Best Gold Stocks on the TSX

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After reaching an all-time high last summer, gold displayed a muted performance in Q1 2021. Prices peaked in early January and have trended lower in the months since then.

Values for the precious metal fell below US$1,700 per ounce during the period, and although it has stabilized gold has struggled to regain January’s momentum.

The majority of the three month period saw the yellow metal battle a strengthening US dollar and gains in 10 year Treasury yields. Investor risk appetite also impeded growth for the safe haven.

By the end of January, gold was well off its year-to-date high of US$1,950 and sinking. Even February’s inflationary tones from the US Federal Reserve couldn’t pull the currency metal above US$1,800.

As Q1 2021 concluded, gold was down 11.5 percent from its January high. But despite the decline, values are still well above where they sat between 2013 and 2019.

Gold’s poor showing during the first quarter of the year wasn’t enough to dampen the performance of several mining and exploration companies. Over the 90 day period, some firms made significant announcements and registered stock bumps.

Below 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 April 12, 2021, using TradingView’s stock screener, and all companies listed had market caps above C$50 million at that time.

1. China Gold International Resources (TSX:CGG)

Year-to-date gain: 91.8 percent; current share price: C$3.67

China Gold International Resources has two operational assets in China. The firm is currently working to optimize its CSH gold mine, located in Inner Mongolia, and its Jiama copper-polymetallic mine in Tibet.

The value of company shares began to rise in early February and peaked at C$4 on March 17.

At the end of Q1, the company released its 2020 results, which featured a year-over-year revenue increase of US$103.5 million. According to a press release, “Mine operating earnings increased by 485 percent to US$90.1 million from US$15.4 million for the same period in 2019.”

The gold and base metals miner also included some forward-looking forecasts, which include gold production of 235,000 ounces for 2021.

2. Loncor Resources (TSX:LN)

Year-to-date gain: 35.9 percent; current share price: C$0.80

Canada-listed gold explorer Loncor Resources is currently developing projects in the Ngayu Greenstone Belt in the Democratic Republic of Congo.

Q1 2021 was busy for the firm as mineralization was delineated and identified at the Imbo project in the eastern part of the belt. Loncor also finalized an upsized private placement for a total of C$5.7 million.

Moving forward, the company plans to continue exploration at Imbo. Its share price peaked for the quarter in late March to trade for C$0.80.

3. Harte Gold (TSX:HRT)

Year-to-date gain: 26.9 percent; current share price: C$0.16

Harte Gold operates the Sugar Zone mine in White River, located in Northern Ontario. The project entered production in 2019.

In late March, the company announced a C$24.8 million strategic investment by New Gold (TSX:NGD,NYSEAMERICAN:NGD). The funds will be earmarked for accelerated mine development.

Harte also released its Q1 2021 overview, with one highlight being record gold production of 11,776 ounces; that was a 9 percent quarter-over-quarter increase for an average of 3,925 ounces per month.

4. Dynacor Gold (TSX:DNG)

Year-to-date gain: 24.9 percent; current share price: C$2.26

Unlike traditional gold miners, Dynacor Gold is a dividend-paying industrial gold ore processor. Focused on Peru, the firm processes ore purchased from the artisanal and small-scale mining industry.

Dynacor also owns Tumipampa, a gold exploration property located in Peru.

At the end of Q1, the processor announced the commencement of a plant expansion program. The addition will allow the company to increase its nameplate capacity by 43 percent, from 300 tonnes per day to 430 tonnes per day.

“This new expansion to our Veta Dorada plant in Chala, Peru, is a first step to meeting our strategic milestone of growing the company’s ore processing capacity and gold sales,” said President and CEO Jean Martineau. The increased ore processing should raise sales in the second half of the year.

5. Anaconda Mining (TSX:ANX)

Year-to-date gain: 23.2 percent; current share price: C$0.74

Canada-focused gold company Anaconda Mining is currently advancing the Goldboro project in Nova Scotia. The company had an eventful Q1 that included several drill campaigns across its portfolio.

During the quarter, Anaconda released an updated technical report for Goldboro. The revision includes a 179 percent increase to its measured and indicated mineral resources, as well as an uptick of 16 percent for its inferred mineral resources.

Shares of Anaconda hit a quarterly high of C$0.84 in late March.

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