5 Top Weekly TSX Performers: Almaden Minerals Rises Over 50 Percent
The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 21,523.87 early last Friday (March 11).
The index was on track to finish the week almost neutral after it rebounded on Thursday (March 10) on the back of rising resource stocks. It ultimately finished the period at 21,454.99.
Looking over to metals, gold was set to achieve its second consecutive weekly gain, but was steady on Friday as investors turned their attention to a potential US interest rate hike. For its part, palladium set a record high last week on the back of supply disruption concerns caused by the war between Russia and Ukraine.
But the biggest surprise came from the base metals sector, as nickel reached US$100,000 per tonne, pushing the London Metal Exchange to halt trading.
Against that backdrop, a slew of companies saw their share prices increase during the five day trading period. The five TSX-listed mining stocks that saw the biggest gains are as follows:
Here’s a look at those companies and the factors that moved their share prices last week.
1. Almaden Minerals
Precious metals-focused Almaden Minerals owns the Ixtaca silver-gold project in the Mexican state of Puebla. Following a 2018 feasibility study, Almaden is now putting all its efforts on advancing the project to production.
Last week, shares of Almaden increased 52 percent and were trading at C$0.57 by the end of the period. The increase came even though the company did not release any news.
2. Nickel Creek Platinum
In a week that saw nickel reach an unprecedented level, it’s no surprise that nickel-focused Nickel Creek Platinum made the top TSX performers list. The company is moving forward at its Yukon-based Nickel Shäw project, a sulfide asset that the company says hosts over 1.8 billion pounds of nickel, 1.1 billion pounds of copper, 5.7 million ounces of platinum-group metals and 107 million pounds of cobalt in the measured and indicated categories.
Although it didn’t release any news last week, Nickel Creek Platinum shares increased 47.37 percent to hit C$0.14.
3. PolyMet Mining
Minnesota-focused PolyMet Mining owns the NorthMet project, where it is preparing to mine copper, nickel, cobalt and precious metals. Despite not releasing any news over the five day period, shares of the mine development company increased 36.2 percent to end the week at C$4.59.
4. Great Panther Mining
Another precious metals company making the list this week is Great Panther Mining, which is producing gold and silver in the Brazil, Mexico and Peru. With a focus on the Americas, the company boasts three gold and silver mines, an advanced development project and a large land package for exploration.
Shares of Great Panther Mining increased 34.38 percent last week and were trading at C$0.43 by the end of the period. There was no fresh news from the company last week.
5. Northern Dynasty
Northern Dynasty Minerals is focused on developing the Pebble project in Alaska, where, according to the company, the world’s largest undeveloped copper-gold-molybdenum-silver resource is located. The Pebble project has faced various levels of opposition in the past and is currently in federal permitting.
Northern Dynasty did not release any news last week, but saw its share price increase 25.84 percent to hit C$0.56.
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.
Editorial Disclosure: Nickel Creek Platinum is a client of the Investing News Network. This article is not paid-for content.
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