Miners' Performance

Last update on Feb 8, 2019
Next update planned on Feb 22, 2019

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 68.0%, while the average loss is 45.35%. The median is the value observed in the middle of the distribution.

Since previous evaluation on Jan 25, 2019 the average added 2.67% while the median loss recovered by 1.36%. 

Over the long haul, 19 miners are down 90% or more with 9 thereof down over 95%.   
Only 14 miners are up since Nov 2010 led by Kirkland Lake Gold. The top 5 have doubled.

Advances (62 miners) outnumber declines (19) on consecutive evaluations. The remainder of the set of miners (13) 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) 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A few list components do not quote daily any longer. Without any exception these are penny stocks, valued below CAD 0.10. Their market capitalization does not exceed 10 M CAD. Not surprisingly, these stocks are down over 90% since inclusion.  From next update onward, they will be excluded. So this is the end of the line for Atlanta Gold (ATG), TVI Pacific (TVI) and CMC metals (CMB). A few more list components are being monitored since they fulfill the above criteria, but still quote regularly. As for now, three replacements will also be added: those are Golden Arrow Gold (GRG) on the Toronto venture exchange, Marathon Gold (MOZ) and Roxgold (ROXG) on TSX. Roxgold has a pretty decent track record. 

Latest / Expected list changes

After the merger between Barrick and Randgold, the ABX quote leaves the selection. The combined business 'inherits' the position of the better performing Randgold. The new Barrick adopts the more appealing quote GOLD.
Tahoe Resources will be acquired by Pan American Silver (PAAS). We will keep the quote of PAAS. 
Eldorado Gold has completed its reverse split next Monday Dec 31, 2018.
Newmont and Goldcorp are to merge, with Goldcorp shareholders obtaining 0.328 Newmont shares for each Goldcorp share + $0.02.


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


op quintile: the best 20% of miners

Subtop quintile

Midrange quintile: by definition you find the median in this quintile

Laggards quintile

Bottom quintile, the mining investors' nightmare.
With losses in excess of 95% for 12 miners, those really are the basket cases.

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.
  • 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
  • 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)
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
ITH
International Tower Hill Mines Ltd.
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
LMG
Lincoln Mining Corporation
ASM
Avino Silver & Gold Mines Ltd.
LYD
Lydian International Limited
ATG
Atlanta Gold Inc.
MAD
Miranda Gold
AUG
Auryn Resources
MAG
MAG Silver Corp.
AUMN
Golden Minerals Company
MQR
Monarques Resources
AXR
Alexco Resource Corp.
MRZ
Mirasol Resources
AZX
Alexandria Minerals Corporation
MSV
Minco Silver Corporation
BCM
Bear Creek Mining Corporation
MTB
Mountain Boy Minerals Ltd.
BDG
Black Dragon Gold Corp
MUX
McEwen Mining Inc.
BTG
B2 Gold
NDM
Northern Dynasty Minerals Ltd.
CDB
Cordoba Minerals
NG
NovaGold Resources Inc.
CDE
Coeur d'Alene Mines Corporation
NGD
New Gold Inc.
CG
Centerra gold
NGQ
NGEx Resources Inc.
CKG
Chesapeake Gold Corp.
NHK
Nighthawk Gold Corp.
CMB
CMC Metals Ltd
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.
RRI
Riverside Resources
EOM
Eco Oro Minerals Ltd.
SBB
Sabina Gold & Silver Corporation
ER
Eastmain Resources Inc.
SEA
Seabridge Gold Inc.
EXN
Excellon Resources
SGN
Scorpio Gold Corporation
FR
First Majestic Silver Corp.
SMF
Semafo Inc.
FVI
Fortuna Silver Mines Inc.
SPA
Spanish Mountain Gold Ltd.
G
Goldcorp Inc.
SSL
Sandstorm Gold
GAL
Galantas Gold Corporation
SSRM
Silver Standard Resources Inc.
GBU
Gabriel Resources Ltd.
SVM
Silvercorp Metals Inc.
GCM
Gran Colombia Gold Corp
TGZ
Teranga Gold Corporation
GOLD
Barrick (merger Randgold)
THO
Tahoe Resources Inc.
GPG
Grande Portage Res.
TMI
Tri Metals Mining Corp.
GPR
Great Panther Silver Ltd
TML
Treasury Metals Inc.
GSV
Gold Standard Ventures
TMQ
Trilogy Metals Inc.
GQM
Golden Queen Mining Co.
TSN
Telson Resources
GUY
Guyana Goldfields Inc.
TVI
TVI Pacific Inc.
GWA
Gowest Amalgamated Res.
TXG
Torex Gold
HL
Hecla Silver
TYP
Typhoon Exploration Inc.
HRT
Harte Gold Corp.
USA
Americas Silver
IMG
Iamgold
WPM
Wheaton Precious Metals
IPT
Impact Silver Corp.
YRI
Yamana Gold Inc.