The S&P/TSX Composite Index (INDEXTSI:OSPTX) edged up last week, closing Friday (April 21) at 20,695.28.
In the copper space, all eyes were on Swiss mining giant Glencore’s (LSE:GLEN,OTC Pink:GLCNF) takeover offer for Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK), which the Canadian company has repeatedly rejected.
Copper supply will be key in enabling the energy transition, but a shortage of the base metal is on the horizon in the coming years due to significant projected increases in demand. “If we don’t have enough copper, it could seriously short circuit the energy transition,” Jeremy Weir, CEO of metals trader Trafigura, said at the World Copper Conference.
Against that backdrop, some junior resource stocks were on the rise last week, with copper companies taking the lead. Here’s a look at those players and the factors that moved their share prices during the period.
Taking the first spot on this week’s top TSX stocks list is Faraday Copper, formerly CopperBank Resources, an exploration company focused on advancing its flagship Copper Creek project in Arizona, US.
The latest news from the company came in March, when it reported its financial results for 2022. In Q2, Faraday is expecting to release an updated mineral resource estimate and a preliminary economic assessment for its main asset. Last week, shares of the company increased 17.89 percent to end at C$1.12.
2. Solaris Resources (TSX:SLS)
Solaris Resources is advancing a portfolio of copper and gold assets in the Americas. Its primary focus is the Warintza project in Ecuador. Its other projects include the Ricardo and Tamarugo projects in Chile; the Capricho and Paco Orco projects in Peru; and a 60 percent interest in the La Verde joint venture project with a subsidiary of Teck Resources in Mexico.
The company didn’t release any news last week, but its share price jumped 13.95 percent to end at C$7.35.
Ero Copper’s primary asset is a 99.6 percent interest in Brazilian copper-mining company Mineração Caraíba, the 100 percent owner of the company’s Caraíba operations. The operations include the Pilar and Vermelhos underground mines; the Surubim open-pit mine; and the Tucumã project. The company also owns 97.6 percent of NX Gold, which owns the Xavantina operations.
In its five year outlook, released on April 5, Ero Copper said it expects first production from Tucumã in 2024 and first production utilizing the new external shaft at Caraíba’s Pilar mine in 2027. Last week, shares of the company increased 10.91 percent to end at C$26.73.
4. Arizona Sonoran Copper (TSX:ASCU)
Copper-focused Arizona Sonoran Copper’s principal asset is the Cactus project in Arizona. Next to Cactus is the company’s 100 percent owned Parks/Salyer deposit, which could allow for phased expansion of the Cactus mine once it becomes a producing asset.
Last Thursday (April 20), Arizona Sonoran published drill results, saying they will be used in a prefeasibility study to be released in Q1 2024. Last week, shares of Arizona Sonoran Copper increased 10.67 percent to end the five day period at C$1.97.
5. Platinum Group Metals (TSX:PTM)
Last but not least this week is Platinum Group Metals, the operator of the Waterberg project, a bulk underground palladium and platinum deposit located in South Africa. The Waterberg project was discovered by Platinum Group Metals and is being jointly developed with Impala Platinum Holdings (OTCQX:IMPUF,JSE:IMP), Mnombo, JOGMEC and Hanwa (TSE:8078).
Despite not releasing any news last week, shares of Platinum Group Metals increased 8.1 percent to end at C$2.27.
Data for 5 Top Weekly TSX Performers articles is retrieved each Friday after market close 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.
Image and article originally from investingnews.com. Read the original article here.