Miners' Performance

Graphs last updated on Jun 29, 2017

 NEXT UPDATE ON July 27

Performance of the Canadian miners of the Gold Miner Pulse database
The past performance of Canadian miners included in the GoldMinerPulse database (note that this source has become subscriber based as of end 2015) has been covered in earlier postings:
  1. Canadian gold and silver miner performance update (Apr 2017)
  2. The rising tide lifting all boats ? (Jul 2016)
  3. Canadian gold and silver miner performance: an update (Feb 2016)
  4. Canadian gold and silver miner performance  (Nov 2011)
  5. Stock picking matters (Aug 2011)
A more frequent follow-up is useful, but rather tedious. As a trade-off, here are some fresh graphs (last update see on top) on the five performance quintiles, but without any specific miner oriented comment. The symbols used are the Canadian (TSX) quotes (See also bottom table).

Graph make-over

The database contains 94 miners or explorers. As such, the quintiles contain 19 miners or explorers, apart from the fifth, which counts only 18. From the second quintile onward, one miner from the above quintile has been repeated. This tiny intersection facilitates noticing a any potential performance gap.

Reference date

Miner performance calculated is relative to the start of the calculation of the GMP based gold miners and silver miners index on Nov 19, 2010. For your information: gold closed at US$1342/oz and silver at US$27.07/oz on that day.

Bear market damage

With hindsight: from early 2011 onward miners started lagging precious metals in their ascent to all time highs. The harsh miner bear market decimated the majority of explorers. Acquisitions continued, but hefty premiums no longer were paid. There have been some bankruptcies among miners and some more delistings of explorers running low on cash and assets. You find an overview of list compositions changes at the end.

Today's statistics

On June 29, 2018 the median loss for the miners in the database stands at 59.64%, while the average loss is 31.72%. The median is the value observed in the middle of the distribution.

 The average is tilted higher (less negative) because of the asymmetry in the performance distribution, slanted towards the gains we have. Since previous evaluation on Jun 15, the median is nearly flat (+0.31%); however the average added 5.77%.

This discrepancy is caused by a friendly take-over bid of the Australian South32 miner on Arizona Mining (AZ). Since years AZ mining has been the top performer of our GMP database. This tenbagger nearly adds another 50% to its stellar performance.

 Over the long haul,14 miners are down 90% or more with 9 thereof down over 95%.   
Only13 miners are up since Nov 2010, impressively led by Arizona Mining. The top 4 have doubled.

Since previous evaluation, declines (45 miners) nevertheless outnumber advances (29), with the remainder (18) almost flat: within a narrow +1% range.

Exchange rate

Most quotes are in CAD and likewise all performance graphs illustrate the return in CAD.
B2 Gold (BTG), Randgold (GOLD), Barrick (ABX), Hecla Silver (HL), Coeur d'Alène (CDE) and Wheaton Precious Metals (WPM) quote in USD. Their performance has been compensated for the long term depreciation of the loonie.

Latest list changes

As announced previously, Primero Mining and Klondex Mining have left the selection. Primero has been delisted after its acquisition by First Majestic, while Klondex is being acquired by Hecla Mining, though the deal is not yet finalized. Newcomers are Auryn Resources (having doubled since the Nov 19, 2010 reference date) and Riverside Resources: among the mid-range miners down about 65%.

Graphs section

Individual miner performance since Nov 19, 2010. Miners are identified by their TSX trading symbols.
Click any of the graphs to view them at true size

Fig. 1 The top quintile led byArizona Mining. At 15 times its list entry level AZ dwarfs the performance of its peers.

Fig. 1a:  The top quintile (18 miners with Arizona Mining left aside)

Fig 2: Sub-top quintile

Fig 3: Mid-range, you find the median in this quintile


Fig 4. : Laggards

Fig 5:  Bottom quintile: most miners or explorers are posting a loss over 90%; a minority is down over 95%. 
Those really are the basket cases


Comments and composition changes:

