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Thursday, September 21, 2023

Best Gold Stocks on the TSX

Click here to read the previous best gold stocks article.

After reaching an all-time high last summer, gold put on an underwhelming performance in the first half of 2021. It hit its Q2 peak in early June and has trended lower since then.

Values for the precious metal have failed to regain January’s momentum and the gold price has struggled to stay above US$1,800 per ounce mark this year.

The majority of 2021’s H1 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.

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But gold’s lackuster showing in the first half of the year wasn’t enough to dampen the performance of several mining and exploration companies. Over the 180 day period, some firms made significant announcements and registered share price 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 was generated on August 6, 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: 69.78 percent; current share price: C$3.09

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 the miner’s shares began to rise in early February and peaked at C$4.47 on May 11.

In May, the company released its Q1 results, which featured a revenue increase of 83 percent over the same period in 2020 to total US$272.1 million — the best quarterly performance in China Gold’s history. According to a press release, “Mine operating earnings increased by 360 percent to US$83.8 million from US$18.2 million for the same period in 2020.”

2. Entrée Resources (TSX:ETG)

Year-to-date gain: 55.36 percent; current share price: C$0.87

Canadian miner Entrée Resources has a carried joint venture interest in a significant portion of the long-life, high-grade Oyu Tolgoi project in Mongolia — one of the world’s largest copper-gold projects. By 2030, Oyu Tolgoi is expected to be the fourth largest copper mine in the world.

Sandstorm Gold (TSX:SSL,NYSE:SAND), Rio Tinto (NYSE:RIO,ASX:RIO,LSE:RIO) and Turquoise Hill Resources (TSX:TRQ,NYSE:TRQ) are major shareholders of Entrée.

In mid-June, Entrée released an updated feasibility study for its interest in the Entrée/Oyu Tolgoi joint venture property, as well as the results of a preliminary economic assessment on a conceptual second lift of the Hugo North Extension deposit.

The value of Entrée’s shares reached a year-to-date high of at C$1.12 on June 18.

3. Globex Mining Enterprises (TSX:GMX)

Year-to-date gain: 53.62 percent; current share price: C$1.06

Globex Mining Enterprises is a project generator with a large, diversified North American portfolio of nearly 200 mid-stage exploration, development and royalty properties, of which 97 are precious metals projects. The company’s gold projects include the Rocmec 1 gold mine and the Fayolle gold deposit, both in Quebec, as well as the Bell Mountain gold-silver project in Nevada.

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Shares of Globex reached their year-to-date peak on May 31, hitting a high of C$1.49.

In mid-June, the company sold the Francoeur/Arntfield/Lac Fortune gold property in Quebec, as well as 30 claims in the province’s Beauchastel township and three claims in its Malartic township, to Yamana Gold (TSX:YRI,NYSE:AUY,LSE:AUY) for $15 million (retaining a 2 percent gross metal royalty). The following month, Globex sold the Quebec-based Tarmac gold property to Wesdome Gold Mines (TSX:WDO,OTC Pink:WDOFF) for $1 million and a 1 percent gross metal royalty. Also in July, the company acquired Rockport Mining along with the Devil’s Pike gold property in New Brunswick.

In addition, this summer Globex purchased IAMGOLD’s (TSX:IMG,NYSE:IAG) 100 percent interest in the Rouyn Merger property in Quebec; it covers approximately 6.5 kilometers of the Cadillac Break.

4. Dynacor Gold (TSX:DNG)

Year-to-date gain: 43.58 percent; current share price: C$2.58

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.

Shares of Dynacor Gold hit a year-to-date high of C$2.98 on May 21, 2021.

This increase followed the company’s announcement that it would increase its monthly dividend by 33 percent. More recently, Dynacor’s Veta Dorada gold ore processing plant successfully reached its total production capacity of 430 tonnes per day.

5. Victoria Gold (TSX:VGCX)

Year-to-date gain: 39.79 percent; current share price: C$17.04

Victoria Gold brought its Eagle gold mine, the newest operating gold mine in Canada’s Yukon, into commercial production in July 2020. The mine can produce 210,000 ounces of gold per year, and it has a 3.3 million ounce gold reserve and lifespan of more than 11 years. The company also holds several exploration- and development-stage projects in the Yukon, including its 100 percent owned Dublin Gulch gold property. Shares of Victoria Gold hit a year-to-date high of C$22.54 on June 14.

In July, the company announced its Q2 production results for Eagle, highlighting 32,140 ounces of gold produced during the period. Year-to-date gold production came to 58,899 ounces of gold, an increase of 51 percent over the same period in 2020.

Don’t forget to follow us @INN_Resource for real-time news updates!

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

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