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Gold Investing
Top 5 Gold Stocks on the TSX in 2023
Dec. 07, 2023 01:55PM PST
Looking for the best gold stocks? These TSX-listed gold companies have seen the biggest year-to-date gains so far in 2023.
Aon Khanisorn / Shutterstock
Gold and gold companies have had a tumultuous year following insolvency in the US banking system, continued tensions between Russia and Ukraine and the eruption of violence in the Middle East.
While those forces have provided upward momentum, high interest rates have curbed gold's appeal. Even so, the price remained elevated in 2023, approaching record highs in May and November before hitting a new record in December. These elevated levels have been a boon for gold companies, helping drive profits and fund projects and expansions.
The list below shows the TSX-listed gold stocks with the biggest year-to-date gains as of November 27, 2023. Data was gathered using TradingView’s stock screener, and all companies had market caps above C$50 million at that time.
1. Collective Mining (TSXV:CNL)
Year-to-date gain: 52.49 percent; market cap: C$249.86 million; current share price: C$3.98
Collective Mining is a gold, copper and silver exploration company with interests in Caldas, Columbia. Its two projects, Guayabales and San Antonio, are within a region with 10 operating mines, and consolidate large portions of a mineral belt that surrounds Aris Mining’s (TSX:ARIS,NYSE:ARMN) Marmato mine.
Q1 saw Collective make significant gains on the back of exploration results at Guayabales' Apollo target. The first of these results came on February 15, with four step-out holes extending the main breccia system to a width of 395 meters and a depth of 915 meters. Results from the last of these holes, APC-31, were released on February 23 and revealed high grades at Apollo, including a 384.7 meter intercept with 1.17 grams per metric ton (g/t) gold, 43 g/t silver and 0.37 percent copper.
The company’s share price climbed steeply to reach a year-to-date high of C$7 on May 9 following a pair of press releases on March 30 and April 11; they also focused on drill results from Apollo, with Executive Chairman Ari Sussman saying he was “impressed with the sheer quantity and quality of mineralization" at the target.
Consistent results through Q2 and Q3 helped Collective's share price stay around the C$6 mark. However, it began trending down at the beginning of September along with a broader decline in the gold market. This fall came despite continued good results from Guayabales, including news on October 11 of a new precious metals discovery, the Plutus target. Exploration at the site has been limited to one drill, but the company said one hole encountered a large intercept of 0.97 g/t gold, 20 g/t silver and 0.04 percent copper over 136.45 meters.
On October 30, Collective reported its best hole to date from a subzone at Apollo. It expanded the system to the north, west and at depth, with an intercept with 2.12 g/t gold, 36 g/t silver and 0.1 percent copper over 519.1 meters.
Shortly after, on November 7, the company encountered a high-grade tungsten deposit at the shallow portion of Apollo.
2. Equinox Gold (TSX:EQX)
Year-to-date gain: 50.76 percent; market cap: C$2.1 billion; current share price: C$6.95
Equinox Gold is a mid-tier gold producer that operates seven mines in the Americas: four in Brazil, one in Mexico and two in California, US. The company is in the process of constructing its Greenstone project in Ontario, Canada, and is undertaking expansions of three of its mines: Castle Mountain in California, Aurizona in Brazil and Los Filos in Mexico.
Shares of Equinox climbed at the beginning of 2023, during which time it released its preliminary 2022 results, reporting annual production of 532,319 ounces. This number was confirmed on February 21, when Equinox released its final 2022 report and provided 2023 production guidance of 555,000 to 625,000 ounces of gold.
Equinox’s primary focus for the year has been the construction of Greenstone, where it expects to begin pouring gold in H1 2024. The mine's annual output is pegged at over 400,000 ounces of gold for the first five years of its initial 14 year mine life.
In the company’s Q1 financial report, released on May 2, Equinox President and CEO Greg Smith reported a good start to the year, with Greenstone ending the quarter 73 percent complete and permitting for Castle Mountain underway. Operations for the quarter produced 122,746 ounces of gold and brought in C$234.1 million in revenue.
The company’s share price shot up on May 2, as did the gold price, and Equinox hit a year-to-date high of C$7.76 on May 8. The company largely continued to track the price of gold throughout Q2 and Q3.
