5 Top Weekly TSX Stocks: McEwen Mining Jumps 24 Percent on Stellantis, Nuton Investments

The S&P/TSX Composite Index (INDEXTSI:OSPTX) rose 2.01 percent this week to finish at 19,457.83.

On Friday (October 13), Bank of Canada Governor Tiff Macklem said he thinks the country’s economy isn’t heading into a ‘serious recession,’ although the central bank is still deciding whether to hike interest rates at its next meeting.

‘What we’re looking for are clear signs that core inflation, underlying inflation, those pressures are easing and inflation is going to be coming down,’ he told reporters during a call from Marrakech, Morocco.

Against that backdrop, some resource juniors listed on the TSX saw their share prices go up last week. Here’s a look at the five biggest gainers and the factors that moved their share prices during the period.

1. McEwen Mining (TSX:MUX)

Company Profile

Weekly gain: 24.13 percent; market cap: C$507.88 million; current share price: C$10.65

Run by Chairman and Chief Owner Rob McEwen, who founded well-known Canadian gold miner Goldcorp, McEwen Mining is a gold and silver producer that operates in the US, Canada, Mexico and Argentina. The company also owns 47.7 percent of McEwen Copper, which owns the advanced-stage Los Azules copper project in Argentina.

McEwen Mining shared two pieces of news on Wednesday (October 11), both related to McEwen Copper and Los Azules. First, McEwen Copper closed an investment of 42 billion Argentine pesos with carmaker Stellantis (NYSE:STLA), which in February invested 30 billion Argentine pesos in McEwen Copper. Stellantis now owns 19.4 percent of the company.

Second, McEwen Copper announced that Rio Tinto (ASX:RIO,LSE:RIO,NYSE:RIO) subsidiary Nuton has agreed to invest a further $10 million in McEwen Copper. The two part transaction is expected to close by October 19; Nuton invested $25 million in McEwen Copper in August 2022, and another $30 million in February of this year. Its stake in McEwen Copper now stands at 14.5 percent.

The news sent McEwen Mining’s share price up 24.13 percent to finish last week at C$10.65.

2. Almonty Industries (TSX:AII)

Company Profile

Weekly gain: 22.58 percent; market cap: C$129.98 million; current share price: C$0.57

Almonty Industries is focused on mining, processing and shipping tungsten concentrate from its Los Santos mine in Western Spain and its Panasqueira tungsten mine in Portugal. It is also developing its Sangdong tungsten mine in South Korea, as well as its Valtreixal tin-tungsten project in Northwest Spain.

The company’s latest news came on October 6, when it announced ‘firm commitments’ to raise gross proceeds of C$500,000, US$733,333 and AU$550,000. Last week, shares of Almonty rose 22.58 percent to finish at C$0.57.

3. New Pacific Metals (TSX:NUAG)

Company Profile

Weekly gain: 17.48 percent; market cap: C$413.47 million; current share price: C$2.42

Exploration and development company New Pacific Metals has honed its efforts on Bolivia, where it has its flagship Silver Sand silver project. Its other assets in the country are the Carangas and Silverstrike silver-gold projects.

New Pacific’s latest announcement came on September 29, when it closed a C$35 million bought-deal financing. Despite the lack of fresh news, its share price rose 17.48 percent to close this week at C$2.42.

4. Calibre Mining (TSX:CXB)

Company Profile

Weekly gain: 16.28 percent; market cap: C$682.32 million; current share price: C$1.50

Mid-tier gold producer Calibre Mining is focused on the Americas, where it has properties in Nicaragua, as well as the US states of Nevada and Washington. Its producing operations are the Limon gold mine and mill, the Libertad gold mine and mill, the Pavon gold mine, the Eastern Borosi gold-silver mine and the Pan gold mine.

On Tuesday (October 10), the company announced its latest operating results, reporting its fourth consecutive quarterly record for consolidated gold production at 73,485 ounces. According to Calibre, that’s a 50 percent increase year-on-year. It is on track to deliver its full-year guidance of 250,000 to 275,000 ounces. The news sent Calibre’s share price up 16.28 percent to hit C$1.50.

5. Petrus Resources (TSX:PRQ)

Company Profile

Weekly gain: 15.22 percent; market cap: C$196.7 million; current share price: C$1.59

Oil and natural gas company Petrus Resources is focused on Alberta, where it has low-risk development assets in the Canadian province’s Ferrier, North Ferrier and Thorsby areas. Ferrier is its core place of operation.

On Tuesday, Petrus announced a special cash dividend of C$0.03 per common share. According to the company, it is able to offer this dividend to shareholders because of its ‘performance and the resulting free cash flow.’ The news helped Petrus’ share price rise 15.22 percent over the course of the week to end at C$1.59.

FAQs for TSX stocks

How big is the TSX?

The TSX is Canada’s biggest stock exchange, and as of September 8, 2023, it had 1,789 listed stocks for a total market value of more than C$3.79 trillion. The TSX is often ranked as one of the 10 largest stock exchanges in the world.

Why do companies list on the TSX?

Listing on one of the world’s largest stock exchanges provides companies with greater market exposure, the ability to raise capital and an opportunity to build a strong financial reputation. In its technical guide to listing, the TSX states the exchange “offers companies a dynamic market to raise capital, enhanced liquidity, specialized indices, visibility and analyst coverage.’

What sectors are included in the S&P/TSX Composite Index?

The S&P/TSX Composite Index tracks more than 230 constituents across a wide range of sectors, of which the top five by weight are: financials (30 percent), energy (18 percent), industrials (13.5 percent), materials (11.9 percent) and information technology (8 percent).

What was the highest point for the TSX?

The TSX hit a record high of 22,213.07 points in April 2022. While the exchange was at 20,074.65 points as of September 8, 2023, there are high expectations that the TSX could move past the 22,000 level by the end of 2023 to set new record highs.

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

Article by Charlotte McLeod; FAQs by Melissa Pistilli.

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

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

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