The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trending upward on Friday (August 28), but ended the week down overall at 16,222.17.
The index was up in early trading on the last day of the week, helped by positive data as domestic jobs rose for the fourth straight month in August and the unemployment rate fell.
Gold and silver prices retreated on Friday, and copper was also on track for a weekly decline; however, the red metal was still trading above US$6,600 per tonne.
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Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:
- Titan Mining (TSX:TI)
- Cardinal Resources (TSX:CDV)
- Sherritt International (TSX:S)
- PolyMet Mining (TSX:POM)
- SolGold (TSX:SOLG)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Titan Mining
Titan Mining is an exploration and development company that owns the Empire State mine, a group of wholly owned high-grade zinc mines located in St. Lawrence County, New York.
Last Monday (August 31), Titan signed an option agreement on the Mineral Ridge property in Esmeralda County, Nevada, with Scorpio Gold (TSXV:SGN,OTC Pink:SRCRF) through its US affiliates. The company’s share price jumped 83.05 percent last week to end the period at C$0.54.
2. Cardinal Resources
Cardinal Resources is a West African gold-focused exploration and development company that holds interests in tenements within Ghana, West Africa. The company is developing the Namdini gold project.
A bidding war for the company continued last week — on Wednesday (September 2), Nordgold sweetened its takeover offer for Cardinal, which advised shareholders to take no action. Cardinal is required to notify Shandong Gold Mining (HKEX:1787), which also wants to acquire the company, of the increased bid, giving the Chinese company an opportunity to match the offer.
As a result of the news, Cardinal’s share price jumped 31.39 percent to end the week at C$0.90.
3. Sherritt International
Sherritt International is focused on mining and refining nickel and cobalt from lateritic ores, with projects, operations and investments in Canada and Cuba. The company is the largest independent energy producer in Cuba, with extensive oil and power operations across the island.
Last Monday, Sherritt announced the successful closure of a transaction to improve its capital structure. Shares of the company increased 16.67 percent last week to end at C$0.21.
4. PolyMet Mining
PolyMet Mining holds a 100 percent interest in the NorthMet copper-nickel-precious metals orebody through a long-term lease. The project, which is located in Northeastern Minnesota, has a definitive feasibility study and PolyMet has received permits to build and operate an open-pit mine and associated processing facilities.
Last Thursday (September 3), the company announced that a district court has found that PolyMet’s water permit was issued with proper procedures. As a result of the news, Polymet saw its share price increase 16.39 percent last week to C$4.90.
5. SolGold
SolGold is currently engaged in developing the Cascabel asset in Ecuador. Cascabel is the company’s flagship project, and has delivered intersections of continuous copper and gold mineralization.
Aside from some board and governance updates, the company did not release any news last week. Even so, it saw its share price go up by 15.29 percent to reach C$0.49.
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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