The more than 80-point increase was a result of June data that indicated the economy added 31,800 jobs over the month. The energy sector climbed 0.2 percent, driven by higher US crude prices. The loonie was also up Friday to C$0.76.
Last week’s top-performing TSX stocks were all precious metals miners, with four gold companies and one silver company gaining the most over the week. The five TSX-listed mining stocks that saw the biggest share price gains were:
- Treasury Metals (TSX:TML)
- TMAC Resources (TSX:TMR)
- Osisko Mining (TSX:OSK)
- Alexco Resource (TSX:AXR)
- Marathon Gold (TSX:MOZ)
Here’s a look at those companies and the factors that moved their share prices last week.
Treasury Metals is a Canadian gold miner currently focused on bringing its wholly-owned Goliath gold project into production. Goliath is located in Northern Ontario, close to the Manitoba border. Treasury plans to first develop an open pit gold mine to feed a 2,500 per-day processing plant.
Treasury did not release any company news during the period. However, the company did close a C$5 million equity financing in late June. Last week, shares of Treasury jumped 12.36 percent to close at C$0.50.
TMAC Resources is a gold miner with a 100-percent interest in the Hope Bay property. Located in the Kitikmeot region of Nunavut, the company hopes the site will be Canada’s next major gold mining camp.
On June 27, TMAC announced it had received word from the Nunavut Impact Review Board planned to endorse the company’s Hope Bay project with the Minister of Crown-Indigenous Relations and Northern Affairs, a key step in moving the project forward. Shares of TMAC increased 8.87 percent last week to close at C$6.26.
Osisko is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Osisko is the sole owner of the Windfall Lake gold deposit located between Val-d’Or and Chibougamau in Québec. The company is also the 100-percent owner of the Marban project located in the heart of Québec’s prolific Abitibi gold mining district.
Marathon released the results from its annual and special meeting on July 3. Over the five-day period, shares of Osisko closed up 8.38 percent at C$1.94.
Silver mining company Alexco owns the Keno Hill silver district in Canada’s Yukon Territory. According to Alexco, the site is considered one of the highest-grade silver districts.
Alexco published an updated preliminary economic assessment last year, which anticipates the sequential development of four high-grade silver deposits over an eight-year mine life to produce more than a million tonnes with an average silver grade of 843 grams per tonne (g/t), 3.3 percent lead and 4.2 percent zinc. Silver production is anticipated to be approximately 3.5 million ounces per year.
The company did not release any news last week. Alexco closed a C$9-million flow-through equity financing in mid-June. Shares of the company increased 7.78 percent last week to close at C$1.94.
Marathon is a gold development company currently focused on bringing its wholly-owned Valentine Lake gold camp into production. The company’s flagship project, Valentine Lake, is located in central Newfoundland.
Marathon has not made any company announcements in July; however in late June the company announced a C$8 million bought deal offering. Marathon plans to use the proceeds to advance the Valentine Lake project. Over the five-day period, shares of Marathon increased 6.74 percent to close at C$0.95.
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Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using The Globe and Mail’s market data filter. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within the mining and precious metals sectors are considered.
Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Alexco Resource is a client of the Investing News Network. This article is not paid-for content.
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