The S&P/TSX Composite Index (INDEXTSI:OSPTX) rose 0.46 p.c final week, closing the interval at 19,500.73.
The gold worth attracted investor consideration within the useful resource trade as turmoil within the banking sector helped to push it over US$2,000 per ounce. Market watchers have been additionally intently eyeing the US Federal Reserve’s assembly — after a lot hypothesis about how it will react to the continuing banking disaster, the central financial institution finally hiked rates of interest by 25 foundation factors.
Right here’s a have a look at the 5 top-gaining TSX mining corporations final week and the elements that moved their share costs.
Weekly achieve: 30.8 p.c; present share worth: C$2.93; market cap: C$268.311 million
Valeura Vitality is targeted on exploration, improvement and manufacturing actions at its petroleum and pure gasoline belongings in Thailand and Turkey. Additionally it is pursuing development in Southeast Asia by mergers and acquisitions.
The corporate launched a number of items of reports final week. On Tuesday (March 21), it announced it will be acquiring the remaining minority curiosity in Valeura Vitality Asia, a particular function car subsidiary that holds Valeura’s Thailand belongings. The identical day, the corporate shared an update on its Wassana crude oil storage vessel. Lastly, on Wednesday (March 22), Valeura mentioned that Valeura Vitality Asia has completed the “transformative” acquisition of pursuits in varied licenses within the Gulf of Thailand.
2. Wallbridge Mining Company (TSX:WM)
Weekly achieve: 29.17 p.c; present share worth: C$0.155; market cap: C$136.774 million
Wallbridge Mining Firm’s flagship asset is its Fenelon gold undertaking in Quebec’s Northern Abitibi area. An 830 sq. kilometer land package deal held by the corporate consists of Fenelon, in addition to the Martiniere property; the corporate believes each have good improvement potential. Wallbridge additionally has a 19.9 p.c stake in Archer Exploration (CSE:RCHR).
The corporate’s newest information got here on March 13, when it closed a non-brokered private placement with Agnico Eagle Mines (TSX:AEM,NYSE:AEM) for six million shares priced at C$0.17 every. Wallbridge will use the funds for exploration.
Weekly achieve: 17.77 p.c; present share worth: C$3.91; market cap: C$1.358 billion
Explorer Osisko Mining wholly owns the Windfall gold deposit, situated in Quebec between Val-d’Or and Chibougamau. It additionally owns claims overlaying over 2,300 sq. kilometers within the City Barry and Quevillon areas.
The corporate’s most up-to-date information got here on March 16, when it signed a definitive agreement with Miyuukaa, an organization owned by the Cree First Nation of Waswanipi, to move hydroelectric energy to Windfall.
Weekly achieve: 14.88 p.c; present share worth: C$1.39; market cap: C$948.365 million
Intermediate gold miner New Gold has two producing belongings in Canada: the Wet River gold-silver mine in Ontario and the New Afton gold-copper mine in BC. New Gold hasn’t launched any information in March, however its share worth was on the rise final week.
5. Mandalay Resources (TSX:MND)
Weekly achieve: 13.74 p.c; present share worth: C$2.40; market cap: C$221.383 million
Manadaly Sources has belongings in numerous places, together with its Costerfield gold-antimony mine in Australia and its Björkdal gold mine in Sweden. The corporate additionally Chilean and Canadian belongings underneath closure or improvement standing.
The one information Mandalay has launched thus far this month got here on March 6, when the corporate announced the appointment of Frazer Bourchier as president and CEO. He’ll take over from Interim CEO Dominic Duffy.
Knowledge for five High Weekly TSX Performers articles is retrieved every Friday after market shut utilizing TradingView’s stock screener. Solely corporations with market capitalizations higher than C$50 million previous to the week’s positive factors are included. Corporations inside the non-energy minerals and power minerals are thought-about.
Don’t overlook to observe us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, maintain no direct funding curiosity in any firm talked about on this article.
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