The S&P/TSX Composite Index (INDEXTSI:OSPTX) rose 2.75 percent last week, closing the period at 20,098.89.
Gold was in focus again as it flirted with the US$2,000 per ounce mark, while silver managed to break through US$24 per ounce. The precious metals are benefiting from continued turmoil in the financial markets.
Here’s a look at the five top-gaining TSX mining companies last week and the factors that moved their share prices.
Weekly gain: 40 percent; current share price: C$8.82; market cap: C$610.81 million
Gatos Silver owns 70 percent of the Los Gatos joint venture, which includes the Cerro Los Gatos mine and covers more than 103,000 hectares of mineral rights in Mexico. The other 30 percent is owned by Dowa Metals & Mining.
Last Thursday (March 30), the silver-focused company filed its financial results for the first three quarters of 2022. In the release, the company announced it would be filing its results for the full 2022 year later that day, but it ultimately had to delay. Gatos’ results for last year’s first three quarters came later than expected due to errors in a 2020 technical report that led to a reduction in metal content for its previously estimated mineral reserves. The firm’s share price rose 40 percent last week.
Weekly gain: 28.57 percent; current share price: C$0.54; market cap: C$105.39 million
Forsys Metals is focused on bringing its Namibia-based Norasa uranium asset into production. The property is made up of the Valencia and Namibplaas projects, and it is at the definitive feasibility study stage.
There was no fresh news from Forsys last week, but its share price rose 28.57 percent to close at C$0.54.
3. Western Resources. (TSX:WRX)
Weekly gain: 25.58 percent; current share price: C$0.27; market cap: C$110.29 million
Western Resources says that through its subsidiary Western Potash it is building a potash mine in Canada that will be able to operate with improved energy efficiency and better water consumption metrics. Called Milestone, the asset is located in Saskatchewan, with initial Phase 1 production set for Q4 2023 and full production due in the second quarter of 2024.
The company didn’t share any news last week, but still saw a share price gain of 25.58 percent.
4. Copper Mountain Mining (TSX:CMMC)
Weekly gain: 20.99 percent; current share price: C$2.19; market cap: C$468.2 million
Copper Mountain Mining’s flagship asset is its Copper Mountain mine in Southern BC, Canada. The company owns 75 percent of the mine, with the rest held by Japan’s Mitsubishi Materials (TSE:5711).
Last Monday (March 27), Copper Mountain shared its financial and operating results for Q4 2022, as well as the full year. According to the company, it produced 64.1 million pounds of copper equivalent for the entire 12 month period, including 52.9 million pounds of copper, 21,771 ounces of gold and 247,291 ounces of silver. President and CEO Gil Clausen said the company faced “numerous operational challenges” in 2022, and did not meet expectations; it anticipates improvements in 2023.
Copper Mountain’s share price rose 20.99 percent last week to finish at C$2.19.
5. Solaris Resources (TSX:SLS)
Weekly gain: 17.59 percent; current share price: C$6.55; market cap: C$795.22 million
Solaris Resources has built a portfolio of copper and gold properties in the Americas. The company’s main focus is its Warintza copper project in Ecuador, and it also holds projects in Chile, Peru and Mexico.
Last Wednesday (March 29), Solaris announced it has received exercises of common share purchase warrants totaling C$30.2 million since November 8, 2022, when its latest quarterly results came out. Solaris’ share price rose 17.59 percent last week to close at C$6.55.
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.
Image and article originally from investingnews.com. Read the original article here.