Last update on May 29, 2019
Next update planned on Jun 12, 2020
The 'gold miner pulse' page provides a fundamental view of how miners are valued in relation to precious metals. Indexes are calculated on miners of the gold miner pulse database and a performance dispersion graph gives a fair idea on how differently those miners performed. This Miners' Performance page indicates the individual performance of all miners in the GMP database.
The 'gold miner pulse' page provides a fundamental view of how miners are valued in relation to precious metals. Indexes are calculated on miners of the gold miner pulse database and a performance dispersion graph gives a fair idea on how differently those miners performed. This Miners' Performance page indicates the individual performance of all miners in the GMP database.
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 delisting of explorers running low on cash and assets. You find an overview of list compositions changes at the end.
Today's statistics
Today the median loss for the miners in the database stands at 44.16%, while the average loss is 7.50%. The median is the value observed in the middle of the distribution. The average is higher (less negative) because the distribution is slanted due to the few high gains.
Over the long haul, still 7 miners are down 90% or more with 2 thereof down over 95%.
At the opposite end, 29 miners are up since Nov 2010, led by Kirkland Lake. Ten miners have doubled.
Since previous evaluation on May 8, the median rallied 7.32% while the average added 3.66%. Advances (63) outnumber declines (25) while the remainder (6) is flat within a + 1% margin.
Since previous evaluation on May 8, the median rallied 7.32% while the average added 3.66%. Advances (63) outnumber declines (25) while the remainder (6) is flat within a + 1% margin.
Exchange rate
Most quotes are in CAD and likewise all performance graphs illustrate the return in CAD.
B2 Gold (BTG), Barrick (GOLD), Hecla Silver (HL), Coeur d'Alène (CDE) , Newmont Mining (NEM) and Wheaton Precious Metals (WPM) quote in USD. Their performance has been compensated for the long term depreciation of the loonie.
Redesign
'Quintile' bar graphs overlap by one miner/explorer. This facilitates visually pinpointing any performance gap. The bottom ranking miner of the higher quintile is repeated at the top of the lower quintile.
Some list components didn't quote daily any longer. Without any exception these were penny stocks, valued below CAD 0.10. Their market capitalization was below 10 M CAD. Not surprisingly, these stocks were down over 90%. Following explorers or miners have therefore been excluded: Atlanta Gold (ATG), TVI Pacific (TVI), CMC metals (CMB), Miranda Gold (MAD), Black Dragon Gold (BDG), Lincoln Mining Group (LMG), Eco Oro Min (EON), Golden Queen Min (GQM) and Galantas Gold (GAL). Weeding out these moribund explorers or miners made it harder for the remaining laggards to break away from the bottom quintile.
'Quintile' bar graphs overlap by one miner/explorer. This facilitates visually pinpointing any performance gap. The bottom ranking miner of the higher quintile is repeated at the top of the lower quintile.
Some list components didn't quote daily any longer. Without any exception these were penny stocks, valued below CAD 0.10. Their market capitalization was below 10 M CAD. Not surprisingly, these stocks were down over 90%. Following explorers or miners have therefore been excluded: Atlanta Gold (ATG), TVI Pacific (TVI), CMC metals (CMB), Miranda Gold (MAD), Black Dragon Gold (BDG), Lincoln Mining Group (LMG), Eco Oro Min (EON), Golden Queen Min (GQM) and Galantas Gold (GAL). Weeding out these moribund explorers or miners made it harder for the remaining laggards to break away from the bottom quintile.
Latest / Expected list changes
The African miner SEMAFO (SMF.TO) will be acquired by Endeavour Mining (EDR).
Argonaut Gold (AR.TO) and Alio Gold (ALO.TO) will join forces in an at market merger. The Newcorp will be called Argonaut Gold.
Alio gold and Semafo are replaced in the list as of Apr. 24; new entries are Lundin Gold (LUG) on TSX and Eclipse Gold (EGLD) on TSXV.
Silvercorp Metals is to acquire Guyana Goldfields (GUY.TO) creating a diversified precious metals producer as first announced on Apr 27.
