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Thursday, September 28, 2023

5 Top Weekly TSX Performers: Josemaria Resources Jumps on Acquisition News

The S&P/TSX Composite Index (INDEXTSI:OSPTX) was on the rise this past trading week, opening the period at 20,545.8 and closing on Friday (December 24) at 21,236.31.

The index jumped to a three week high, with the industrial sector seeing the biggest gains.

Looking over to commodities, gold was trading at around the US$1,800 per ounce mark, while silver was hovering at about the US$23 per ounce level.

Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:

  • New Pacific Metals (TSX:NUAG)
  • Generation Mining (TSX:GENM)
  • Star Diamond (TSX:DIAM)
  • Nevada Copper (TSX:NCU)
  • Josemaria Resources (TSX:JOSE)

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

1. New Pacific Metals

New Pacific Metals is an exploration and development company that owns three projects in Bolivia: its flagship Silver Sand project in the Potosi Department, the Silverstrike project in the La Paz Department and the Carangas project in the Oruro Department.

Last week, New Pacific Metals did not release any news, but shares increased 29.85 percent to end at C$4.35.

2. Generation Mining

Generation Mining’s focus is the development of the Marathon project, a large undeveloped platinum-group metals mineral deposit in Northwestern Ontario.

Last Wednesday (December 22), the company secured a US$240 million stream with Wheaton Precious Metals (TSX:WPM,NYSE:WPM); it will become effective subject to the closing of Generation Mining’s acquisition of the remaining 16.5 percent interest in the Marathon project from Sibanye Stillwater (NYSE:SBSW).

Last week, shares of Generation Mining rose 29.58 percent to trade at C$0.92 by the end of the period.

3. Star Diamond

Star Diamond is engaged in the acquisition, exploration and development of mineral properties. The company’s most significant asset is its interest in the Fort à la Corne property in Central Saskatchewan.

Over the five day period, shares of Star Diamond increased 25 percent to end the week at C$0.32.

4. Nevada Copper

Nevada Copper’s flagship Pumpkin Hollow copper project is located in Nevada, US. Pumpkin Hollow has substantial reserves and resources, including copper, gold and silver. The site’s two fully permitted projects are a high-grade underground mine and processing facility, which is now in the production stage, and a large-scale open-pit project, which is advancing towards feasibility status.

Last Tuesday (December 21), Nevada Copper provided a further positive operations update on the underground mine at Pumpkin Hollow. Last week, shares of Nevada Copper increased 23.64 percent to reach C$0.68.

5. Josemaria Resources

Josemaria Resources is advancing to a production decision its 100 percent owned Josemaria copper-gold project in Argentina, which has proven and probable reserves of 6.7 billion pounds of copper, 7 million ounces of gold and 30.7 million ounces of silver. Josemaria is part of the Lundin Group of Companies.

Last Monday (December 20), Josemaria entered into a binding agreement with Lundin Mining (TSX:LUN,OTC Pink:LUNMF). Lundin Mining will acquire all of the outstanding common shares of Josemaria for a total purchase price of C$625 million. Last week, Josemaria saw its share price increase 23.14 percent to C$1.49.

Data for 5 Top Weekly TSX Stocks articles is retrieved each Friday at 11:00 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.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.

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