Looking for the best gold stocks? These TSX-listed gold companies have seen the biggest year-to-date gains so far in 2022.
Click here to read the previous best gold stocks article.
The yellow metal spiked to US$1,975 per ounce in the early hours of February 24 following the start the invasion. Although that leap was short-lived, gold soared even higher on March 9, hitting US$2,069 before moving back down to about US$1,930, a level it has remained around for the last month.
Experts the Investing News Network (INN) has spoken to over the last two months have had mixed opinions over whether the geopolitical conflict will be a significant long-term driver for gold. In mid-March, Randy Smallwood of Wheaton Precious Metals (TSX:WPM,NYSE:WPM) said that whatever happens, the reasons to own gold are stacking up, and the Russia/Ukraine conflict is not the only factor at play for the metal.
With the situation still developing, its long-term effects remain unknown. Even so, many Canadian gold companies on the TSX have seen large share price gains in 2022. Below INN has rounded up the five best gold stocks on the TSX with the biggest share price gains year-to-date. The list was generated on April 4, 2022, using TradingView’s stock screener, and all companies listed had market caps above C$50 million at that time.
1. Karora Resources (TSX:KRR)
Year-to-date gain: 56.71 percent; current share price: C$6.66
Operating in Western Australia, Karora Resources is a gold miner with three producing mines and a mill. Its Beta Hunt gold-nickel mine and Higginsville gold-mining operation both feed its Higginsville treatment facility, which can currently process 1.6 million tonnes per year. The company’s goal is to expand this amount to 2.5 million tonnes per year by 2024. Karora acquired the Spargos Reward gold project in 2020, which recently began production.
Karora's share price has climbed steadily in 2022 after starting the year at C$4.19. In late January, the company reported its 2021 gold production and sales, with record numbers reaching 112,814 and 113,628 ounces, respectively. Then, in February, the firm released its 2022 guidance, reporting expected production of 110,000 to 135,000 ounces of gold and 450 to 550 tonnes of nickel.
The company is currently exploring at Beta Hunt, extending gold mineralization and drilling a nickel discovery on the property. Shares rose significantly after the nickel news, and have remained elevated. Most recently, Karora updated its mineral resource at Beta Hunt, including an 8 percent rise in measured and indicated gold ounces.
2. Orvana Minerals (TSX:ORV)
Year-to-date gain: 43.55 percent; current share price: C$0.445
Orvana Minerals is a mine operator working out of Europe and South America, with its El Valle gold-copper-silver mine and Don Mario copper-gold-silver mine located in Spain and Bolivia, respectively. Production at El Valle for the 2021 fiscal year reached 63,108 gold equivalent ounces, including 47,413 gold ounces, and guidance is set at 48,000 to 53,000 gold equivalent ounces for 2022. Don Mario has been on care and maintenance since 2021, and is currently transitioning to an oxide stockpile project, which will treat stockpiled material at the site.
On February 11, Orvana released its Q1 results, which include production of 11,731 ounces of gold and 1.5 million pounds of copper at El Valle. The company’s share price saw a spike just before the results were released, which it maintained for over a month. In late March, Orvana announced the temporary suspension of operations at El Valle, which is operated by its subsidiary Orovalle, due to a transportation services strike in Spain delaying materials. However, by April 4, operations had restarted. Lastly, the company closed March by announcing drill results at its Taguas project in San Juan.
3. Mandalay Resources (TSX:MND)
Year-to-date gain: 41.65 percent; current share price: C$3.27
Mandalay Resources has producing assets in Australia, where its Costerfield gold-antimony mine is located, and in Sweden, where its Björkdal gold mine is. The company also holds non-core properties in Chile and Canada.
Mandalay’s first announcement of the year was its Q4 and 2021 production and sales results, as well as its 2022 production guidance. The company shared that it exceeded its 2021 guidance, producing 123,002 gold equivalent ounces. For 2022, its guidance is set at 118,000 to 130,000 gold equivalent ounces. On January 24, the company released drill results for Björkdal’s eastern extension, highlighting 47.7 grams per tonne (g/t) gold over 11.7 meters, including 1,056 g/t gold over 0.4 meters.
Mandalay’s share price saw a steady climb in the weeks following its February 24 release of record financial results for 2021, starting at C$2.61 and reaching C$3.25 by March 11. Its most recent news was the filing of its annual information form and updated NI 43-101 technical reports for its core operations.
4. Yamana Gold (TSX:YRI)
Year-to-date gain: 39.29 percent; current share price: C$7.41
Americas-focused gold producer Yamana Gold places a strong emphasis on environmental, social and governance issues. The company has five producing mines: the Canadian Malartic gold mine in Abitibi, Quebec; the Cerro Moro gold-silver mine in Santa Cruz, Argentina; the El Peñón mine in Chile’s Atacama Desert; the Jacobina gold-mining complex in Bahia, Brazil; and the Minera Florida gold mine in Central Chile. The company aims to continue exploration of its producing properties so it can replace depleting mineral resources with fresh discoveries.
On February 8, the company released updated mineral reserves and resources for many of its projects, with an overall rate of replacement of 130 percent of depletion. Its share price rose following that news, and continued to do so throughout February. On February 17, Yamana revealed its Q4 and full-year 2021 results and its 2022 to 2024 guidance. In 2021, Yamana’s mines produced a total of 1.011 million gold equivalent ounces; its guidance for 2022 is 1 million ounces. The company’s most recent news was an update on exploration at its projects.
5. GoldMining (TSX:GOLD)
Year-to-date gain: 39.22 percent; current share price: C$2.13
GoldMining is a gold-mining company with 14 projects spread across the Americas. Between its assets it has gold equivalent resources of 16.2 million ounces measured and indicated and 16.2 million ounces inferred. It is also a 15 percent owner of Gold Royalty (NYSEAMERICAN:GROY).
GoldMining’s share price saw gains in mid-January following the announcement of positive preliminary economic assessment results at its La Mina gold-copper project in Antioquia, Colombia. Highlights include projected production of 102,000 gold equivalent ounces per year over a 10.4 year mine life.
On February 28, GoldMining announced the creation of the subsidiary US GoldMining. The new entity will work to advance the Whistler gold-copper project in Alaska. After trending upwards throughout February, GoldMining’s share price spiked on that news and maintained that level — including a year-to-date high of C$2.47 — through March 14, when the company acquired an existing net smelter royalty from its own Yarumalito project. This news resulted in its share price falling by C$0.25 in one day. Most recently, the company appointed Tim Smith as CEO of US GoldMining, as well as vice president of exploration with GoldMining.
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Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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