Argonaut Gold (AR.TO) and Alio Gold (ALO.TO) will join forces in an at market merger. The Newcorp will be called Argonaut Gold.
Alio gold and Semafo are replaced in the list as of Apr. 24; new entries are Lundin Gold (LUG) on TSX and Eclipse Gold (EGLD) on TSXV.
Silvercorp Metals is to acquire Guyana Goldfields (GUY.TO) creating a diversified precious metals producer as first announced on Apr 27.
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
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| Elite miners on a log axis (10% increments on the first decade and 100% increments on the second) |
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| Top quintile: the best 20% of miners |
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| Laggards quintile |
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|
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| Top quintile: the best 20% of miners |
Comments and composition changes since 2018:
- Alio Gold (ALO) replaces Rye Patch Gold (RPM) upon a business combination of both. ALO 'inherits' the track record of RPM.
- Primero has been delisted after its acquisition by First Majestic.
- Klondex was acquired by Hecla Mining. Coverage is discontinued and Klondex has been delisted.
- After a friendly take-over bid of the Australian South32 miner on Arizona Mining (AZ), this top performer eventually left the selection.
- We introduced Gold Standard Ventures (GSV) to our list in replacement of AZ mining.
- After the bankruptcy of Red Eagle Mining (R), Teranga Gold Corporation (TGZ) was added in replacement.
- Upon the merger of Barrick and Randgold, the more appealing Randgold ticker GOLD was maintained, whereas the merged mining company is called Barrick. The ticker ABX is removed and the reference share price is divided by the 6.128 Randgold share exchange value. Randgold shareholders thereby obtain 33% of the new Barrick.
- Nighthawk (NH.TO) has been added to the list.
- Atlanta Gold (ATG), TVI Pacific (TVI) and CMC metals (CMB), Black Dragon Gold (BDG.V), Lincoln Mining Corp (LMG) and Miranda Gold (MAD) were dropped from the list. These explorers don't quote daily any longer. They have become hard to trade as market cap dwindled to a few million CAD.
- Subsequently also Black Dragon Gold (BDG), Lincoln Mining Group (LMG), Eco Oro Min (EON) and Golden Queen Min (GQM) were dropped in March 2019.
- Tahoe Resources was acquired by Pan American Silver (PAAS) as of Feb 22, 2019
- Several replacements have been added to the list after mergers and de-listings. Those are Golden Arrow Gold (GRG) on the Toronto venture exchange, Alacer Gold (ASR), Belo Sun Mining (BSX), Marathon Gold (MOZ), Midas Gold (MAX) and Roxgold (ROXG) on TSX. Newmont (NEM) - NYSE in USD was also added. Subsequent additions were ASA Gold & Precious Metals (ASA), Evrim Resources (EVM), Victoria Gold (VCGX) and Equinox Gold (EQX)
- Newmont (NEM) has completed the acquisition of Goldcorp (G on TSX and GG on US markets)
- Alexandria Metals (AZX) has been taken over by O3 Mining
- NGEx resources spun off its Los Helados project and various exploration properties into a new NGEx minerals (NGEX quoting on the Toronto Venture exchange) while focusing on the development of the José Maria copper-gold project in San Juan, Argentina. Accordingly the name was changed to Josémaria resources.
- Silvercrest Metals (the explorer spun out of Silvercrest Mining as it was acquired by First Majestic Silver) has been added to the list. Reference date is Aug 2016. This propels SILV to the top quintile elite stocks having more than doubled since entry date.
- Detour Gold was acquired by Kirkland Lake.
- Lydian (LYD.TO) saw its quote suspended until (if ever) there is a solution for its Armenian project. This explorer developer was removed from the list. New list entries are Maya Gold (MYA) and Dynacor Gold Mines (DNG)
- SILV is replacing the troubled small North Irish miner Galantas Gold (GAL)
- The African miner SEMAFO (SMF.TO) will be acquired by Endeavour Mining (EDR).
- Argonaut Gold (AR.TO) and Alio Gold (ALO.TO) will join forces in an at market merger. The Newcorp will be called Argonaut Gold.
- Alio gold and Semafo are replaced in the list as of Apr. 24; new entries are Lundin Gold (LUG) on TSX and Eclipse Gold (EGLD) on TSXV.
