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Top 5 Silver Stocks on the TSX and TSXV (Updated April 2023)
Which silver stocks are the top performers so far this year? We’ve compiled a list of top TSX- and TSXV-listed silver stocks to guide investors.
Silver has had an exciting 2023, with banking crises and other economic factors driving it to sustained heights.
After starting the year just below the US$24 per ounce mark, the white metal fell through February and early March to US$20. However, in the time since then the metal has been on a run, crossing US$26 on April 14.
For those looking to get into the sector while the metal and silver companies are running, Don Hansen spoke with the Investing News Network to give his strategies for evaluating precious metals stocks.
The top silver stocks list below was generated on April 17, 2023, using TradingView’s stock screener, and it contains the five silver-focused companies on the TSX and TSXV with the biggest share price gains year-to-date. All the silver stocks listed had market caps above C$10 million at that time.
1. Gatos Silver (TSX:GATO)
Year-to-date gain: 69.93 percent; market cap: C$663.97 million; current share price: C$9.55
Gatos Silver is a silver-producing company with 70 percent ownership of the Los Gatos joint venture. The Los Gatos district is located in Chihuahua, Mexico, and includes the Cerro Los Gatos mine. Gatos is also working to develop the rest of the district, which consists of mineral claims exceeding 103,000 hectares. In 2022, the Cerro Los Gatos mine produced a record 10.3 million ounces of silver, and the company anticipates output of 7.4 million to 8.2 million ounces in 2023.
Gatos Silver’s share price stayed relatively stable through most of Q1, but it shot up at the very end of March from C$6.41 on March 27 to C$9.07 at market close on March 30. The movement began on March 28 with the announcement of a May 31 date for its shareholder meeting, and continued even higher on March 30, when the company filed its financial results for the first three quarters of 2022 and said it was expecting to file its financial results for the full 2022 year after market close that day; later that same day it announced a delay in the filing.
On March 31, Gatos explained the delay and shared that it would also be restating its financial reports for the 2021 financial year and the just-filed first three quarters of 2022. According to the company, material weaknesses, including an understatement of its net deferred tax assets in 2021, have led to errors in its subsequent financial statements and the receipt of a decreased income tax benefit for the joint venture. At the time, Gatos anticipated the completion of the restatements on April 17, but cautioned that it could change.
The company’s share price remained elevated, and increased further in mid-April — which saw the release of its Q1 production results of 2.43 million contained silver ounces — reaching a year-to-date high of C$9.79 on April 13.
On April 17, Gatos announced further delays for its filings and a postponement of its stockholder meeting. The following day, the company received a notice from the NYSE about its non-compliance with regards to the failure to file its statements; the exchange said it will be closely monitoring Gatos and that if circumstances warrant it, it may be delisted from the American exchange. Gatos has requested an extension for filing with the TSX, which has not released a similar notice at this time. On April 19, the company provided an update on its exploration programs at the Los Gatos district.
2. Metallic Minerals (TSXV:MMG)
Year-to-date gain: 56.82 percent; market cap: C$52.81 million; current share price: C$0.345
Metallic Minerals is a silver and gold company operating projects in Canada and the US. The company’s flagship asset is the Keno silver project in Canada’s Yukon. According to Metallic Minerals, Keno covers the second largest land position in the Keno Hill silver district. Additionally, Metallic holds the Australia Creek and Dominion Creek gold projects in the territory, as well as the La Plata copper-silver-gold project in Colorado, US.
Metallic Minerals released two sets of drill results from Keno in January, one on January 12 and one on January 30; the latter intersected a highlight of 230 grams per metric ton (g/t) silver equivalent over 20.9 meters, including 1,540 g/t silver equivalent over 1.63 meters.
On January 24, the metals company announced a gold production royalty agreement with Little Flake Mining, which is owned and operated by Parker Schnabel, a significant player in the TV show Gold Rush. Little Flake will receive exclusive rights to extract gold from the Australia Creek gold property, at which production is expected to begin in June.
Metallic’s share price performed relatively flatly through late February, but shot up on February 28 when the company revealed that its 2022 exploration program at La Plata intercepted a hole grading 0.41 percent copper equivalent over 816 meters, which is not only the longest and highest-grade interval seen at the project, but “one of the top intersections for any North American copper project in the past several years.”
After cooling from the C$0.37 in the days following that news, Metallic’s share price climbed again from mid-March to early April, reaching a year-to-date peak of C$0.40 on April 4. On April 10, the company released high-grade drill results from the Keno project’s Caribou target, with a highlight of 195.8 g/t silver equivalent over 6.7 meters, including 1,310 g/t over 0.53 meters. Now that it has finished processing the results from its 2022 exploration, Metallic is planning its 2023 drill program with a focus on continued resource expansion and the testing of new targets.
3. Hercules Silver (TSXV:BIG)
Year-to-date gain: 56.25 percent; market cap: C$30.23 million; current share price: C$0.25
Hercules Silver is an exploration and development company focused on its Hercules silver project in Idaho, US. The company spent much of 2022 exploring the 100 percent owned property, and is continuing to do so in 2023.
