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5 Top Weekly TSX Stocks: Centerra Gold Up on EIA Approval for Öksüt Mine
Jun. 04, 2023 07:45PM PST
Last week's top-gaining stocks on the TSX were Centerra Gold, Troilus Gold, Novo Resources, Forsys Metals and Marimaca Copper.
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The S&P/TSX Composite Index (INDEXTSI:OSPTX) edged up last Friday (June 2), opening at 19,672.25.
After ending May down more than 3 percent, the index kicked off June by inching up, spurred on by higher commodities prices. Gold was back up above US$1,980 per ounce this week, with silver also seeing gains to trade almost at US$24 per ounce.
"Whatever variables you're looking at, whatever you think might be driving gold today — I think basically we set that aside, we look at the macro. And the macro I think is we're heading for a recession," said Lobo Tiggre, editor and founder of IndependentSpeculator.com. “That's very bullish for safe-haven assets, which include gold and silver."
Against that backdrop, some resource juniors saw their share prices go up last week. Here’s a look at the five biggest gainers and the factors that moved their share prices during the period.
1. Centerra Gold (TSX:CG)
Taking the first spot on this week’s top TSX stocks list is Centerra Gold, which saw its share price increase 20.95 percent to end the week at C$8.37. On the last day of May, the company received environmental impact assessment (EIA) approval for its Öksüt mine in Turkey; Centerra is hoping to restart operations in the coming weeks.
Aside from Öksüt, the gold-mining company operates the Mount Milligan mine and holds the Kemess underground project in BC, Canada. It also owns the Goldfield District project in Nevada, US, and has a molybdenum business unit that operates in the US and Canada. The molybdenum business unit encompasses the Thompson Creek and Endako mines.
2. Troilus Gold (TSX:TLG)
Troilus Gold is advancing and de-risking the former Troilus gold-copper mine. The asset is located in Quebec, Canada, and produced more than 2 million ounces of gold and nearly 70,000 tonnes of copper from 1996 to 2010.
Last Wednesday (May 31), Troilus shared plans for its regional summer exploration program. During the five day period, shares of the company increased 18 percent to end at C$0.59.
3. Novo Resources (TSX:NVO)
Gold exploration company Novo Resources has a land package covering approximately 10,500 square kilometers in the Pilbara region of Western Australia and the Bendigo region of Victoria, Australia.
Although it didn't release any news last week, shares of Novo increased 17.02 percent to end at C$0.27.
4. Forsys Metals (TSX:FSY)
Forsys Metals is focused on developing uranium projects on the African continent. The explorer owns the Norasa project, which includes the fully permitted Valencia uranium project, and is also developing the Namibplaas uranium project, both in Namibia.
The company didn't release any news last week, but its share price jumped 13.95 percent to end at C$0.49.
5. Marimaca Copper (TSX:MARI)
Last but not least this week is Marimaca Copper, whose name aligns with its flagship development asset in Chile, the Marimaca project — one of the largest copper discoveries in Northern Chile.
The latest company news came on May 18, when Marimaca published an updated mineral estimate resource for Marimaca. Its share price increased 12.54 percent last week to close at C$3.95.
Data for 5 Top Weekly TSX Performers articles is retrieved each Thursday after market close using TradingView's stock screener. Only companies with market capitalizations greater than C$50 million prior to the week's gains are included. Companies within the non-energy minerals and energy minerals are considered.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
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