Miners' Performance

Last update on Jun 4, 2021
Next update planned after Jun 18, 2021

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 21.09%, while the average gain post at 24.70%. The median is the value observed in the middle of the distribution. The average is higher because the distribution is slanted due to high gains.

Over the long haul, still 6 miners are down 90% or more with 3 thereof down over 95%. 
At the opposite end, 37 miners are up since Nov 2010, led by Ora Minerals. Of those miners,19 have doubled. 

Since previous evaluation on May 21, the median is nearly flat -0.09%; the average firmed 3.6%. Advances (44) outnumber declines (35) while the remainder (15) is flat within a + 1% margin. Bear Creek Mining replaces Premier Gold.

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; in Nov 2010 the CAD exceptionally quoted above parity to the USD.


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
  • Fortuna Silver (FVI / FSM) will acquire Roxgold (ROX) in an all share deal.
  • Premier Gold (PG.TO) was acquired by Equinox Gold Corp. (TSX: EQX)
  • Midas Gold (MAX) changed name to Perpetua Resources (PPTA)
  • Teranga Gold (TGZ) has been acquired by Endeavour Mining. Copper-Gold miner Freeport McMoran is on board as replacement.

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: gains of +100% till +1000% with 100% ticks


Top quintile: the best 20% of miners

 below you find the top quintile as of  May 21 (previous observation)

Subtop quintile: the average gain is amid this graph


Midrange quintile: by definition you find the median (loss) in the middle of this graph


Laggards quintile: Have you been timing the market to avoid any loss?


Investors nightmare: The lower six miners of this quintile are down over 90%
The bottom 3 are down over 95%: those really are the basket cases


For comparison: 

Top quintile: the best 20% of miners


Comments and composition changes since 2018:

  • Fortuna Silver (FVI / FSM) acquired Roxgold (ROX) in a nearly all share deal. 
  • Premier Gold (PG.TO) was acquired by Equinox Gold Corp. (TSX: EQX)
  • Bear Creek Mining (BCM onTSXV) has been added (in replacement of PG)
  • Midas Gold (MAX) changed name to Perpetua Resources (PPTA)
  • Teranga Gold (TGZ) has been acquired by Endeavour Mining. Copper-Gold miner Freeport McMoran is on board as replacement.
  • Monarques Resources (MQR on TXS) has been acquired by Yamana Gold (YRI on TSX, AUY in the US). The stock last quoted on Jan 25, 2021. MQR is dropped from the list.
  • Radisson Mining Resources (RDS on TSXV) was added (in replacement of MQR)
  • Auryn Resources (AUG.TO) and Eastmain Resources (ER.TO) merge to form a new corporation: Fury Gold Mines (FURY.TO and FURY on Nasdaq) which starts trading as of 13 Oct.
  • Alacer Mining was acquired by SSR Mining at market price by a share swap. Trading of ASR was terminated on Sep 19 at the TSX close.
  • Evrim Resources acquired Renaissance Gold. The merger company was named Orogen Royalties with ticker OGN.V (Venture exchange)
  • Maya Gold was renamed to Aya Gold and Silver with the ticker changed to AYA.TO.
  • Zjiin Mining is to acquire Guyana Goldfields (GUY.TO) creating a diversified precious metals producer as reported on June 12. The stock is removed from the database as of Jul 1st.
  • 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.
  • Guyana Gold (acquired by Zjiin Mining) left the database on Jul 1st.
  • Gold Mining Inc (ticker GOLD on TSX) is added in replacement). To avoid confusing with Barrick, the symbol is tuned to Gold-t (with the t for Toronto).
  • Evrim Resources aquired Renaissance Gold. The merger company was named Orogen Royalties with ticker OGN.V (Venture exchange)

  • 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)
  10.   Maya Gold was renamed to Aya Gold and Silver with the ticker changed to AYA.TO
  • 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

08/04/2011

Acquired by Gammon

Fronteer Gold Inc.

FRG

08/04/2011

Acquired by Newmont

Richfield Ventures

RVC

01/06/2011

Acquired by NewGold

ECU Silver Mining Inc.

ECU

08/10/2011

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

07/07/2014

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

07/04/2015

Taken over by Tahoe Res.

Paramount Gold and Silver Corp.

