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5 Top Weekly TSX Stocks: McEwen Mining Jumps 24 Percent on Stellantis, Nuton Investments
This week's top-gaining mining and energy stocks on the TSX were McEwen Mining, Almonty Industries, New Pacific Metals, Calibre Mining and Petrus Resources.
The S&P/TSX Composite Index (INDEXTSI:OSPTX) rose 2.01 percent this week to finish at 19,457.83.
On Friday (October 13), Bank of Canada Governor Tiff Macklem said he thinks the country's economy isn't heading into a "serious recession," although the central bank is still deciding whether to hike interest rates at its next meeting.
"What we're looking for are clear signs that core inflation, underlying inflation, those pressures are easing and inflation is going to be coming down," he told reporters during a call from Marrakech, Morocco.
Against that backdrop, some resource juniors listed on the TSX 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. McEwen Mining (TSX:MUX)
Weekly gain: 24.13 percent; market cap: C$507.88 million; current share price: C$10.65
Run by Chairman and Chief Owner Rob McEwen, who founded well-known Canadian gold miner Goldcorp, McEwen Mining is a gold and silver producer that operates in the US, Canada, Mexico and Argentina. The company also owns 47.7 percent of McEwen Copper, which owns the advanced-stage Los Azules copper project in Argentina.
McEwen Mining shared two pieces of news on Wednesday (October 11), both related to McEwen Copper and Los Azules. First, McEwen Copper closed an investment of 42 billion Argentine pesos with carmaker Stellantis (NYSE:STLA), which in February invested 30 billion Argentine pesos in McEwen Copper. Stellantis now owns 19.4 percent of the company.
Second, McEwen Copper announced that Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) subsidiary Nuton has agreed to invest a further US$10 million in McEwen Copper. The two part transaction is expected to close by October 19; Nuton invested $25 million in McEwen Copper in August 2022, and another US$30 million in February of this year. Its stake in McEwen Copper now stands at 14.5 percent.
The news sent McEwen Mining's share price up 24.13 percent to finish last week at C$10.65.
2. Almonty Industries (TSX:AII)
Weekly gain: 22.58 percent; market cap: C$129.98 million; current share price: C$0.57
Almonty Industries is focused on mining, processing and shipping tungsten concentrate from its Los Santos mine in Western Spain and its Panasqueira tungsten mine in Portugal. It is also developing its Sangdong tungsten mine in South Korea, as well as its Valtreixal tin-tungsten project in Northwest Spain.
The company's latest news came on October 6, when it announced "firm commitments" to raise gross proceeds of C$500,000, US$733,333 and AU$550,000. Last week, shares of Almonty rose 22.58 percent to finish at C$0.57.
3. New Pacific Metals (TSX:NUAG)
Weekly gain: 17.48 percent; market cap: C$413.47 million; current share price: C$2.42
Exploration and development company New Pacific Metals has honed its efforts on Bolivia, where it has its flagship Silver Sand silver project. Its other assets in the country are the Carangas and Silverstrike silver-gold projects.
New Pacific's latest announcement came on September 29, when it closed a C$35 million bought-deal financing. Despite the lack of fresh news, its share price rose 17.48 percent to close this week at C$2.42.
4. Calibre Mining (TSX:CXB)
Weekly gain: 16.28 percent; market cap: C$682.32 million; current share price: C$1.50
Mid-tier gold producer Calibre Mining is focused on the Americas, where it has properties in Nicaragua, as well as the US states of Nevada and Washington. Its producing operations are the Limon gold mine and mill, the Libertad gold mine and mill, the Pavon gold mine, the Eastern Borosi gold-silver mine and the Pan gold mine.
On Tuesday (October 10), the company announced its latest operating results, reporting its fourth consecutive quarterly record for consolidated gold production at 73,485 ounces. According to Calibre, that's a 50 percent increase year-on-year. It is on track to deliver its full-year guidance of 250,000 to 275,000 ounces. The news sent Calibre's share price up 16.28 percent to hit C$1.50.
5. Petrus Resources (TSX:PRQ)
Weekly gain: 15.22 percent; market cap: C$196.7 million; current share price: C$1.59
Oil and natural gas company Petrus Resources is focused on Alberta, where it has low-risk development assets in the Canadian province's Ferrier, North Ferrier and Thorsby areas. Ferrier is its core place of operation.
On Tuesday, Petrus announced a special cash dividend of C$0.03 per common share. According to the company, it is able to offer this dividend to shareholders because of its "performance and the resulting free cash flow." The news helped Petrus' share price rise 15.22 percent over the course of the week to end at C$1.59.
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, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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With an eye for detail and over a decade of experience covering the mining and metals sector, Charlotte is passionate about bringing investors accurate and insightful information that can help them make informed decisions.
She leads the Investing News Network's video and event coverage, and guides a team of writers reporting on niche investment markets.
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With an eye for detail and over a decade of experience covering the mining and metals sector, Charlotte is passionate about bringing investors accurate and insightful information that can help them make informed decisions.
She leads the Investing News Network's video and event coverage, and guides a team of writers reporting on niche investment markets.
Learn about our editorial policies.