TSX posts slight decrease, Jul 20-24

The S&P/TSX Composite Index fell 0.78% to 15,997.06 during the July 20-24 trading week. The S&P/TSX Global Mining Index rose 1.48% to 98.48, and the S&P/TSX Global Base Metals Index fell 3.22% to 99.14. Spot gold jumped US$91 per oz., or 5.03%, to US$1,901.30 per oz., and the S&P/TSX Global Gold Index rose 5.43% to 386.5. 

Shares of Nevada Copper fell by 6.67% to 14¢ per share. On July 23, the company filed a final prospectus for a bought deal offering of about $97 million. The previously announced offering consists of 643.71 million units in the company at a price of 15¢ per unit with each unit made up of one common share and one-half of one common share purchase warrant. Each full warrant entitles the holder to purchase one common share at a price of 20¢ per share. The company has granted the underwriters an option to purchase up to an additional 23.8 million units. Nevada Copper plans to use the proceeds to fund its operations, including the implementation of its accelerated mine development plan and to restart and ramp-up production at its Pumpkin Hollow underground mine in Nevada; repay a convertible loan; and repay outstanding debt. 

Golden Minerals closed the week at 61¢ per share, down 8.96%. The company closed a bought deal offering that raised about $8.6 million at a price of 42¢ per share.  The company owns or controls over a dozen projects, including the Velardena gold and silver property and the Rodeo gold project in Mexico, the El Quever district-scale silver project in Argentina, and the Sand Canyon gold-silver project in northwestern Nevada. It also signed a letter of intent to option 100% of its Santa Maria silver-gold project in Mexico to Fabled Copper. Santa Maria is in Chihuahua state. 

Shares of Yamana Gold rose to $8.47, up 11.89%, following the release of its second-quarter results. The company posted adjusted net earnings of US$63.3 million, or 7¢ per share, net free cash flow of US$60.3 million, and reduced its net debt by US$101.1 million in the three months ended June 30. Yamana produced 164,141 oz. gold and 2.01 million oz. silver (183,582 oz. gold-equivalent)  at all-in sustaining costs of US$1,125 per oz. gold-equivalent sold. Yamana reiterated its 2020 guidance of 890,000 oz. gold-equivalent, consisting of 786,000 oz. gold and 10.25 million oz. silver. 

Northern Dynasty Minerals‘ shares rose by 14.47% to $2.61 after the U.S. Army Corps of Engineers issued a final environmental impact statement backing the company’s proposed Pebble copper-gold-molybdenum mine in Alaska. The decision opens the door for Northern Dynasty to obtain the federal go-ahead as soon as late August. If permitted, Pebble would be North America’s largest mine, with a life of at least 20 years.


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