The S&P/TSX Composite Index (INDEXTSI:OSPTX) declined last week, finishing the period at 19,415.93.
The index sank to its lowest level since March, weighed down by lower oil prices, which hurt energy stocks. Tech and real estate stocks also took hits as interest rate uncertainty continued to worry investors.
Against that backdrop, some resource juniors saw their share prices go up last week. Here’s a look at the five biggest gainers and the factors that moved their share prices during the period.
Weekly gain: 31.82 percent; market cap: C$80.39 million; current share price: C$0.29
Excelsior Mining owns and operates the Gunnison copper project in Arizona, US. Gunnison is permitted for 125 million pounds of copper cathode production annually, and the company describes it as “the world’s most eco-friendly copper project.” Excelsior also owns the past-producing Johnson Camp mine, as well as a portfolio of exploration assets.
The company shared its annual general meeting results last Friday (June 23), but didn’t release any other news.
Weekly gain: 16.13 percent; market cap: C$227.46 million; current share price: C$0.54
Ascot Resources is focused on restarting the past-producing Premier gold mine, located in the Golden Triangle in BC, Canada. The company’s portfolio includes several additional assets, including two non-gold properties.
Last Monday (June 19), Ascot entered into a definitive credit agreement to refinance an existing US$10 million facility. Later in the week, on Thursday (June 22), the firm released the results of its annual general meeting.
Weekly gain: 15.28 percent; market cap: C$221.74 million; current share price: C$0.83
Discovery Silver has honed its efforts on its Cordero project, which it says is one of the largest undeveloped silver deposits in the world. The company completed a prefeasibility study for the property in January of this year.
Last Thursday, Discovery provided an update on Cordero, with President and CEO Tony Makuch saying 2023 has brought “excellent progress” on critical de-risking items, including surface rights, water, power, permitting and a feasibility study. Currently the company is finishing up its environmental impact statement for the project, with plans to submit it in the next three to four weeks. The feasibility study for Cordero is scheduled for completion in the first half of 2024.
4. Touchstone Exploration (TSX:TXP)
Weekly gain: 15 percent; market cap: C$203.19 million; current share price: C$1.15
Touchstone Exploration’s work is centered on petroleum and natural gas assets. The company is currently active at onshore properties located in Trinidad and Tobago.
There was no fresh news from Touchstone last week aside from the sale of 2,600 common shares of the company by a non-executive director. The shares were sold at a price of C$1.01 each.
5. Americas Gold and Silver (TSX:USA)
Weekly gain: 7.69 percent; market cap: C$78.55 million; current share price: C$0.49
Precious metals miner Americas Gold and Silver has multiple properties in North America, including the Cosalá operations and San Felipe development project in Mexico, and the Relief Canyon mine in Nevada, US, which it is re-evaluating. Americas Gold and Silver also manages the Galena complex in Idaho, US, in which it holds a 60 percent stake.
Last Wednesday (June 21), the company released the results of its annual general meeting. It also issued an additional C$8 million senior secured convertible debenture to certain subsidiaries of Delbrook Capital Advisors, one of the largest holders of the company’s common stock. The debenture will be issued in two tranches.
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, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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