Top 5 Gold Stocks on the TSX (Updated November 2022)
Looking for the best gold stocks? These TSX-listed gold companies have seen the biggest year-to-date gains so far in 2022.
Click here to read the previous best gold stocks article.
The gold price is finally gaining some ground after falling below US$1,650 per ounce in September for the first time since 2020. The yellow metal neared US$1,800 in mid-November and is now sitting above US$1,750.
Even so, gold is still under pressure, and some experts think now is the time to buy. The Investing News Network spoke with Mark Yaxley, managing director of bullion dealer SWP, twice in November, and he shared his advice on buying bullion both times.
"My advice … to my clients, who are mostly Canadians and Americans, is maybe you should be mirroring eastern investors and taking advantage of these dips at this price level," he said in his first interview, explaining that westerners often wait for positive price performance to buy gold. In the second discussion, he shared his three guidelines when buying bullion.
The five stocks below have seen the largest share price gains in the gold sector year-to-date on the TSX. The list was generated on November 28, 2022, using TradingView’s stock screener, and all companies listed had market caps above C$50 million at that time.
Year-to-date gain: 45.04 percent; market cap: C$150.49 million; current share price: C$1.90
Augusta Gold is focused on its land package in the Bullfrog district in Nevada, US. Its Bullfrog gold project is in the Walker Lane trend and is close to significant infrastructure, including a paved highway that intersects the property. The project has a measured and indicated resource of 64.12 million metric tons (MT) grading 0.531 grams per MT (g/t) gold for contained gold of 1.09 million ounces.
On April 21, the firm acquired the Reward heap-leach gold project, which is fully permitted and located near the Bullfrog project. Augusta ended April with a spike and remained elevated through Q2, hitting a year-to-date high of C$2.33 on May 26.
Augusta released a resource estimate for Reward on June 7; it shows Reward has a measured and indicated resource of 426,700 ounces of gold grading 0.75 g/t gold, and an inferred resource of 27,100 ounces of gold grading 0.68 g/t gold. The company completed its final payment for the Reward project in September. Augusta's share price has spent Q4 trending upwards following that news.
“Making the final payment for the Reward acquisition is a significant milestone as we move to completing our engineering studies for both Reward and Bullfrog with the goal of commencing production from the fully permitted Reward project in late 2023,” Augusta President and CEO Donald Taylor said.
Year-to-date gain: 31.69 percent; market cap: C$6.79 billion; current share price: C$6.94
Yamana Gold is a gold producer operating out of the Americas that places a strong emphasis on ESG issues. The company has five producing mines: the Canadian Malartic gold mine in Abitibi, Quebec; the Cerro Moro gold-silver mine in Santa Cruz, Argentina; the El Peñón mine in Chile’s Atacama Desert; the Jacobina gold-mining complex in Bahia, Brazil; and the Minera Florida gold mine in Central Chile. Yamana also has multiple advancing projects, and has said it aims to continue exploration of its producing properties so it can replace depleting mineral resources with fresh discoveries, creating more sustainable operations.
Yamana’s share price spiked at the end of September, a couple of days after the company announced that Glencore (LSE:GLEN,OTC Pink:GLCNF) will be acquiring Newmont’s (TSX:NGT,NYSE:NEM) 18.75 percent share in the Mara copper-gold joint venture project. Yamana will remain the operator with a share of 56.25 percent, and Glencore will own the remaining portion.
Back in May, Yamana entered into a definitive agreement with Gold Fields (NYSE:GFI,JSE:GFI) under which Gold Fields would acquire Yamana, but this deal has recently fallen through and has been replaced by a “superior proposal.” The new deal is with both Agnico Eagle Mines (TSX:AEM,NYSE:AEM) and Pan American Silver (TSX:PAAS,NASDAQ:PAAS), and will see Agnico acquire some of Yamana’s subsidiaries and partnerships related to its Canadian assets; meanwhile, Pan American will acquire all Yamana's outstanding shares.
Yamana’s share price spiked by C$1.01 November 4, the day of the news. Most recently, Yamana announced its Q4 dividend and shared dates for shareholder meetings about the acquisition.
Year-to-date gain: 30.5 percent; market cap: C$5.06 billion; current share price: C$12.45
Alamos Gold is a gold miner operating three 100 percent owned gold mines: Young-Davidson and Island Gold in Canada and Mulatos in Mexico. The company’s 2022 gold production guidance is 440,000 to 480,000 ounces in total between its three mines. Alamos also has development projects in Canada, Turkey and the US.
Alamos’ share price spiked in April to an H1 high of C$11.38, following groundbreaking for its Phase III expansion at Island Gold. The expansion is expected to both lower costs and bring production up by 70 percent per year following its completion in 2025. In other big news for the company, in June initial production commenced at the La Yaqui Grande mine, which is part of the Mulatos mining district. In late August, the company shared its 2021 ESG results.
Alamos’ share price has been trending upwards since the end of Q3. At the end of October, the company released its Q3 results, which show production of 123,400 ounces of gold, a 19 percent gain quarter-over-quarter. On November 15 and November 29, the company released high-grade results that extended mineralization at the Island Gold mine.
“Having nearly tripled the Mineral Reserve and Resource base to over five million ounces of gold and with work on the expansion ramping up, our exploration focus is shifting to more cost-effective underground drilling where we can leverage existing infrastructure,” President and CEO John A. McCluskey said.
Year-to-date gain: 17.86 percent; market cap: C$2.67 billion; current share price: C$12.01
Lundin Gold has the Fruta del Norte gold mine in Ecuador, which the company calls “one of the highest-grade, lowest-cost gold mines in the world.” The mine has been in operation since 2019 and has a mine life of 13 years. In addition to this operation, the company has 25 exploration concessions under two subsidiaries.
Lundin’s share price faltered in Q3 after a steady first half of the year, but it has gained significantly in Q4. In October, the company completed the south ventilator raise at Fruta del Norte, which had taken three years due to delays, including from COVID-19. The company released its Q3 results in November, with production of 121,635 ounces of gold compared to 107,663 ounces in Q3 2021. Lundin Gold expects its full-year 2022 results to be at the higher end of its guidance.
On November 21, the company hit a year-to-date high after drill intercepts from its conversion program at Fruta del Norte drove shares up from C$11.12 to C$12.92 overnight. The program's aim is to extend the mine's life by converting inferred resources into measured or indicated resources. The company later shared its three year outlook, saying it expects production to continue to grow.
Year-to-date gain: 11.33 percent; market cap: C$855.71 million; current share price: C$3.44
i-80 Gold is a gold company with multiple projects in Nevada, US, including its producing Ruby Hill open-pit gold mine. In 2022, the company has been focused on drilling at Ruby Hill to update technical reports and work towards a permit for an underground mine. In addition to Ruby Hill, i-80 has the Lone Tree past-producing mine and the Granite Creek advanced project.
A strong H1 saw an early year-to-date high of C$3.90 on March 21 for i-80 Gold, but a shaky Q3 brought it back down. However, November has seen consistent and significant gains for the company. The rise began on November 7, when it released plans to possibly restart the Ruby Hill mill and leach circuits due to the company discovering more high-grade oxide material at both Ruby Hill and Granite Creek than anticipated. The next day, i-80 released its Q3 results, which include record sales of 9,332 ounces of gold.
News of bonanza-grade drill results at Ruby Hill’s Hilltop zone in mid-November continued its rally, with one highlight showing 33 g/t gold, 3,010 g/t silver & 63.5 percent lead over 0.6 meters. Most recently, the company shared further positive drill results at Ruby Hill.
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Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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