On August 2, Equinox released its results for the second quarter, showing that it was on track to meet its guidance. During the first half of the year, the company saw record production and revenue, producing 260,408 ounces of gold and generating C$506 million in revenue during the H1 period.
Its most recent financial report, released on October 31, the company reported more record-setting results, delivering its strongest third quarter yet, with production of 149,089 ounces of gold and revenue of C$285 million.
As for its most recent update on Greenstone, on November 20 Equinox reported it was 96 percent complete and that commissioning was underway. “The priority is now on completion and commissioning of the process plant, commissioning of the (tailings storage facility) and ramp up of mining and operations,” Smith stated.
3. Mawson Gold (TSX:MAW)
Year-to-date gain: 48.89 percent; market cap: C$101.97 million; current share price: C$0.335
Mawson Gold is a gold explorer with two projects in Scandinavia. In Finland, Mawson wholly owns the Rajapalot gold-cobalt project, and in Sweden it has an earn-in agreement for up to 85 percent of the Skellefteå North gold project. It also owns 51 percent of Southern Cross Gold (ASX:SXG,OTC Pink:SXGDF), which is focused on the Sunday Creek project in Australia.
Mawson experienced significant changes within its management team in 2023. On March 21, the company announced that then-CEO and Director Ivan Fairhall had resigned and would be replaced by Noora Ahola as interim CEO. Additionally, independent directors were announced on February 13 and October 27.
The company's share price trended down for the first three quarters of the year, with no news released from its operations in Sweden and Finland. Southern Cross posted results from Victoria-based Sunday Creek throughout 2023, but Mawson's share price wasn't affected until September 4, when Southern Cross announced the asset's best hole to date. The drill core contained 5.1 g/t gold over 404 meters, with seven intersections containing over 100 g/t, including 2,679.8 g/t gold over 0.4 meters. After ending August at C$0.19, Mawson's share price had climbed to C$0.34 by September 13.
Mawson announced a plan on October 31 to split into three separate companies to create value for shareholders. The terms would see the sale of its Finnish assets to Springtide Capital Acquisitions, while Mawson would focus on its gold and uranium properties in Sweden, the latter of which it acquired in the first quarter. Lastly, Mawson’s shares in Southern Cross would be distributed to Mawson shareholders.
4. Eldorado Gold (TSX:ELD)
Year-to-date gain: 44.04 percent; market cap: C$3.33 billion; current share price: C$16.68
Eldorado Gold has mines in Turkey, Greece and Canada: the Efemçukuru underground and Kışladağ open-pit gold mines in Turkey, the Olympias gold-silver-lead-zinc mine in Greece and the Lamaque underground gold mine in Québec, Canada. The company is also developing its Skouries gold-copper project in Greece.
Shares of Eldorado have tracked the price of gold this year, with highs being hit in early May as the price of the yellow metal climbed to near-record highs on the back of the banking crisis in the US.
The company has also posted strong results throughout the year, starting with its year-end results for 2022 on February 23. In the release, Eldorado reports full-year gold production of 453,916 ounces, with output climbing quarter by quarter following a challenging start to the year. Ultimately, production came in just 1 percent below guidance. The news coincided with the release of Eldorado's 2023 production guidance and five year growth profile. The company expects to produce between 475,000 and 515,000 ounces of gold in 2023, with plans to grow production to 700,000 ounces by 2027.
In its Q1 results, posted on April 27, Eldorado indicated it was on track to meet guidance and had experienced a 21 percent production increase over Q1 2022, with output 25 percent higher at its Kışladağ mine.
The company’s Q2 results were released on July 27, and they again showed Eldorado was well positioned to meet its guidance for the year; however, production was 4 percent lower than the same quarter a year ago due to wildfires near the firm's Lamaque site in Québec, as well as lower gold grades at Olympias in Greece.
In its results for the third quarter, which were released on October 26, Eldorado reported production of 121,030 ounces of gold, a 2 percent increase over Q3 2022, which the company attributed to “the enhanced materials handling circuit at Kışladağ, (and) productivity initiatives and associated improvements at Olympias.”
