The Conversation (0)
5 Top Weekly TSX Stocks: PolyMet Soars After Glencore's US$71 Million Offer
Jul. 09, 2023 07:45PM PST
Last week's top-gaining stocks on the TSX were PolyMet Mining, Condor Resources, Solis Minerals, Magna Mining and Avalon Advanced Materials.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened down last Friday (July 7) at 19,810.69.
The index posted its biggest drop since March on the back of interest rate hike worries. On the last day of the trading week, investors were awaiting US jobs data, which could hint at the next move from the Federal Reserve.
Looking over at commodities, gold was trading at around US$1,919 per ounce on Friday, with sister metal silver hovering around the US$22.70 per ounce mark. Some market watchers believe the precious metals could go much higher.
"I strongly believe that gold will take out US$2,100, and it will rip to US$3,000 when the first hint of the next easing occurs, and I think that's not very far away," Larry Lepard of EMA recently told the Investing News Network. "And then of course silver is gold on steroids as we all know — I think silver will go through US$30 easily and then on its way to US$50 and then through US$50."
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. PolyMet Mining
Leading this week’s top TSX stocks list is Polymet Mining, which saw its share price increase 143.81 percent to end at C$2.56.
PolyMet holds a 50 percent interest in NewRange Copper Nickel, a joint venture with Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK). NewRange Copper Nickel holds the NorthMet and Mesaba copper, nickel, cobalt and platinum-group metals deposits, located in the Duluth complex in Northeast Minnesota.
Last Monday (July 3), mining giant Glencore (LSE:GLEN,OTC Pink:GLCNF) made a US$71 million offer to buy all of the shares it does not already own of PolyMet; PolyMet is currently reviewing the proposal. Swiss commodities trader Glencore has been in the middle of a bigger acquisition bid for Teck Resources since March.
2. Condor Resources
Condor Resources is an exploration company focused exclusively on Peru, supplemented by a project generator and royalty model. The company currently has 12 projects in its portfolio.
The company did not release any news last week, but its share price increased 26.67 percent to end at C$0.47.
3. Solis Minerals
Solis Minerals is focused on battery metals projects in Latin America. The company owns a 100 percent interest in the Borborema lithium project in Brazil, and it recently executed an option to acquire 100 percent of the Jaguar lithium project, which is also located in the South American country.
Last week, shares of Solis Minerals jumped 24.36 percent to end at C$0.97.
4. Magna Mining
Magna Mining is an exploration and development company focused on nickel, copper and platinum-group metals projects in the Sudbury region of Ontario, Canada. The company’s flagship assets are the past-producing Shakespeare and Crean Hill mines.
Last week, shares of Magna Mining increased 20.69 percent to trade at C$0.70 by the end of the week.
5. Avalon Advanced Materials
Last but not least is Avalon Advanced Materials, which has critical minerals projects across Canada. Avalon is currently focusing on its Separation Rapids lithium project near Kenora, Ontario, and its Lilypad cesium-tantalum project near Fort Hope, Ontario.
Last week, shares of Avalon Advanced Materials increased 19.23 percent to end the period at C$0.15.
Data for 5 Top Weekly TSX Performers articles is retrieved each Friday 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.
Don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.
https://www.linkedin.com/in/priscilabarrera/
pbarrera@investingnews.com
