Miners' Performance

Last update on Nov 8, 2019
Next update planned on Nov 22, 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.

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 61.84%, while the average loss is 34.64%. The median is the value observed in the middle of the distribution.

Over the long haul, (again) 11 miners are down 90% or more with 3 thereof down over 95%.   
Still 17 miners are up since Nov 2010, led by Kirkland Lake. The top 5 have doubled.

Since previous evaluation on Oct 25, 2019 the median retreated by 2.26% while the average slid 2.72%.

Declines (61 miners) led advances (23) on consecutive evaluations. The remainder of the set of miners (10) 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
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.

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). 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

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 on the José Maria copper-gold project in San Juan, Argentina. Accordingly the name was changed to Josémaria resources.


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

Subtop: the average decline is amid 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 3 are down over 95%: those really are the basket cases
For comparison:  below you find the top quintile as of Oct 25 (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 were also added. Subsequent additions were ASA Gold & Precious Metals (ASA), Evrim Resources (EVM), Victoria Gold (VIT), 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 gold spun off its Los Helados project and various exploration properties into a new NGEx minerals, while focusing on the development on the José Maria copper-gold project in San Juan, Argentina. Accordingly the name was changed to Josémaria resources.

  • 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
  6.   Gowest Amalgameted Res. changed to Gowest Gold with ticker still GWA
  • 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)
  5.   Alexco minerals changed its TSX ticker to AXU, in line with that on US markets
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
Josémaria Resources Inc.
AGI
Alamos Gold Inc
K
Kinross Gold Corporation
AKG
Asanko Gold
KL
Kirkland Lake Gold
ALO
Alio Gold
LGD
Liberty Gold Inc (Pilot Gold)
AMM
Almaden Minerals Ltd.
LME
Laurion Mineral Exploration
AR
Argonaut Gold
LYD
Lydian International Limited
ASA
ASA Gold & Precious Metals
MAG
MAG Silver Corp.
ASM
Avino Silver & Gold Mines Ltd.
MAX
Midas Gold Corp.
ASR
Alacer Gold Corp.
MOZ
Marathon Gold Corp.
AUG
Auryn Resources
MQR
Monarques Resources
AUMN
Golden Minerals Company
MRZ
Mirasol Resources
AXU
Alexco Resource Corp.
MSV
Minco Silver Corporation
BCM
Bear Creek Mining Corporation
MTB
Mountain Boy Minerals Ltd.
BSX
Belo Sun Mining Corp.
MUX
McEwen Mining Inc.
BTG
B2 Gold
NDM
Northern Dynasty Minerals Ltd.
CDB
Cordoba Minerals
NEM
Newmont Mining
CDE
Coeur d'Alene Mines Corporation
NG
NovaGold Resources Inc.
CG
Centerra gold
NGD
New Gold Inc.
CKG
Chesapeake Gold Corp.
NHK
Nighthawk Gold Corp.
CUU
Copper Fox Metals Inc
OSK
Osisko Mining Inc.
DGC
Detour Gold Corporation
OGC
Oceana Gold
DPM
Dundee Precious Metals Inc.
OR
Osisko Gold Royalties
EDR
Endeavour Silver Corp.
ORA
Aura Minerals Inc.
EDV
Endeavour Mining Corp.
PAAS
Pan American Silver Corp.
ELD
Eldorado Gold Corporation
PG
Premier Gold Mines Ltd.
EMX
Eurasian Minerals Inc.
PVG
Pretium Resources Inc.
EQX
Equinox Gold
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 (Sth Am Silver)
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
Internat. Tower Hill Mines Ltd.
YRI
Yamana Gold Inc.