Rare Earth

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Last week's top-gaining stocks on the TSX were Platinum Group Metals, NioCorp, Journey Energy, Forsys Metals and Pieridae Energy.

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 20,631 early last Friday (May 27) morning.

The index was on track for its best week in more than two months following the release of the US Federal Reserve's May meeting minutes earlier in the week, and ultimately closed higher at 20,752.46. The minutes eased fears of higher interest rate hikes, confirming 50 basis point increases in June and July.

"It's all flowed through from the (Federal Open Market Committee) minutes," said Giles Coghlan, chief currency analyst at HYCM. "Investors were relieved there wasn't a 75 basis points hint."

Commodities prices rose on Friday while the US dollar weakened, with gold and silver on track for weekly gains.

Last week, a number of companies saw their share prices increase. The five TSX-listed mining and energy stocks that saw the biggest gains are as follows:

  • Platinum Group Metals (TSX:PTM)
  • NioCorp (TSX:NB)
  • Journey Energy (TSX:JOY)
  • Forsys Metals (TSX:FSY)
  • Pieridae Energy (TSX:PEA)

Here’s a look at those companies and the factors that moved their share prices last week.

1. Platinum Group Metals

Platinum Group Metals operates the South Africa-based Waterberg project, a bulk underground palladium-platinum-gold-rhodium deposit. The company also founded Lion Battery Technologies with Anglo American Platinum (OTC Pink:AGPPF,JSE:AMS); its goal is to support the use of palladium and platinum in lithium batteries.

Supply chain disruptions in Russia and South Africa, the top platinum- and palladium-producing countries, have been supporting higher prices for those metals. Last week, the rose 41.67 percent to hit C$2.55.

2. NioCorp

NioCorp is developing its Nebraska-based Elk Creek project, which it says is the only niobium-scandium-titanium project in North America. It is also looking at the possibility of producing rare earths at the asset.

On May 18, the company published an updated feasibility study that shows Elk Creek is the second largest indicated-or-better rare earths resource in the US; it sits only behind the Mountain Pass deposit held by MP Materials. During the five day period, NioCorp’s share price jumped 24.21 percent to end at C$1.18.

3. Journey Energy

Journey Energy is focused on oil-weighted operations in Western Canada's Sedimentary Basin. Its strategy includes boosting its production base through activities like drilling, and optimizing legacy oil pools on its existing land.

Despite not releasing any news last week, shares of the explorer and producer increased 22.51 percent, and were trading at C$7.13 by the end of the period.

4. Forsys Metals

Forsys Metals is focused on developing uranium projects on the African continent. Currently, the explorer owns the Norasa project, which includes the fully permitted Valencia uranium project, and it is also developing the Namibplaas uranium project. Both projects are located in Namibia.

During the five day period, the company’s share price jumped 19.57 percent to end the week at C$0.55.

5. Pieridae Energy

Founded in 2011, Pieridae Energy is focused on exploring for and extracting natural gas; it also has midstream infrastructure and integration opportunities in liquefied natural gas exports. The Calgary-based company's highest-producing assets are in the southern and central foothills of Alberta’s Rocky Mountains, and between all of its assets it produces around 40,000 barrels of oil equivalent per day.

Last week, shares of Pieridae Energy increased 19.47 percent to trade at C$1.35.

Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using Trading View's stock screener. Only companies with a market capitalization greater than C$50 million prior to the week’s gains are included. Companies within process industries, energy minerals and non-energy minerals sectors 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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