Best Gold Stocks of 2019 on the TSX – Q3

The gold price surged during the third quarter of 2019, finally breaking through the US$1,500 per ounce level for the first time in six years on August 7.

Against that backdrop, many companies in the gold space have made progress and expanded the resource potential of their assets. Now that Q3 has come to a close, the Investing News Network has rounded up the five best gold stocks on the TSX with the biggest share price gains year-to-date.

The list below was generated on October 3, 2019, using TradingView‘s stock screener, and all companies listed had market caps above C$50 million at that time.

1. Eldorado Gold (TSX:ELD)

Current share price: C$10.38; year-to-date gain: 159.5 percent

Eldorado Gold has gold and polymetallic assets at various stages of exploration, development and production. The company has existed for over two decades and operates on three continents.

On August 1, the company announced its second quarter results, stating that gold production for the three month period totaled 91,803 ounces with 174,780 ounces produced year-to-date. Gold production included 33,140 ounces from the Lamaque mine, which is in its first quarter of commercial operation.

At the beginning of September, the miner reported that it plans to expand Lamaque and has begun a preliminary economic assessment (PEA) in anticipation. Eldorado noted at the time that the expansion will be designed to increase throughput from an average of approximately 1,800 tonnes per day (tpd) to 2,500 tpd, and will increase average annual production from around 130,000 ounces of gold to close to 170,000 ounces of the yellow metal.

2. GoGold Resources (TSX:GGD,OTC Pink:GLGDF)

Current share price: C$0.64; year-to-date gain: 156 percent

GoGold Resources is a gold and silver producer with operations in Mexico. Its flagship properties are Los Ricos, located in Jalisco, and the Parral tailings project in Hidalgo del Parral, Chihuahua. 

Towards the end of August, the company announced that it was accelerating the acquisition of its now wholly owned Los Ricos asset. The miner purchased Los Ricos from private Mexican owners for US$500,000 in cash upon signing, US$3,220,000 in cash paid in instalments over 24 months and 9,046,968 GoGold common shares to be delivered in equal numbers over 24 months. 

On September 24, the miner reported assay results from diamond drilling at Los Ricos, highlighting 23.3 meters averaging 2.68 grams per tonne gold equivalent, including 5.5 meters at 9.91 grams per tonne.

3. Liberty Gold (TSX:LGD,OTC Pink:LGDTF)

Current share price: C$0.73; year-to-date gain: 139.34 percent

Liberty Gold is a gold-focused producer that mines exclusively in the world-renowned Great Basin region within the US. The region covers Nevada, half of Utah, substantial portions of Oregon and California and small areas of Idaho, Wyoming and Mexico.

On August 19, the miner entered into a C$13.2 million bought deal in order to fund the exploration and development of its Southwest US gold and precious metals exploration portfolio, with a primary focus on increased exploration and resource growth at the Black Pine project, located in Southern Idaho.

In mid-September, Liberty reported that ongoing drilling at Black Pine resulted in the discovery of 6.11 grams per tonne oxide gold over 9.1 meters and 4.39 grams per tonne oxide gold over 53.3 meters.

4. Tanzanian Royalty Exploration (TSX:TNX)

Current share price: C$1.09; year-to-date gain: 127.08 percent

Gold-focused Tanzanian Royalty Exporation has assets in the United Republic of Tanzania. Its advanced-stage projects include the Buckreef, Kigosi and Itetemia gold projects.

At the end of May, the miner completed Phase 1 of a planned three phase drill program with the goal of increasing the economics of the Buckreef project. The company released a development update on the project on September 12, stating that its current drill program recently encountered 117.07 meters grading 0.8 grams per tonne gold from 295 meters to 412 meters.

5. Serabi Gold (TSX:SBI)

Current share price: C$1.28; year-to-date gain: 116.95 percent

Serabi Gold is a gold exploration and production company that focuses solely on gold deposits in Brazil. The company’s primary assets are its Palito mining complex and its recently acquired Coringa gold project, both of which are located in the Tapajos region of Northern Brazil.

The miner recently completed a PEA on its Coringa gold project, revealing a life of mine of approximately nine years with an average gold grade of 8.34 grams per tonne gold, resulting in a total gold production of 288,000 ounces. The mine also holds an indicated mineral resource of 125,000 ounces of gold and a further inferred resource of 178,000 ounces.

According to the PEA, the asset is set to produce upwards of 38,000 ounces of the yellow metal per year.

INNdepth

Want more details? Check out these articles for more INNdepth coverage.

• Gold Stocks and Gold Production: A Beginner’s Guide
• Best Junior Gold Stocks of 2019 on the TSXV
• 4 Gold Stocks to Watch in 2019
• Gold Mining Stocks to buy in 2019

Want and overview of investing in gold stocks? Check An Overview of Gold Stocks and Price.

What do you think were the best gold stocks of Q3 2019? Let us know in the comments below.

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Securities Disclosure: I, Nicole Rashotte, currently hold no direct investment interest in any company mentioned in this article.