- A few name changes:
- Novacopper (NCQ) now is called Trilogy metals (TMQ)
- Astur Gold (AST) changed to Black Dragon Gold (BDG)
- Pilot Gold (PLG) changed to Liberty Gold (LGD)
- Silver Wheaton (SLW) changed its name to Wheaton Precious Metals (WPM)
- Eurasian Minerals changed to EMX Royalty Corp. (EMX)
- Silver Standard Resources changed to SSR Mining with ticker SSRM
- Gowest Amalgameted Res. changed to Gowest Gold with ticker still GWA
- Tri Metals Mining changed its name to Gold Springs Resources Corp. with ticker GRC
- Asanko Gold was renamed Galiano Gold with ticker GAU (both on TSX and US market)
- And ticker changes:
- Kirkland Lake Gold (KGI) changed its TSX ticker to KL
- Pan American Silver changed its TSX ticker to PAAS (in line with that on US markets)
- Golden Minerals changed its TSX ticker to AUMN (also in line with that on US markets)
- Alexco minerals changed its TSX ticker to AXU, in line with that on US markets
- Equinox Gold moved from Venture to the main TSX market with ticker EQX
- Victoria Gold moved from Venture to the main TSX market with ticker changed to VCGX
The cumulative list of acquisitions or delistings since end 2010 (included below) is quite impressive.
Former mining or exploration
company
|
TSX ticker
|
Date
|
Merging or acquiring miner
or explorer / Delisted(red)
or follow up suspended (dark red) |
Capital Gold Corp.
|
CGC
|
8/04/2011
|
Acquired by Gammon
|
Fronteer Gold Inc.
|
FRG
|
8/04/2011
|
Acquired by Newmont
|
Richfield Ventures
|
RVC
|
1/06/2011
|
Acquired by NewGold
|
ECU Silver Mining Inc.
|
ECU
|
8/10/2011
|
Acquired by Golden
Minerals Cy.
|
Century Mining
Corporation
|
CMM
|
14/10/2011
|
Merged with White Tiger
Res.
|
Trade Winds Ventures Inc.
|
TWD
|
30/11/2011
|
Acquired by Detour Gold
|
Silvermex Resources Inc.
|
SLX
|
29/06/2012
|
Acquired by First
Majestic
|
Trelawney Mining and
Exploration
|
TRR
|
22/06/2012
|
Acquired by Iamgold
|
Extorre Gold Mines
Limited
|
XG
|
24/08/2012
|
Acquired by Yamana
|
Great Basin Gold
|
GBG
|
19/09/2012
|
Delisted upon bankruptcy
|
Queenston Mining Inc
|
QMI
|
29/11/2012
|
Acquired by Osisko
|
High River Gold Mines
Ltd.
|
HRG
|
14/03/2013
|
Merger with Nord Gold
|
Orko Silver Corp.
|
OK
|
15/04/2013
|
Acquired by Coeur d'Alène
|
Esperanza Silver
Corporation
|
EPZ
|
30/08/2013
|
Acquired by Alamos Gold
|
Plato Gold Corp.
|
PGC
|
31/07/2013
|
Sold its Quebec gold
resource to Monarques
|
Pacific Rim Mining Corp.
|
PMU
|
29/11/2013
|
Acquired by OceanaGold
|
American Bonanza Gold
Corp.
|
BZA
|
7/07/2014
|
Acquired by Kerr
Minerals, which will been absorbed by San Gold
|
Osisko Mining Corporation
|
OSK
|
16/06/2014
|
Acquired by Agnico Eagle
and Yamana
|
San Gold Corporation
|
SGR
|
22/12/2014
|
Delisted after not meeting
TSX requirements
|
U.S. Silver Corporation
|
USA
|
31/12/2014
|
Taken over by Scorpio
Mining (SPM.TO)
|
Rio Alto Mining Limited
|
RIO
|
7/04/2015
|
Taken over by Tahoe Res.
|
Paramount Gold and Silver
Corp.
|
PZG
|
17/04/2015
|
Taken over by Coeur
d'Alène
|
AuRico Gold Inc.