  • The quoting of GBG has been suspended at the close on Sep 14, 2012 after it stopped mining at its Burnstone mine in South Africa and had to file for protection from creditors. GBG has been dropped from the GMP list.
  • High river gold (HRG) leaves the selection after completing its merger with Nord Gold
  • Orko Silver (OK) left the selection after the acquisition decision by CDE.
  • Queenston Mining left the selection after its acquisition by Osisko.
  • The quoting of Barkerville Gold has been suspended for legal reasons and as such I have withdrawn it from the list.
  • Esperanza Silver Corp. (EPZ) was acquired by Alamos Gold and has been delisted on TSX
  • Osisko Mining has been acquired by Yamana and Agnico Eagle. The quote has been removed.
  • Plato Gold Corp (PGC) sold its mineral claims in Val d'or - Québec to Monarques Resources (MQR) and no longer actively explores
  • Excellon Resources (EXN), Kirkland Lake Gold (KLG) and Monarques Resources (MQR) were added to the quote list. They are not covered by GoldMinerPulse.
  • South American Silver is renamed to Tri-Metals Mining. The new quote is TMI
  • Pacific Rim Mining leaves the selection after acquisition by OceanaGold
  • American Bonanza Gold Corp. (BZA) leaves the selection after its acquisition by Kerr Minerals (which now is in a merger operation with San Gold - SGR)
  • San Gold has been delisted by TSX on Dec 23, 2014. The quote has been removed.
  • US Silver & Gold was acquired by Scorpio Mining. The quote has been removed.
  • Rio Alto Mining has been acquired by Tahoe Resources. The quote has been removed.
  • Paramount Silver and Gold has been acquired by Coeur d'Alène; the quote was removed.
  • Revett Minerals has been acquired by Hecla Mining. The quote has been removed.
  • Aurico Gold has merged its gold mining activities with Alamos gold. The quote was removed.
  • Wildcat silver was renamed to Arizona Mining, with ticker AZ
  • Sunward Resources was acquired by Novacopper (NCQ). The SWD quote was removed.
  • Crocodile Gold Res. has completed its merger with Newmarket Gold. The quote was removed.
  • Tyhee has been suspended by TSX since mid June. I have removed the quote.
  • Silver Crest was acquired by First Majestic Silver. The quote has been removed.
  • Temex Resources was acquired by Lake Shore Gold. The quote has been removed.
  • Arian Silver (AGQ) was suspended by TSXV, but continues quoting in London and on the pink sheets. All exploration activities have been terminated. The quote was removed.
  • Scorpio Mining Corp. (SPM) is renamed to Americas Silver and the quote changes to USA on TSX; Scorpio previously merged with US Silver & Gold Corp. with that symbol.
  • Niogold (NOX) was acquired by Oban Mining (OBM).  That mining company replaces Niogold in the list and has 'inherited' its good track record.
  • End of the line for Lake Shore Gold, (LSG) which has been acquired by Tahoe Resources. The quote has been removed.
  • Claude Resources (CRJ) and Silver Standard (SSO, SSRI) agreed to the acquisition of CRJ. The quote has been removed.
  • Oban Mining (OBM) has been renamed to Osisko Mining, with the symbol changed to OSK.
  • Kaizen Discovery entered into a Definitive Acquisition Agreement with AM Gold to acquire the Pinaya Copper-Gold Project in Peru. AM Gold was removed from the list.
  • Mines Management (MGT) has been acquired by Hecla Mining. The quote was removed.
  • Rubicon Minerals Expl. (RMX) has been suspended since Oct 2016. Quoting will resume before the end of the year. This eternal penny stock was removed from the list. Its place is taken by streamer Sandstorm Gold (TSX ticker SSL).
  • Agave Silver (AGV.TO) and Edgewater Resources (EDW.TO) were removed from the list. Agave has suspended prospecting and Edgewater no longer is covered after the latest markt segment change.
  • Miranda Gold (MAD.V) and Liberty Gold Inc. (LGD.TO) were added as replacements.
  • Kiska Metal Corp (KSK.V) has been acquired by Aurico Metals.  Aurico metals was split off from Aurico Gold as the latter has been acquired by Alamos Gold.  Centerra Gold (CG.TO) replaces Kiska Metal Corp in the list.
  • Crazy Horse Minerals changed its name to Rockwealth Resources (RWR) with a 10:1 share consolidation in the process. This stock has been one of the worst list performers. There is little chance for their Taysan project to be built into a mine. Coverage is discontinued.
  • Primero has been delisted after its acquisition by First Majestic, Primero has been delisted
  • Klondex is being acquired by Hecla Mining, though the deal is not yet finalized. Coverage is discontinued.
  • A few name changes:
  1.   Novacopper (NCQ) now is called Trilogy metals (TMQ)
  2.   Astur Gold (AST) changed to Black Dragon Gold (BDG)
  3.   Pilot Gold (PLG) changed to Liberty Gold (LGD)
  4.   Silver Wheaton (SLW) changed its name to Wheaton Precious Metals (WPM)
  5.   Silver Standard Resources changed to SSR Mining with ticker SSRM
  • And ticker changes:
  1.   Kirkland Lake Gold (KGI) changed its TSX ticker to KL
  2.   Red Eagle Gold changed over to the main market. Its TSX ticker now is R.
  3.   Pan American Silver changed its TSX ticker to PAAS (in line with that on US markets)
  4.   Golden Minerals changed its TSX ticker to AUMN (also in line with that on US markets)
The majority of the Canadian ticker symbols quote at the TSX. A few quote at the TSXV (the less regulated Venture exchange). These companies are intrinsically more risky, especially if a miner or explorer gets demoted from TSX to TSXV. One such example is TVI Pacific.

