Welcome to the Investing News Network’s weekly look at the best-performing Canadian mining stocks on the TSX and TSXV, starting with a round-up of Canadian and US data impacting the resource sector.
The numbers from the US Bureau of Economic Analysis show that year-on-year the increase came in at 2.2 percent, down from 2.5 percent the previous month and the lowest since February 2021, when it was 1.9 percent.
The index is a favored inflationary measure of the US Federal Reserve when making interest rate decisions. The current data shows inflation has consistently been tracking toward the 2 percent target set by the central bank.
The report also notes that several iron ore mines were forced to temporarily shut due to wildfires that affected operations in Labrador and Northern Québec, leading to a 4.8 percent decline in iron ore production. Overall, the mining sector saw a 0.4 percent gain in July, headlined by a 7.1 percent increase in copper, nickel, lead and zinc mining.
Against that backdrop, how did TSX- and TSXV-listed resource stocks perform? Here are the top five gainers.
Weekly gain: 63.64 percent
Market cap: C$17.71 million
Share price: C$0.81
Silver Elephant Mining is a development and production company focused on its flagship Pulacayo-Paca silver, zinc and lead property, which is located in Southern Bolivia’s Potosi silver district.
In total, Silver Elephant has shipped 176,803 MT of silver-bearing oxide material with an average grade of 180 grams per MT (g/t) silver for a total of 965,531 ounces of silver since the start of production in October 2023.
Weekly gain: 54 percent
Market cap: C$189.28 million
Share price: C$0.77
The company has not released an update on progress at Falchani since then.
Weekly gain: 47.54 percent
Market cap: C$14.63 million
Share price: C$0.90
Pacific Booker Minerals is an exploration and development company focused on its Morrison property, located in Central BC, Canada. The site is in the advanced stages of development and hosts copper, gold and molybdenum mineralization. The company has been working on development plans since 2004, and completed a feasibility study in 2009. However, work hasn’t been able to proceed as it needs approval from the nearby Lake Babine Nation.
Shares of Pacific Booker saw gains this week, but the company has not released further news.
Weekly gain: 42.5 percent
Market cap: C$68.74 million
Share price: C$0.285
Panoro Minerals is a copper explorer focused on advancing its flagship Cotabambas project in the Apurimac region of Southern Peru. Consisting of two primary mineralized zones, exploration at the property dates back to the mid-1990s and has largely been focused on an 18 square kilometer area in the northeast portion of the property.
The company saw gains this past week, but has not published a news release.
Weekly gain: 40.63 percent
Market cap: C$65.38 million
Share price: C$0.90
Article by Dean Belder; FAQs by Lauren Kelly.
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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