(Formerly Gammon)
|
AUQ
|
3/07/2015
|
Merger with Alamos Gold
|
Revett Minerals Inc.
|
RVM
|
17/06/2015
|
Taken over by Hecla Silver
|
Tyhee Development Corp.
|
TDC
|
3/06/2015
|
Delisted after not meeting
TSX requirements
|
Sunward Resources
|
SWD
|
19/06/2015
|
Acquired by NovaCopper
|
Crocodile Gold Corp.
|
CRK
|
13/07/2015
|
Merged with Newmarket
Gold (new ticker: NGI)
|
SilverCrest Mines Inc.
|
SVL
|
7/10/2015
|
Acquired by First
Majestic Silver
|
Temex Resources Corp.
|
TME
|
21/09/2015
|
Acquired by Lake Shore
Gold
|
Arian Silver Corporation
|
AGQ
|
1/12/2015
|
Delisted (only London and
pink sheets)
|
Niogold Mining Corp.
|
NOX
|
10/03/2016
|
Acquired by OBAN Mining
Corp / Osisko 2.0
|
Lake Shore Gold
|
LSG
|
7/04/2016
|
Acquired by Tahoe
Resources
|
Claude Resources Inc.
|
CRJ
|
26/05/2016
|
Acquired by Silver
Standard
|
AM Gold Inc.
|
AMG
|
26/08/2016
|
Sold its
exploration/development target
|
Mines Management Inc.
|
MGT
|
13/09/2016
|
Acquired by Hecla mines
|
Rubicon Minerals
Corporation
|
RMX
|
19/10/2016
|
Delisted after reducing
gold reserves
|
Agave Silver Ltd (Cream
Minerals)
|
AGV
|
19/12/2016
|
Sold its mineral rights
in Mexico
|
Kiska Metals Corporation
|
KSK
|
7/03/2017
|
Acquired by Aurico Metals
|
Mariana Resources
|
MARL
|
23/06/2017
|
Acquired by Sandstorm
|
Crazy Horse Resources
Inc.
|
CZH
|
6/06/2017
|
Renamed to Rockwealth
Resources and 10:1 consolidation
|
Integra Gold
|
ICG
|
17/07/2017
|
Acquired by Eldorado Gold
|
Exeter Resource Corp.
|
XRC
|
8/08/2017
|
Acquired by Goldcorp
|
Primero Mining Corp.
|
P
|
11/05/2018
|
Acquired by by First Majestic Mining, sold its Canadian
mine to McEwen Mining
|
Klondex Mines Ltd.
|
KDX
|
19/06/2018
|
Acquired by Hecla Mining
|
Rye Patch Gold Corp.
|
RPM
|
30/05/2018
|
Business combination with
Alio Gold
|
Arizona Mining
|
AZ
|
10/08/2018
|
Friendly Acquired by
South32
|
Red Eagle Mining Corp.
|
R
|
9/11/2018
|
Defaulted after guarantee
for restructuring financing failed
|
Barrick Gold
|
ABX
|
2/01/2019
|
Merger with Randgold to
form new Barrick; ticker GOLD
|
Randgold
|
GOLD
|
2/01/2019
|
Merger with Barrick;
ticker maintained
|
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.
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:
EOT
Quote
|
Name
|
Quote
|
Name
|
|
AEM
|
Agnico-Eagle Mines Limited
|
JOSE
|
José Maria Resources Inc.
|
|
AGI
|
Alamos Gold Inc
|
K
|
Kinross Gold Corporation
|
|
GAU
|
Galiano (Asanko) Gold
|
KL
|
Kirkland Lake Gold
|
|
AMM
|
Almaden Minerals Ltd.
|
LGD
|
Liberty Gold Inc (Pilot Gold)
|
|
AR
|
Argonaut Gold
|
LME
|
Laurion Mineral Exploration
|
|
ASA
|
ASA Gold & Precious Metals
|
LUG
|
Lundin Gold Inc
|
|
ASM
|
Avino Silver & Gold Mines Ltd.
|
MAG
|
MAG Silver Corp.
|
|
ASR
|
Alacer Gold Corp.
|
MAX
|
Midas Gold Corp.
