The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed last Friday (June 14) up 62.65 points, or 0.39 percent, at 16,301.91.
Gold pushed past the US$1,350 per ounce mark as the period drew to a close, and base metals also enjoyed some upward momentum. Overall, the index’s materials sector rose 0.5 percent for the week.
Against that backdrop, a number of TSX-listed mining stocks experienced share price increases last week. The five top gainers are as follows:
- Serabi Gold (TSX:SBI)
- Valeura Energy (TSX:VLE)
- Largo Resources (TSX:LGO)
- MEG Energy (TSX:MEG)
- Mandalay Resources (TSX:MND)
Here’s a look at what moved their share prices last week.
Serabi Gold
Brazil-focused gold producer Serabi Gold’s efforts relate mainly to its Palito mining complex and Coringa gold project. The company also owns a number of exploration assets in Brazil.
Last Friday, Serabi released Chief Executive Mike Hodgson’s annual general meeting (AGM) statement. Hodgson highlighted that the company is on track to meet its 2019 production guidance of 40,000 to 44,000 ounces of gold and described 2018 exploration results as “extremely exciting.” He also said a preliminary economic assessment for Coringa is due to be released in the early part of Q3.
Serabi’s share price ended the week up 56.45 percent at C$0.97.
Valeura Energy
Valeura Energy is interested in exploration, development and production at petroleum and natural gasassets in Turkey. Its latest news came at the end of May, when it shared a transcript from its AGM.
Its share price jumped 25.23 percent last week to end at C$2.78, although it did not release any news during that time.
Largo Resources
Largo Resources produces vanadium flake, high-purity vanadium flake and high-purity vanadium at its Maracas Menchen mine in Brazil. The company expects to produce 10,000 to 11,000 tonnes of vanadium pentoxide this year.
Last Tuesday (June 11), Largo released an updated resource estimate for its Novo Amparo Norte deposit, also in Brazil. It has a measured and indicated resource of 12.23 million tonnes grading 0.88 percent vanadium pentoxide, with magnetic concentrate grades of 2.41 percent vanadium pentoxide; its inferred resource stands at 11.33 million tonnes grading 0.9 percent vanadium pentoxide with magnetic concentrate grades of 2.46 percent vanadium pentoxide.
The company’s share price leaped 23.13 percent last week to finish at C$1.97.
MEG Energy
Oil sands company MEG Energy has projects in Alberta’s Athabasca oil sands area and has honed in on in situ development and production. Its main focus is its Christina Lake project, and the company is also involved in developing oil sands-related technologies.
Last Thursday (June 13), MEG released voting results from its annual shareholders meeting, commenting that all directors nominated by management were elected. The company’s share price rose 19.76 percent last week to hit C$5.03.
Mandalay Resources
Mandalay Resources has assets across the globe in Australia, Chile and Sweden. Its top priorities are its Costerfield gold-antimony mine in Australia and its Björkdal gold mine in Sweden. Its Chilean operations are on care and maintenance.
The company put out its Q1 financial results last Friday, pointing to revenue of C$29.9 million, adjusted EBITDA of C$5.2 million and a consolidated net loss of C$1.3 million. President and CEO Dominic Duffy described the results as much better than those seen in the previous quarters, and said they show the company’s performance is improving.
Mandalay’s share price rose 18.75 percent last week to finish at C$0.095.
Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s stock screener. Only companies with a market capitalization greater than $50 million prior to the week’s gains are included. Companies within basic materials and energy sectors are considered.
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Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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