Aside from production news, Eldorado closed a 680 million euro financing deal on April 5 for the development of Skouries. The deal provides 80 percent funding for the project, with the remaining 20 percent coming from Eldorado and its wholly owned subsidiary Hellas Gold. The project has proven and probable reserves of 3,630,000 ounces of gold.
Shares of Eldorado reached a year-to-date high of C$17.60 on November 27.
5. Calibre Mining (TSX:CXB)
Year-to-date gain: 43.96 percent; market cap: C$593.49 million; current share price: C$1.31
Calibre Mining is a growth-focused mid-tier gold producer focused on the Americas with assets at every stage of development, from exploration to production. The company currently has four gold mines in Nicaragua: Limon, Libertad, Pavon and Eastern Borosi. Additionally, it has the Pan gold mine in Nevada, US, and several development and exploration projects in Nicaragua and the US, specifically the states of Nevada and Washington.
The company has performed well since the start of the year following a series of strong financial results. Calibre's Q3 report shows that it has US$97 million in cash on hand, and points to a fourth consecutive quarter of record production, including a year-on-year increase of 50 percent to 73,485 ounces; that's compared to 49,081 ounces a year.
Production totals were further supported by the opening of the Eastern Borosi gold-silver mine on May 30.
Calibre’s most significant business news of the year came on November 13, when it announced it would be acquiring Marathon Gold (TSX:MOZ,OTCQX:MGDPF). The combined companies would create a mid-tier miner with projected gold production of 500,000 ounce per year. According to Calibre, its strong cash flow will allow the company to fully fund the construction of Marathon’s Valentine gold project in Central Newfoundland through to production.
Calibre’s performance has been further buoyed by strong exploration results. The company’s share price began its ascent in January, when it reported initial drill results from its Golden Eagle project in Nevada, including a highlight of 4.3 g/t gold over 92.4 meters. As for its Limon mine complex in Nicaragua, May assays from the property's Talavera deposit include a highlight of 15.46 g/t gold over 6.7 meters; meanwhile, September exploration news from the mine’s Atravesada underground deposit includes a highlight of 9.67 g/t gold over 13.3 meters.
The company also announced on September 18 that it has delineated another open-pit gold deposit 5 kilometers from its Libertad mine site, with indicated and inferred resources of 161,000 ounces of gold.
Don’t forget to follow us @INN_Resource for real-time news updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
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The Conversation (7)
Dean has been writing in one form or another since penning stage plays in his youth. He is a graduate of both Emily Carr University and Simon Fraser University, with a BFA in photography and a BA in communications.
As a writer, Dean has traveled throughout BC and the Pacific Northwest covering cultural events, interviewing small business owners and working alongside fellow writers and photographers from publications like Rolling Stone Magazine, Spin and the Georgia Straight.
Dean has a keen interest in investing, and enjoys learning about the mining industry and better understanding the technical aspects of trading. In his spare time, Dean is an avid home chef, ponders the space-time continuum and makes his own cider. On weekends he can be found cycling the Seawall, exploring farmers markets or sampling the city’s local craft breweries.
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Outlook Reports
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Browse Companies
MARKETS
COMMODITIES
Commodities | |||
---|---|---|---|
Gold | 2160.99 | -0.66 | |
Silver | 25.13 | +0.07 | |
Copper | 4.13 | 0.00 | |
Oil | 82.63 | -0.09 | |
Heating Oil | 2.75 | -0.01 | |
Natural Gas | 1.72 | +0.02 |
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Dean has been writing in one form or another since penning stage plays in his youth. He is a graduate of both Emily Carr University and Simon Fraser University, with a BFA in photography and a BA in communications.
As a writer, Dean has traveled throughout BC and the Pacific Northwest covering cultural events, interviewing small business owners and working alongside fellow writers and photographers from publications like Rolling Stone Magazine, Spin and the Georgia Straight.
Dean has a keen interest in investing, and enjoys learning about the mining industry and better understanding the technical aspects of trading. In his spare time, Dean is an avid home chef, ponders the space-time continuum and makes his own cider. On weekends he can be found cycling the Seawall, exploring farmers markets or sampling the city’s local craft breweries.
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