Miners' Performance

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.

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.

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.


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. 


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


Elite miners on a log axis (10% increments on the first decade and 100% increments on the second)
Elite miners on a log axis (10% increments on the first decade and 100% increments on the second)


Top quintile: the best 20% of miners


Subtop: the average decline is within this quintile




Midrange quintile: by definition you find the median in the middle of this quintile.


Laggards quintile

Investors nightmare: Miners in the lower part of this quintile are down over 90%
The bottom 2 are down over 95%: those really are the basket cases


For comparison:  below you find the top quintile as of May 8 (previous observation).

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:
  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.   Eurasian Minerals changed to EMX Royalty Corp. (EMX)
  6.   Silver Standard Resources changed to SSR Mining with ticker SSRM
  7.   Gowest Amalgameted Res. changed to Gowest Gold with ticker still GWA
  8.   Tri Metals Mining changed its name to Gold Springs Resources Corp. with ticker GRC
  9.   Asanko Gold was renamed Galiano Gold with ticker GAU (both on TSX and US market)
  • And ticker changes:
  1.   Kirkland Lake Gold (KGI) changed its TSX ticker to KL
  2.   Pan American Silver changed its TSX ticker to PAAS (in line with that on US markets)
  3.   Golden Minerals changed its TSX ticker to AUMN (also in line with that on US markets)
  4.   Alexco minerals changed its TSX ticker to AXU, in line with that on US markets
  5.   Equinox Gold moved from Venture to the main TSX market with ticker EQX
  6.   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:


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