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5 Top Weekly TSX Stocks: Equinox Leads Gold and Silver Miners Higher
Mar. 19, 2023 07:45PM PST
Last week's top-gaining mining stocks on the TSX were Equinox Gold, Aya Gold & Silver, Sandstorm Gold, Endeavour Silver and First Majestic Silver.
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The S&P/TSX Composite Index (INDEXTSI:OSPTX) fell last week, ending Friday (March 17) at 19,381.93.
However, gold and silver miners listed on the TSX made gains as the gold price neared US$2,000 per ounce.
The yellow metal has been buoyed by turmoil in the US, where Silicon Valley Bank and Signature Bank both recently collapsed. Upheaval is present on a global scale as well, with UBS (NYSE:UBS) agreeing to acquire troubled Credit Suisse (NYSE:CS).
Here’s a look at the five top-gaining TSX mining companies last week and the factors that moved their share prices.
1. Equinox Gold (TSX:EQX)
Weekly gain: 23.9 percent; current share price: C$6.22; market cap: C$1.941 billion
Led by well-known mining industry figure Ross Beaty, Equinox Gold was formed in 2017 and quickly amassed seven producing mines in the Americas. The company's goal is to produce 1 million ounces of gold on an annual basis.
There was no news from Equinox last week, but its share price rose 23.9 percent to close at C$6.22.
2. Aya Gold & Silver (TSX:AYA)
Weekly gain: 21.47 percent; current share price: C$9.28; market cap: C$974.464 million
Precious metals producer Aya Gold & Silver is focused on Morocco, where it has the Zgounder silver mine. The company is also moving forward at exploration assets in Morocco, and has the Tijirit gold project in Mauritania.
Aya didn't share any news last week, but company shares rose 21.47 percent to hit C$9.28.
3. Sandstorm Gold Royalties (TSX:SSL)
Weekly gain: 20.03 percent; current share price: C$7.85; market cap: C$2.341 billion
Sandstorm Gold Royalties has 250 royalties and streams on mines around the world. These contracts give the company a percentage of revenue (in the case of a royalty) or a percentage of production (in the case of a stream); in exchange, it provides upfront financing. At the moment, 39 of the companies Sandstorm has contracts with are producing.
Sandstorm's share price rose 20.03 percent last week although it didn't put out any news.
4. Endeavour Silver (TSX:EDR)
Weekly gain: 20 percent; current share price: C$4.68; market cap: C$889.151 million
Mid-tier precious metals miner Endeavour Silver operates in Mexico, Chile and the US. It has two silver-gold mines in Mexico, and is currently working toward a development decision at its Terronera asset in the country.
Endeavour did not provide any updates last week, but its share price still rose 20 percent to close at C$4.68.
5. First Majestic Silver (TSX:FR)
Weekly gain: 19.1 percent; current share price: C$10.04; market cap: C$2.665 billion
First Majestic Silver has four producing mines: the San Dimas silver-gold mine, the Santa Elena silver-gold mine, the La Encantada silver mine and the Jerritt Canyon gold mine. The first three are in Mexico, while the fourth is in Nevada. Helmed by Keith Neumeyer, First Majestic's goal is to become the largest primary silver producer.
The company's share price rose 19.1 percent last week although it didn't share any news.
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.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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