Last update on May 10, 2019
Next update planned on May 24, 2019
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 65.61%, while the average loss is 43.14%. The median is the value observed in the middle of the distribution.
Over the long haul, still 13 miners are down 90% or more with 4 thereof down over 95%.
Only 13 miners are up since Nov 2010, led by Kirkland Lake. The top 5 have doubled.
Since previous evaluation on Apr 26, 2019 the median is down 1.51% while the average slid by: -2.75%.
Since previous evaluation on Apr 26, 2019 the median is down 1.51% while the average slid by: -2.75%.
Declines (64 miners) led advances (23) on consecutive evaluations. The remainder of the set of miners (7) quotes 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), 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
A few 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 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) and Golden Queen Min (GQM). A few more list components are being monitored since they fulfill the above criteria, but still quote regularly.
Latest / Expected list changes
Newmont and Goldcorp have merged, with Goldcorp shareholders obtaining 0.328 Newmont shares for each Goldcorp share + $0.02.
Barrick made a hostile bid on Newmont below market price. It makes little chance. What eventually results is a joint operation of their Nevada mines.
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) |
 |
| Top quintile: the best 20% of miners |
 | |
|
 |
| Midrange quintile: by definition you find the median in the middle |
 |
| Laggards quintile |
 |
Bottom quintile, the mining investors' nightmare.
With losses in excess of 95% for 4 miners, those really are the basket cases.
|
q
For your information: below is the top quintile graph of April 26, illustrating the overall decline, even among most of the elite picks.
 |
| 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 tot 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 were also added. Subsequent additions were ASA Gold & Precious Metals (ASA), Evrim Resources (EVM) and Victoria Gold (VIT)
- Newmont (NEM) has completed the acquisition of Goldcorp (G on TSX and GG on US markets)
- 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)
- Silver Standard Resources changed to SSR Mining with ticker SSRM
- And ticker changes:
- Kirkland Lake Gold (KGI) changed its TSX ticker to KL
- Red Eagle Gold changed over to the main market. Its TSX ticker now is R.
- 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)
The complete 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
|
K
|
Kinross Gold Corporation
|
AGI
|
Alamos Gold Inc
|
KL
|
Kirkland Lake Gold
|
AKG
|
Asanko Gold
|
LGD
|
Liberty Gold Inc (Pilot Gold)
|
ALO
|
Alio Gold
|
LME
|
Laurion Mineral Exploration
|
AMM
|
Almaden Minerals Ltd.
|
LYD
|
Lydian International Limited
|
AR
|
Argonaut Gold
|
MAG
|
MAG Silver Corp.
|
ASA
|
ASA Gold & Precious Metals
|
MAX
|
Midas Gold Corp.
|
ASM
|
Avino Silver & Gold Mines Ltd.
|
MOZ
|
Marathon Gold Corp.
|
ASR
|
Alacer Gold Corp.
|
MQR
|
Monarques Resources
|
AUG
|
Auryn Resources
|
MRZ
|
Mirasol Resources
|
AUMN
|
Golden Minerals Company
|
MSV
|
Minco Silver Corporation
|
AXR
|
Alexco Resource Corp.
|
MTB
|
Mountain Boy Minerals Ltd.
|
AZX
|
Alexandria Minerals Corp.
|
MUX
|
McEwen Mining Inc.
|
BCM
|
Bear Creek Mining Corporation
|
NDM
|
Northern Dynasty Minerals Ltd.
|
BSX
|
Belo Sun Mining Corp.
|
NEM
|
Newmont Mining
|
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
|
NHK
|
Nighthawk Gold Corp.
|
CKG
|
Chesapeake Gold Corp.
|
OSK
|
Osisko Mining Inc.
|
CUU
|
Copper Fox Metals Inc
|
OGC
|
Oceana Gold
|
DGC
|
Detour Gold Corporation
|
OR
|
Osisko Gold Royalties
|
DPM*
|
Dundee Precious Metals Inc.
|
ORA
|
Aura Minerals Inc.
|
EDR
|
Endeavour Silver Corp.
|
PAAS
|
Pan American Silver Corp.
|
EDV
|
Endeavour Mining Corp.
|
PG
|
Premier Gold Mines Ltd.
|
ELD
|
Eldorado Gold Corporation
|
PVG
|
Pretium Resources Inc.
|
EMX
|
Eurasian Minerals Inc.
|
ROXG
|
Roxgold
|
ER
|
Eastmain Resources Inc.
|
RRI
|
Riverside Resources
|
EVM
|
Evrim Resources Corp.
|
SBB
|
Sabina Gold & Silver
Corporation
|
EXN
|
Excellon Resources
|
SEA
|
Seabridge Gold Inc.
|
FR
|
First Majestic Silver Corp.
|
SGN
|
Scorpio Gold Corporation
|
FVI
|
Fortuna Silver Mines Inc.
|
SMF
|
Semafo Inc.
|
GAL
|
Galantas Gold Corporation
|
SPA
|
Spanish Mountain Gold Ltd.
|
GBU
|
Gabriel Resources Ltd.
|
SSL
|
Sandstorm Gold
|
GCM*
|
Gran Colombia Gold Corp
|
SSRM
|
Silver Standard Resources Inc.
|
GOLD
|
Barrick-Randgold
|
SVM
|
Silvercorp Metals Inc.
|
GPG
|
Grande Portage Res.
|
TGZ
|
Teranga Gold Corporation
|
GPR
|
Great Panther Silver Ltd
|
TMI
|
Tri Metals Mining Corp.
|
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
|
VIT
|
Victoria Gold Corp.
|
IPT
|
Impact Silver Corp.
|
WPM
|
Wheaton Precious Metals
|
ITH
|
International Tower Hill Mines
|
YRI
|
Yamana Gold Inc.
|
