US stocks finish strong, May 27-30

U.S. equities ended the holiday-shortened trading week in positive territory.

The Dow Jones Industrial Average soared 110.9 points from the week before to close at 16,717.17, while the broader S&P 500 Index gained 23.04 points to 1,923.57, both setting new closing highs. The tech-heavy Nasdaq Composite Index rose 56.81 points to 4,242.62. However, the spot gold price fell US$41.60 per oz. to US$1,251.30.

Ur-Energy topped the week’s percentage gainers, jumping 21.5% to US$1.24. The Littleton, Colo.-based uranium miner reported results from a 14-hole confirmation drilling and coring program at its Shirley basin uranium project in Wyoming. The program provided 13 intercepts containing mineralization, of which seven of the highest grading intercepts ranged from 2 to 4 metres thick and averaged 0.24% eU₃O₈.  

A week earlier Ur-Energy, the operator of the Lost Creek uranium mine in Wyoming, noted it secured 2014 sales commitments for 518,000 lb. U₃O₈ at an average realized sales price of US$51.10 per lb. Projected 2014 revenues from those sales are US$26.5 million.

In addition, Ur-Energy has locked down 2015 sale commitments of 630,000 lb. U₃O₈ averaging US$50.10 per lb., to generate an estimated US$31-million revenue.

 Cantor Fitzgerald analyst Rob Chang has a “buy” and a $2.25 target on the stock.

Alderon Iron Ore rose 8% to US$1.35 after making two big announcements. On May 27, the firm reported that it signed a benefits agreement with the government of Newfoundland and Labrador regarding its Kami iron-ore project in western Labrador. Alderon also received the surface and mining leases required to build the project.

Two days later, Alderon told investors that its board included Ian Ashby, the former president of BHP Billiton’s iron-ore division, and Adrian Loader, the former president and CEO of Shell Canada.

Desjardins analyst Jackie Przybylowski expects Alderon to secure the $1.4 billion it needs for Kami and start construction in the third quarter. She has a “top pick–speculative” rating and a $3.25 price target.

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