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5 Top Weekly TSX Stocks: Meridian Mining Up on Positive PEA for Cabaçal
Mar. 12, 2023 08:00PM PST
Last week's top-gaining stocks on the TSX were Excelsior Mining, Meridian Mining, Sierra Metals, Pine Cliff Energy and Signal Gold.
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The S&P/TSX Composite Index (INDEXTSI:OSPTX) was on the decline last week, closing at 19,774.86.
The index was pushed down to a two month low as worries over interest rates took over the markets. US Federal Reserve Chair Jerome Powell's message of higher and potentially faster rate hikes increased concerns for investors, who were awaiting employment data results from both the US and Canada last Friday (March 10).
Gold and silver fell last week as well, although Brien Lundin, editor of Gold Newsletter, told the Investing News Network that he expects precious metals investors to have a good three to five years going forward.
"A lot of crazy stuff is going to be happening over the next few years, and gold I think will be seen as the stalwart, the bulwark of safety, the safe haven through all of that. I think it's going to be good to be in gold and silver and the mining stocks during that period," Lundin explained on the sidelines of the Prospectors & Developers Association of Canada convention.
Against that backdrop, some resource juniors saw their share prices go up last week. Here’s a look at the five top-gaining companies and the factors that brought them momentum during the five day period.
1. Excelsior Mining (TSX:MIN)
Excelsior Mining is a copper-producing company that owns and operates the Gunnison copper project in Cochise County, Arizona. Its most recent news came in late February, when the company published an updated preliminary economic assessment (PEA) for the Johnson camp mine heap leach operation. Last week, shares of Excelsior Mining increased 21.28 percent to end at C$0.28.
2. Meridian Mining (TSX:MNO)
Brazil-focused Meridian Mining is primarily focused on its advanced-stage Cabaçal volcanogenic massive sulfide copper-gold project, located in the state of Mato Grosso. It is also exploring other assets in the country.
Last Monday (March 6), the company published a positive PEA for Cabaçal, saying that it confirms the project's economic potential. Shares of Meridian Mining increased 16.22 percent last week to end at C$0.43.
3. Sierra Metals (TSX:SMT)
Another Latin America-focused company, Sierra Metals owns and operates three mines in commercial production: the Yauricocha mine in Peru, and the Bolivar and Cusi mines in Mexico.
Despite not releasing any news last week, shares of the company increased 11.58 percent to end at C$0.53.
4. Pine Cliff Energy (TSX:PNE)
Pine Cliff Energy has honed its efforts on assets related to natural gas, crude oil and natural gas liquids. Since 2012, the company has completed nine acquisitions, building three major operating core areas: its Central Assets, Edson Assets and Southern Assets.
Last Tuesday (March 7), the company published record annual results, generating net earnings of $108.9 million in 2022. Last week, shares of Pine Cliff Energy increased 11.38 percent to end the five day period at C$1.37.
5. Signal Gold (TSX:SGNL)
Last but not least this week is Signal Gold, a gold development company advancing the Goldboro gold project in Nova Scotia.
The company's latest news came on March 2, when it reported the sale of 18,078 ounces of gold at its Point Rousse operation in 2022; this was a 48 percent increase from 2021 and generated metal revenue of $41.8 million at an average realized gold price of US$1,773 per ounce sold. Last week, shares of Signal Gold increased 10 percent to end the five day period at C$10.
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.
https://www.linkedin.com/in/priscilabarrera/
pbarrera@investingnews.com
