Top 5 Canadian Mining Stocks This Week: GFG Resources Pops With 73 Percent
Welcome to the Investing News Network’s weekly look at the best-performing Canadian mining stocks on the TSX and TSX Venture Exchange, starting with a round-up of Canadian and US data impacting the resource sector.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) gained 11.62 points this week to close at 578.03. Meanwhile, the S&P/TSX Composite Index (INDEXTSI:OSPTX) was up by 231.47 points to finish at 23,286.08.
Statistics Canada released its consumer price index (CPI) data for July on Tuesday (August 20). The agency reported that consumer inflation rose 2.5 percent on a yearly basis and 0.4 percent after falling 0.1 percent in June.
It marks the smallest increase since March 2021, when CPI saw 2.7 percent growth. The lower rate is credited to a decline in travel-related services as accommodation fell 3.7 percent and air transport was down 2.7 percent year-on-year.
Statistics Canada also released its June monthly mineral production survey on Tuesday. Copper production decreased to 39.65 million kilograms in June from 44.26 million kilograms in May, while shipments declined to 45.51 million kilograms from 53.52 million kilograms in May. Gold production was also down, falling to 17,147 kilograms in June from 18,415 kilograms in May; shipments saw an increase to 18,219 kilograms from 16,814 kilograms the previous month.
Silver, on the other hand, saw increases in both categories, with production increasing to 30,293 kilograms from 25,655 kilograms, and shipments seeing strong growth to 30,293 kilograms from 23,432 kilograms in May.
South of the border, US Federal Reserve Chair Jerome Powell spoke in Jackson Hole, Wyoming. He took a more dovish stance, announcing the central bank is ready to cut rates; however, he didn’t share details on when or how much.
Markets were up this past week, with the S&P 500 (INDEXSP:.INX) registering a gain of 1.39 percent to 5,634.6 points. The Nasdaq-100 (INDEXNASDAQ:NDX) gained 1.02 percent to 19,720.87 points; meanwhile, the Dow Jones Industrial Average (INDEXDJX:.DJI) saw a 1.24 percent gain to 41,175.09 points.
Commodities were mixed, with the S&P GSCI (INDEXSP:SPGSCI) largely flat with a weekly gain of 0.07 percent to US$540.45.
Against that backdrop, which TSX- and TSXV-listed mining stocks gained the most? Read on to find out.
Weekly gain: 80 percent; market cap: C$27.67 million; share price: C$0.135
GFG is a gold exploration company working to advance its assets in the Timmins gold district in Ontario, Canada.
Shares in GFG have seen recent gains following a pair of news releases. On August 16 the company announced it had entered into a definitive agreement with Patriot Gold (OTC Pink:PGOL) for the sale of its Rattlesnake Hills gold project in Central Wyoming. In exchange for a 100 percent ownership stake, Patriot will pay GFG a total of C$3.3 million in cash and shares.
In addition, Patriot will also pay GFG a further C$1 per total mineral resource…
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