Looking for the best gold stocks? These TSX-listed gold companies have seen the biggest year-to-date gains so far in 2022.
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Although it reached an all-time high in the summer of 2020, the gold price put on an underwhelming performance in 2021. However, 2022 has already seen strong gold movement.
Tensions in Europe have helped move the gold price back above US$1,900 per ounce. The yellow metal spiked to US$1,975 in the early hours of February 24 following the start of an invasion by Russia into Ukraine. Since then, the price has been volatile, vacillating between lows in the US$1,880s and highs in the US$1,910s.
The Investing News Network (INN) spoke with multiple experts about their thoughts on the conflict’s effect on gold while events were escalating before the invasion. INN asked John Kaiser of Kaiser Research, who replied, "The biggest driver (for the gold price) is now what's still happening with Russia." In his opinion, other factors that will drive the price alongside the conflict are high inflation and waning interest in bitcoin.
However, on February 23, Ronald-Peter Stoerferle, managing partner at Incrementum, shared a dissenting opinion. "I think it will have a long-lasting impact on markets. (But) when it comes to gold, I think that people completely overestimate the geopolitical premium," he told INN.
As the situation is developing its long-term effects are still unknown. Still, many Canadian gold companies on the TSX have seen large share price gains in 2022. Below INN has rounded up the five best gold stocks on the TSX with the biggest share price gains year-to-date. The list was generated on February 24, 2022, using TradingView’s stock screener, and all companies listed had market caps above C$50 million at that time.
1. Orvana Minerals (TSX:ORV)
Year-to-date gain: 53.23 percent; current share price: C$0.475
Orvana Minerals is a mine operator working out of Europe and South America, with its El Valle gold-copper-silver mine and Don Mario copper-gold-silver mine located in Spain and Bolivia, respectively. Production at El Valle for the 2021 fiscal year reached 63,108 gold equivalent ounces, including 47,413 gold ounces, and guidance is set at 48,000 to 53,000 gold equivalent ounces for 2022. Don Mario has been on care and maintenance since 2021, and is currently transitioning to an oxides stockpile project, which will treat stockpiled material at the site.
On February 11, Orvana released its Q1 results and said it would file the preliminary economic assessment for its Taguas project in Argentina. El Valle produced 11,731 ounces of gold and 1.5 million pounds of copper in Q1.
Year-to-date gain: 45.45 percent; current share price: C$0.56
Freegold Ventures is a gold and copper company exploring projects in Alaska. Its primary focus is its Golden Summit advanced-stage gold project, and it is also exploring its nearby Shorty Creek copper-gold project.
The company performed drill programs at both properties in 2021; results of the program at Golden Summit demonstrated “potential for more extensive and higher-grade gold mineralization” and saw multiple assays grading over 30 grams per tonne gold.
Freegold saw its shares rise to begin the year, and it has maintained those highs throughout 2022. On February 9, the company announced it was mobilizing for a 2022 diamond drill program at Golden Summit, which will expand on last year’s work and seek higher-grade, deeper mineralization. The company said it was anticipating the commencement of drilling within the following week.
3. GoldMining (TSX:GOLD)
Year-to-date gain: 40.25 percent; C$2.15
GoldMining is a gold-mining company with 14 projects across the Americas. Between its assets it has gold equivalent resources of 16.2 million ounces measured and indicated and 16.2 million ounces inferred. It is also a 15 percent owner of Gold Royalty (NYSEAMERICAN:GROY).
GoldMining’s share price hit a high for the year of C$2.23 on January 19, a week after it announced positive preliminary economic assessment results at its La Mina gold-copper project in Antioquia, Colombia. Highlights include projected production of 102,000 gold equivalent ounces per year over a 10.4 year mine life. On January 25, the company announced the appointment of a new director of mineral resources, Eric Chen, who has 30 years of experience in resource geology.
4. International Tower Hill Mines (TSX:ITH)
Year-to-date gain: 40.22 percent; current share price: C$1.29
International Tower Hill Mines is focused on its Livengood gold project in Alaska. According to the company, in terms of reserves and resources it is the largest gold-only deposit in North America that’s not owned by a producer or a major. As of 2017, its reserves stood at 9 million ounces and its resources came in at 11.5 million ounces. International Tower Hill prides itself on maintaining strong relationships with the local communities, whose populations are largely employed by the mining industry.
Although the company has yet to release news in 2022, its share price shot up in mid-February, moving from C$0.88 on February 8 to C$1.44 on February 18.
5. Americas Gold and Silver (TSX:USA)
Year-to-date gain: 29.41 percent; current share price: C$1.32
Americas Gold and Silver is a precious metals producer with three currently operating mines: the San Rafael mine at the company’s Cosalá complex in Sinaloa, Mexico; the Galena complex in Idaho, US; and the Relief Canyon gold mine in Nevada, US. The company also has the San Felipe project in Sonora, Mexico. Americas Gold and Silver changed its name from Americas Silver in 2019 to reflect the acquisition of the Relief Canyon mine and the resultant 250 percent increase in the company’s gold reserves, bringing them to 1.12 million ounces.
In 2022, much of the company’s news has centered around the recommencement of production at Cosalá, which is focused on silver and zinc. The company began to ramp up operations in 2021 and it reported its Q4 2021 production results in early January. Americas Gold and Silver also released its 2021 fiscal year production results and outlook in February; as operations at Relief Canyon are currently suspended for further metallurgical test work, no gold was produced by the company last year.
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Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Freegold Ventures is a client of the Investing News Network. This article is not paid-for content.
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