5 Top Weekly TSX Performers: Filo Mining Up on Positive Assay Results
The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 20,160.5 early last Friday (May 13) morning.
After declining almost 4 percent from the start of the week to Thursday (May 12), the index rebounded on Friday, although it was still on track for a weekly loss. It closed the five day period at 20,099.81.
The US dollar was on the rise last week, pushing gold toward a fourth consecutive weekly decline. Silver and palladium gained on Friday, while platinum fell on the last day of trading.
“Gold is being weighed down as the Fed has been committed to raise interest rates at a fast pace and in addition, the dollar has been extremely strong,” David Meger, director of metals trading at High Ridge Futures, told Reuters. “Going forward, the inflation numbers are what the market will closely watch.”
Against that backdrop, a number of TSX-listed companies saw share price increases. The five TSX-listed mining and energy stocks that saw the biggest gains are as follows:
- Perpetual Energy (TSX:PMT)
- Filo Mining (TSX:FIL)
- Condor Gold (TSX:COG)
- Gatos Silver (TSX:GATO)
- Forza Petroleum (TSX:FORZ)
Here’s a look at those companies and the factors that moved their share prices last week.
1. Perpetual Energy
Calgary-based Perpetual Energy is focused on oil and gas production and exploration. The company’s assets include liquids-rich conventional natural gas, heavy crude oil and shallow and undeveloped bitumen leases.
Despite not releasing news last week, Perpetual saw its share price increase 23.08 percent to C$1.28.
2. Filo Mining
A member of the Lundin Group, Filo Mining is advancing its 100 percent owned Filo del Sol copper-gold-silver deposit located in Chile’s Region III and Argentina’s adjacent San Juan province.
Last week, the company rose 20.02 percent to C$22.42 after publishing positive assay results on Thursday.
“A remarkable result; hole 57 extends the bonanza-grade Breccia 41 mineralization another 175m to the north, building on the potential volume of this extremely high-grade rock,” Jamie Beck, president and CEO, said. “Prior to reaching target depth, the hole ended in the highest-grade copper we’ve ever reported at Filo del Sol.”
3. Condor Gold
With a focus on Nicaragua, Condor Gold has a number of projects in Central America. Its flagship is La India.
Last Friday, the company published its Q1 results. The company said it continues to move ahead with a feasibility study for an open pit at La India and associated mine site infrastructure. Last week, shares of Condor Gold increased 7.84 percent to trade at C$0.55 by the end of the week.
4. Gatos Silver
Gatos Silver is a silver-dominant exploration, development and production company that has discovered a new silver- and zinc-rich mineral district in the south of Mexico’s Chihuahua state. The company’s flagship asset is the Los Gatos district, which includes the Cerro Los Gatos mine.
Gatos produced a record 2.4 million ounces of silver contained in concentrate in the first quarter of 2022, according to its results published last Monday (May 9). During the five day period, the company’s share price jumped 7.81 percent to end the week at C$4.14.
5. Forza Petroleum
Forza Petroleum is an international oil exploration, development and production company. It has a 65 percent participating interest in and operates the Hawler license area in the Kurdistan region of Iraq.
Last week, shares of Forza Petroleum increased 4.88 percent to trade at C$0.21.
Data for 5 Top Weekly TSX Performers articles is retrieved each Friday at 10:30 a.m. EST 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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