WLBMF - 5 Top Weekly TSX Stocks: Caledonia Mining Up on Higher Earnings Guidance
The S&P/TSX Composite Index (INDEXTSI:OSPTX) closed down on Friday (January 31), decreasing 165.63 points to 17,324.93.
The index opened lower as concerns of the coronavirus spreading hit oil prices, among other commodities. After more than 200 hundred deaths, the World Health Organization declared the epidemic a global emergency on Thursday (January 30).
Precious metals increased on the back of the increasing fears, while base metals were hurt, with most on track for a monthly loss.
Last week’s five TSX-listed mining stocks that saw the biggest gains are as follows:
- Balmoral Resources (TSX:BAR)
- Caledonia Mining (TSX:CAL)
- Wallbridge Mining (TSX:WM)
- OceanaGold (TSX:OGC)
- Roxgold (TSX:ROXG)
Here’s a look at those companies and the factors that moved their share prices last week.
Balmoral Resources
Exploration and development company Balmoral Resources is focused on gold and base metals assets in Quebec, Canada. The company’s flagship is the Detour Gold project, which includes the Martinere gold deposit and the Grasset nickel deposit.
The company, which was ranked 12th on the 2020 OTCQX Best 50, did not release any news last week, but shares of the company increased 31.08 percent last week to end at C$0.48.
Caledonia Mining
Gold producer Caledonia Mining’s primary asset is the Blanket mine in Zimbabwe. Two of the company’s medium-term goals are to increase annual production from the current 54,512 ounces per year to 80,000 and continue deep level exploration to extend the mine life to beyond 2034.
On January 30, Caledonia said it expects its 2019 earning to be “substantially” higher than market expectations due to the gold price increase, higher production than expected and lower operating costs.
As a result of the news, the company’s share price jumped 22.36 percent to end the week at C$13.57.
Wallbridge Mining
Wallbridge Mining is currently developing the Fenelon gold property in Northwestern Quebec. The company also operates and owns 20 percent in Loncan Canada, a private company with nickel, copper and precious metals group projects in Ontario.
Last week, Wallbridge released results of its ongoing drill program at Fenelon that confirmed the presence of significant high-grade gold mineralization in the Lower Tabasco Zone. Wallbridge saw its share price increase 17.95 percent last week to C$0.92.
OceanaGold
Dual-listed OceanaGold is a multinational gold producer with assets located in the Philippines, New Zealand and the US.
On January 30, the company released its quarterly results, reporting a gold production increase of nearly 20 percent quarter-on-quarter at its US and New Zealand operations. As a result, its price share increased 17.3 percent over the five day period to close at C$2.78.
Roxgold
West Africa-focused Roxgold owns and operates the high-grade Yaramoko gold mine on the Houndé greenstone belt in Burkina Faso and is also advancing the development and exploration of the Séguéla gold project located in Côte d’Ivoire.
On January 29, the company published a mineral resource estimate for the Séguéla gold project, showing an increase of 7 percent to 529,000 ounces of its total indicated resource. Last week, Roxgold saw its share price go up by 15.73 percent to reach C$1.03.
Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using Trading View’s Stock Screener. Only companies with a market capitalization greater than C$50 million prior to the week’s gains are included. Companies within energy minerals and non-energy minerals sectors are considered.
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Securities Disclosure: I, Priscila Barrera, hold no direct investment interest in any company mentioned in this article.