The S&P/TSX Composite Index (INDEXTSI:OSPTX) edged up last Friday (May 12) opening at 20,428.56.
The index was on track for its third straight weekly loss, despite a rebound for energy and materials stocks.
In the resource space, uranium was in focus as companies focused on the commodity took off. The market is benefiting from increasing global acceptance of nuclear power as governments work toward a lower-carbon future.
“I think utilities are finally starting to figure out that the prospects for uranium look much more bullish, and the prospects for nuclear energy remain much more bullish than the situation two years ago,” said John Ciampaglia of Sprott Asset Management.
Against that backdrop, some junior resource stocks were on the rise last week, including several uranium companies. Here’s a look at those players and the factors that moved their share prices during the period.
Leading this week’s top TSX stocks list is Ur-Energy, which operates the Lost Creek in-situ recovery uranium facility in South-Central Wyoming. In its Q1 report, released on May 1, Ur-Energy said it expects to sell 280,000 pounds of U3O8 in 2023 for US$17.3 million.
The company did not release any news last week, but shares of Ur-Energy increased 12.71 percent to end at C$1.33.
Talon Metals is focused on producing nickel responsibly for the electric vehicle industry. Its high-grade Tamarack nickel-copper-cobalt project is located in Minnesota, US, and is comprised of the Tamarack North project and the Tamarack South project.
The company, which didn’t release any news last week, has an agreement to supply Tesla (NASDAQ:TSLA) with 75,000 metric tons of nickel in concentrate from Tamarack over an estimated six year period once commercial production is achieved.
Last week, shares of Talon increased 10.57 percent to end at C$0.34.
3. SilverCrest Metals (TSX:SIL)
SilverCrest Metals is targeting production in Mexico’s historic precious metal districts. SilverCrest is the first company to drill test the high-grade Las Chispas silver-gold project, which is a past precious metals producer.
Last Thursday (May 11), the company reported its results for Q1, its first full quarter of output since Las Chispas reached commercial production in November 2022. Last week, shares of the company increased 10 percent to end at C$9.90.
Fission Uranium is exploring and developing the Patterson Lake South uranium property in Canada’s Athabasca Basin.
The most recent company news came on April 27, when Fission Uranium submitted an application to the Canadian Nuclear Safety Commission for a license to construct a uranium mine and mill facility at Patterson Lake South.
Last week, shares of Fission Uranium increased 8.77 percent to end the five day period at C$0.62.
Last but not least this week is NexGen Energy, which has centered its efforts on its flagship Rook I uranium project in the southwestern area of the Athabasca Basin.
Last Thursday, the company announced that the Saskatchewan Ministry of Environment has approved a site infrastructure and confirmation program at Rook I. Shares of Nexgen Energy increased 8.27 percent last week to end at C$5.50.
Data for 5 Top Weekly TSX Performers articles is retrieved each Thursday 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.
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