Hercules’ first news of the year came on January 24, when it announced that its 2022 rock chip sampling program, which was made up of over 800 samples at its Hercules property, showed the presence of a large mineralized system. The company’s share price trended upward through February, during which time it unveiled and outlined its 3,000 meter Phase 2 drilling plan; it reached a year-to-date high of C$0.28 on February 28, when it announced drill results from Phase 1 drilling at Hercules, including a drill core with highlights of 353 g/t silver over 38 meters and 791 g/t silver over 4.57 meters.
In March, Hercules announced the addition of Kelly Malcolm, a geologist with significant precious metals exploration experience, as an independent director on the company’s board. The company finished the month with the commencement of a brokered private placement, which it closed on April 20 at C$5.75 million. While its share price stumbled slightly in March, it has remained above C$0.25 in April thus far.
4. Guanajuato Silver (TSXV:GSVR)
Year-to-date gain: 48.05 percent; market cap: C$187.82 million; current share price: C$0.57
Guanajuato Silver is a silver miner with multiple producing assets in Mexico, including the El Cubo mines complex, the Valenciana mine complex, the Topia mine and the San Ignacio mine. The latter three producing assets were acquired in 2022, when Guanajuato purchased Great Panther Mining’s Mexican subsidiary. The deal also included the Cata mill at Valenciana and the production facility at Topia.
Guanajuato has continued to integrate its new assets into its operations in 2023. In January, the company restarted the Cata mill, and it is now processing metals. It is also working to expand production at San Ignacio, and released drill results from the site on February 23. “With almost five meters of true width intersecting 1,219 g/t AgEq, which includes 0.42m true width of 6,981 g/t AgEq, this may represent a game changing result for the mine,” CEO James Anderson said in the release.
The silver company’s share price starting moving upwards in mid-March, when it “arranged a new US$5,000,000 silver and gold pre-payment facility with Swiss-based precious metals trading firm, OCIM Metals & Mining.” This will replace the facility currently in place between the two entities, which had a balance of US$5.5 million. According to the company’s CFO Lisa Dea, the new facility will give Guanajuato balance sheet flexibility as the company ramps up operations at its mines. The company closed the facility on March 30, and its share price reached a year-to-date high of C$0.64 days later on April 4.
On April 10, Guanajuato released its full-year 2022 production results and celebrated its first full year of precious metals production. The company saw output of 2.15 million silver equivalent ounces, including 1.01 million silver ounces and11,174 gold ounces, as well as lead and zinc. As for its Q1 2023 production, the company hit a quarterly record of 938,047 silver equivalent ounces.
5. Vizsla Silver (TSXV:VZLA)
Year-to-date gain: 35.22 percent; market cap: C$385.95 million; current share price: C$2.15
Silver and gold company Vizsla Silver’s flagship asset is its 100 percent owned Panuco silver-gold project in Sinaloa, Mexico, which contains the Copala target. Earlier this year, Vizsla updated the mineral resource estimate at the project, with a 71 percent increase in indicated resources and a 150 percent increase in inferred.
Vizsla has released plenty of news so far this year. In addition to the resource estimate update, January saw the company commence and upsize a private placement financing — which it went on to close at C$45 million in February — as well as appoint Charles Funk as its board’s lead technical advisor and promote Michael Pettingell to senior vice president of business development and strategy.
On February 13, the silver company announced that its drilling at the Copala target returned “bonanza-grade silver,” with a highlight of 892 g/t silver equivalent over 6 meters, including 2,271 g/t silver equivalent over 1.21 meters.
March and April also saw significant exploration updates. On March 1, the company confirmed high-grade continuity at Copala, the most recent news before Vizsla’s share price went on to spike to C$2.19 on March 17. It has mostly stayed elevated since compared to earlier in the year, and the company has released two more batches of high-grade drilling results from the Panuco project, with highlights of 4,227 g/t silver equivalent from Panuco’s La Luisa vein on March 20 and 1,085 g/t silver equivalent from the project’s Napoleon vein on April 13.
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Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
Lauren gained her education through Douglas College’s Professional Writing program and SFU’s Editing certificate program. She spent many years at Douglas' student newspaper, including a term as Editor-in-Chief. Now nearing five years as part of the INN team, she is passionate about delivering accurate and informative content to investors.
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Commodities | |||
---|---|---|---|
Gold | 2302.61 | -21.60 | |
Silver | 26.29 | -0.49 | |
Copper | 4.50 | -0.05 | |
Oil | 79.63 | +0.63 | |
Heating Oil | 2.46 | +0.01 | |
Natural Gas | 1.98 | +0.05 |
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Lauren gained her education through Douglas College’s Professional Writing program and SFU’s Editing certificate program. She spent many years at Douglas' student newspaper, including a term as Editor-in-Chief. Now nearing five years as part of the INN team, she is passionate about delivering accurate and informative content to investors.
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