Signal Gold Up on Production Results

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was trading at 19,075.48 early last Friday (July 22) morning.

The index was on the rebound last week and on track for a weekly gain, although a decline in oil prices was expected to put pressure on energy stocks. It closed the period at 18.983.6.

Gold was steady at the end of the trading week, holding at the US$1,700 per ounce level after hitting a one year low on Thursday (July 21). Silver was hovering around the US$18 per ounce mark as the US dollar remained strong.

Against that backdrop, a number of companies saw their share prices increase last week. The five TSX-listed mining stocks that saw the biggest gains are as follows:

  • Verde Agritech (TSX:NPK)
  • Avalon Advanced Materials (TSX:AVL)
  • Signal Gold (TSX:SGNL)
  • Forsys Metals (TSX:FSY)
  • Belo Sun Mining (TSX:BSX)

Here’s a look at those companies and the factors that moved their share prices last week.

1. Verde Agritech

Verde Agritech is developing its Brazil-based Cerrado Verde project. The property is the source of a potassium-rich deposit from which the company intends to produce solutions for crop nutrition, crop protection, soil improvement and increased sustainability.

Last week, the company’s share price increased 34.52 percent to reach C$7.95 by the end of the period.

2. Avalon Advanced Materials

Avalon Advanced Materials has five projects across Canada focused on critical metals, including lithium, rare earths, cesium, tantalum, feldspars, tin and indium. Avalon is currently focusing on its Separation Rapids lithium project near Kenora, Ontario, and its Lilypad cesium-tantalum project near Fort Hope, Ontario.

The company did not release any news last week, but its share price jumped 30 percent to end at C$0.13.

3. Signal Gold

Gold-mining company Signal Gold, formerly Anaconda Mining, is focused on Newfoundland and Nova Scotia. The company is advancing the Goldboro gold project in Nova Scotia.

It was a busy week for Signal Gold. On Tuesday (July 19), the company released second quarter production results from its Point Rousse mine, showing a 70 percent increase compared to Q2 2021 and a 93 percent increase over Q1 2022. On Thursday (July 21), Signal Gold released drill results and identified new drill targets at its Tilt Cove gold project in Newfoundland. Shares were up 27.4 percent to trade at C$0.46 by the end of the week.

4. Forsys Metals

Forsys Metals is focused on developing uranium projects on the African continent. Currently, the explorer owns the Norasa project, which includes the fully permitted Valencia uranium project, and it is also developing the Namibplaas uranium project. Both properties are situated in Namibia.

There was no news from Forsys Metals last week, but the company saw its share price increase 27.08 percent to hit C$0.61 by the end of the trading week.

5. Belo Sun Mining

Canadian gold explorer Belo Sun Mining is currently focused on developing its Volta Grande gold project in Brazil. A complete feasibility study for project was completed in 2015.

Last Wednesday (July 20), Belo Sun reported that the Supreme Court of Pará State has overturned a suspension order issued by the agrarian court of Altamira related to its construction license and environmental license. As a result of the news, Belo Sun’s share price jumped 26.92 percent to end the week at C$0.33.

Data for 5 Top Weekly TSX Performers articles is retrieved each Friday at 10:30 a.m. EST 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: Avalon Advanced Materials is a client of the Investing News Network. This article is not paid-for content.

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