The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trending downward early on Friday (July 31), but ultimately closed the day at 16,181.39, up from Monday’s (July 27) open of 16,076.33.
The index was under pressure following the release of data that estimates the domestic economy likely shrank at a record pace in the second quarter.
In commodities, gold reached an all-time high last week and was closing in on the US$2,000 per ounce mark; silver also rallied and was hovering around US$25 per ounce.
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Updated July 27, 2020
Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:
- Mawson Resources (TSX:MAW)
- Golden Star Resources (TSX:GSC)
- Almaden Minerals (TSX:AMM)
- Talon Metals (TSX:TLO)
- General Moly (TSX:GMO)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Mawson Resources
Exploration and development company Mawson Resources is focused on its flagship Rajapalot gold-cobalt project in Finland and its Victorian gold properties in Australia.
Last Wednesday (July 29), the company announced that it is among 24 companies to receive support from the Queensland government for exploration to drive future resource jobs in Australia. It will receive $200,000 in funding for deep drilling for silver, copper and gold near the silver-lead Cannington mine.
As a result of the news, the company’s share price jumped 43 percent to end the week at C$0.49.
2. Golden Star Resources
Golden Star Resources is focused on its two underground mines, Wassa and Prestea in Ghana, West Africa. The company has set its gold production guidance for 2020 at 195,000 to 205,000 ounces.
Last Monday, the company entered into a binding agreement for the sale of its 90 percent interest in the Bogoso-Prestea gold mine in Ghana to Future Global Resources for up to $95 million. On Wednesday, the company released its Q2 and half-year results. Last week, Golden Star Resources’ share price was up by 26.95 percent to reach C$6.03.
3. Almaden Minerals
Almaden Minerals owns 100 percent of the Tuligtic project in Puebla State, Mexico. Tuligtic covers the Ixtaca gold-silver deposit, which was discovered by Almaden in 2010.
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The Ixtaca deposit currently hosts a proven and probable reserve of 65.1 million tonnes grading 0.62 grams per tonne (g/t) gold and 37.7 g/t silver, or 1.29 million ounces of gold and 78.8 million ounces of silver. Shares of the company jumped 25.33 percent to end the week at C$0.94.
4. Talon Metals
Talon Metals is focused on producing nickel responsibly for the electric vehicle industry. The high-grade Tamarack nickel-copper-cobalt project is located in Minnesota, and is comprised of the Tamarack North project and the Tamarack South project.
Last Monday, the company commissioned the next phase of exploration at its flagship asset, as well as hydromet testing of recently produced nickel concentrates. Last week, Talon Metals saw its share price increase 25 percent to C$0.275.
5. General Moly
General Moly’s primary asset is an 80 percent interest in the Mount Hope project, located in Central Nevada; Mount Hope is considered one of the world’s largest and highest-grade molybdenum deposits. Combined with the company’s Liberty project, a molybdenum-copper property also located in Central Nevada, General Moly’s goal is to become the largest primary molybdenum producer in the world.
The company did not release any news last week, but its shares rose 21.82 percent to end at C$0.33.
Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST 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.
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Updated July 27, 2020