Top 5 Gold Stocks on the TSX (Updated October 2022)

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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 latest best gold stocks article.

The gold price saw significant upward movement in February and March following Russia's invasion of Ukraine on February 23, but it couldn't hold on to those gains and has fallen throughout the year.

Some experts believe the depressed gold price could be a buying opportunity, and that stocks are currently undervalued. The Investing News Network spoke with Gold Newsletter Editor Brien Lundin about gold in late September.

"If we just get a market that normalizes, then you can get multi-bagger potential from these very solid, relatively conservative companies that have real assets and much less downside," he said during the interview. "If you can get the potential for a three to four times gain from a company that offers relatively little downside at these price levels, it's the kind of opportunity that doesn't come very often, and is one that I think everybody needs to look at hard right now."

Although the gold price has cooled off, some companies have been on the move. 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 October 4, 2022, using TradingView’s stock screener, and all companies listed had market caps above C$50 million at that time.

1. Yamana Gold (TSX:YRI)

Year-to-date gain: 27.7 percent; market capitalization: C$6.3 billion; current share price: C$6.73

Yamana Gold is a gold producer operating out of the Americas that places a strong emphasis on environmental, social and governance 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. It also has multiple advancing projects.

The company aims to continue exploration of its producing properties so it can replace depleting mineral resources with fresh discoveries, creating more sustainable operations.

Yamana’s most significant news of the year came on May 31, when the company entered into a definitive agreement with Gold Fields (NYSE:GFI,JSE:GFI), which will be acquiring Yamana. “The combination of Yamana and Gold Fields creates a world-class, globally diversified company with regional relevance across premier, rules-based mining jurisdictions that is underpinned by low cost, long life mines,” Yamana Executive Chairman Peter Marrone said.

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. On October 4, the company released dates for its Q3 results and a shareholder meeting to discuss Gold Fields’ acquisition of Yamana.

2. Orezone Gold (TSX:ORE)

Year-to-date gain: 20.18 percent; market capitalization: C$439.09 million; current share price: C$1.37

Orezone Gold has an operating gold mine, the Bomboré open-pit mine in Burkina Faso. The mine is still in Phase I, and currently has a planned throughput of 5.2 million metric tons (MT) per year. The company is drilling at the site and is planning a Phase II expansion, for which studies should be complete in the first half of 2023.

Orezone has spent much of the year continuing to explore at Bomboré while preparing the mine for operation. September has been an exciting month for the company, as it achieved its first gold pour at Bomboré, with commercial production expected in Q4. The company also completed a Phase III drill program at the site, with results including 2.84 grams per MT (g/t) gold over 23 meters.

3. K92 Mining (TSX:KNT)

Year-to-date gain: 15.19 percent; market capitalization: C$1.87 billion; current share price: C$8.19

K92 Mining is a gold producer operating its Kainantu gold mine in Papua New Guinea’s Easten Highlands province. Over the last couple of years, the company has been working on expanding its mine in order to significantly increase its output, and it has also been exploring the site to potentially expand its resources.

K92’s share price saw a big jump in mid-April following the release of its Q1 production results, which showed that Kainantu produced 24,152 ounces of gold during the quarter. Shares jumped from C$8.96 on April 8 to a year-to-date high of C$10.38 on April 18. K92’s Q2 results came on August 15; however, gold production was down slightly quarter-on-quarter at 22,934 ounces. The company’s share price did not react as positively, moving steadily downwards over the following two weeks.

In September, K92 announced a “robust” integrated mine development plan for Kainantu that will see throughput increase by 140 percent to 1.2 million MT per year. The company also shared that it was included in the 2022 TSX30 list, coming in at number 11.

4. Alamos Gold (TSX:AGI)

Year-to-date gain: 13.52 percent; market capitalization: C$4.15 billion; current share price: C$10.83

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 total between its three mines. Alamos also has development projects in Canada, Turkey and the US.

Alamos’ share price spiked earlier in the year in April to a year-to-date high of C$11.38, following the 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.

Alamos’ share price spiked again in late July with the release of its Q2 results, which include total production of 103,900 ounces of gold. Recently, the company shared its 2021 ESG results.

5. Augusta Gold (TSX:G)

Year-to-date gain: 12.98 percent; market capitalization: C$118.02 million; current share price: C$1.48

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 currently has measured and indicated resources of 64.12 million MT grading 0.531 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 nearby the Bullfrog project. Augusta ended April by spiking back up 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 measured and indicated resources of 426,700 ounces of gold grading 0.75 g/t gold, and inferred resources of 27,100 ounces of gold grading 0.68 g/t gold.

Don’t forget to follow us @INN_Resource for real-time news updates!

Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.


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