 A few miners are no longer covered on the GoldMinerPulse site, but I've kept them on board, e.g. Chesapeake Gold. Newcomers are AR, BTG, CMB, CUU, DPM, GCM, IMG, NCQ, TXG, OR (Osisko Gold Royalties), OSK and OGC (Oceana Gold), making the total equal 94.
Asanko Gold (AKG), Randgold (GOLD), Red Eagle (R), Endeavour Mining (EDV), Mirasol Resources, Miranda Gold (MAD), Cordoba Minerals (CDB), Liberty Gold (LGD), Auryn Res (AUG) and Riverside Res (RRI) are more replacements for the latest list exits.

The quote list: If the Toronto Stock Exchange (TSX) symbols are less familiar, you find the mining or exploration company name next to the TSX symbol in the below list, former names are indicated between brackets:
Quote
Name
Quote
Name
ABX
Barrick Gold
ITH
International Tower Hill Mines Ltd.
AEM
Agnico-Eagle Mines Limited
K
Kinross Gold Corporation
AGI
Alamos Gold Inc
KL
Kirkland Lake Gold
AKG
Asanko Gold
LGD
Liberty Gold Inc (Pilot Gold)
AMM
Almaden Minerals Ltd.
LME
Laurion Mineral Exploration
AR
Argonaut Gold
LMG
Lincoln Mining Corporation
ASM
Avino Silver & Gold Mines Ltd.
LYD
Lydian International Limited
ATG
Atlanta Gold Inc.
MAD
Miranda Gold
AUG
Auryn Resources
MAG
MAG Silver Corp.
AUMN
Golden Minerals Company
MQR
Monarques Resources
AXR
Alexco Resource Corp.
MRZ
Mirasol Resources
AZ
Arizona Mining
MSV
Minco Silver Corporation
AZX
Alexandria Minerals Corp.
MTB
Mountain Boy Minerals Ltd.
BCM
Bear Creek Mining Corp.
MUX
McEwen Mining Inc.
BDG
Black Dragon Gold Corp
NDM
Northern Dynasty Minerals Ltd.
BTG
B2 Gold
NG
NovaGold Resources Inc.
CDB
Cordoba Minerals
NGD
New Gold Inc.
CDE
Coeur d'Alene Mines Corp.
NGQ
NGEx Resources Inc.
CG
Centerra gold
OSK
Osisko Mining Inc.
CKG
Chesapeake Gold Corp.
OGC
Oceana Gold
CMB
CMC Metals Ltd
OR
Osisko Gold Royalties
CUU
Copper Fox Metals Inc
ORA
Aura Minerals Inc.
DGC
Detour Gold Corporation
PAAS
Pan American Silver Corp.
DPM
Dundee Precious Metals Inc.
PG
Premier Gold Mines Ltd.
EDR
Endeavour Silver Corp.
PVG
Pretium Resources Inc.
EDV
Endeavour Mining Corp.
R
Red Eagle Mining Corp.
ELD
Eldorado Gold Corporation
RPM
Rye Patch Gold Corp.
EMX
Eurasian Minerals Inc.
RRI
Riverside Resources
EOM
Eco Oro Minerals Ltd.
SBB
Sabina Gold & Silver Corp.
ER
Eastmain Resources Inc.
SEA
Seabridge Gold Inc.
EXN
Excellon Resources
SGN
Scorpio Gold Corporation
FR
First Majestic Silver Corp.
SMF
Semafo Inc.
FVI
Fortuna Silver Mines Inc.
SPA
Spanish Mountain Gold Ltd.
G
Goldcorp Inc.
SSL
Sandstorm Gold
GAL
Galantas Gold Corporation
SSRM
SSRM Mining
GBU
Gabriel Resources Ltd.
SVM
Silvercorp Metals Inc.
GCM
Gran Colombia Gold Corp
THO
Tahoe Resources Inc.
GOLD
Randgold
TMI
Tri Metals Mining Corp.
GPG
Grande Portage Res.
TML
Treasury Metals Inc.
GPR
Great Panther Silver Ltd
TMQ
Trilogy Metals Inc.
GQM
Golden Queen Mining Co.
TSN
Telson Resources (Soho)
GUY
Guyana Goldfields Inc.
TVI
TVI Pacific Inc.
GWA
Gowest Amalgamated Res.
TXG
Torex Gold
HL
Hecla Silver
TYP
Typhoon Exploration Inc.
HRT
Harte Gold Corp.
USA
Americas Silver
IMG
Iamgold
WPM
Wheaton Precious Metals
IPT
Impact Silver Corp.
YRI
Yamana Gold Inc.


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