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Top 5 Gold Stocks on the TSX in 2023
Looking for the best gold stocks? These TSX-listed gold companies have seen the biggest year-to-date gains so far in 2023.
The gold price has remained above US$1,800 so far in 2023, spiking as high as US$1,959.40 back in late January and rising again in mid-March when news of US banks failing hit the market.
Although gold moved down in February and early March, news of multiple banks in North America failing drove the yellow metal steeply upward, from US$1,834.60 on March 8 to US$1,915.90 March 13. While US President Joe Biden assured those with deposits in the failed banks — Silicon Valley Bank and Signature Bank — that their money was safe, he said that investors in the bank would not be protected.
“They knowingly took a risk and when the risk didn’t pay off, the investors lose their money. That’s how capitalism works,” President Biden explained in a White House speech.
Gold is known for its safe haven nature, and with the safety of investing in banks in question at the moment, investors seem to be turning back to the yellow metal.
Additionally, the Investing News Network spoke with experts at the Prospectors & Developers Association of Canada (PDAC) convention in early March, including Adrian Day and John Feneck, who shared their thoughts on gold and companies in the space.
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 March 8, 2023, using TradingView’s stock screener, and all companies listed had market caps above C$50 million at that time.
1. Dundee Precious Metals (TSX:DPM)
Year-to-date gain: 32.07 percent; market capitalization: C$1.67 billion; current share price: C$8.73
Dundee Precious Metals is an international gold and copper mining company with two operating mines in Bulgaria. The long-running Chelopech underground gold-copper mine was acquired by Dundee in 2003 and has been modernized by the company, which says the mine is “recognized as a leader in digital innovation.” The company’s other mine is the Ada Tepe high grade open pit gold mine.
Dundee also has a portfolio of exploration projects, prospects and concessions in Serbia and Ecuador.
The company has been busy in 2023. On January 12, Dundee announced that it had updated the life of mine plan for Ada Tepe, adding approximately 66,000 ounces of recovered gold to concentrate through 2026. Four days later, the company shared that exploration at its Čoka Rakita prospect in Serbia had discovered a “significant high-grade deposit.” Dundee’s share price climbed throughout the rest of January to reach a year-to-date high of C$9.16 on January 25.
On February 16, Dundee released its Q4 and FY2023 results, including total production of 273,109 ounces of gold and 30.8 million pounds of copper. The company closed out the month by sharing exploration news from diamond drilling at its Tierras Coloradas concessions in Ecuador on February 27. One highlight was 17.3 meters grading 46.09 grams per metric ton (g/t) gold, including 7.72 meters grading 79.54 g/t gold. After softening in February, the company’s share price moved upwards again following these results, although it came a penny short of its previous high.
2. Sabina Gold & Silver (TSX:SBB)
Year-to-date gain: 28.89 percent; market capitalization: C$985.89 million; current share price: C$1.74
Sabina Gold & Silver owns the Back River gold district in Canada’s Nunavut territory, which contains its Goose mine. The mine has received all major permits and authorizations for its construction and operations as of January 2023, and it has an average of 223,000 ounces of gold a year over a projected 15 year mine life.
The company finalized a lump sum agreement in January for the construction of the processing plant and ancillary buildings at the Goose mine.
Sabina’s share price began rising on February 7, although it didn’t release any news. However, on February 13 the company shared that it had entered into a definitive agreement with B2Gold (TSX:BTO,NYSEAMERICAN:BTG) in which the latter company would acquire all issued and outstanding shares of Sabina at a price of C$1.87 per share. The companies anticipate the acquisition to be completed in Q2 if it receives all approvals.
In the weeks following the announcement, the company’s share price climbed to a year-to-date high of C$1.86.
3. Loncor Gold (TSX:LN)
Year-to-date gain: 27.42 percent; market capitalization: C$59.1 million; current share price: C$0.395
Loncor Gold is focused on its projects in the Democratic Republic of Congo’s (DRC) Ngayu greenstone belt, including its 84.68 percent owned Imbo project that hosts the Adumbi deposit, as well as its 100 percent owned Makapela project. Loncor is working on advancing Adumbi and Makapela.
The company’s share price began rising on February 10, peaking at a year-to-date high of C$0.44 on February 17.
Its first news of the year came on February 21 when Loncor released a corporate update. In the update, the company stated that discussions with potential partners for developing its gold projects were still taking place, and that its application for a mining permit for Makapela is just waiting for the final signature.
Additionally, the company shared in the update that it concluded a lease with Ding Sheng that allows the latter company to mine the “non-strategic alluvial potential to the south of Adumbi” in exchange for US$1.25 million and 25 percent of future revenue less US$1 million.
4. Perpetua Resources (TSX:PPTA)
Year-to-date gain: 27.07 percent; market capitalization: C$309.33 million; current share price: C$5.07
Perpetua Resources is working to restore and mine Idaho’s Stibnite gold project. Stibnite also has significant reserves of antimony, which is currently not produced in the US although the country labeled it a critical mineral. The Stibnite mine was the home of several periods of mining after which there was ultimately “limited reclamation,” according to Perpetua, leaving fish unable to migrate and water quality degraded. The company intends to work on restoration early in the project.
Perpetua’s only news so far in 2023 came on January 11, when it announced that the 75 day comment period for the public to share their thoughts on the project’s supplemental draft environmental impact statement had closed with more than 18,000 comments submitted to the US Forest Service, over 15,000 of which showed support to the project.
The company’s share price rose following the news, climbing by more than C$1 by January 20, and it has remained elevated since, reaching a year-to-date high of C$5.07 on March 8.
5. Ascot Resources (TSX:AOT)
Year-to-date gain: 25.93 percent; market capitalization: C$283.31 million; current share price: C$0.68
Ascot Resources is focused on restarting its past-producing Premier gold mine, part of its Premier gold project. The project includes the Premier, Silver Coin and Big Missouri deposits and is located in the Golden Triangle in British Columbia, Canada.
The company’s share price rose significantly through January. After it started the month at C$0.56, it rose to C$0.74 by January 18, a day before Ascot released its first news of the year.
On January 19, Ascot announced the closing of approximately C$200 million in financing, which the company will use for the construction of the Premier gold project. The funds came from two entities, with US$110 million from Sprott Private Resource Streaming and Royalty as a deposit for gold and silver streaming rights and C$50 million from Ccori Apu as a strategic equity investment.
Four days later, Ascot released its final assays from its 2022 drill program at Premier, with one highlight grading 26.56 g/t gold and 10 g/t silver over 8 meters, including 198.5 g/t gold and 59.6 g/t silver over 1 meter. The company’s share price spiked to a year-to-date high of C$0.79 with the news, but it cooled in the following weeks.
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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