The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed the week ending on Friday February 10 almost neutral, at 20,612.12.
The index reached its weekly high on Tuesday (February 7), supported by gains in energy stocks as oil prices increased on hopes of an uptick in demand from China.
In commodities, gold and silver fell on Friday and were on track for a weekly loss. On Tuesday, US Federal Reserve chair Jerome Powell reiterated that the central bank is not done raising rates. Gold is sensitive to interest rate hikes as they increase the opportunity cost of holding the non-yielding asset.
Even so, precious metals companies saw their stock prices go up last week. The five TSX-listed mining stocks that saw the biggest gains are as follows:
Here’s a look at those companies and the factors that moved their share prices last week.
Arizona Metals owns 100 percent of both the Kay mine project in Yavapai county and the Sugarloaf Peak gold project in La Paz county, Arizona. During 2022, the company completed approximately 33,000 meters of core drilling at the Kay mine deposit, received drill permits for both the central and western targets, and initiated drilling on targets outside the deposit.
Despite not releasing any news last week, shares of Arizona Metals increased 20.65 percent to end at C$4.85.
2. Sabina Gold & Silver (TSX:SBB)
Emerging gold mining company Sabina Gold and Silver owns 100 percent of the Back River gold district in Nunavut, Canada. The 80km district hosts six properties: Goose, George, Boulder, Boot, Del and Bath. The company is currently advancing the Goose project, for which it released an updated feasibility study in 2021 and has received all major permits and authorizations for construction and operations.
Last week, shares of Sabina Gold and Silver increased 17.04 percent to end at C$1.58.
Questerre is focused in the acquisition, exploration and development of oil and gas projects, in specific non-conventional projects such as tight oil, oil shale, shale oil and shale gas. Questerre holds assets in Alberta, Saskatchewan, Manitoba and Quebec in Canada as well as in the Kingdom of Jordan.
Even though it did not release any company news last week, shares of Questerre increased 15.91 percent, to end the five-day period at C$0.25.
Chile-focused Aclara Resources is a rare earth company which has developed an extraction process called Circular Mineral Harvesting. The process uses no explosives, no crushing, no milling and it does not produce any liquid residues. Aclara is currently putting all its efforts on the development and future construction and operation of the Penco Module, which will aim to produce a rare earth concentrate through a processing plant that will be fed by clays from nearby deposits.
Last week, shares of the company increased 15.66 percent, to end the five-day period at C$0.48.
Nighthawk Gold is focused on advancing its multi-million ounce Colomac gold project and exploring its land in Northwest Territories, Canada. On February 9, the company released an updated mineral resource estimate for Colomac, showing a significant expansion of the open-pit mineralization compared to its previous 2022 estimate.
As a result, Nighthawk Gold saw its share price go up by 12.94 percent last week to reach C$0.48.
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.
Editorial Disclosure: Aclara Resources is a client of the Investing News Network. This article is not paid-for content.
Image and article originally from investingnews.com. Read the original article here.