|
|
AUG
|
Auryn Resources
|
MOZ
|
Marathon Gold Corp.
|
|
AUMN
|
Golden Minerals Company
|
MQR
|
Monarques Resources
|
|
AXU
|
Alexco Resource Corp.
|
MRZ
|
Mirasol Resources
|
|
BCM
|
Bear Creek Mining Corporation
|
MSV
|
Minco Silver Corporation
|
|
BSX
|
Belo Sun Mining Corp.
|
MTB
|
Mountain Boy Minerals Ltd.
|
|
BTG
|
B2 Gold
|
MUX
|
McEwen Mining Inc.
|
|
CDB
|
Cordoba Minerals
|
MYA
|
Maya Gold
|
|
CDE
|
Coeur d'Alene Mines Corporation
|
NDM
|
Northern Dynasty Minerals Ltd.
|
|
CG
|
Centerra gold
|
NEM
|
Newmont Mining
|
|
CKG
|
Chesapeake Gold Corp.
|
NG
|
NovaGold Resources Inc.
|
|
CUU
|
Copper Fox Metals Inc
|
NGD
|
New Gold Inc.
|
|
DNG
|
Dynacor Gold Mines Inc.
|
NHK
|
Nighthawk Gold Corp.
|
|
DPM*
|
Dundee Precious Metals Inc.
|
OSK
|
Osisko Mining Inc.
|
|
EDR
|
Endeavour Silver Corp.
|
OGC
|
Oceana Gold
|
|
EDV
|
Endeavour Mining Corp.
|
OR
|
Osisko Gold Royalties
|
|
EGLD
|
Eclipse Gold
|
ORA
|
Aura Minerals Inc.
|
|
ELD
|
Eldorado Gold Corporation
|
PAAS
|
Pan American Silver Corp.
|
|
EMX
|
EMX Royalty Corp.
|
PG
|
Premier Gold Mines Ltd.
|
|
EQX
|
Equinox Gold
|
PVG
|
Pretium Resources Inc.
|
|
ER
|
Eastmain Resources Inc.
|
ROXG
|
Roxgold
|
|
EVM
|
Evrim Resources Corp.
|
RRI
|
Riverside Resources
|
|
EXN
|
Excellon Resources
|
SBB
|
Sabina Gold & Silver Corporation
|
|
FR
|
First Majestic Silver Corp.
|
SEA
|
Seabridge Gold Inc.
|
|
FVI
|
Fortuna Silver Mines Inc.
|
SGN
|
Scorpio Gold Corporation
|
|
GBU
|
Gabriel Resources Ltd.
|
SILV
|
Silvercrest Metals
|
|
GCM*
|
Gran Colombia Gold Corp
|
SPA
|
Spanish Mountain Gold Ltd.
|
|
GOLD
|
Barrick-Randgold
|
SSL
|
Sandstorm Gold
|
|
GPG
|
Grande Portage Res.
|
SSRM
|
Silver Standard Resources Inc.
|
|
GPR
|
Great Panther Silver Ltd
|
SVM
|
Silvercorp Metals Inc.
|
|
GRC
|
Gold Springs Resources
|
TGZ
|
Teranga Gold Corporation
|
|
GRG
|
Golden Arrow Res. Corp
|
TML
|
Treasury Metals Inc.
|
|
GSV
|
Gold Standard Ventures
|
TMQ
|
Trilogy Metals Inc.
|
|
GUY
|
Guyana Goldfields Inc.
|
TSN
|
Telson Resources (Soho)
|
|
GWA
|
Gowest Amalgamated Res.
|
TXG
|
Torex Gold
|
|
HL
|
Hecla Silver
|
TYP
|
Typhoon Exploration Inc.
|
|
HRT
|
Harte Gold Corp.
|
USA
|
Americas Silver
|
|
IMG
|
Iamgold
|
VCGX
|
Victoria Gold Corp.
|
|
IPT
|
Impact Silver Corp.
|
WPM
|
Wheaton Precious Metals
|
|
ITH
|
International Tower Hill Mines Ltd.
|
YRI
|
Yamana Gold Inc.
|
|
EOT
