alamos Gold gained 7.61 percent last week to trade at $0.50, rounding out the list of the top five gainers. On Sept. 30, the gold producer announced it would pay a semi-annual dividend of $0.10 per share. The release noted this is the 10th consecutive semi-annual dividend paid to shareholders, and part of the total of $102 million the company has returned to its shareholders in the past five years.
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