PZG

17/04/2015

Taken over by Coeur d'Alène

AuRico Gold Inc. (Gammon)

AUQ

03/07/2015

Merger with Alamos Gold

Revett Minerals Inc.

RVM

17/06/2015

Taken over by Hecla Silver

Tyhee Development Corp.

TDC

03/06/2015

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

07/10/2015

Acquired by First Majestic Silver

Temex Resources Corp.

TME

21/09/2015

Acquired by Lake Shore Gold

Arian Silver Corporation

AGQ

01/12/2015

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

07/04/2016

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

07/03/2017

Acquired by Aurico Metals

Mariana Resources

MARL

23/06/2017

Acquired by Sandstorm

Crazy Horse Resources Inc.

CZH

06/06/2017

Renamed to Rockwealth Resources and 10:1 consolidation

Integra Gold

ICG

17/07/2017

Acquired by Eldorado Gold

Exeter Resource Corp.

XRC

08/08/2017

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

09/11/2018

Defaulted after guarantee for restructuring financing failed

Barrick Gold

ABX

02/01/2019

Merger with Randgold to form new Barrick; ticker GOLD

Randgold

GOLD

02/01/2019

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:

Quote

Name

Quote

Name

AEM

Agnico-Eagle Mines Limited

K

Kinross Gold Corporation

AGI

Alamos Gold Inc

KL

Kirkland Lake Gold

AMM

Almaden Minerals Ltd.

KOR

Corvus Gold Inc.

AR

Argonaut Gold

LGD

Liberty Gold Inc (Pilot Gold)

ASA

ASA Gold & Precious Metals

LME

Laurion Mineral Exploration

ASM

Avino Silver & Gold Mines Ltd.

LUG

Lundin Gold Inc

AUMN

Golden Minerals Company

MAG

MAG Silver Corp.

AXU

Alexco Resource Corp.

MOZ

Marathon Gold Corp.

AYA

Aya Gold & Silver

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

NDM

Northern Dynasty Minerals Ltd.

CDE

Coeur d'Alene Mines Corporation

NEE

Northern Vertex Mining

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.

NVO

NOVO Resources Corp.

EDR

Endeavour Silver Corp.

OGC

Oceana Gold

EDV

Endeavour Mining Corp.

OGN

Orogen Royalties Inc.

ELD

Eldorado Gold Corporation

OR

Osisko Gold Royalties

EMX

EMX Royalty Corp.

ORA

Aura Minerals Inc.

EQX

Equinox Gold

OSK

Osisko Mining Inc.

EXN

Excellon Resources

PAAS

Pan American Silver Corp.

FCX

Freeport McMoran Copper&Gold

PPTA

Perpetua Resources

FR

First Majestic Silver Corp.

PVG

Pretium Resources Inc.

FURY

Fury gold mines

RDS

Radisson Mining Resources

FVI

Fortuna Silver Mines Inc.

ROXG

Roxgold

GAU

Galiano Gold (Asanko)

RRI

Riverside Resources

GBR

Great Bear Resources

SBB

Sabina Gold & Silver Corporation

GBU

Gabriel Resources Ltd.

SEA

Seabridge Gold Inc.

GCM*

Gran Colombia Gold Corp

SGN

Scorpio Gold Corporation

GOLD

Barrick-Randgold

SILV

Silvercrest Metals

Gold-t

Goldmining Inc.

SPA

Spanish Mountain Gold Ltd.

GPG

Grande Portage Res.

SSL

Sandstorm Gold

GPR

Great Panther Silver Ltd

SSRM

SSR Mining

GRC

Gold Springs Resources

SVM

Silvercorp Metals Inc.

GRG

Golden Arrow Res. Corp

TML

Treasury Metals Inc.

GSV

Gold Standard Ventures

TMQ

Trilogy Metals Inc.

GWA

Gowest Amalgamated Res.

TSN

Telson Resources (Soho)

HL

Hecla Silver

TXG

Torex Gold

HRT

Harte Gold Corp.

TYP

Typhoon Exploration Inc.

IMG

Iamgold

USA

Americas Silver

IPT

Impact Silver Corp.

VCGX

Victoria Gold Corp.

ITH

International Tower Hill Mines Ltd.

WPM

Wheaton Precious Metals

JOSE

José Maria Resources Inc.

YRI

Yamana Gold Inc.