3.3 C
Wednesday, December 6, 2023

5 Top Weekly TSX Stocks: Gold Stocks Jump as Price Nears Record Level

The S&P/TSX Composite Index (INDEXTSI:OSPTX) continued its downward trend last Friday (May 5), opening at 20,238.19.

The index was headed for its fourth weekly loss as the financial sector felt the pressure of falling US bank stocks. Meanwhile, the US Federal Reserve raised interest rates by a quarter of a percentage point to the highest level in 16 years.

Fed Chair Jerome Powell emphasized that inflation may not come down quickly. “It will take some time, and in that world, if that forecast is broadly right, it would not be appropriate to cut rates and we won’t cut rates,” he said.

The gold price soared on the back of the news, hitting near-record levels on Wednesday (May 3).

Against that backdrop, some TSX-listed gold stocks were on the rise, along with companies focused on other metals. Here’s a look at the exchange’s biggest gainers last week and the factors that moved their share prices.

1. Freegold Ventures (TSX:FVL)

{“@context”:”http://schema.org”,”@type”:”Corporation”,”name”:”Freegold Ventures”,”url”:”https://www.freegoldventures.com/”,”description”:”Developing Highly Prospective Gold and Copper Projects in Alaska”,”tickerSymbol”:”TSX:FVL”,”sameAs”:[“https://twitter.com/FreegoldVen”],”image”:”https://investingnews.com/media-library/freegold-venture-logo.png?id=29170757&width=980″,”logo”:”https://investingnews.com/media-library/freegold-venture-logo.png?id=29170757&width=210″}

Press Releases
Company Profile

Leading this week’s top TSX stocks list is Freegold Ventures, which is exploring for copper and gold near Fairbanks, Alaska. The company holds the Golden Summit project and the Shorty Creek project.

At the end of last week, shares of Freegold Ventures were trading at C$0.68, increasing 43.16 during the five day period. It did not share any fresh news during that time.

2. Nighthawk Gold (TSX:NHK)

{“@context”:”http://schema.org”,”@type”:”Corporation”,”name”:”Nighthawk Gold Corp.”,”url”:”https://www.nighthawkgold.com”,”description”:”Nighthawk Gold Corp is a Canadian based junior resource company. It is engaged in the identification, acquisition, exploration, and evaluation of gold properties. The company is focused on Indin Lake gold property. Its significant project consists of the Colomac gold project which is located within the Indin Lake greenstone belt and is surrounded by the company’s existing Indin lake gold property in the northwest territories, from Aboriginal Affairs and Northern Development Canada.”,”tickerSymbol”:”TSX:NHK”,”sameAs”:[],”image”:”https://investingnews.com/media-library/image.gif?id=29648014&width=980″,”logo”:”https://investingnews.com/media-library/image.gif?id=29648014&width=210″}

Company Profile

Nighthawk Gold made the top weekly TSX stocks list for the second week in the row. The company is advancing its multimillion ounce Colomac gold project, which is located in Canada’s Northwest Territories.

The latest news from the company came on April 26, when it released the results of a preliminary economic assessment for Colomac, showing estimated average annual gold production of 290,000 ounces over an 11.2 year mine life.

Last week, shares of the company increased 23.33 percent to end at C$0.74.

3. Meridian Mining (TSX:MNO)

{“@context”:”http://schema.org”,”@type”:”Corporation”,”name”:”Meridian Mining UK Societas”,”url”:”https://www.meridianmining.co”,”description”:”Meridian Mining UK Societas along with its subsidiaries engages in the acquisition, exploration, development, and mining activities in Brazil. It focuses on exploring and developing the Espigao manganese project, the Ariquemes tin JV area, and adjacent areas in the state of Rondonia. It also undertakes the Cabacal Project, Mato Grosso.”,”tickerSymbol”:”TSX:MNO”,”sameAs”:[],”image”:”https://investingnews.com/media-library/image.gif?id=31079243&width=980″,”logo”:”https://investingnews.com/media-library/image.gif?id=31079243&width=210″}

Company Profile

Brazil-focused Meridian Mining is currently focused on resource development at the Cabaçal volcanogenic massive sulfide gold-copper project, as well as regional-scale exploration at the Cabaçal volcanogenic massive sulfide belt. The company is also exploring the Jaurú and Araputanga greenstone belts, and the Espigão polymetallic project.

Last week, shares of the company increased 15.69 percent to end at C$0.59. It closed a bought-deal public offering for aggregate gross proceeds of C$18.4 million on Tuesday (May 2).

4. China Gold International (TSX:CGG)

{“@context”:”http://schema.org”,”@type”:”Corporation”,”name”:”China Gold International Resources”,”url”:”https://www.chinagoldintl.com”,”description”:”China Gold International Resources Corp Ltd is a company engaged in the acquisition, exploration, development, and mining of mineral reserves in China. The company primarily operates two mines in China: the CSH Mine which produces gold, and the Jiama Mine which produces gold and copper. While the majority of the company’s revenue is derived from gold mining, a significant portion of sales still result from copper production. China National Gold Corporation, a state-owned company registered in Beijing, is a substantial shareholder of China Gold International Resources. The vast majority of the company’s gold output is sold to China National Gold Corporation and its subsidiaries.”,”tickerSymbol”:”TSX:CGG”,”sameAs”:[]}

Company Profile

China Gold International is a gold-focused company with two producing mines: the CSH gold mine in Mongolia, and the Jiama copper-gold-polymetallic mine in Tibet.

Despite not releasing any news last week, shares of China Gold International increased 15.26 percent to end at C$7.63.

5. Americas Gold and Silver (TSX:USA)

{“@context”:”http://schema.org”,”@type”:”Corporation”,”name”:”Americas Gold and Silver Corporation”,”url”:”http://www.americassilvercorp.com”,”description”:”Scorpio Mining Corporation was incorporated under the Canada Business Corporations Act on May 12, 1998. The Company conducts mining exploration, development and production in Mexico. The Company has three material mineral projects – the Nuestra Senora Mine and processing plant, the El Cajon Project and the San Rafael Project. The Company operates the Nuestra Senora Mine and processing plant which are located east of the town of Cosala in the State of Sinaloa, Mexico. The Nuestra Senora Mine is an underground silver-zinc-lead copper mine. The Nuestra Senora processing plant which is located 7 km northwest of the Nuestra Senora Mine is a conventional flotation operation which currently operates at approximately 1,600 tpd and processes ore feed from the Nuestra Senora Mine. The Company’s exploration and exploitation activities are subject to various federal, state and local laws and regulations in Mexico which govern the protection of the environment.”,”tickerSymbol”:”TSX:USA”,”sameAs”:[],”image”:”https://investingnews.com/media-library/image.gif?id=29648217&width=980″,”logo”:”https://investingnews.com/media-library/image.gif?id=29648217&width=210″}

Company Profile

Americas Gold and Silver is a North America-focused company that runs the Cosalá operations in Sinaloa, Mexico. The company also manages the 60 percent owned Galena complex in Idaho, US, and is re-evaluating the Relief Canyon mine in Nevada, US. It owns the San Felipe development project in Sonora, Mexico, as well.

Last week, shares of Americas Gold and Silver increased 15.15 percent to end the five day period at C$0.76. The company did not share any news during that time.

Data for 5 Top Weekly TSX Performers articles is retrieved each Thursday 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.

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.

Editorial Disclosure: Freegold Ventures is a client of the Investing News Network. This article is not paid-for content.

Source link

Related Articles

Latest Articles